Investing, or financial investment, is the basis for the development of the economy and production. Optimizing the production process, developing the enterprise, increasing profits contribute to improving the financial situation, and this cannot be done without preliminary investments. Moreover, sources of investment can be represented not only by financial (monetary) capital, they can also include intellectual property, and rights to material objects, and the property itself.

Main sources of investment for the enterprise

There are different sources of investment financing for several reasons.

Firstly, this is the insufficiency of the company's own funds.

Secondly, these are interests (naturally, each person investing money pursues his own goals and does this for personal benefit).

The resources from which financing is carried out are primarily divided into borrowed and own.

Own sources of investment include:

• financial resources, which are formed at the enterprise by calculating depreciation of existing fixed capital, allocating part of the company’s income to investment needs, receiving insurance payments to eliminate the consequences of accidents or natural Disasters(compensation for damage to the enterprise);
• other company assets (trademarks, products software, patents, fixed assets);
• issue and sale of company shares used to raise money;
• funds allocated irrevocably (as a rule, such investments can be made by higher holdings, industrial financial groups or companies holding shares);
• charitable or other contributions of a similar nature.

Borrowed sources of investment include:

• allocation of funds from various budgets (state, republican, municipal and others), from off-budget fund(funded targeted programs state, regional or sectoral significance). These sources of investment can be equated to own funds, since financing implies a gratuitous investment;
• foreign investments coming in the form of a financial or other contribution (tangible or intangible) to the authorized capital of joint companies. In addition, direct (monetary) investments can be made by states, international organizations, enterprises of various forms of ownership, individuals. Attracting foreign sources of investment contributes to the development of international economic relations;
• different types of loans that require repayment of funds ( government lending, loans from the Entrepreneurship Support Fund, from banks and other investment institutions).

The company can use various sources of financing, as well as investments. The following types are distinguished depending on the origin of the funds:

1. Self-financing. The essence of this form is to attract exclusively own resources, which are formed from the company's income. As a rule, self-financing is used for the implementation of small projects that provide a low return on investment.
2. Credit financing. This form is used to carry out projects for which short implementation periods and significant profitability are planned.
3. Equity financing. The most popular form, which involves simultaneously raising money from several sources. It is used for the implementation of various projects, which may differ both in terms of timing and profitability.

Internal and external sources of financing

From the point of view of enterprises, internal investment refers to the direction of their funds into projects implemented both for the development of their own company and for making profit from others, and external investment is assets coming from outside (and the fact of which country the investor is from does not matter) .

There is also an opinion that internal investments can be aimed exclusively at the development of one’s own company (no matter where their sources are located), and all other injections can be external. It is difficult to agree with this definition, because the concept of “domestic investment” includes absolutely all investments in the company’s projects (both domestic and foreign), and this is not entirely correct.

So, the definition of internal and external financing mechanisms, taking into account the sources of investment and the target orientation of the company, can be considered the most correct interpretation.

Thus, real domestic investment is a contribution to one’s own enterprise, based on the allocation of one’s own funds. This category also includes investments in other companies, stocks and others. financial instruments purchased for the purpose of generating additional income.

TO internal sources investments include:

• company profit;
• authorized capital;
• depreciation and other funds;
• sale of property;
• issue of company shares in order to attract investment funds.

The main sources of investment are the company’s profit and the depreciation fund. The latter is intended to restore the value of fixed assets, so it can only be used as an internal investment for its intended purpose.

Other accumulative funds of the company, including the authorized one, also have their own tasks for their creation and, in addition, do not have funds sufficient to meet the needs for financial injections. Retired property is not sold so often, so this source also cannot be considered a full-fledged source for the formation of domestic investments.

Reputable companies, in order to attract finance intended to improve production, are increasingly putting their shares up for sale or using the issue (issue) of additional securities (shares), which are subsequently traded on the stock market.

This approach is called IPO (Initial Public Offering), or “First public sale of company shares.” IPO good way attract external investors to develop production or implement a new project.

In addition, such a step increases the company’s chances of obtaining a loan from both a domestic bank and a foreign one. During this procedure, the company declares itself on the global investment market, which helps to increase the level of confidence in it on the part of banking structures.

Some economists believe that raising funds through lending is one of the internal sources, since usually either the company's property or its shares are offered as collateral for a loan.

How own sources investment financing are considered and appropriations allocated from state budget for projects implemented with external funds, as well as sponsorship for their implementation. In this case, channels for obtaining finance from third party organizations, but the funds are intended for projects of a specific company. Consequently, if we take into account who invests money in the enterprise’s investment project, then such sources are more correctly classified as external.

Investments received from outside, aimed at implementing the company’s internal and other programs, will be considered as external sources of investment for the project. These may be:

• borrowed funds and bank loans;
• targeted investment by the state in an investment project;
• foreign contributions to the project;
• appropriations coming from the budget;
• sponsorship in the implementation of projects;
• investments of individuals made on the basis of a program to attract finance to the project.

The main thing is that the above sources of investment are not the company’s own funds.

Main sources of own investments

Profit and depreciation are internal sources of investment. For proper distribution of profits, it is necessary to know what the current situation of the enterprise is. If technical condition the company is at a low level, then profits should go towards improving outside current assets, since this is the basis for both increasing employee income and producing products that can withstand competition.

Proper distribution of profit determines its purpose: consumption or accumulation (if more goes to consumption, then less goes to production development).

Depreciation deductions are a proven source of investment financing.

Depreciation is a process in which the cost of fixed assets during the service life determined by standards is transferred to manufactured products.

The following methods of calculating depreciation amounts are practiced:

1. Linear method. Depreciation is accrued over the entire service life of the fixed assets. From the start of using the equipment until it is transferred to production costs, depreciation is calculated in equal shares.
2. Reducing balance method. Depreciation deductions are made on the basis depreciation rates and the value of fixed assets remaining at the beginning of the reporting period.
3. The method of writing off the cost by the sum of the numbers of years of the term beneficial use object of fixed assets. Depreciation charges are based on the initial cost of the fixed asset item and the annual ratio (the numerator is the number of years remaining until the end of the operating period, and the denominator is the service life of the item).
4. The method of writing off cost in proportion to the volume of products or work. Depreciation charges are based on the actual volume of products produced in reporting period, and the ratio of the initial cost of fixed assets and the planned quantity of products for the entire life of the equipment.

The sinking fund as a source of investment must be spent on the following needs of the enterprise:

• purchase of new equipment (to replace old);
• optimization of production processes;
• carrying out work aimed at Scientific research, design and testing of a new range;
• modernization and updating of products to increase their competitiveness;
• reconstruction, re-equipment and increase in production;
• construction works.

Sources of investment in fixed capital

Investments in fixed assets (IEC) are investments intended for the purchase, creation or increase of fixed assets of an enterprise. Replenishment of fixed capital increases the value of a company's assets. The purpose of such investments is the stability of the development of a certain economic entity over a long period of time.

In Russia, starting from 2001, the IEC does not take into account value added tax. These investments are recorded by Rosstat, and information about the amounts allocated for the development of the country’s economy is posted on the organization’s website.

Investments in fixed assets are the largest investments of any organization engaged in commercial activities. Of course, their size and frequency are variable values ​​that directly depend on the capabilities and needs of a particular company.

Fixed assets of an enterprise are production assets that are used for a long time; naturally, they gradually fail and require replacement. This once again confirms that cash investments and updates are simply necessary.

Today, the composition of sources of financing and investment includes three ways to attract assets. Let's talk about them in more detail.

Attracted investors

Do you lack your own funds to develop fixed assets? You can attract third-party investors: the state, co-owners and foreign investors - sell shares in the enterprise or allocate a share.

Naturally, when investing money anywhere, any foundation, even a charitable one, will pursue its own interests. For example, the state invests only in those organizations that are of great importance for the development of the country's economy.

Consider an example: the government allocates funds for an enterprise that produces products of strategic or social importance (this could be the production of medicines, which are analogues of foreign ones).

Budget money goes to companies that boost the economy in such lagging areas and regions as Crimea, the Far East and Western Siberia.

During 2014–2015, due to sanctions, the share of foreign investment into the Russian economy. However, a number of serious international corporations still invest their funds in financially profitable projects. Such sources of investment remain, for example, with enterprises whose activities are related to the extraction and processing of raw materials.

Own funds

For companies that operate stably and successfully, this is the main source of investment. The article has already talked about deductions for depreciation and profit. Funds that are not spent on personnel benefits, taxes, production services and other business needs are invested in the company's fixed capital.

Trivial accumulation of money is unwise. Market conditions require that enterprises use savings as a source of investment and put funds into circulation (everyone knows that money must work). Otherwise, the company will simply collapse.

Borrowed funds

Didn't you use the sources mentioned above? There is only one way out - you need to take a loan. If the company operates stably, then there are no problems with bank loan will not arise (for such enterprises financial institutions they issue quite large loans). You can also apply for a loan from other structures, for example, from the state, private investors or foreign enterprises.

You can use leasing as one of the loan options. In this case, the company leases expensive equipment with the condition that it will buy it back in the future.

• What to pay attention to when concluding a leasing agreement: 7 tips from practitioners

Sources of long-term investments

Today, when choosing sources and areas of investment, an entrepreneur (both a taker and a giver) has many options and opportunities, striving to achieve prosperity and live for his own pleasure. You can take advantage of the mass of existing financing channels and use any (available) tool for attracting and placing funds.

The classification of investment sources includes short-term and long-term investments(except for the already mentioned internal and external ones). Short-term ones are aimed at obtaining high profits in a relatively short time (several months - one year). But experts believe that such schemes are very dangerous, since the main rule of investment can work: the greater the amount of expected income, the greater the likelihood of losing all funds.

Long-term investments are considered less risky. Such investments are characterized by stability and reliability, and the payback period ranges from one to five years.

The main disadvantage is the lack of immediate profit. Therefore, it makes no sense to invest money in long term, if you expect to get a “quick” income.

Let's consider an example: you planned to buy a dream car next year, but you are about 30–40% short of the required amount. You are categorically against credit. And now an entrepreneur I know advises making a profitable investment to fill the gap.

In your situation, it is better to resort to short-term placement of money (in MFOs, mutual funds, PAMM account, in as a last resort deposit in the bank under favorable interest rates). If you use your funds as sources of investment for long-term projects, then profits will not appear soon, and this is not suitable for you.

Advantages and disadvantages of short-term and long-term investments

Comparison criteria	Long-term investments	Short-term investments
Payback period	One year – five years	Several months – one year
		Not very tall
		Minimum
Entry threshold	A very large amount is required, the exception is investing in shares	The investment amount is quite low

Long-term investments are characterized by stability of income that can be used throughout your life. However, first you need to find sources of investment. We invite you to familiarize yourself with the four main mechanisms for raising funds that can ensure constant profit.

1. Own funds. These are assets that a company or entrepreneur has. It can be:

• accumulation funds;
• net income;
• insurance or other payments under contracts;
• depreciation, statutory or specialized funds companies.

The profit of the enterprise, which can be conditionally called retained, is invested in securities, production, construction. In other words, profit turns into instruments that are reliable and liquid.

2. Loans and credits. We don’t have our own money - we borrow. You can take advantage of a long-term bank loan (including those issued for preferential terms under government programs), loans from foreign funds or from private entrepreneurs.

3. Budget resources. The state helps in promoting promising projects, trying to support budding entrepreneurs (including financially). Government agencies treat some areas with the most respect, for example, agricultural production.

4. Involved funds. Sources of investment such as share in construction, share contributions, sales of company shares and bonds are raised funds. It happens that investors are directly invited to take part in an interesting commercial project.

Sources of foreign investment

By investing your funds in Russian enterprises, foreign companies and banks act in their own interests, which may include the following:

1. Use of production factors: compared to world prices, skilled labor and relatively inexpensive raw materials are cheap.
2. Use of natural resources: In Russia, mining costs less and is easier to access than in some other countries.
3. Acquisition of promising enterprises (usually export-oriented) at an affordable price, in order to be able to receive a high stable income after carrying out a number of measures (limiting investments, marketing, restructuring).
4. Promotion of own products on the Russian market: creation of wholesale and retail retail chains, assembly and service enterprises, introducing their own standards in our market. High customs duties are one of the reasons pushing for the emergence of such sources of investment.
5. The use of low-quality (outdated or environmentally harmful) equipment, the effective use of which is impossible in developed countries. As a rule, products are manufactured using well-developed technologies and are outdated.
6. Russian sources of investment are presented as foreign. This is done in order to protect capital as much as possible from actions by the authorities.

It seems that investing in the Russian economy has many advantages that are interesting for foreign investors, but many of them are convinced that the financing of projects at Russian enterprises is subject to great threats. And this is not without reason: studies conducted in the West demonstrate that the risk assessment of investments in the Russian economy is higher than Western European indicators.

However, in our country there are strategic foreign investors who remain in our market even despite the sanctions imposed by the EU and the USA.

Today, there are more than two dozen investment institutions operating in Russia, of which the following can be distinguished.

European Bank for Reconstruction and Development(EBRD). We have information that the EBRD is participating in the project total cost$350 million proposed by the Polar Lights Company JV ($30 million loan provided). The joint venture includes the state oil producing enterprise Arkhangelskgeologiya. In addition to the EBRD, investment sources such as the International financial corporation, which lent $60 million, and Overseas Private Investment Corporation (OPIC) – $50 million. These funds are intended for the development of the Ardalinskoye field in the Timan-Pechora region.

International Finance Corporation(IFC or IFC - The International Finance Corporation), like the IBRD, is an independent member of the World Bank. The IFC, unlike the IBRD, invests its funds in enterprises, not in the government.

First Russian projects The companies that interested the IFC are represented by oil and gas industrial companies and raised $70 million (a total of $377 million was invested in the enterprises). The corporation invested $60 million in the first project, the Polar Lights Company JV, and $10 million in the second, the Vasyugan Services JV. The founders of the Vasyugan Services JV are Canadian Frackmaster, Tomskneft PA and Vasyugan PA.

The World Bank. Most banks represent sources of investment for the implementation of government programs and do not have a direct relationship with individual entrepreneurs (the International Finance Corporation is an exception). But at the same time banking resources can be considered a means of helping to create favorable conditions for business development. The intended purpose of support, according to the director of the Moscow representative office World Bank Ardi Stautezdaik - to contribute to the development of the country's economy by stimulating private business.

Russia has been a member of the World Bank since the summer of 1992. Since that time, significant financial resources for the country have come not only from the IFC, but also from the IBRD ( International Bank reconstruction and development).

Today, sources of investment in the Russian economy are represented by a fairly large number of large foreign corporations.

Aerospace corporation Boeing. According to D. Davidson, general director department international relations, the company’s plans do not include reducing the number of employees working in the Russian Federation. On the contrary, the corporation wants to expand it and continue working on joint projects (present and future).

The automobile corporation General Motors, whose representative is located in Moscow, has joint venture, which produces Chevrolet Blazer in Tatarstan. In addition, it is planned to open a joint venture with AvtoVAZ (the project is at the stage of negotiations).

The automobile company Fiat (Italy) cooperates with GAZ JSC and European Bank reconstruction and development. Investments are aimed at the production of Fiat cars (150,000 cars per year) and amount to $850 million - to date this is the largest investment from the West.

Matsushita Denki Sangyo company (Japan). On this moment A project is being implemented to open representative offices in Russia (five cities, including Vladivostok and Samara) and the CIS countries. A total of nine cities are planned to be involved.

Itoh & Co. (Japan). The president of the company, Murofushi, signed a partnership agreement with Rosprom, which owns Russian oil fields. The financing is aimed at the production, processing and sale of Tyumen oil. In addition, the agreement stipulates the conditions for the sale of products manufactured by the Rosprom production group in Japan and considers the possibility of joint investment in Russian projects.

The Parmalat group (Italy) is investing its money ($5 million) in the construction of a dairy plant located in Nizhny Novgorod.

The PepsiCo company has already opened five bottling plants for low-alcohol drinks. The largest is located in the Moscow region (Solnechnogorsk district). When the enterprise operates at full capacity, 24 thousand two-liter bottles of soft drinks such as Pepsi, Seven Up, etc. will be produced within an hour.

The company Campofrio (Spain) has been operating in the Russian market since 1990, constantly expanding the boundaries of cooperation. Today, it owns a controlling stake in the Campomos LLC JV (these are two enterprises for meat processing and meat products production, producing about 65 thousand tons of products per day).

A. Bartomeu, a representative of the Spanish furniture makers association, announced the readiness of his compatriots-masters to cooperate with Russian entrepreneurs and companies engaged in the production of furniture.

Analysis of funding sources

Naturally, any investor wants to quickly receive income from their investments. To do this, it is necessary to competently analyze the ways of directing finance and assess the prospects of the proposed projects.

Sources of attracting investment from outside assume that the investment object will be shown not only from the point of view of profitability, but will also convince of the stability of income generation and the prospects of the project. In other words, in order to interest external investors, it is necessary to prove that the market needs this business today and will always have such a need. To increase the effectiveness of beliefs, it is necessary to create a project that will help in assessment.

A few points to consider when developing documentation to attract investment sources:

1. Project summary. Briefly describe the risks and expected income of the project. Tell us what will be discussed.
2. Main idea. Description of the investment object itself: where it will be located, who is competing, where the resources will come from, what is the project implementation schedule, who is the initiator.
3. Marketing research. Here you will need to analyze sales markets, the competitive environment (existing and possible).
4. Raw materials and supplies. The project is analyzed in terms of the availability of suppliers production resources(raw materials and materials) necessary for the smooth operation of the enterprise. Information is provided about who can provide, where they are located (relative to the facility), in what terms and on what conditions they supply.
5. Location. This paragraph explains the choice of geographic location for the location of the facility: climate, infrastructure, environment and other factors that may affect its performance.
6. Production technology. Technological processes and the need for certain equipment are described, planned production capacity is calculated, and investments are assessed.
7. Control. A scheme is drawn up according to which the enterprise will be managed and an analysis of investments as part of overhead costs is carried out.
8. Staff. The requirements for specialists (qualifications, place of residence, etc.) are revealed, and the prospect of creating jobs for people from another region is considered. If necessary, the level of expenses that may be needed for training and advanced training of employees is determined.
9. Implementation. The stages and schedule of project implementation are indicated.
10. Financial plan and evaluation of investments in terms of efficiency. This paragraph is devoted to calculations showing groups of expenses and income, and a description of risks.

How to keep records of sources of investment financing

There is no separate account for accounting for depreciation deductions, although they are the basis of long-term domestic investments. Therefore, it is recommended to use the “Depreciation of fixed assets” account, which is not tied to the balance sheet (deductions are divided into production and non-production fixed assets). If the amount is accrued for depreciation, then it is entered as a debit, if the funds are used for financing - as a credit.

If the profit of an enterprise is included in the structure of investment sources, then this, as a rule, is not reflected in the accounting accounts. If the company’s policy provides for working with account 84 (“Retained earnings”), then in addition to it certain sub-accounts are opened according to the stages of movement of undistributed funds.

If profit is coming for the acquisition of new property, this is reflected in account 84-2 (debit) “Retained earnings in circulation” and in account 84-3 (credit) “Used retained earnings”. This is done to summarize the data on retained earnings aimed at acquiring non-current assets.

If budgetary irrevocable sources of investment are used, aimed at capital expenditures (for example, the acquisition of property), then they are shown in the “Cash” and “Targeted Financing” accounts (account 86). As money is spent, account 86 is reflected in the debit of account 98 “Deferred income”. After the acquired objects are put into operation, the data indicated in account 98 is written off, reflected in the credit of account 91 “Other non-operating income and expenses." Amounts equal to the amount are written off depreciation charges, throughout the entire service life of the facility. If funds are not used intended purpose, then the company must return them. Now there is a decrease in the amounts intended for targeted financing, repayment debts appear and decrease financial indicators: accounts 91 and 98 (debit), account 86 (credit), account 86 (debit), cash account (credit).

If your sources of investment are budget loans (that is, long-term investments that require repayment), then they are reflected in accounting in the same way as other loans.

If finances are raised for the purpose of implementing capital investments, then they are shown in the debit of funds or in settlements and in the credit of account 66 “Settlements for credits and loans taken for a short period” or account 67 “Settlements for credits and loans taken for long term" When payments are made on these accounts, the amount used to pay off the debt is written off from the credit of the cash account to the debit of accounts 66, 67 (it all depends on the timing of receipt of investments).

At the same time, the accounting accounts show the direction of the company's funds to pay debts. Moreover, the accounts are filled out in the same way as when using enterprise sources to finance long-term projects.

To implement analytical accounting sources of investment intended for capital investments, it is necessary to take into account all requirements for registration and data control and organize the work independently. The information should disclose the structure of spending raised funds for different areas.

Internal sources of investment are the organization’s own funds, both financial and other, used to finance and invest in its own production. In addition to cash, this can be real estate, transport, materials, skilled labor.

The amount of domestic investment is determined by the difference between the total amount of funds of the enterprise and the amount of funds subject to mandatory storage on current account organizations.

Let's consider internal sources of investment. On a national scale, the overall level of savings depends on the level of savings of the population, organizations and government. Thus, the population can save 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 expenses. At the same time, the volume of savings directly affects the volume of investment in the country, since part of the funds is spent on consumption, and the rest on investment.

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

1) profit.

Businesses and organizations often use profits as a source of investment. They use part of the profit received to develop their business, expand production and introduce new technologies. It is obvious that those enterprises and organizations that do not allocate funds for these purposes ultimately become uncompetitive.

Flaw financial resources, including for business development, enterprises sometimes try to make up for 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 consequence, to a decline in production.

2) bank 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 enterprise 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 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, to the overall growth of the country’s economy.

c) issue of securities.

The issue of securities is gradually becoming a source of investment in Russia. At the same time, in developed countries, the issue of securities 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, buyers of securities, as a rule, can be any legal entities or individuals with available funds. They are the ones in in this case act as investors, providing their own funds in exchange for the company’s securities.

d) budget financing.

Public investments are usually directed towards the implementation of a limited number of regional programs, creation of particularly effective structure-forming facilities, maintenance of federal infrastructure, etc. On modern stage economic development of Kazakhstan priority areas from the point of view of budget financing are incentives industrial development and maintaining scientific and production potential.

e) depreciation charges.

Depreciation charges are aimed at restoring means of production that wear out during use in the production of goods. However, currently in the Republic of Kazakhstan depreciation charges are depreciating due to inflation, which significantly reduces their role as sources of investment.

External sources of investment

External sources of investment include funds raised from private investors through the issuance of securities of an organization, this and borrowed funds aimed at developing production.

Also, government injections, sponsorship funds and other income can be a source of external financing.

External sources of investment are

· Direct foreign investment

• · Portfolio foreign investments
• · This is an investment in company securities
• · Foreign loans

I. Issue of shares. Shares are equity securities that represent their owner's direct share in real property and make him a co-owner of this property. Shares can be:

• * ordinary shares, granting their owners the right to participate in voting at a meeting of shareholders; payment of dividends on them is carried out after the accrual and payment of certain funds to the owners preferred shares;
• * preferred shares are considered to be those that do not give shareholders the right to participate in voting, but provide their owners with a preferential right to dividends, which, according to Russian legislation are paid either in a fixed amount or in a free amount established by the board of the joint-stock company, but not lower than the dividend on ordinary shares.

Increase equity by issuing shares is possible when a company is transformed into a joint-stock company or when a joint-stock company issues new shares.

Placing shares allows you to attract capital in large volumes and for a long period. Raised funds are paid to their owners only upon liquidation of the joint stock company. When financing large investment projects, the issue of shares allows you to postpone the payment of funds to the period when the projects themselves will generate income.

The issue and placement of shares are associated with high costs. In addition, there is a danger of losing controlling stake shares or takeover of a joint stock company by another company.

II. Issue of bonds. A bond is a debt security. It expresses the issuer's obligation to pay the debt amount and interest payments on the security on time.

The bond issue is aimed at attracting temporarily free funds from the population and commercial structures.

Bonds can be secured or unsecured. Secured bonds (mortgages) are distinguished by the obligation to guarantee payment by providing collateral in the form of movable or real estate(assets). Collaterals are primary, secondary, tertiary. This means that the same property can serve as a guarantor for different credit obligations. Bonds with primary collateral have an advantage.

Unsecured (mortgage-free) bonds are issued by enterprises with a high business reputation. They are ensured by the high solvency of the company.

The duration of the bonded loan should not be less than the average period of implementation of the investment project, so that the repayment of obligations under the bonds occurs after receiving a return on the invested funds.

Bonds require costs for their issue and placement. In a crisis situation for the issuer, their placement may lead to insolvency and bankruptcy.

III. Raising capital through the credit market. The economic interest in using credit is associated with the effect of financial leverage. An enterprise using borrowed funds can increase the profitability of its own funds depending on their ratio to borrowed funds and the cost of the latter.

An investment loan is a type of bank loan aimed at investment purposes. The loan must be secured. The main types of security are:

• * deposit;
• * guarantee;
• * guarantees;
• * other types of loan repayment.

The loan allows you to start the project immediately. This means postponing payment of the debt amount and interest over time periods. The source of repayment of the loan and payment of interest should be the profit from the investment activity being financed.

Collateral is some security transferred by the customer to the lender as a guarantee of repayment of the loan. In order to ensure the repayment of loans, banks often oblige their clients to transfer to their disposal legal claims to ownership of real estate, shares of corporations, savings deposits, insurance policies, as well as cars and other durable items that were purchased by the borrower in the period between taking out the loan and the time of its repayment. If the borrower does not repay the loan within the specified period, the bank has the right to sell this collateral to compensate for it. If the borrower offers some kind of collateral to obtain a loan as security (or guarantee), then such a loan is called secured, or guaranteed.

IV. Government funding. State funding is provided within the framework of state programs to support entrepreneurship.

Kinds government funding investments:

• * when financed by providing grants and subsidies cash usually allocated for a specific project free of charge;
• * equity participation of the state assumes that it acts as an equity investor, the rest of the necessary investments are carried out by commercial structures;
• * direct (targeted) loans are provided to a specific enterprise or for a specific investment project on a preferential basis; the state sets the value interest rates, term and procedure for loan repayment;
• * when providing loan guarantees, the organization receives a commercial loan, and the government acts as a guarantor of its return, paying the loan amount in the event of failure by the organization to fulfill its obligations.

V. Additional fees. Investment contributions are an investment of funds in the development of an enterprise as a contribution, from which the investor receives interest income.

VI. Foreign investment. Attracting foreign investment into the domestic economy as a source of financing investment activities faces a number of problems due to low investment rating country and most of its regions. However, attracting foreign investment is necessary because it should help solve the following socio-economic problems:

• * development of the unclaimed scientific and technical potential of the Republic of Kazakhstan, especially at converted enterprises of the military-industrial complex;
• * promotion of Kazakhstani goods and technologies to the foreign market;
• * promoting the expansion and diversification of export potential and the development of import-substituting industries in certain industries;
• * promoting the flow of capital to labor-abundant regions and rich areas natural resources to speed up their development;
• * creation of new jobs and development of advanced forms of production organization;
• * experience of civilized relations in the field of entrepreneurship;
• * assistance in the development of production infrastructure.

The source of investment can be... funds from the sinking fund

1. Induced investments are made when...
national income growth
growing demand for goods
with constant demand for goods
with a decrease in national income
Solution:
Induced investments are investments in production aimed at increasing fixed capital and resulting from an ever-increasing demand for goods and growth in national income.

2. Investment in inventories...
carried out in order to smooth out fluctuations in production volumes while keeping sales volumes constant
carried out in connection with the technological features of production
associated with household expenses for the purchase of houses, apartments
associated with the expansion of the applied fixed capital
Solution:
To answer the question, you need to know what investments in inventories are and what are the reasons for their implementation.
Investments in inventories are made in order to smooth out fluctuations in production volumes while maintaining a constant sales volume or in connection with the technological features of production. Investments related to household expenses for the purchase of houses and apartments are called investments in housing construction. Investments aimed at increasing the employed fixed capital are called productive investments.

3. The volume of investment directly depends on...
real national income
real interest rate
rent value
euro exchange rate
Solution:
The volume and dynamics of investment are influenced by two factors - changes in the real volume of national income and the real interest rate. The amount of rent is the income of the land owner, it affects the amount rent for the land. The euro exchange rate may influence an investor’s decision to transfer liquid funds into foreign currency rather than invest in real production, but it does not have a direct impact on the investment of funds in all areas.
So, the volume and dynamics of investment are directly influenced by the real interest rate and the real volume of national income.

4. Investments made with the aim of expanding the volume of applied physical capital can be classified as ...
investment in fixed assets
induced investments
investment in reserves
portfolio investments
Solution:
Investments in inventories are made in order to smooth out fluctuations in production volumes while maintaining a constant sales volume or in connection with the technological features of production. Investments aimed at increasing the employed fixed capital are called production investments (investments in fixed capital). Induced investments are investments in production aimed at increasing fixed capital and resulting from an ever-increasing demand for goods and growth in national income. Investments in securities are called portfolio investments, they do not affect the increase in available fixed capital.
So, investments made with the aim of expanding the volume of applied physical capital can be classified as investments in fixed capital and induced investments.

5. The source of investment can be...
sinking fund funds
issued and placed bonds
part of the profit that they decided to distribute to shareholders
authorized capital of the enterprise
Solution:
Sources of investment are divided into external and internal. Internal include funds from the depreciation fund and retained earnings enterprises. External sources include: leasing, bank loan, commercial loan, tax credit and etc.
Thus, part of the profit that they decided to pay out in the form of dividends cannot be a source of funds for investment, since this profit is already considered distributed. The authorized capital also cannot serve as a source of funds for investment.

Investment as a process of investing capital involves a program of activities developed over time related to goal setting, the search for options and means of investment, the implementation of planned actions and monitoring the achievement of set goals, taking into account risk.

From business practice it is clear that the set of investment options, methods and types of resources used can be practically unlimited, which is determined by the nature of the business itself, the market in which it operates, and the ability of its owners to determine the priorities of investment goals.

When choosing an investment method, special attention is paid to the sources of funds that can be involved. In business practice, these methods are usually classified into two main categories - external and internal.

This article will talk about one of them, which is called the company's internal investment resources.

Own sources of business investment - disclosure of the concept and main categories

In its strict definition (based on the legal and functional basis), material and non-material money that belong (may belong) to the company by right of ownership, operational management or economic management. In a broader definition, these are all assets that have a certain value on the market (have a monetary base or value equivalent) and that can be used as an instrument for investing capital using internal resources.

It is worth making a small clarification here, namely that assets that are at the disposal of the company on a loan or lease basis cannot be classified as own sources of investment. For example, long-term loan will not under any circumstances (in most cases) be an internal source of investment (since it was received on the terms of repayment of payments on it). But in some cases, such a loan can be an internal source if, for example, it is received from an affiliated company that is part of the corporation's holding structure. More details about what applies to borrowed sources investment financing will be discussed in another article.

In general, own sources of investment financing include the following categories of assets, based on their functional characteristics:

• Material resources
• Financial assets and instruments
• Intangible assets

Main types and characteristics of internal sources of investment

As mentioned above, internal sources of investment include all assets that in one way or another belong to the company (business).

For the purposes of correct classification and, accordingly, competent investment management, the following systematization is proposed:

1. Material resources. Own sources of investment include assets that have a tangible form and have a certain liquidity in the market (value), and which can be alienated (sold, contributed as collateral or security for rights). First of all, this is:

• Production facilities, premises, offices and engineering infrastructure facilities in operation. Here an important emphasis should be placed on the fact that this group of assets does not include objects of unfinished construction or undelivered (not accepted by state supervisory authorities) into operation.
• stocks finished products(not semi-finished products) both in the company’s warehouses and in the process of logistics processing (goods in transit)
• In some cases, this group may include licensed rights to use material objects or resources that may be involved in economic turnover - rights to land, subsoil use or other similar legal statutes that can be assessed by the market. For example, a license to use a forest plot can be a good investment resource for establishing a joint business to create a safari park.

Also, non-attracted sources of investment include tangible assets held in reserve by the company (organization). But since their main purpose is to ensure the continuity of the technological process, they can be considered as an investment resource in a very limited way.

1. Financial assets and instruments. This is a fairly large group of investment vehicles that have the greatest liquidity and can be used for short-term and long-term investment. These include:

• Participation in the authorized capital of a company (in the form of a block of shares or sale of a share in a company with LLC status). The most attractive resource of internal investment for investors who want to participate in the creation of a joint business, or the expansion of an existing one at the expense of the investor. For example, a small company (LLC) has a retail outlet in a good location in the city. To expand your business or move, for example, into the premium product segment, you can use the sale (exchange) of a share in the profit with funds from an external investor. However, despite the attractiveness of this method, it is necessary to look for a reasonable solution in order not to lose control over the business.
• If the company is public (joint stock company), then to its own sources of financing long term investment include methods of expanding the circle of attracted investors through the use of additional issue of shares for open market or specifically for a strategic investor-partner.
• Depreciation charges and reserves. This type of financial assets, which has a targeted use (for the reproduction of internal business processes). As a source of investment it can be used in a very limited way. For example, if a company is about to launch a new product line, then depreciation means, intended to update existing technology, can be used entirely to invest in new projects.

It should also be noted here that in some situations, borrowed sources of financing an investment project include internal assets of the company, for example, those that include subsidiaries. This internal lending or investment scheme is widely used in business practice around the world, especially when involving offshore subsidiaries of affiliated structures - arbitrage investing, tolling, etc.

1. Intangible assets. This category is increasingly replacing the first two, especially in business areas where intellectual property is the predominant asset (IT industry, innovative and venture technologies). The following may serve as internal sources of investment:

• Corporate brand, trademark, franchise agreement.
• Patents or copyrights for unique technologies, designs or special knowledge.
• Management schemes, decisions, corporate structure. Also, an investment resource is the provision of a place in the value chain for a partner company - for example, shelf space in a chain supermarket can serve as an investment resource for farms or the production of tires for Formula 1 cars - for companies working in this business area.

Conclusion

As can be seen from the article, the limitation of domestic investment resources may seem so only at first glance. If we talk about modern practice investment business, then there is no clear boundary between internal and external sources of investment financing.

For example, the attracted sources of investment include shares of the company placed on the stock exchange during the initial issue. However, after this, shares already traded on the open (exchange) market become an internal source of investment, since due to them the authorized capital, they are valued by the free market and become a liquid investment resource.

In many ways, this also applies to intellectual property, the prospects of which are unlimited, and a forward-thinking entrepreneur will always find a worthy option for bringing his investment ideas to life.

In economics, sources of material investment are usually divided into two main categories: internal and external sources of investment. In the macroeconomic sense, internal sources are presented in the form of national resources, these can be the capital of enterprises, budgetary allocations. External sources include, respectively, foreign investments, loans and other borrowed funds.

It is customary to divide investments into the same categories in microeconomics, but their nature is somewhat different. When it comes to individual enterprises and investment projects, then we highlight other sources and methods of investment in these categories. It is customary to include the internal profits of the enterprise, the capital of shareholders in the enterprise and depreciation expenses (gross investments). Among the external ones should be considered borrowed capital, government subsidies, money extracted from working with stock exchange th, leasing investments.

Simply put, the names of these two categories should be taken literally. To internal sources financial investments include the investor’s own funds, and all the rest are classified as external. Much simpler, isn't it? In microeconomics, the division into categories is even more detailed. What are the sources of investment financing? There are three main groups: own, attracted and borrowed.

There are a variety of forms of investment that are classified into one group or another, depending on the nature of their origin. These groups should also be divided into internal (own) and external (brought and borrowed). The proportionality of the shares of various investment groups in the fixed capital of companies depends on the specifics of the national economy.

In Russia, the majority of capital comes from raised funds in the form of government subsidies and subsidies. In the USA and England, most of the funds are the fixed capital of the companies themselves. B active developing countries With a constantly growing economy (Korea, Japan, Germany), the overwhelming majority of companies' capital consists of attracted and borrowed funds, most often in the form of foreign investments.

2 Internal sources of financing

As we have already said, internal sources for financing investments are the company’s own funds and the money of the owners of the enterprise. Own sources of financial investment:

• enterprise profits;
• depreciation expenses;
• reinvested non-current assets;
• reinvested part of current assets.

The net profit of an enterprise constitutes the largest part of the induced or variable investments of enterprises. total amount induced investments consists of reinvested non-current assets and part of the profits of the enterprise, which it is ready to use for its own investment policy. The share of profit sent back to fixed capital depends on the indicator marginal propensity to investing.

Depreciation expenses and the part of current assets immobilized in the form of investments most often constitute the company’s autonomous investments. All depreciation expenses are essentially the company's gross investment. Finding the optimal balance between internal sources of finance is one of the most important tasks facing the company's management. Theoretically, a company can successfully participate in market economy and bring an acceptable profit even with a complete refusal to reinvest the income received during commercial activities. In practice, enterprise growth and business expansion is impossible without the involvement of large capital.

Internal sources for financing investments are the most important resource of an enterprise, and without them its development is not possible. A company without these resources completely loses its market potential and, most often, becomes bankrupt. Lack of profit, lack of current assets are symptoms of a dying enterprise, in which private investor interested in receiving dividends will not invest their money.

Simply put, in the absence of internal sources of investment, attracting money from outside becomes problematic.

3 Investments from external sources

External sources include sources of financing investments that come to the enterprise from outside and are not part of the fixed capital or capital of the owners of the enterprise. We have already said above that these sources can be borrowed and attracted. Let's start with the last ones. Attracted sources of money for investment formation:

• issue of securities issued by the company;
• contributions to the authorized capital in the form of real investment from the outside;
• government subsidies, subsidies, grants;
• targeted free investment from commercial organizations.

Any enterprise that sets itself the goal of expanding its presence in the market is constantly raising money from outside. The fact is that borrowed and attracted capital is cheaper, and enterprises are trying to increase their own assets by issuing securities on the stock exchange and searching for private investors interested in profitable placement of capital.

Companies are also actively involved in government programs. Government grants and subsidies are often provided free of charge with the expectation of improving the situation in the entire industry, and therefore enterprises are interested in receiving such financial doping. Companies do not miss the opportunity to participate in various innovative projects to receive targeted grants.

The role of private and public investment cannot be underestimated. It is thanks to the activity of capitalists venture investments have become a significant part of the modern economy and have allowed giant corporations to enter the market with innovative products. Use the developers of revolutionary software and the latest high-tech products to use their own sources of investment, modern economy would look completely different.

There are other external sources of investment financing, they are called debt. Borrowed funds are:

• loans;
• issue of debt obligations (bonds) of the enterprise;
• government credit initiatives;
• leasing

Loans can often be the only way to get the money needed for development. Large financial institutions often provide huge loans to companies that are simply unable to meet domestic demand for investment by attracting funds from private investors. An example is the company's initiative Marvel, which entered into a 7-year contract with a financial conglomerate Merill Lynch & Co.

The loan amount was $525 million. Find a similar amount by selling securities or without selling a huge share of the company to the owners Marvel They just couldn't. The state would also not finance such an initiative by providing a loan.

Issue of company bonds for stock market is also one of the ways to quickly find money that suits large companies looking for immediate funding. The concept of leasing has become Lately more and more popular in Russia. Investment leasing and leasing material assets– these are the sources of formation of material investments. Industrial equipment and real estate are provided on a leasing basis.

4 Borrowed and attracted investments - main characteristics

Attracted investments in the form money supply, obtained through the redemption of shares by the public or other commercial structures, have certain economic characteristics:

• the difficulty of selling securities on the stock exchange;
• mandatory full payment of the authorized capital;
• issue shares only joint stock companies closed and open type;
• dividends must be paid.

Debt investment may be more attractive to businesses that have sustainable financial situation. For these companies, borrowed capital will be cheaper than attracted capital in the long term. The characteristics of borrowed investments include:

• the need to provide collateral for a loan;
• only companies with good financial performance have the opportunity to obtain leasing or credit;
• the need to pay discounts on bonds and interest on loans.

The critical difference between the two groups of investments can be called the difference in working conditions with one or another source. Any company can use borrowed funds, but only joint stock companies can raise funds from outside directly into fixed capital. For some companies this is a definite plus; for others, increasing the number of shareholders does not seem like the most profitable prospect.

5 Indirect sources of investment

The company may also be interested in sources that are called indirect. There are three main types of such sources: leasing, franchising and factoring. Leasing can conditionally be classified as a borrowed source, but often enough boundaries can be drawn between leasing and credit to distinguish leasing into a qualitatively different category of investment.

What is leasing? In essence, this is the provision by the lessor of property (industrial equipment, raw materials) for temporary use for a certain fee to the lessee until he buys it from the actual seller. A leasing agreement traditionally involves three parties: the lessor, the lessee, and the seller. This scheme is somewhat different from a debt agreement.

Franchising is the transfer of intellectual property from the copyright holder to an enterprise for a nominal fee. This form of indirect investment has allowed many companies to strengthen their positions in the market. The clearest example in Russian economy can be considered a McDonalds chain. A large restaurant chain transfers the rights to use its trademarks through a franchising scheme and thus invests in the Russian economy.

Factoring is a more complex implementation scheme accounts receivable enterprises. In this case we are talking about the actual sale receivables factor company.

Indirect sources of investment financing do not have a critical impact on the financial performance of the enterprise and NVP in the macroeconomic sense, but are still important factors, which must be taken into account when analyzing certain companies that can be successful without attracting large external sources of investment, but taking into account the use of indirect sources of investment and competent management of internal resources.

6 Position of an independent investor

Private investors often wonder where to invest their money. As you can understand from the above, external investments represent the greatest importance for a company and can be a decisive factor in the process of its expansion or restructuring. Many companies would not be able to receive external financial incentives if telecommunications infrastructure had not developed over the past twenty years to the level at which it is now.

Previously, trust funds and brokers raised funds for trading on stock exchanges by contacting citizens by telephone or mail. They attracted money from outside by knocking on the doors of potential clients. Today, the Internet allows private holders of small capital to find the best ways to implement their own investment strategies, by comparing investment instruments with each other in real time, by passively monitoring market conditions.

The investor can be presented with the most different ways placement of capital. By purchasing bonds, private investors can be active lenders to businesses. When purchasing shares to receive dividends, the investor uses his savings as a source of investment, which becomes external to the enterprise that places its securities on the stock exchange, thus trying to attract additional finance to the fixed capital.

Modern Internet infrastructure allows ordinary people to act as a source of investment for an enterprise.