Investments are made in various forms, requiring a certain systematization. In economic theory and practice, investments are classified according to the following main characteristics.

By attachment objects capital investments are divided into real and financial.

Real(capital-forming) investments characterize capital investments in the creation and reproduction of fixed assets, acquisition land plots, forest lands, lakes and environmental management facilities, not money(innovations), increase in inventories and other objects related to the economic activities of enterprises. IN last years Some economists identify innovative (intellectual) investments as an independent group.

Real investments provide an increment (increase) in the real capital of a company or an individual business entity (increase in fixed and short-term assets, intangible assets).

Financial(portfolio) investments are investments in various financial instruments, mainly in securities, precious metals, foreign currency. They can be either an additional source of raising funds for investments (for example, when placing shares and long-term bonds), or the subject of an exchange game on the stock market.

By purposes of investing real capital investments are distinguished:

strategic- are sent by investors to create new enterprises, new production facilities, acquisition property complexes in another field of activity;

basic e - investments in the modernization and expansion of existing enterprises, the creation of new production facilities in the same field of activity;

current- are used to replace equipment and other fixed assets, major repairs, and replenishment of short-term assets.

By the nature of participation in investment distinguish between direct and indirect investments.

Direct investments provide for the direct participation of the investor in choosing an investment object and investing funds. As a rule, such investors know well the object they are interested in and the investment mechanisms. Direct investments are directed to the creation and increase of real assets of “one’s own” enterprise or to the authorized capital of others legal entities. In the latter case, the investor’s strategic goal may be to master controlling stake shares, the formation of a closed technological or commercial chain. In this case, he invests in enterprises that supply raw materials, materials, semi-finished products or in enterprises that provide sales finished products. The purpose of investment may also be the acquisition of one enterprise by another or their merger.

Indirect investments are made through financial intermediaries: investment companies and funds, commercial banks, etc. They accumulate the funds of individual investors, invest them in what they consider to be effective investment objects, manage them, and then distribute the income received among their clients - investors.

By investment period distinguish short-term and long-term investments.

Based on the form of ownership of investors investments are distinguished:

state- they are carried out at the expense of the republican and local budgets, state target budget funds and state extra-budgetary funds, as well as state enterprises;

private, which are produced by non-state owned entities and individuals. IN developed economies private investment accounts for the bulk of investment.

foreign- characterize foreign investments ­ legal and individuals, international organizations in the recipient country;

joint- this is the total capital investment of the resident ­ comrades and non-residents.

By level investment risk The following types of investments are distinguished:

Risk-free investments. These include investments for which there is no real risk of loss of invested capital and the receipt of the expected income is practically guaranteed.

Low risk investments characterize the investment of capital in investment objects, the risk of which is significantly lower than the market average.

Medium risk investments are investments of capital into objects whose risk level corresponds to the market average.

High risk investments are characterized by a high degree of risk and high profitability, significantly exceeding the market average. This also includes venture investments directed into new areas of activity associated with high risk (for example, shares of young innovative companies), for which very high income and a quick return on investment are expected.

By regional basis distinguish between investments within the country (national) and outside it (foreign or outside shnie). The latter also includes the purchase by residents of the Republic of Belarus of various financial instruments of other states: shares, bonds, etc. In the host country, outward investment is foreign.

By the nature of the use of capital In the investment process, primary (starting) investments, reinvestments and disinvestments are distinguished.

Primary investments are investments of capital formed by the investor for the first time at the expense of his own, attracted and borrowed money for investment purposes (for example, for the implementation of a project, the purchase of an enterprise, unfinished construction projects).

Reinvestment represent repeated additional investments for investment purposes of income received from previously made investments.

Disinvestment- this is the release of previously invested capital from the investment process without its subsequent use for investment purposes (for example, during the liquidation of an enterprise with foreign capital).

Investments may be classified by industry: investments in industry, agriculture, construction, etc.

In the economic literature there is a classification of investment according to other criteria.

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

Let's consider the classification of investments in accordance with the following generally accepted set of classification criteria:

Investment object;

Investment area;

Form of ownership of the investment;

The nature of participation in investing;

Investment period;

Regional nature of the investment.

Based on "investment object" The following types of investments are distinguished.

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

Investments in fixed assets;

Investments in inventories.

Real investments mean investments in real assets - both tangible and intangible (sometimes investments in intangible assets associated with 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, so when assessing them it is necessary to take into account:

a) 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 capital investment options from the point of view of maximizing income and increasing the market value of the company's shares with a minimum level of risk, since this is the determining goal for the investor.

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

4.Financial investments:

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

Financial investments are understood as investments 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 and not competitive. An example of such a connection in the real estate industry is the financing of the construction of housing for rental.

5. Intellectual investments are investments of funds:

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

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

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

Production, i.e. direct construction work;

Sales, i.e. sale of construction products either in the form of sale with
relevant buildings, structures, living space, or in the form of re
cottages for rent, etc.

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

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

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

Private investments by individuals and businesses
we have a non-state form of ownership;

Co-investments carried out jointly by domestic and
foreign investors.

Based on “nature of participation in investment” distinguish between direct and indirect participation in investment.

Under direct participation investing refers to the direct participation of the investor in the selection of investment objects and investment of funds. 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 indirect participation in investing we mean investment mediated by other persons (investment or other financial intermediaries). Not all investors have sufficient qualifications to effectively select investment objects and subsequently manage them. In this case, they purchase securities issued by investment and other financial intermediaries (for example, investment certificates of investment funds and companies). The latter place the investment funds collected in this way at their own discretion - they select the most effective investment objects, participate in their management, and then distribute the resulting income among their clients.

Based on "investment period" distinguish between short-term and long-term investments.

Under to short-term investments usually mean investments of capital for a period of no more than one year (for example, short-term deposits, purchase of short-term savings certificates and so on.).

Under long-term investments, as a rule, mean 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 detail. In the practice of large investment companies long-term investments are 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 nature of investments”- involves their classification into three groups:

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

Domestic investment - investment of funds in objects located on the territory of a given country;

Regional investments - investing funds within a specific
region of the country.

Such a classification allows us to highlight the main areas of investment activity.

Investments can also be classified according to additional criteria:

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

By 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 accompanying investments; investments sensitive to competing investment decisions;

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

By functional activity with which investments are most closely related;

By industry classification;

By investment risk;

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

Most widespread in Russian economy received a classification of investments into direct, portfolio and others.

Portfolio investments called an investment of capital in a group of projects, such as an acquisition valuable papers 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 transactions of buying and selling securities on the stock market. Thus, portfolio investments most often represent 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 investment decisions is strategic and one of the most important and complex management tasks. At the same time, almost all aspects are in the investor’s sphere of interest. economic activity, starting from the external socio-economic environment, inflation indicators, tax conditions, the state and prospects for market development, the availability of production capacity, material resources and ending with the project financing strategy. The complexity of the task places special demands on the development and analysis of the investment project.

6. Sources of investment formation
Investment resources- this is part of the total financial resources enterprises that are directed by this enterprise to make investments in objects of real and financial investment.
Investment resources that are formed by the enterprise in the process 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 process of formation of investment resources itself is associated with the process of initial accumulation of capital.
- The formation of investment resources accompanies all stages of the organization’s life cycle related to its economic development.
- The formation of an enterprise’s investment resources is associated with all stages of the enterprise’s investment process.
The basis for the formation of an organization’s investment resources is, to a certain extent, the capital of this organization, which is intended for reinvestment.

The formation of an organization's investment resources is a constant process, and this process is deterministic and regulated.
- Investment resources generated by the enterprise are classified according to the following signs:

By target areas of use
+ By nationality of capital owners
+ By natural and material forms of attraction
+ By groups of sources of attraction in relation to the organization
+ According to the time period of attraction
+ To ensure individual stages of the investment process
+ By title

7. Sources of investment financing
All types of investment activities of economic entities are carried out at the expense of the investment resources they generate.
Investment resources represent all types of financial assets attracted to make investments in investment objects. The sources 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 usually include national sources, including own funds enterprises, resources financial market, savings of the population, budget investment allocations, to external sources - foreign investments, credits and loans.
This classification reflects the structure of internal and external sources from the standpoint 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 the enterprise (firm), budgetary investments, funds credit institutions, insurance companies, non-state pension and investment funds and other institutional investors are not internal, but external sources. Sources external to the enterprise also include savings of the population, which can be raised for investment purposes by selling shares, placing bonds, other securities, as well as through banks in the form of bank loans.
When classifying investment sources, it is also necessary to take into account the specifics of various organizational and legal forms, for example, private, collective, joint ventures. Thus, for enterprises that are privately or collectively owned, internal sources can be the personal savings of the owners of the enterprises. For enterprises that are jointly owned with foreign firms, investments by foreign co-owners should also be considered as internal for of this enterprise source.
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 financing investments include: state budget financing, savings of the population, savings of enterprises, commercial banks, investment funds and companies, non-state pension funds, insurance companies, etc. External sources include foreign investments, credits and loans. At the microeconomic level, internal sources of investment are profit, depreciation, investments of enterprise owners, external - government funding, investment loans, funds raised by placing their own securities.

Structure of sources of financing for enterprise investments
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. In this case, the enterprise’s own funds act as internal funds, and attracted and borrowed funds act as external sources of investment financing.
The main sources of formation of the company's investment resources:
- own:
-net profit, allocated for investment;
- depreciation deductions;
- reinvested part outside current assets;
- immobilized part of current assets.
- attracted:
- issue of company shares;
- 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 company bonds;
- 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 volume 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 internal 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 supply of money, and an increase in the cost of credit.

List of used literature:

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

2. Federal Law of the Russian Federation dated February 25, 1999 No. 39-FZ (as amended by Federal Law dated January 2, 2000 M° 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.: Publishing house "Progress-Academy", Publishing house of the Russian State University for the Humanities, 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: Transl. from English - M.: 2017. – 85 p.

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

9. Igonina L.L. Investments: Textbook / ed. Dan, Prof. V.A. Slepova. M.: Yurist, 2012. – 478 p.

10. Margolin A.M., Bystryakov A.Ya. Economic assessment investments: Textbook. – M.: Association of Authors and Publishers “TANDEM”, Publishing House “EKMOS”, 2011. -240s.

11. Orlova E.R. Investments: Course of lectures. M.: IKF Omega - L, 2013.-192 pp. Dictionary of modern economic theory McMillan. M.: Infra-M, 2017. P. 258.

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

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

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Page creation date: 2018-01-08

Evgeny Smirnov

# Investments

Types of investments

A bank deposit, buying real estate and jewelry are the most popular ways to invest in Russia.

Article navigation

• By object
• By purpose
• By urgency
• By type of ownership
• By risk level
• By profitability factor
• By accounting
• By liquidity
• By area of ​​accommodation
• Compatibility
• By competitive orientation
• Bank deposit
• Real estate
• Gold and jewels
• Art objects
• Shares investment funds
• Exchange trading
• Insurance and pension funds
• Trust management
• Cryptocurrency, ICO, mining
• Venture investments and hype
• Conclusion

If there is free money, then they should work. Today everyone understands this more people, however, most simply do not know where to invest them. After all, you want to get more income, but the capital itself is guaranteed to be preserved.

In this article we will talk in detail about the types of investments, how they are classified, and also analyze the main directions of investing money, we will talk about what the conditions are, the pros and cons. Almost certainly, each reader will be able to determine the most profitable option for himself.

Classification of types of investments

There are different classifications of investments, among which there are both basic types and rarer ones that are not used too often. There are twelve species in total, which may seem like a large number. But the point is that Each specific investment has characteristics from several groups. Their characteristics depend not only on the direction of investment, but also on the object, the degree of risk and many other factors.

The economic essence of investments of all types lies in the transformation of available resources into investment objects, which can be a variety of assets. These may not necessarily be objects entrepreneurial activity or property, other options are possible.

The very concept of investment implies investing capital with the aim of making a profit, but only the investor himself can guarantee the absence of risks.

By object

Based on the investment object, deposits are usually divided into three types:

• Real investments that involve the purchase of capital in various forms. This could be the acquisition of tangible assets, investments in intangible assets, etc.
• Financial investments in which capital is purchased using financial assets, most often securities. It could also be a loan or lease.
• Venture investments, which involve purchasing assets for the purpose of speculation. The objects of venture investment are usually securities, currencies, precious metals and other assets that are subject to high volatility. This is also an investment in new projects with high risk.

Investment projects by investment objects are divided into mandatory. All types of investments are distributed in different areas, and the activities of each specific company are usually aimed at a specific object. It is extremely rare to find companies that work in several directions at once.

By purpose

Investments are also classified according to the objectives they pursue. In total, it is customary to distinguish five types.

• Direct – capital is invested in an existing enterprise. Aimed at the development of the company. The investor usually receives a stake in the business. Capital is invested in the purchase of equipment, development of new markets, purchase of tangible or intangible assets.
• Real – cash invest in material production, that is, into the production of goods. Moreover, the investments themselves can be not only tangible, but also intangible (for example, in the form of intellectual property).
• Portfolio is the purchase of securities of various companies. Typically these are stocks or bonds, and the investor himself does not participate in the management of the company.
• Non-financial are investments that are aimed at acquiring intangible assets, which can be patents, copyrights, brands, etc.
• Intellectual – personnel training, research activities, development of innovative solutions.

By urgency

Urgency refers to the period after which a return on investment is expected. There are three groups:

• Short-term – up to twelve months.
• Medium-term – from one to three years.
• Long-term – more than three years.

In practice, the shorter the period, the higher the risks, but not always. It all depends on the nature of the investment. There may be short-term, but very reliable investments, or there may be long-term, but not guaranteeing any result. But it is still generally accepted that short-term investments are necessarily high-risk, although this opinion should be recognized as erroneous. It all depends on the specific situation.

By type of ownership

This refers to different types of funding sources. Everyone has their pros and cons, which is why the news always highlights the source (for example, a foreign investor). Classified into four types:

• private – legal entities or individuals;
• government – ​​investments from state-owned enterprises or government funds that do not belong to budget funds;
• foreign – investments from foreign companies;
• mixed – private capital and state.

By risk level

The division according to the degree of risk is very arbitrary; in addition, each investor independently determines this parameter, which is one of the key ones. It is extremely difficult to calculate the degree of risk for a number of investments, because you have to take into account a lot of parameters, some of which cannot be predicted at all. However, the use of insurance instruments avoids losses, but reduces potential benefits. Based on the degree of risk, investments are classified into four types:

• Almost complete absence of risks. Such situations are quite rare and often depend on insurance.
• Conservative risks, in which their level is lower than the market average.
• Market average – moderate risks and quite acceptable.
• Aggressive – higher than the market average.

Here, in almost all cases, the degree of risk is tied to potential profit. There are rarely situations where an investment can generate returns at aggressive levels, but there are no actual threats.

By profitability factor

Based on the profitability factor, investments are divided into four types:

• highly profitable;
• middle income;
• low income;
• unprofitable.

The last option is worth explaining separately. There is no direct profit here, but it is replaced by other effects. For example, social or environmental. They do not provide direct economic benefits, but they play an important role in the long term. The options may be different; a simple example is improving the consumer’s attitude towards the brand. The remaining three types are classified relative to the average market level and are not constants.

By accounting

According to the method of accounting for invested funds, there are only two types:

• Net – which are calculated as the sum of gross investments minus depreciation.
• Gross – accounting is kept for the entire period, all investments are added up.

By liquidity

Based on the level of liquidity, investments are classified into four types:

• illiquid;
• low liquidity;
• medium liquid;
• highly liquid.

A high level of liquidity means that investment assets It's always easy to sell. It is worth noting that this indicator may change due to various economic shocks. Assets that were highly liquid may become useless to anyone, that is, illiquid. For example, you have shares in a company whose operations have suddenly stopped permanently. It is obvious that liquid assets have ceased to be so.

By origin of capital used

Here investments are divided into three types:

• Disinvestment is a partial or complete, but irrevocable withdrawal of capital from a company.
• Reinvestment is an investment using funds received from the first investment.
• Primary – the actual initial investment from the fund of own assets.

By area of ​​accommodation

Classification into only two types:

• external;
• internal.

External is foreign investment in the economy of the state. However, there is a difference in interpretation: some economists believe that domestic investment These are those that a citizen (or company) invests in his own country, and external ones - in another country. Inward investment is also considered to be of domestic origin only.

Compatibility

• Interdependent - carried out in conjunction with all objects, and the investments themselves are made in a certain sequence.
• Independent - affect a specific object and do not affect all others.
• Alternative – long-term investments that are characterized by low liquidity.

By competitive orientation

• Passive – maintain the investment object at the current level, do not imply mandatory development.
• Active – aimed at developing the enterprise, increasing competitiveness, and capturing new markets.

In practice, active investments are most common. In this case, the money is used to develop the company, which benefits everyone.

Popular investment directions

Above, we dealt with the classification of investments and determined the groups into which they are divided. But there are specific areas that are worth talking about in more detail. We will tell you about the most popular ways to invest money in the Russian Federation with all their pros and cons.

Let’s say right away that there is no ideal option that will suit absolutely everyone. Some are reliable, but not very profitable, others, on the contrary, are high-risk, but at the same time promise good profits if successful. Which investment option is best to choose, you need to decide based on your capabilities and the current market situation.

Bank deposit

A very simple method that is accessible to everyone. But not everyone thinks bank deposits way of investing, they rather say that this is a way to save money. Interest rates are low and can easily be eaten up by inflation. In addition, deposit conditions may vary. For example, you may lose interest if you withdraw money early.

• Simplicity and accessibility for everyone.
• Deposits up to 1.4 million rubles are insured.
• Taking into account the current level of inflation, the income will be, albeit small, that is, a deposit is still more profitable than keeping money under your pillow.

• Interest rates are still low and serious income can only be counted on for very large amounts.
• At early closure deposits often have to lose money. That is, such an investment cannot be called liquid in the full sense. You can take the money, but with losses.

Real estate

A time-tested option that many people think about first. We are talking not only about residential, but also about commercial real estate or about land plots. Such investments allow not only to acquire liquid asset(in some cases this may not be the case), but also to receive rental income, which can sometimes be even higher than interest on a bank deposit.

• Real estate is always in demand and can always be sold.
• Opportunity to passively earn money from rent.

• Significant start-up capital is required.
• The real estate market may fall, and if you need to sell it urgently, you could lose money.
• There is a risk of fire, flooding by neighbors, etc. (which is decided by insurance).

Thus, this investment option should still be considered as a way to save money and, perhaps, earn a little money.

Gold and jewels

It is believed that if problems begin in the economy, then money should be invested in gold, since it is one of the most stable assets. Which is a misconception, just look at the price charts for gold (and other precious metals).

You can buy not only bullion or various products, but also invest in impersonal metal accounts. Many people provide this opportunity Russian banks, and the entry threshold is quite low and accessible to anyone.

Coins from precious metals(or simply collectible, but rare), as well as the actual jewelry.

• These are reliable and liquid assets.
• With luck, you can get a very good income.
• Low entry threshold.

• Prices may fall, but history shows that they usually roll back. But this will not help if you need money urgently.
• These investments are usually considered as medium-term or long-term.

This option is suitable for those who want to invest money on long term and potentially make a good profit. In this sense, you will have to take a risk, since no one can guarantee an increase in prices.

Art objects

It is considered a safe long-term investment. You don’t need to think that we are talking about art objects worth hundreds of thousands and millions of dollars; there are cheaper options. A simple rule applies here: the older the age, the more expensive item. They are often bought with the intention of passing them on to children or even grandchildren.

• This reliable investment, which will bring guaranteed income subject to a number of conditions.
• The entry threshold is low and can amount to several hundred thousand rubles.
• There is always an option in which the author will become much more popular and the cost of his creations will increase tenfold.

• You need to either understand this topic very well yourself, or pay for the services of experts. Otherwise, there is a risk of buying a fake.
• Profit should be expected only after a long period (from 10 years).
• There is a risk of loss (you will have to spend money on insurance).

This option will be good for those who are not in a hurry and have free money that can be invested for the long term.

Mutual funds

Mutual investment funds (UIFs) involve collective investment. This topic is worthy of a separate article; here we note that the option is quite good. Read more about the pros and cons, of which there are many. There are a huge number of mutual funds themselves, they work in different areas and there is a certain freedom of choice.

• The money will be managed by professionals for whom investing is their main activity.
• An easy opportunity to diversify your capital.
• There are mutual funds with low returns and low risk, but there are opposite options.
• Low entry threshold.
• State control, which partially protects against fraudsters and unprofitable mutual funds.

• There are no guarantees of income, even if the mutual fund has shown profits for the last few years.
• There is an entry and exit fee, which can amount to up to 5% of the share amount.
• State control is also a disadvantage. Mutual funds are prohibited from carrying out operations that are not provided for by the charter, which in some cases (economic shocks) prevents the transfer of assets to a safe harbor.

The method is good for those who do not want to delve into the nuances of investing on their own and want to diversify their capital.

Securities, shares and bonds

An interesting and promising type of investment, which is very difficult to describe in a nutshell. There are many options here. You can buy shares of stable and large companies, receiving dividends from them (which may be higher than deposit rates), or you can buy for the purpose of resale after the value rises.

But in this area you need not only knowledge and experience, but also solid capital. Especially if you engage in short-term investments. It will be like work (it will take a lot of time), but with a small initial investment the income will be low.

You can work through brokers, where knowledge as such is not needed, and the minimum starting investment is lower. In general, the stock market is a separate area about which much more can be said. For individuals, investing in shares of well-known Russian and foreign companies available through a broker.

Exchange trading

This type of investment is short-term. The main task is to make a profit for minimum term due to changes in asset prices. The most popular objects of trading on the exchange include currencies, securities and resources. The degree of risk is very high, which is compensated by the opportunity to make a good profit.

Trading on the stock exchange is not a lottery, as many people think. Experienced traders are able to accurately predict price movements, and they usually end up in the black. Therefore, this method of investing money is suitable only for those who are ready to learn and devote a lot of time to this activity. Trading on the stock exchange cannot be called in a passive way investing money, constant monitoring is needed here.

You can trade on the Moscow Exchange with the help of a broker, and on Forex market All you need is registration.

Insurance and pension funds

Investment life insurance is financial instrument, which allows you to receive income from investing money in combination with life insurance. This type of investment is not one of the most popular in Russia, and its essence is extremely simple. Investments are made in assets offered by Insurance Company, and payment occurs after the death of a person or at the end of the contract. Everyone pays insurance premiums, to which investment income is added.

However, there are serious drawbacks that prevent the spread of this method. Investments are long-term, usually the minimum period is three years. Income is not guaranteed. In addition, under some circumstances, death may not be recognized as an insured event. Also, the client is not insured against bankruptcy of the insurance company. IN this moment Investment life insurance can be considered one of the worst ways to invest money.

Pension funds are something that every citizen of the Russian Federation has to deal with. As you know, there are two types - Pension Fund, which is state-owned, and Non-State Pension Funds, to which part of the funds can be transferred. pension contributions. The money that goes to the Pension Fund is managed by VEB, which, frankly speaking, does not show outstanding results.

Therefore, if you have not yet signed an agreement with a non-state pension fund, it’s time to study the list of the most successful ones and think about transferring part of the money to them. This is a long-term type of investment that can allow you to receive a good pension. The advantage here is that you don’t actually lose any money (although it is possible to make additional contributions to the NPF), the disadvantage is that the future pension still depends more on the size of contributions than on dividends when investing.

Trust management

This is an option with a broker in case stock market, but not only. Most often this means PAMM accounts for working on foreign exchange markets. And most often we are talking about Forex. We will not talk in detail about this type of investment; we will only focus on the pros and cons.

• Low entry threshold.
• Potential income can be more than 100% per annum.
• High investment liquidity: money can be withdrawn at any time.

• High risks.
• There are cases of fraud.
• No guarantees.

As you can see, the potential high profits are offset by high risks and the inability to control the manager’s decisions. However, this method of investment is still very much in demand.

Cryptocurrency, ICO, mining

A new, but very popular direction. Stories when Bitcoin was bought for $100 and sold for ten thousand left few people indifferent. But at the moment, one can observe a long-term stabilization of the cryptocurrency market, which has reduced the volatility of cryptocurrencies and interest in them.

There are options for both long-term and short-term investments. You can even play on daily changes exchange rate, or you can buy cryptocurrency in the expectation that in a year it will grow 10 or 50 times. The latter makes us pay attention to ICOs, which are becoming more and more numerous. But only a few show profitability.

Mining is no longer as profitable as it was one and a half to two years ago. Too much money has already been invested there, so very serious capital is required to enter. However, profits are still being made here.

• Anonymity, accessibility, low entry threshold.
• Opportunity to make multiple profits.

• There are no guarantees of profit.
• It is extremely difficult to predict the price of cryptocurrencies, since there are no objective factors influencing their value (except for demand).
• Among ICOs, there are a lot of unsuccessful projects, and more than half are outright fraud.

You can invest in cryptocurrency on the EXMO or YObit exchange.

Venture investments and HYIPs

In this case, investments are made in new projects with a very high risk. But the potential profit can be huge. This does not always require huge capital, but a large amount of knowledge is required, as well as the ability to foresee the future of the company. Venture investment is a separate area that is engaged not only by private companies, but also by government organizations.

The point is simple: money is invested in new and promising projects that can take off. Sometimes out of everything investment portfolio Only one project out of ten may bring profit, but it will recoup all investments many times over. But if there is no opportunity to invest in several new projects, then the risks increase. Even the best idea may not work out as expected.

It is recommended to make venture investments only in an area in which you have real experience. This way you can evaluate the actual prospects of the project, point out mistakes to the developers and more or less guarantee your income. Such investments are most often associated with high-tech startups today.

There's not much to say about hype. Any hype project is fraudulent and works according to the principle financial pyramid. If you enter it at the initial stage, you can earn money, but for obvious reasons we cannot recommend this method.

Classification of investments.

According to the objects of capital investment, real and financial investments are divided.

Realinvestments characterize capital investments in the reproduction of fixed assets, in innovative intangible assets, in the increase in inventory inventories and in other investment objects related to the implementation of the operating activities of the enterprise or the improvement of working and living conditions of personnel.

Financial investments characterize capital investments in various financial instruments, mainly securities, with the aim of generating income.

By the nature of participation in the investment processdistinguish between direct and indirect investments of the enterprise.

Direct investments imply the direct participation of the investor in the selection of investment objects and investment of capital. Typically, direct investment is carried out by directly investing capital in the authorized capital of enterprises. 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.

Direct investments, in turn, can be divided into:

Strategic Investments - these are investments aimed at creating new enterprises, new production facilities or acquiring entire property complexes in another field of activity, in other regions, etc.

Basic Investments - these are investments aimed at expanding existing enterprises, creating new enterprises and production facilities in the same field of activity as previously, in the same region, etc.

Current investments are designed to support the reproduction process and are associated with investments in replacing fixed assets, carrying out various types of overhaul with replenishment of inventories of material and current assets.

Innovation investments can be divided into two groups:

investments in the modernization of the enterprise, including technical re-equipment in accordance with market requirements,

investments to ensure security in the broad sense of the word.

Indirect investments characterize investments of the investor's capital mediated by other persons (financial intermediaries).

Most often, the population makes investments through intermediaries; for direct investment, you must have some skills in production management, as well as have a certain minimum amount of funds. For the same reasons, it does not turn directly into investments and part of the profits of enterprises.

Depending on how funds are transferred from suppliers to consumers, two main channels can be distinguished in the financial market.

One channel - This is the bank loan market . Banks accumulate temporarily free funds of legal entities and individuals, paying a certain percentage for the funds raised, and then provide loans at a higher percentage to borrowers (those who make real investments). Thus, the process of movement of money from its owner to the borrower is mediated by the bank.

In many cases, this method of transferring funds meets the interests of the owner of the money, since, although the latter receives more from the bank low percentage, but thereby he shifts the risk of non-repayment of money by the borrower to the bank. In addition to reliability bank deposits are highly liquid, since the investor can easily withdraw his funds. In addition, investing money in banks is accessible even to the smallest depositors (owners of savings).

Along with bank loans attract free funds on a large scale by issuing securities .

Under certain circumstances, this method is more in the interests of both suppliers and consumers of investment resources. Resource providers (owners of savings) can often invest their funds on more favorable terms than bank deposits. Most often, the investment procedure is quite simple, carried out through the purchase and sale of securities. In addition, if the securities have sufficiently high liquidity, then the investor can, if necessary, quite easily return the funds spent by selling the securities he owns.

From the point of view of consumers of investment resources, the issue of securities also has certain advantages over bank loans. They (capital consumers) have the opportunity to attract funds from many capital providers and collect the required large amounts. In addition, funds can be raised for a longer period, sometimes for an unlimited time, if we are talking about the issue of shares.

So, the bank loan market and the securities market in modern conditions become necessary links in the investment process, the main channels through which savings are converted into investments and used for the development of production.

By investment perioddistinguish short-term and long-term investments of the enterprise.

Short term investments characterize capital investments for a period of up to one year. The basis of an enterprise's short-term investments are its short-term financial investments.

Long-term investments characterize capital investments for a period of more than one year. The main form of long-term investment of an enterprise is its capital investment in the reproduction of fixed assets.

By level of investment riskThe following types of investments are distinguished:

Low risk investments. They characterize capital investments in investment objects, the risk of which is significantly lower than the market average.

Medium risk investments. The level of risk for investment objects in this group approximately corresponds to the market average.

High risk investments. The level of risk for investment objects of this group exceeds the market average.

By type of ownership of invested capitaldistinguish between private and public investments.

Private investments characterize investments of funds of individuals, as well as legal entities of non-state forms of ownership.

State investments characterize investments of capital of state enterprises, as well as funds from the state budget at its various levels and state off-budget funds.

By the nature of the use of capital In the investment process, primary investments, reinvestments and disinvestments are distinguished. Primary investments represent investments of capital at the expense of both own and borrowed funds of investors. Reinvestment represent the secondary use of capital for investment purposes through its release as a result of the sale of previously made investments. Disinvestment - this is the release of previously invested capital from investment turnover without subsequent use for investment purposes.

By industry focus investments are classified according to individual industries and areas of activity. For example, investments in industry, agriculture, energy, etc.

state policy in the field of attracting foreign investment.

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

In investment theory, the concept of “investment” is defined ambiguously. In the classical encyclopedic context, investments are defined as long-term investments of capital in sectors of the economy within the country and abroad. From the point of view of financial parameters (or from the position of a financier, accountant), investments can be presented as any type of assets invested in production and economic activities with the aim of subsequently extracting income and benefits. From an economic point of view (and therefore from the standpoint of assessing economic feasibility use of resources in the form of basic and working capital) investments are defined as expenses for the creation (purchase), expansion, reconstruction and technical re-equipment of fixed capital. From the point of view of economic theory, investment is a transfer of property or rights to property, since no increase or expansion of material wealth occurs.

Classification of forms and types of investments

Investments come 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 thus determined by the choice of the criterion on which it is based. The basic typological feature when classifying investments is the object of investment.

Real and financial investments

According to investment objects, real and financial investments are distinguished. Since in the economic literature there are different approaches to determining the essence 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 and determine their objects.

Real investments act as a set of investments in real economic assets: material resources (elements of physical capital, other tangible assets) and intangible assets (scientific, technical, intellectual products, etc.). The most important component of real investments are investments made in the form of capital investments, which in 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 equity participations, 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 for the purpose of generating 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 owned by 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 an investment object is achieved through the acquisition of a controlling stake and other forms of controlling participation. Portfolio investment are investments aimed at generating current income.

Consequently, real and financial investments, on the one hand, and direct and portfolio investments, on the other, act as groups of investments that are different in typology.

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

Forms of investment activity can also be classified according to timing, forms of ownership of investment resources, regions, industries, risks and other characteristics (Table 1.1).
By investment perioddistinguish between short-term, medium-term and long-term investments.

Under short-term investments usually refers to investments for a period of up to one year. These investments are usually speculative in nature. Medium-term investments represent investments for a period of one to three years, long-term investments - for a period of more than three years.

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

Table 1.1. Classification of investment forms

Classification characteristics	Forms of investment
By investment objects	Real investment Financial investments
By investment period	Short-term investments Medium-term investments Long-term investments
By investment purpose	Direct investments Portfolio investment
By investment area	Industrial investments 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 investments

Public investment - These are investments made by state authorities and management, as well as state-owned enterprises.

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

By regional basis distinguish between investments within the country and abroad. Domestic (national) investment include investments in investment objects within a given country.
Investments abroad (foreign investments) are understood as investments in investment objects located outside the territorial boundaries 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 catering, etc.

By risk distinguish between aggressive, moderate and conservative investments. This classification is closely related to the identification of appropriate types of investors. Aggressive Investments characterized by a high degree of risk. They are characterized by high profitability and low liquidity. Moderate investment They are distinguished by an average (moderate) degree of risk with sufficient profitability and liquidity of investments. Conservative investments They 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 sphere of investments, according to which it is possible to distinguish production And non-productive investments.
Production investments that ensure the reproduction and growth of individual and social capital are of decisive importance for the economic system.

Classification of investments made in the form of capital investments

In the economic literature there are other classifications of investments, which, as a rule, reflect the detail of their main forms. In particular, investments made in the form of capital investments, are divided into the following types:

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

offensive investments driven by 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 staff;

mandatory investments, the need for which is related to meeting government requirements in terms of environmental standards, product safety, and 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 actionhighlight:

initial investments (net investments) made upon acquisition or founding of an enterprise;

extensive investments aimed at expanding production capacity;

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

gross investments, including net investments and reinvestments.

INeconomic analysisAnother grouping of investments carried out in the form of capital investments is also used:

investments aimed at replacing equipment that is physically and/or morally worn out;

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

investments in production expansion. The objective of such investment is to increase the possibilities of producing goods for previously formed markets within the framework of existing production facilities while expanding demand for products or switching to the production of new types of products;

investments in diversification related to changes in product range, production of new types of products, organization of new sales markets;

strategic investments aimed at implementing achievements scientific and technological progress, increasing the degree of competitiveness of products, reducing economic risks. Through strategic investments we implement 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 equipment replacement and modernization. Investments in production expansion 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 a change in the market's reaction to the firm's performance after making one or another type of investment. Obviously, the risk of negative consequences of investment will be lower when continuing to produce goods that have already been tested by the market and higher when organizing new production.

Question number 2. Methods for taking into account investment risks when determining performance indicators of investment projects.

The main goal of investment activity of business entities is to increase income from investment activity with a minimum level of investment risk. Finding the optimal combination of profitability and risk requires taking into account many different factors, which makes this task very complex. At the same time, solving this problem is a condition for the effectiveness of any economic activity.

Investment risks: essence and classification

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

Risk-return ratio

Profitability and risk, as is known, are interrelated categories. The most general patterns reflecting the mutual relationship between the accepted risk and the expected profitability of the investor’s activities are the following:

Riskier investments tend to have higher returns;

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

The optimal ratio of income and risk means achieving a maximum for the “return-risk” combination or a minimum for the “risk-return” combination. In this case, two conditions must be simultaneously met: 1) no other ratio of profitability and risk can provide greater profitability at a given or lower level of risk; 2) no other ratio of profitability and risk can provide less risk at a given or greater level of profitability. In Fig. 1 (Relationship between risk and return) shows that, assuming the adoption 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, to achieve a balance between risk and income, it is necessary to use a step-by-step solution method by successive approximations. Carrying out investment activities involves not only accepting a certain risk, but also providing a certain income. If we assume that the minimum required income corresponds to the minimum risk, 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 an area of ​​​​insufficient profitability. Operating in sector C is associated with high risks that reduce the possibility of obtaining the expected high income, therefore sector C can be defined as a high-risk area. Making investments in sector B ensures that the investor achieves income with an acceptable risk; therefore, sector B is the area of ​​optimal values ​​for the ratio of profitability and risk.
Investment activities are related to various types risks.

Classification of investment activity risks

IN general view The classification of the most significant and investment-specific risks is presented in Fig. 2. (Classification of risks of investment activities)

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 foreign economic risks arising in connection with changes in the situation in foreign 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 specific types of risks. Socio-political risk combines a set of risks that arise in connection with changes in the political system, the balance of political forces in society, and political instability. Investors assume political and country risks in case of small or short-term investments with a corresponding increase in interest rates. In investment lending or project financing, risk reduction can be ensured by providing government guarantees. Environmental risk acts as the possibility of losses associated with natural disasters and deterioration of the environmental situation.

Risks associated with government regulation measures include the risks of changes in administrative restrictions on investment activities, economic regulations, taxation, currency regulation, interest rate policy, securities market regulation, and legislative changes. Market risk is the risk associated with unfavorable changes in the general economic situation or position in individual markets. Market risk may arise, in particular, as a result of changes in the stages of the country’s economic development cycle or market cycles in the development of the investment market. Inflation risk arises due to the fact that with high inflation, the amounts of money invested in investment objects may not be covered by investment income. Inflation risk, as a rule, falls almost entirely on investors (creditors), who must correctly assess the prospects for the development of inflation processes, therefore, when studying the investment qualities of proposed objects, it is customary to include forecast inflation rates. An important impact on investment efficiency indicators is exerted by the difference in inflation levels by type of resources and products (heterogeneity of inflation) and the excess of the inflation level over the growth of the foreign currency exchange rate. The transition to calculations in hard currency (or in physical terms during investment design) does not eliminate the need to take into account inflation 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 taking into account inflation risks is largely complicated by the incompleteness and inaccuracy of available information.
The risk of deterioration of 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, possibilities of non-fulfillment, incomplete or poor-quality execution partners' obligations, etc. General risks can pose a serious threat to investors and should be taken into account for all forms and objects of investment. Unlike general risks, specific risks are highly individual for each investor. They aggregate all types of risks associated with the investment activities of a specific entity or with investments in specific investment objects.

Specific risks may be associated with unprofessional investment policy, irrational structure of invested funds, and other similar factors, the negative consequences of which can be largely avoided by increasing the efficiency of investment management. These risks are diversified, reduced and depend on the investor’s ability to select investment objects with an acceptable risk, as well as to actually take into account and regulate risks. The set of risks under consideration is similar in economic content to the concept of unsystematic risk. (Unsystematic risk is also called individual, residual, special or diversifiable risk.) Isolating systematic and unsystematic risks from the totality of risks arising during the investment activities of banks allows us to use the methodological apparatus of the theory of formation of an effective investment portfolio in further analysis. When considering specific risks, it seems appropriate to distinguish among them the risks inherent in the investment portfolio and internal risks inherent in various types of investment. The risk of an investment portfolio arises due to the deterioration of the quality of investment objects in its composition and a violation of the principles of forming an investment portfolio. In turn, it is aggregated and includes more specific types of risks. The most significant of them include the following types of risks.
Capital risk is the 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 certain investment object when selecting an investment portfolio.

The risk of imbalance arises due to a violation of the correspondence between 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 danger 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 unreasonable dependence of the investor on one industry or sector of the economy, region or country, on one direction investment activities. Moreover, this risk acts as a conglomerate of various risks (country, industry, regional, credit, etc.) in combination with the specific characteristics specified in the definition.

The considered risks are specific risks of portfolio investment that arise in connection with the functioning of the investment portfolio as an integral whole, which implies the need to take them into account when forming and managing the investment portfolio. In addition to these types of risks, we can identify risks inherent to varying degrees in various types of investment objects as part of an investment portfolio, which should be taken into account both when assessing individual investments and the investment portfolio as a whole. The main types of these risks are as follows.
Country risk is the possibility of losses caused by placing funds and conducting investment activities in a country with an unstable social and economic situation. It includes relevant economic, political, geographical, 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 is a risk associated with changes in the situation in a particular industry. Industry risk is based on the cyclical development of industries, reorientation of the economy, depletion of resources of a particular type, changes in demand in markets and other factors.

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

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

Liquidity risk is the risk of losses when selling 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 of an investment object's original quality and value due to failure to comply 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, and a decrease in the solvency of the borrower. Operational risk is the risk of losses arising as a result of the fact that in the activities of the entity making investments there are violations in the technology of investment operations, problems in computer information processing systems, etc. The above structure of risks should be supplemented by types of risks characteristic of specific forms of investment.

One of the stages of investment risk management is risk assessment. This assessment is carried out on the basis of calculating 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 assessment methods are applied in the event that a business organization does not have the necessary information data to make calculations or comparisons. These methods are based on a survey of qualified specialists in the field of finance and insurance, followed by mathematical processing of the results of the survey. Expert assessment methods are widely used in determining the level of probability of inflation, investment, currency and some other risks.

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

Calculation and analytical methods of assessment allow you to quantify the likelihood of financial risks arising based on the use of internal information base the company itself. In this case, the probability of occurrence of individual risks is established depending on the values planned indicators financial activities of the company.

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

The degree of risk of a project can also be quantitatively assessed based on indicators of production and financial leverage.

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

Financial leverage characterizes the relationship between own and attracted long-term financial resources and profit. The level of financial leverage directly 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 constant 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. / trans. from English edited by L.P. Belykh. – M.: Banks and exchanges, UNITY, 1997

Efficiency mark 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.-432 p.

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 and Economics, 2001.

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

Investment design. Nepomnyashchiy E.G. Tutorial. Taganrog. Publishing House TRTU, 2003

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

Guide for investors // Journal “Consultant”, No. 3, 2006. p.12

Financial management: Textbook for universities / ed. G.B. Pole. – M.: “Finance”, Publishing Association “UNITY”, 1997

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

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

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

Methodology for evaluating investment projects. IKF "Alt" 2004

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