The beginning of the era of globalization of all processes, primarily economic ones, confronts many entrepreneurs and investors with the task of choosing the most effective business model that corresponds to the spirit of the times. The emergence of such new forms of business models as online retailers (Amazon.com, eBay, Alibaba, TaoBao), gaining strength in the innovative crowd investing sector investment platforms, as well as the absence, in fact, of any boundaries to the movement of capital, intellectual resources and knowledge, confronts many traditional forms of doing business with the difficult task of surviving in a highly competitive business environment.

In addition, we should add the accelerated development of new capital management technologies (using the latest investment methods through communication networks), distribution financial flows not only through traditional banking structures, offshore profit centers, but also through electronic exchange and auction platforms, payment systems, etc. In this context, familiar concepts such as direct portfolio and other investments acquire a completely different meaning and give new unique opportunities investors.

In order to effectively manage a business and make management decisions that are adequate to current conditions, it is necessary to clearly understand what direct and portfolio investments are, and the logic of their relationship with each other and external conditions. First of all, it is necessary to remember that direct and, the definition of which, presented in academic science, has long been outdated, since the interpenetration of financial and industrial capital has long erased any boundaries between them.

In a general definition, direct investment represents the investment of capital directly into the business itself, complete control over it and all production and financial flows. Moreover, this control can be established either by direct purchase of the company or through technologies for acquiring a controlling or blocking stake (as in open market, and over-the-counter) through the same direct portfolio investments.

Portfolio direct investments represent the primary investment of capital in financial instruments to obtain an increase in its value over a given period of time.

If we talk about their properties, the characteristics of direct investments and portfolio investments are largely similar in that investment of capital both directly in business and in securities provides for:

• Making a profit at a given point in time
• Principles of diversification financial investments — portfolio and direct investments
• Risks(cm. ) , inherent in both the real sector of the economy and its financial component
• Financial flow management both in the production asset and the assets included in the investment portfolio
• The degree of professional and economic competence in matters related to the conduct of a specific business, or participation in its management by entering into the authorized (share) capital

It is also worth noting here that direct and portfolio investments are a very effective mechanism for the redistribution of capital from non-competitive and obsolete sectors of the economy and companies to more promising and innovative types of business.

The difference between portfolio investments and direct investments mainly lies in the fact that a portfolio investor, using more liquid instruments, can always quickly regroup assets in his portfolio, which, naturally, is not possible for an investor who has purchased a plant. trading network or real estate. For example, it is always easier to place a block of shares in an IPO on stock exchange than to find a direct buyer who may also ask for a significant discount.

On the other hand, the main positive difference between direct and portfolio investments is that the owner of an actually operating enterprise is less exposed to market risks associated with price fluctuations on stock exchanges.

Summarizing what has been said, it should be concluded that direct and portfolio investments and their mechanism of action have more similarities than differences, which is actually confirmed by practice. For example, many companies and corporations have special units involved in the formation and management of a portfolio valuable papers both the company itself and the business of partners and competitors.

Direct portfolio and foreign investments in the Russian economy

Formative period modern economy Russia is relatively small, but the accumulated entrepreneurial experience and knowledge are largely sufficient to speak about the existence of fundamental prerequisites for the development of investment business.

Previous periods of development of the investment industry, starting from check (voucher) privatization to the “golden” period of the Russian stock market(before the start of the 2008-2009 crisis) is also largely due to the fact that foreign direct and portfolio investments made up a fairly significant part of the Russian investment market.

For example, until 2009, the share of foreign investors in stock assets listed on the MICEX reached 40-45% (according to the RBC agency).

Here it is necessary to make, however, one small clarification. Statistics regarding foreign investment only take into account the final destination of money from abroad and do not take into account its actual original origin.

Therefore, foreign investments should be considered (about more than 70-80%) the financial assets of Russian companies themselves. This money is repatriated from offshore jurisdictions for investment in domestic businesses.

In addition, a significant part foreign money preferred the portfolio form of capital investment, largely fearing the market risk of direct investment in Russian economy and lack of guarantees of security of property rights. However, portfolio investment and direct investment of both Russian and foreign origin played a significant role in growth national economy before the start of the crisis years 2013-2014, ensuring average gain GDP at 3-4%.

If we talk about sectors of the economy and instruments for investing capital on the part of foreign investors, the difference between portfolio investments and direct investments was most clearly manifested. The assets (shares) representing oil and gas sector(Gazprom, Lukoil, Yukos, Surgutneftegaz, Uralkali) banking (Sberbank, VTB) industrial (NLMK, MMK, ChTZ, KAMAZ).

While real sector was represented by partial participation of investors in oil production projects (Sakhalin-1, 3 projects, Nord Stream-1 gas pipeline, purchase of TNK BP) and in several mechanical engineering projects (such as Auto VAZ, Superjet 100, screwdriver assembly of cars in Kaluga or Vsevolozhsk, etc. ).

At the end of the topic, a few words about the fact that the definition of direct and portfolio investments has now become almost arbitrary, and investment fund under certain conditions, he can become the owner of a large enterprise or firm, just as any entrepreneur in the same way (sometimes without realizing it) can be an ordinary portfolio manager. Main secret– these are the set goals that form the investor’s final idea of ​​where and how to invest his capital.

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 investments are funds invested in economic assets with the aim of generating income (in the form of growth market value 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.

Quite often real and financial investments are considered as direct and portfolio, respectively. Moreover, in some cases, direct investment is understood as the direct investment of funds in production, and portfolio investment means the acquisition of securities, i.e. The classification criterion in this case is the characteristics of the investment object. In our opinion, such an identification is erroneous, since real investments, in addition to investments in the physical elements of productive capital, as noted, include investments in other forms of real assets, and financial investments cover investments not only in securities, but also in other financial instruments. In addition, it is hardly legitimate to classify only direct investments as production investments, since part of portfolio investments (investments in securities manufacturing enterprises during their initial placement) is also intended to attract funds from investors in production.

In other cases, confusion between different groups of investments occurs due to the lack of a clear criterion used in classifying them. As noted above, the allocation of real and financial investments is carried out depending on the object investments, while the division of investments into direct and portfolio is based on a qualitatively different criterion - the purpose of investment.

In particular, 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 acquisition controlling stake shares, other forms of controlling participation. Portfolio investments 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 different investment typologies.

Direct and portfolio investments– types of investments in the development of an enterprise or company.

Under direct investments It is generally accepted to understand investments in the capital of a corporation to make a profit and obtain the right to participate in the management of its activities. They provide for a long-term relationship between partners and control over the business organization.

Portfolio investment– investing capital in shares of foreign companies without acquiring a controlling stake, etc. The goal is to obtain increased income on capital due to tax benefits, changes in exchange rates, stock quotes, and so on. Portfolio investing is rarely long-term; it is often spontaneous and unpredictable.

The main difference between direct investment and portfolio investment is that with direct investment, the company can count on all kinds of support from the investor: financing for the development of the enterprise, assistance in strategic administration, etc. As for portfolio investment, then investors do not have the opportunity to manage the enterprise and make decisions related to its operation.

As an example of direct investment, we can consider an investor who purchases equipment for the production of pasta in order to subsequently produce and sell this product. If we are talking about an investor who buys Gazprom shares, but does not intend to take part in the management of the enterprise, and expects to receive income in accordance with the number of shares purchased, then this investor is a portfolio investor. It is worth noting that direct investing is much more profitable than portfolio investing.

54 Question Stages of portfolio investment

Investment portfolio- a set of real or financial investments. In a narrow sense, this is a collection of securities of different types, different periods of validity and varying degrees of liquidity, owned by one investor and managed as a single whole:

First stage includes definition investment goals capable of providing them. The goals of portfolio investment can be very different: -receiving income; -liquidity support; -balancing of assets and liabilities; - fulfillment of future obligations; -redistribution of property; -participation in managing the activities of a particular entity; - saving accumulated funds, etc.

Essence second stage(analysis or assessment of assets) is to identify and study the characteristics of those of them that most contribute to the achievement of the goals pursued.

Third stage(portfolio formation) includes the selection of specific assets for investment, as well as the optimal distribution of invested capital between them in appropriate proportions. The formation of an investment portfolio is based on a number of fundamental principles, the most significant of which are: - compliance of the portfolio type with the set investment goals; - compliance with the acceptable level of risk; - ensuring controllability, etc.

Fourth stage(selection and implementation of an adequate portfolio management strategy) is closely related to investment goals. Portfolio strategies used when investing in financial assets can be divided into active, passive and mixed. Active Strategies involve searching for undervalued instruments and frequent restructuring of the portfolio in accordance with changes in market conditions. The implementation of active strategies requires costs associated with ongoing analysis and monitoring of the market, as well as with purchase/sale transactions during portfolio restructuring. Passive Strategies require a minimum of information and, accordingly, low costs. Mixed strategies, as the name suggests, combine elements of active and passive control. In this case, passive strategies are used to manage the “core”, or main part, of the portfolio, and active ones - the remaining part (usually the risky one).

The final stage involves periodically assessing the performance of a portfolio both in relation to the returns received and in relation to the associated risk.

Direct investments	Portfolio investment
Direct investment involves the direct, direct participation of the investor in investing capital in a specific investment object, be it an acquisition real assets, or investment of capital in the authorized capital of the organization. The objects of direct investment are, as a rule, equipment, buildings, and know-how.	Indirect (mediated) investments involve the investment of investor capital in investment objects through financial intermediaries (institutional investors) through the acquisition of various financial instruments. The objects of portfolio investment, as a rule, are various securities, banking deposits, foreign currency.
Direct investors are companies and entrepreneurs who invest in the acquisition of equipment, buildings, know-how in order to organize production and make a profit from such direct investments. Although in joint stock companies There is no such division into portfolio and direct investors. There are minority shareholders and majority shareholders. Large, medium, small.	A portfolio investor is a person or institution that acquires financial instrument for your investment portfolio, that is, a certain set investment instruments. Portfolio formation is associated with the tasks of risk diversification across different financial assets. Therefore, an investor who purchases a small block of shares or securities of an enterprise is not a direct, that is, a strategic investor, but is a portfolio investor.
Direct investments can also be made at the expense of financial (portfolio)	Briefcases - they can’t
Cannot be carried out through the secondary securities market	They can be carried out through the secondary securities market, but cannot turn into direct ones, since they go only to the owners of shares, and not to the enterprise. Yes, but not related to direct ones in any way
When forming Authorized capital There is a relationship between direct and portfolio. Portfolios ultimately turn into direct ones. Often real investments cannot be made without issuing shares, i.e. without financial investments. Financial investments are an essential part of planning direct, real investments.

From the foregoing, we can conclude that financial investments are a link in the transformation of savings into real investments and serve as one of the most important channels through which savings enter production, and at the same time they can act as a relatively independent form of investment.

54. The role of scientific and technological progress in the development of the world economy.
STP is a continuous process of discovering new knowledge and applying it in social production, allowing existing resources to be combined in a new way in order to increase the output of high-quality final products at the lowest cost. In a broad sense, NTP means the creation and implementation new technology, technologies and materials, as well as the use of advanced methods of organization and production management.

There are two main forms of NTP:

1. Evolutionary, involving the gradual improvement of equipment and technologies; the economic growth is ensured through quantitative indicators;

2. Revolutionary (scientific and technical - scientific and technological progress), manifested in a qualitative update of equipment and technologies, a sharp increase in labor productivity; economic growth is achieved through qualitative changes.

As evidenced by the practice of developing scientific and technical potential, sources of R&D financing play an important role: where the share of private investment averages 60% or more, a positive trend in the growth of investments in R&D and their high efficiency remains. This trend is characteristic of almost all OECD member countries: an increase in private investment against the background of a decrease in the share of investment from the state budget. So in the United States, private investment accounts for more than 60%, budgetary investment accounts for an average of 20–25%, and the rest comes from charitable foundations and grants. According to experts, the effectiveness of the US innovation system is due to clearly formulated tasks on a national scale, a high degree of intellectual property protection within the framework of state innovation policy (stimulating active patenting), a large share (~ 50%) of venture capital in the total volume of R&D financing, close ties between TNCs and universities. The American model in the field of R&D practically extends to all OECD countries, where, in addition to the United States, the leading EU countries occupy a stable position (Table 23).

At the same time, at the turn of the XX/XXI centuries. and in the development of the 2000s. the share of the group increases noticeably developing countries and above all in the Asia-Pacific region. Here the leading role belongs to the PRC. The share of R&D expenditures in China's GDP is constantly growing: the period from 1996 to 2009. costs increased 3 times from 0.6% to 1.7%, respectively. A shift towards rising R&D spending in China, along with government policy, is due to investments by TNCs in their foreign branches, which is explained by the increasing professional level of China's scientific personnel and their relatively low cost compared to developed countries.

As for Russia, here the scientific and technical sphere is noticeably inferior developed countries in terms of scale and intensity of innovation implementation. Russia accounts for just over 1% of global spending on science, although research organizations employ more than 6% of the world's scientific workers. Financing scientific research is carried out mainly by the state (more than 60%), while the share of the domestic business sector does not exceed 15%. Russia spends less on science than Japan by 8–9 times, Germany by 4 times, and the USA by more than 20 times. The reduction in internal costs for science is accompanied by a reduction in the number scientific organizations(primarily industry) and the number of workers employed in them.

All foreign investments can be divided into portfolio and direct according to the degree of control over the company. TO direct include investments of funds, the purpose of which is direct participation in the management and distribution of income. IN this category The following investment methods include:

• · Investing funds from scratch by creating a representative office or branch of a foreign company in Russia. In this case, the investor is its sole owner;
• · Acquisition or purchase Russian company foreign investor;
• · Providing credits and loans to branches by the parent company located abroad;
• · Granting Russian enterprises the rights to use innovative technologies developed by foreign investors;
• · Purchase of shares or shares in a domestic company, giving the investor the right to control its work (majority participation);
• · Reinvestment of the income of a foreign investor in Russia.

Portfolio investment, unlike direct ones, provide the opportunity to participate only in the distribution of profits, but not in the management of the company (minority participation).

One of the most important problems in reforming and modernizing the Russian economy is attracting foreign investment. Considering the serious technological lag of the Russian economy in most respects, Russia needs foreign capital that could bring new (for Russia) technologies and modern methods management, as well as promote the development of domestic investment. The experience of many developing countries shows that an investment boom in the economy begins with the arrival of foreign capital. The creation of their own advanced technologies in a number of countries began with the development of technologies brought by foreign capital.

The relevance of this topic is due to the fact that a significant number of researchers see a way out difficult situation in the Russian economy, primarily in foreign investment. Attracting foreign investment on a large scale into the Russian economy pursues long-term strategic goals of creating a civilized, socially oriented society, characterized by a high quality of life for the population, which is based on an economy that involves not only joint effective functioning various forms property, but also the internationalization of the goods market, work force and capital. At the same time, foreign investors focus primarily on investment climate Russia, which is determined independent experts and serves to indicate the effectiveness of investments in a particular country.

Foreign investment - investment of foreign capital in an object entrepreneurial activity on the territory of the Russian Federation in the form of objects of civil rights belonging to to a foreign investor, if such objects of civil rights are not withdrawn from circulation or are not limited in circulation in the Russian Federation in accordance with federal laws, including money, securities, other property, property and non-property rights, as well as services and information.