Classification of investments according to the object of investment. Types of investments. Classification of investments. Composition of own investment sources

Question No. 1. Essence of investments, their main classifications and structure.

In the theory of investment, the concept of "investment" is defined ambiguously. In the classical encyclopedic context, investments are defined as long-term capital investments in sectors of the economy at home and abroad. From the point of view of financial parameters (or from the standpoint of a financier, accountant), investments can be represented as any kind of assets invested in production and economic activities with the aim of subsequent generation of income, benefits. From the point of view of the economic (and hence, from the point of view of the assessment economic feasibility use of resources in the form of the main and working capital) investments are defined as expenses for the creation (acquisition), expansion, reconstruction and technical re-equipment of fixed capital. From the point of view of economic theory, investment is the transfer of property or the right to property, since no increase or expansion of material wealth occurs.

Classification of forms and types of investments

Investments are made in various forms. In order to systematize the analysis and planning of investments, they can be grouped according to certain classification criteria. The classification of investments is determined, therefore, by the choice of the criterion underlying it. The basic typological feature in the classification of investments is the object of investment.

Real and financial investments

According to the objects of investment, real and financial investments are distinguished. Since in the economic literature there are various approaches to determining the nature and structure of these economic forms, their relationship with other classification groups of investments, it is necessary to clarify the content of real and financial investments, to determine their objects.

Real investments act as a set of investments in real economic assets: material resources (elements of physical capital, other money) and intangible assets (scientific and technical, intellectual products, etc.). The most important component real investment are investments made in the form of capital investments, which in the economic literature are also called real investments in the narrow sense of the word, or capital-forming investments.

Financial investments include investments in various financial assets - securities, shares and shares, bank deposits, etc.

Direct and portfolio investments

According to the purpose of investment, direct and portfolio (indirect) investments are distinguished.

Direct investments act as investments in the authorized capital of enterprises (firms, companies) in order to establish direct control and management of the investment object. They are aimed at expanding the sphere of influence, securing future financial interests, and not just generating income.

Portfolio investment represent funds invested in economic assets in order to generate income (in the form of an increase in the market value of investment objects, dividends, interest, other cash payments ) and risk diversification. As a rule, portfolio investments are investments in the acquisition of securities and other assets belonging to various issuers.

Direct investments, which are investments aimed at establishing direct control and management of the investment object, can be made not only in real economic assets, but also in financial instruments. The ability to manage the investment object is achieved through the acquisition of a controlling stake, other forms of controlling participation. Portfolio investments are investments focused on obtaining current income.

Consequently, real and financial investments, on the one hand, are both direct and portfolio investment, on the other hand, act as different types of investment groups.

Classification of investments by terms, forms of ownership of investment resources, regions, industries, risks and other features

Forms investment activity can also be classified by terms, forms of ownership of investment resources, regions, industries, risks and other characteristics (Table 1.1).
By investment periodallocate short-term, medium-term and long-term investments.

Under short term investments are usually understood as investments for a period of up to one year. These investments are, as a rule, speculative in nature. Medium term investments are investments for a period of one to three years, long-term investments - for a period of over three years.

By forms of ownership of investment resources allocate private, state, foreign and joint (mixed) investments.
Under private (non-state) investments understand the investment of private investors: citizens and enterprises of non-state ownership.

Table 1.1. Classification of investment forms

Classification features	Forms of investment
By investment objects	Real investment financial investments
By investment period	Short term investments Medium term investments Long term investment
By investment purpose	Direct investments Portfolio investment
By area of investment	Production investment Non-productive investments
By type of ownership for investment resources	Private investment Public investment Foreign investment Mixed investments
By region	Investments within the country Investments abroad
By risk	Aggressive investments Moderate investment conservative investment

Public investment - these are investments made by state bodies of power and administration, as well as state-owned enterprises.

TO foreign investment include investments of foreign citizens, firms, organizations, states. Under joint (mixed) investments understand the investments made by domestic and foreign economic entities.

By region distinguish between domestic and foreign investment. Domestic (national) investments include investments in investment objects within a given country.
Investments abroad (foreign investments) are understood as investments in investment objects located outside the territorial limits of a given country.

By industry allocate investments in various sectors of the economy: 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 communications, trade and public catering, etc.

By risk distinguish between aggressive, moderate and conservative investments. This classification is closely related to the allocation of the relevant types of investors. Aggressive investments characterized by a high degree of risk. They are characterized by high profitability and low liquidity. Moderate investment are distinguished by an average (moderate) degree of risk with sufficient profitability and liquidity of investments. conservative investment are low-risk investments characterized by reliability and liquidity.
The importance of the tasks of clarifying the role of investments in the reproduction process necessitates the introduction of such a classification criterion as the scope of investments, according to which it is possible to single out production And non-productive investment.
Of decisive importance for the economic system are production investments that ensure the reproduction and growth of individual and social capital.

Classification of investments made in the form capital investments

In the economic literature, there are other classifications of investments, reflecting, as a rule, the details of their main forms. In particular, investments made in the form of capital investments, subdivided into the following types:

defensive investments aimed at reducing the risk of acquiring raw materials, components, maintaining price levels, protecting against competitors, etc.;

offensive investments due to the search for new technologies and developments in order to maintain a high scientific and technical level of manufactured products;

social investments, the purpose of which is to improve the working conditions of personnel;

mandatory investments, the need for which is associated with the satisfaction of state requirements in terms of environmental standards, product safety, other operating conditions that cannot be ensured by improving management alone;

representative investments aimed at maintaining the prestige of the enterprise.

Depending on thedirection of actionallocate:

initial investment (net investment) made when acquiring or establishing an enterprise;

extensive investments aimed at expanding productive capacity;

reinvestment, which is understood as the investment of released investment funds in the purchase or manufacture of new means of production;

gross investment, including net investment and reinvestment.

INeconomic analysisanother grouping of investments made in the form of capital investments is also used:

investments directed to the replacement of equipment worn out physically and/or morally;

investment in equipment upgrades. Their goal is primarily to reduce production costs or improve the quality of products;

investment in expanding production. The objective of such investment is to increase the opportunities for the production of goods for previously formed markets within existing industries while expanding demand for products or switching to the production of new types of products;

investment in diversification associated with a change in the range of products, the production of new types of products, the organization of new markets;

strategic investments aimed at introducing the achievements of scientific and technological progress, increasing the degree of competitiveness of products, reducing economic risks. Through strategic investments, structural changes in the economy, key import-substituting industries or competitive export-oriented industries are developing.

The least risky of these types of investments are investments in the replacement and modernization of equipment. Investments in the expansion of production and strategic investments are characterized by an increased degree of risk (Fig. 1.2).

The relationship between the types of investments and the level of risk is due to the danger of changing the market reaction to the results of the company's activities after the implementation of one or another type of investment. It is obvious that the risk of negative consequences of investment will be lower with the continuation of the production of goods already tested by the market and higher with the organization of new production.

Question number 2. Methods for accounting for investment risks in determining the performance indicators of investment projects.

The main goal of the investment activity of economic entities is to increase income from investment activity with a minimum level of investment risk. The search for the optimal combination of return and risk involves the need to take into account the action of many different factors, which makes this task very difficult. At the same time, the solution of this problem is a condition for the effectiveness of any economic activity.

Investment risks: essence and classification

Investment risk is the probability of financial losses in the form of a decrease in capital or loss of income, profit due to the uncertainty of the conditions of investment activity.

Risk to return ratio

Profitability and risk, as you know, are interrelated categories. The most general patterns that reflect the relationship between the risk taken and the expected return on the investor's activity are the following:

riskier investments tend to have higher returns;

as income increases, the probability of receiving it decreases, while a certain minimum guaranteed income can be obtained with little or no risk.

The optimal ratio of income and risk means achieving a maximum for the combination of "profitability - risk" or a minimum for the combination of "risk - profitability". In this case, two conditions must be simultaneously met: 1) no other ratio of profitability and risk can provide greater profitability for a given or lower level of risk; 2) no other ratio of return and risk can provide less risk at a given or higher level of return. On fig. 1 (Relationship between risk and return) shows that, assuming the assumption of one risk and one source of income, there is only one such combination - point E.

However, since in practice investment activity is associated with multiple risks and the use of various resource sources, the number of optimal ratios increases. In this regard, in order to achieve a balance between risk and income, it is necessary to use a step-by-step solution method by successive approximations. The implementation of investment activity involves not only the acceptance of a certain risk, but also the provision of a certain income. If we assume that the minimum risk corresponds to the minimum required income, then we can distinguish several sectors characterized by a certain combination of income and risk: A, B, C.
Sector A, investments in which do not provide the minimum required income, can be considered as an area of insufficient return. Functioning in sector C is associated with high risks that reduce the possibility of obtaining expected high returns, so sector C can be defined as an area of increased risk. Investments in sector B provide the investor with the achievement of income at an acceptable risk, therefore, sector B is the area of optimal values of the ratio of profitability and risk.
Investment activity is related to various types risks.

Classification of investment activity risks

IN general view The classification of the most significant and investment-specific risks is shown in fig. 2. (Classification of investment activity risks)

General risks include risks that are the same for all participants in investment activities and forms of investment. They are determined by factors that the investor cannot influence when choosing investment objects. Risks of this kind in the theory of investment analysis are called systematic. The main types of general risks include external economic risks arising from changes in the situation in the external economic activity, and internal economic risks associated with changes in the internal economic environment. In turn, these types of risks act as a synthesis of more particular types of risks. Socio-political risk combines a set of risks arising from changes in the political system, the alignment of political forces in society, and political instability. Investors assume political and country risks in the case of small or short-term investments with a corresponding increase in the interest rate. In investment lending or project financing, risk reduction can be achieved through the provision of government guarantees. Environmental risk acts as a possibility of losses associated with natural disasters, deterioration of the environmental situation.

Risks associated with government regulation measures include risks of changes in administrative restrictions on investment activities, economic regulations, taxation, currency regulation, interest rate policy, market regulation valuable papers, legislative changes. Market risk is the risk associated with adverse changes in the general economic situation or position in certain markets. Market risk may arise, in particular, as a result of a change in the stages of the country's economic development cycle or market cycles of investment market development. Inflationary risk arises from the fact that when inflation is high, the amount of money invested in investment objects may not be covered by income from investments. Inflationary risk, as a rule, falls almost entirely on investors (creditors), who must correctly assess the prospects for the development of inflationary processes, therefore, when studying the investment qualities of prospective objects, it is customary to set forecast inflation rates. The difference in inflation rates by types of resources and products (inflation heterogeneity) and the excess of the inflation rate over the growth of the foreign exchange rate have an important impact on investment efficiency indicators. The transition to settlements in hard currency (or in physical terms in the case of investment design) does not eliminate the need to take into account inflationary risk, since the presence of inflation affects project performance not only in value terms, but also in physical terms: the impact of inflation changes both the financial results of the project and and its parameters (planned volumes of necessary resources, production, sales, etc.). It should be noted that accounting for inflationary risks is largely complicated by the incompleteness and inaccuracy of the available information.
The risk of worsening conditions for this area of activity includes risks associated with the possibility of increased competition, changes in consumer requirements, banking crises, etc. Other risks include risks arising from economic crimes, dishonesty of business partners, the possibility of non-performance, incomplete or poor performance obligations assumed by partners, etc. General risks can pose a serious threat to investors, they should be taken into account in all forms and objects of investment. Unlike general risks, specific risks are purely individual for each investor. They aggregate all types of risks associated with the investment activities of a particular entity or with investments in specific investment objects.

Specific risks may be associated with an unprofessional investment policy, an irrational structure of invested funds, and other similar factors, the negative consequences of which can be largely avoided by improving the efficiency of investment management. These risks are diversified, reduced and depend on the investor's ability to choose investment objects with acceptable risk, as well as to the actual accounting and regulation of risks. The totality of the risks under consideration in terms of economic content is similar to the concept of non-systematic risk. (Non-systematic risk is also called individual, residual, special or diversifiable risk.) Identification of systematic and non-systematic risks in the totality of risks arising from the investment activities of banks makes it possible to use the methodological apparatus of the theory of forming an effective investment portfolio in further analysis. When considering specific risks, it seems appropriate to single out in their composition the risks inherent in the investment portfolio and internal risks inherent in various types of investment. The risk of an investment portfolio arises in connection with the deterioration of the quality of investment objects in its composition and violation of the principles of forming an investment portfolio. In turn, it is aggregated and includes more private types of risks. The most significant of them include the following types of risks.
Capital risk is an integral risk of an investment portfolio associated with a general deterioration in its quality, which shows the possibility of losses when investing in investments compared to other types of assets. Selective risk is associated with an incorrect assessment of the investment qualities of a particular investment object when selecting an investment portfolio.

The risk of imbalance arises in connection with a violation of the correspondence between investment investments and sources of their financing in terms of volume and structural indicators of profitability, risk and liquidity.

The risk of excessive concentration (insufficient diversification) can be defined as the risk of losses associated with a narrow range of investment objects, a low degree of diversification of investment assets and sources of their financing, which leads to an investor's unreasonable dependence on one industry or sector of the economy, region or country, on one direction investment activity. At the same time, this risk acts as a conglomeration of various risks (country, industry, regional, credit, etc.) in combination with specific features specified in the definition.

The considered risks are specific risks of portfolio investment arising in connection with the functioning of the investment portfolio as an integral set, which implies the need to take them into account in the formation and management investment portfolio. In addition to these types of risks, it is possible to single out the risks inherent to varying degrees in various types of investment objects in the investment portfolio, which should be taken into account both when evaluating individual investments and the investment portfolio as a whole. The main types of these risks are as follows.
Country risk - the possibility of losses caused by the placement of funds and investment activities in a country with an unstable social and economic situation. It includes the relevant economic, political, geographic, environmental and other risks, which, unlike the similar types of general risks discussed above, can be reduced when the investor chooses other investment objects.

Industry risk - the risk associated with a change in the situation in a particular industry. Industry risk is based on the cyclical development of industries, the reorientation of the economy, the depletion of resources of a particular type, changes in market demand, and other factors.

Regional risk is the risk of losses due to the unstable state of the regional economy, which is especially inherent in single-product regions.

Time risk - the possibility of losses due to incorrect determination of the time of investment in investment objects and the time of their implementation, seasonal and cyclical fluctuations.

Liquidity risk - the risk of losses in the sale of an investment object due to a change in the assessment of its investment quality.

Credit risk is the risk of loss of funds or loss by an investment object of its original quality and value due to non-compliance with obligations on the part of the issuer, borrower or its guarantor. This type risk is most inherent in banking activities, it is associated with a possible increase in costs when providing loans at a "floating" rate, which tends to increase, a decrease in the borrower's solvency. Operational risk - the risk of losses arising from the fact that in the activities of the entity making investments, there are violations in the technology of investment operations, malfunctions in computer systems for processing information, etc. The above risk structure should be supplemented by types of risks specific to specific forms of investment.

One of the stages of investment risk management is risk assessment. This assessment is based on the calculation of the probability of occurrence of investment risk. This indicator is a measure of the frequency of the possible occurrence of an adverse event that causes financial losses in the company's activities. The following risk assessment methods are known.

Expert evaluation methods are applied in the event that the business organization does not have the necessary informative data for making calculations or comparisons. These methods are based on a survey of qualified specialists in the field of finance, insurance, followed by mathematical processing of the results of the survey. Expert assessment methods are widely used in determining the level of probability of occurrence of inflationary, investment, currency and some other risks.

Statistical estimation methods allow you to get the most complete quantitative idea of the level of risk, so they are often used in the practice of financial management. The disadvantages of this method include the need for sufficiently extensive statistical information. When assessing the probability by this method, the average expected value of the result is calculated; standard deviation; the coefficient of variation. Based on statistical methods, the probability of occurrence of risks is estimated for each financial transaction, the investment project under consideration, etc.

Calculation and analytical methods of evaluation allow us to quantify the likelihood of financial risks based on the use of internal information base the firm itself. In this case, the probability of occurrence of individual risks is set depending on the values of the planned indicators of the financial activity of the company.

Analogue evaluation methods allow you to determine the level of probability of occurrence of risks for individual, most frequently repeated operations of the company. These methods are used in assessing currency, investment and credit risks.

It is also possible to quantify the degree of project risk based on the indicators of production and financial leverage.

Production leverage is quantitatively characterized by the ratio between fixed and variable costs in their total amount and the variability of the indicator "earnings before interest and taxes". If the share of fixed costs is large, then what the company has high level production leverage. For such a company, sometimes even a slight change in production volumes can lead to a significant change in profits, since the company has to bear fixed costs in any case, whether products are produced or not. The higher the level of production leverage, the higher the production risk of the company.

Financial leverage characterizes the relationship between own and attracted long-term financial resources and profit. The level of financial leverage directly proportionally affects the degree of financial risk of the company and the rate of return required by shareholders. The higher the amount of interest payable, which is a fixed obligatory expense, the lower the net profit. Therefore, the higher the level of financial leverage, the higher the financial risk of the company.

List of used literature

Economic analysis of investment projects Birman G., Schmidt S. / per. from English. ed. L.P. White. - M .: Banks and exchanges, UNITI, 1997

Evaluation of the effectiveness of investment projects: Theory and practice: textbook Vilensky P.L., Livshits V.N., Smolyak S.A. – M.: Delo, 2002.

Investment activities. Kiseleva N.V., Borovikova T.V. – M.: KNORUS, 2005.-432p.

Komarov A.G., Rogova E.M., Tkachenko E.A., Chesnokov V.Ya. Investment design. - St. Petersburg: Publishing House of St. Petersburg State University of Economics, 2001.

Investment analysis. – Kucharina E.A. St. Petersburg: Peter, 2006 - 160p.

Investment design. Nepomniachtchi E.G. Tutorial. Taganrog. TSURE Publishing House, 2003

Economic evaluation of investments. Rimer M.I., Kasatov A.D., Matienko N.I. 2nd ed. - St. Petersburg: Peter, 2007. - 480 p.

Guide for the investor // Journal "Consultant", No. 3, 2006. page 12

Financial management: Textbook for universities / ed. G.B. Pole. - M .: "Finance", Publishing Association "UNITI", 1997

Methods for evaluating investment projects. Kovalev V.V. M, Finance and statistics, 1998

Investment Decision Making, Norcott D. M. Banks and Exchanges, UNITI, 1997

Investment project: methods of preparation and analysis Lipsits I.V. Kosov V.V.

Methodology for evaluating investment projects. ICF "Alt" 2004

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Investments, their economic essence, classification And structure
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INVESTMENTS, THEIR ECONOMIC ESSENCE, CLASSIFICATION AND STRUCTURE.1. 1. Investments How economic category And their role in the development of macro- and microeconomics. Investments– ... objects of each specific industry and their main funds is the same for all objects...
Investments. Principles for the implementation of investment activities
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Industry, etc. 4. Financing investment Essence, classification And structure funding sources investment. Finding sources of funding investment always been one...
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Tasks term paper: identify economic essence investment; explore their classification And structure to consider sources, forms and methods... to the implementation of investment projects in 2009. Volume investment V basic capital, billion rubles Tyumen region...

By the volume of required investments;

By goals;

By type of relationship of investment projects;

Type cash flows generated by the investment project;

By project class;

According to the duration of the project;

According to the complexity of the project;

According to the state of the investment project;

By the scale of investments and the impact of their consequences;

According to the result of using the results of scientific and technical developments.

Investment projects can be classified on various grounds.

Some well-known experts (A.B. Idrisov, V.V. Sheremet, V.Yu. Katasonov, etc.) classified investment projects according to only a few features and did not provide a graphical representation. Using the well-known elements of systematization and supplementing them, we present a diagram of the features of the division of investment projects into groups (see Figure 1.).

According to the volume of required investments

Project Division by volume of required investments is quite subjective and largely depends on the magnitude and financial opportunities investor and investee. The subjectivity of this element of the classification can be somewhat reduced when moving on to assessing the share of investments in the revenue or profit of an enterprise, in the country's GDP or the region's GRP.

By goals

Projects can also be classified according to goals , which are set when they are implemented. These goals may be different and are not necessarily related to direct profit. There may be IRPs in themselves unprofitable in economic sense, but bringing indirect income due to gaining stability in the provision of materials, entering new markets for raw materials and products, social effect, reducing costs for other projects, improving the environment, improving product safety, etc. Such IPR requires non-formalized criteria for their assessment .

By type of relationship of investment projects

Of particular importance in the analysis of investment projects is the identification of the types of their relationships..

YPR are independent if the decision to accept one does not affect the decision to accept the other. According to the author, it is wrong to talk about the absolute independence of investment projects, since each of them affects several areas, which, in turn, involve other projects. In addition, there is a diversion of resources from one area to another.

Figure 1 - Types of classification of investment projects

Alternative or mutually exclusive projects are IPRs that cannot be implemented simultaneously, i.e. acceptance of one automatically entails rejection of the others.

The division of projects into independent and alternative ones is of particular importance when compiling an investment portfolio in the face of restrictions on the total volume of capital investments.

If the upper limit of capital investments is an undefined value, depending on various factors, for example, the amount of profit of the current and future periods, then it is necessary to rank independent IPR according to their priority. This is especially related to the formation of an enterprise strategy.

Projects related complementarity relations if the adoption of a new IRP contributes to the growth of income for others. Identifying these relationships means looking at projects as a whole, not in isolation. This is of particular importance when the acceptance of the project according to the selected criterion is not obvious and additional criteria are needed, incl. presence and degree of complementarity.

Projects related substitution relations if the adoption of a new IRP leads to some decrease in income from existing IRPs. For example, commissioning a tire repair area at an existing tire factory.

By type of cash flows generated by the project

The flow is called ordinary if it consists of the original investment (one-time or distributed) and subsequent inflows Money. Flow extraordinary if cash inflows alternate in any sequence with their outflows. The selection of the type of flow is important when choosing a criterion for evaluating investments, since not all criteria are suitable for evaluating non-ordinary flows.

By type (kind) of the project

Project type- division according to the main areas of activity in which the project is implemented: research, technical, technological, organizational (management), economic, social, educational, mixed. By type, projects can also be divided into innovative and non-innovative.

By project class

The division of projects by their classes provides for the distribution of projects by composition, structure and subject area into:

- single projects- these are separate projects of different types, types and scales;

- megaproject - targeted programs development of regions, industries, including a number of mono- and multi-projects;

- modular (complete-block) project- a method for solving project management problems, in which most of the future object is not manufactured at the site of future operation, but in the "side" - in factory or semi-factory conditions;

- a joint project- several participants (international - several countries, interregional, interorganizational).

By project duration

The division of investment projects according to duration of the project. However, the characterization of projects on this basis is also subjective. For different industries, enterprises and organizations in various conditions the concept of the duration of the term may be different.

The very concept of project duration can have three levels.:

1) the period from the beginning to the end of the investment of funds (“bringing the enterprise to its design capacity”);

2) the period from the start of investment to the moment of return on investment;

3) the term for obtaining an economic or social effect (until the end of the operation of the investment object), i.e. term life cycle project.

When assessing the duration of the project, the second level is usually used, highlighting: a short-term project (up to 3 years); medium-term (3-5 years); long-term (over 5 years).

According to the complexity of the project

It is also advisable to subdivide investment projects into project complexity - simple, complex, very complex, which is useful, for example, when monitoring projects. Of course, this classification feature is also subjective and can be used to compare projects carried out by one investor or on one investment object.

As of the investment project

Projects also differ in terms of IPR status:

1. The idea in the "embryo" - one idea, without enterprise and leadership.

2. New enterprise - the enterprise is ready to start work immediately, there is a management group and the market is defined.

3. An existing enterprise with an idea developed, but the idea is not yet profitable.

4. Expansion of an existing profitable enterprise.

5. Reorganization of the enterprise without a change in management (for example, takeover this enterprise big company).

6. Reorganization of the enterprise with the subsequent change of management.

7. Investments in a loss-making enterprise to turn it into a profitable one.

The possibility of risk in these cases is high with investments in the “embryo” (No. 1), and decreases, reaching a minimum with investments in the expansion of a profitable enterprise (No. 4); then increases sharply in the transition to a reorganization with a change in management (No. 6) and again reaches a maximum when investing in a loss-making enterprise (No. 7).

By the scale of investments and the impact of their consequences

It is advisable to classify investment projects also by the scale of investments and the impact of their consequences .

Investment project global scale affects the situation in several countries (first of all, the implementation of large infrastructure, energy projects, etc.).

If the project has an impact on the internal socio-economic, political or environmental situation in individual country, then it can be attributed to large-scale project .

In the case of distribution of influence only on region of a particular country , investment project can rightfully be called regional .

If the investment project covers a separate branch of the national economy , then it is referred to branch .

Investment project limited by limits cities, is, respectively, urban .

local project does not have a significant impact on the economic, political, social, environmental, demographic situation country, region, city (modernization of enterprises).

As a result of using the results of scientific and technical developments

Given the fundamental importance of innovation in present stage, it is proposed to classify projects on the use of the results of scientific and technical developments when implementing an investment project.

According to this classification feature, projects can be divided into:

1) Traditional (conservative) designs(usually in the field of industry), the purpose of which is to make a profit as a result of organizing or improving the efficiency of production and distribution channels for products (standard or with improved characteristics). Conservative projects are usually associated with the support of some idea in the field of simple reproduction. result A conservative traditional project is the organization of mass production and sales of products at an existing or new enterprise.

2) Innovative (risk) projects can be used to create new products or technology that provides high profits; moreover, they are relatively independent, i.e. are not "tied" to a specific industrial enterprise. result risky project is an organized marketing program, effective sales and high profits.

3) Research projects- are aimed at obtaining scientific and practical results, which can subsequently be used to create new products or technologies, promote existing ones on the market. This subtype of projects also involves the use of non-traditional technologies (information, computer, production) in various fields.

Research projects can also be subdivided according to the degree of innovation and science intensity of the project - into projects with high proportion innovative component, science-intensive and standard projects (without the use of improvement elements). aim scientific project, unlike others, is not to obtain an economic effect, but to create conditions for intensive technological development V various fields science and industry. The results of the work carried out stimulate the process of scientific and technological development or provide a transition to a higher level of technology.

In the domestic economic literature, there are several approaches to the classification of investments.

Consider the classification of investments in accordance with the following generally accepted set of classification features:

Investment object;

Investment area;

Ownership of the investment;

The nature of participation in the investment;

Investment period;

Regional nature of the investment.

By sign "object of investment" distinguish the following types of investments.

1. Real (capital-forming) investments (they are also called production or material):

Investments in fixed assets;

Investments in inventories.

Real investments are understood as investments in real assets - both tangible and intangible (sometimes investments in intangible assets related to scientific and technological progress are characterized as innovative investments). Real investments are made in the form of capital investments.

Investments in real projects are a long process, therefore, when evaluating them, it is necessary to take into account:

a) the riskiness of projects - the longer the payback period, the
higher investment risk;

b) the time value of money, since over time money loses its value due to inflation;

c) the attractiveness of the project in comparison with alternative options for investing capital in terms of maximizing income and increasing the market value of the company's shares with a minimum level of risk, since this goal is decisive for the investor.

Using said rules in practice, the investor can make an informed decision that meets his strategic goals.

4.Financial investment:

savings bank deposits; bonds; stock; money; deposits.

Financial investment refers to the investment of funds in various financial instruments(assets), among which the most significant share is occupied by investments in securities.

High development of institutions financial investment significantly contributes to the growth of real investment. Thus, it can be concluded that the two forms are complementary rather than competing. An example of such a connection in real estate is the financing of rental housing.

5. Intellectual investments are investments of funds:

V scientific developments; in the training of specialists; into the social sphere.

On the second sign - "investment area"- investments are classified depending on the field of activity in which they are directed. So, for example, for a construction organization engaged in capital construction, the following areas of investment can be distinguished:

Supply, i.e. provision of building materials, equipment,
transport, semi-finished products;

Production, i.e. direct implementation construction works;

Sales, i.e., the sale of construction products or in the form of sales from
relevant buildings, structures, living space, or in the form of a transfer
cottages for rent, etc.

According to the third criterion - "form of investment ownership"- stand out:

Public investments carried out by state authorities of various levels at the expense of the relevant budgets, outside
budget funds and borrowed funds, as well as those sold by state-owned enterprises and enterprises with state participation at the expense of
own and borrowed funds;

Foreign investments carried out by foreign legal and individuals, as well as directly by foreign states and international organizations;

Private investment by individuals and enterprises
mi non-state form of ownership;

Joint investments carried out jointly by domestic and
foreign investors.

By sign "nature of participation in investment" distinguish direct and indirect participation in investment.

Direct participation investing refers to the direct participation of the investor in the selection of investment objects and investment. Direct investment is carried out mainly by trained investors who have fairly accurate information about the investment object and are well acquainted with the investment mechanism.

Under the direct involvement investment means investment mediated by other persons (investment or other financial intermediaries). Not all investors are qualified to effectively select and manage investment objects. In this case, they purchase securities issued by investment and other financial intermediaries (for example, investment certificates investment funds and companies). The latter place the collected in this way investment funds at their own discretion - they choose the most effective investment objects, participate in their management, and then distribute the income received among their clients.

By sign "investment period" distinguish between short-term and long-term investments.

Under to short-term investments are usually understood as capital investments for a period of not more than one year (for example, short-term deposits, purchase of short-term savings certificates and so on.).

Under long-term investment, as a rule, means investments of capital for a period of more than one year. This criterion is accepted in accounting practice, but, as experience shows, it requires further detailing. In the practice of large investment companies long term investment detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

The last sign is "regional character of investments"- suggests their classification into three groups:

Investments abroad - investments in objects located outside the state borders of a given country;

Domestic investment- investing in facilities located on the territory of a given country;

Regional investment - investment within a specific
region of the country.

Such a classification, allowing you to highlight the main areas of investment activity.

Investments can also be classified according to additional features:

On the use of limited resources in the investment process - land, capital resources and personnel;

By the scale of investment - investments in small, medium and large projects;

According to the degree of exposure to the influence of other investments - independent investments; requiring associated investments; investments that are sensitive to competing investment decisions;

By the form of obtaining the effect, which depends on the goals of investment;

According to the functional activity with which the investment is most closely related;

By industry classification;

By investment risk;

According to the degree of mandatory implementation - mandatory, not absolutely mandatory, optional.

Most common in Russian economy received a classification of investments into direct, portfolio and other.

portfolio investment capital investments in a group of projects are called, for example, the purchase of securities of various enterprises.

In the case of portfolio investments, the main task of the investor is the formation and management of an optimal investment portfolio, usually carried out through the purchase and sale of securities on stock market. Thus, portfolio investments are most often short-term financial transactions.

Direct investments represent investments in a specific, usually long-term project, and are usually associated with the acquisition of real assets.

Making an investment decision is a strategic, one of the most important and complex management tasks. At the same time, almost all aspects of economic activity are in the sphere of investor interests, starting from the external socio-economic environment, inflation indicators, tax terms, the state and prospects for the development of the market, the availability of production capacities, material resources, and ending with the project financing strategy. The complexity of the task imposes special requirements on the development and analysis of the investment project.

6. Sources of investment formation
Investment resources is part of the total financial resources enterprises that are directed by this enterprise to invest in objects of real and financial investment.
Investment resources, which are formed by the enterprise in the process of investment activities, have a number of features. The main features are as follows:
- The formation of investment resources is the main condition for the implementation of the investment process.
The very process of formation of investment resources is connected with the process of initial accumulation of capital.
- The formation of investment resources accompanies all stages of the life cycle of an organization related to its economic development.
- The formation of the investment resources of the enterprise is associated with all stages of the investment process of the enterprise.
The basis for the formation of investment resources of the organization is, to a certain extent, the capital of this organization, which is intended for reinvestment.

The formation of investment resources of the organization is a continuous process, and this process is deterministic and adjustable.
- The investment resources formed by the enterprise are classified according to the following features:

By intended use
+ By nationality of capital owners
+ By natural-material forms of attraction
+ By groups of sources of attraction in relation to the organization
+ By the time period of attraction
+ To ensure certain stages of the investment process
+ By title of ownership

7. Sources of investment financing
All types of investment activities of economic entities are carried out at the expense of investment resources formed by them.
Investment resources are all types financial assets attracted for investments in investment objects. The sources of formation of investment resources in a market economy are very diverse. This makes it necessary to determine the content of investment sources and clarify their classification.

Internal and external sources of investment financing at the macro- and microeconomic levels
In the economic literature, when analyzing sources of investment financing, internal and external sources of investment are distinguished. At the same time, domestic sources of investment, as a rule, include national sources, including own funds enterprises, resources financial market, savings of the population, budgetary investment allocations, to external sources - foreign investment, credits and loans.
This classification reflects the structure of internal and external sources in terms of their formation and use at the level national economy generally. But it cannot be used to analyze investment processes at the microeconomic level.
From the point of view of an enterprise (firm), budget investments, funds credit organizations, insurance companies, non-state pension and investment funds and other institutional investors are not internal, but external sources. External sources for the enterprise also include the savings of the population, which can be attracted for investment purposes by selling shares, placing bonds, other securities, as well as through banks in the form of bank loans.
When classifying sources of investment, it is also necessary to take into account the specifics of various organizational and legal forms, for example, private, collective, joint ventures. Thus, for privately or collectively owned enterprises, personal savings of enterprise owners can act as internal sources. For enterprises that are jointly owned with foreign firms, the investments of foreign co-owners should also be considered as an internal source for this enterprise.
Thus, it is necessary to distinguish between internal and external sources of investment financing at the macroeconomic and microeconomic levels. At the macroeconomic level, internal sources of investment financing include: state budget financing, savings of the population, savings of enterprises, commercial banks, investment funds and companies, non-state pension funds, insurance companies, etc. To external sources - foreign investments, credits and loans. At the microeconomic level, internal sources of investment are profit, depreciation, investments of the owners of the enterprise, external - public funding, investment loans, funds raised by placing own securities.

The structure of sources of financing investments of the enterprise
When analyzing the structure of sources of investment formation at the microeconomic level (enterprises, firms, corporations), all sources of investment financing are divided into three main groups: own, attracted and borrowed. At the same time, the company's own funds act as internal, and attracted and borrowed funds- as external sources of investment financing.
The main sources of formation of investment resources of the company:
- own:
-net profit directed to investments;
- depreciation deductions;
- reinvested part outside current assets;
- immobilized part of current assets.
- involved:
- issue of shares of the company;
- investment contributions to authorized capital;
- public funds provided for targeted investment in the form of subsidies, grants and equity participation;
- funds of commercial structures provided free of charge for targeted investment.
- borrowed:
- loans from banks and other credit institutions;
- issue of bonds of the company;
- target state investment loan;
- investment leasing.
Analysis of the structure of investment financing sources at the firm level in developed countries market economy indicates that the share internal sources in the total amount of financing of investment costs in different countries varies significantly depending on many objective and subjective factors.
As a rule, the structure of investment financing sources changes depending on the phase of the business cycle: the share of domestic sources decreases during periods of recovery and recovery, when investment activity increases, and increases during periods economic downturn, which is associated with a reduction in the scale of investment, a reduction in the money supply, and an increase in the cost of credit.

List of used literature:

1. Law of the RSFSR of June 26, 1991 (as amended by federal law dated June 19, 1995 No. 89-FZ; Federal Law No. 39-FZ of February 25, 1999) “On Investment Activities”, Art. 1.

2. Federal Law of the Russian Federation of February 25, 1999 No. 39-FZ (as amended by Federal Law of January 2, 2000 No. 22-FZ) “On Investment Activities in Russian Federation carried out in the form of capital investments.

3. Abramov S.I. Investment. - M.: Center for Economics and Marketing, 2010. - 440 p.

4. . Business: Oxford Explanatory Dictionary: English-Russian: more than 4000 terms. M.: Progress-Academy Publishing House, RGGU Publishing House, 2015. P. 335.

5. Blank I. A. Investment management. Kyiv: MP "ITEM" LTD, "United London Trade Limited", 2015. P. 18.

6. Bulatov A.S. Economics: textbook. - M.: Publishing house "BEK", 2010. 715 p.

7. Gitman L.J., Jonk M.D. Fundamentals of investing: Per. from English. - M.: 2017. - 85 p.

8. Goncharenko L.P. Investment management: Tutorial/ under. ed. e..e. n., prof. E.N. Oleinikov. M.: KNORUS, 2015. - 296p.

9. Igonina L.L. Investments: Textbook / ed. Dan, prof. V.A. Slepova. M.: Jurist, 2012. - 478s.

10. Margolin A.M., Bystryakov A.Ya. Economic evaluation investment: Textbook. - M .: Association of authors and publishers "TANDEM", Publishing house "EKMOS", 2011. -240s.

11. Orlova E.R. Investments: A course of lectures. M .: IKF Omega - L, 2013.-192s. Dictionary of modern economic theory Macmillan. M.: Infra-M, 2017. S. 258.

12. Friedman J., Ordway Nick. Analysis and evaluation of income-generating real estate: Per. from English. M., 2015. S. 441.

13. Sharp W., Alexander G., Beit J. Investments: Per. from English. M.: INFRA-M, 2019. S. 1.

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