Comparative characteristics of direct and portfolio investment table. What is the difference between direct investments and portfolio investments and what are their benefits? Investment portfolio management strategies

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

In addition, we should add the development at an accelerated pace of new technologies for managing capital (using the latest methods of investing 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 take on a completely different meaning and give new unique opportunities investors.

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of all, it must be remembered that the straight lines and , the definition of which, presented in academic science, is outdated long ago, since the interpenetration of financial and industrial capital has long erased any boundaries between them.

In a general definition, direct investment is 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 both by a direct purchase of a company, and through the technology of acquiring a controlling or blocking stake (as in open market, and over-the-counter) through the same direct portfolio investment.

Portfolio direct investment is a primary investment of capital in financial instruments to obtain an increment in its value over a given period of time.

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

Getting profit by a given point in time
Principles of diversification of financial investments— portfolio and direct investments
Risks(cm. ) , inherent in both the real sector of the economy and its financial component
Management of the movement of financial flows both in the production asset and in the assets included in the investment portfolio
The degree of professional and economic competence in matters associated with the conduct of a particular 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 redistributing 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 is mainly that a portfolio investor, using more liquid instruments, can always quickly regroup assets in his portfolio, which, of course, is not possible for an investor who bought 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 can also request a significant discount.

On the other hand, the main positive difference between direct investment and portfolio investment is that the owner of a really 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 of securities of 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 comparatively very small, but the accumulated entrepreneurial experience and knowledge are largely sufficient to speak about the existence of fundamental prerequisites for the development of the investment business.

The previous periods of the formation of the investment industry, from check (voucher) privatization to the "golden" period of the Russian stock market (before the crisis of 2008-2009) are also largely due to the fact that foreign direct and portfolio investments accounted for a fairly significant part of the Russian investment market .

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

Here it is necessary to make, however, one small clarification. The statistics on foreign investment take into account only the final destination of money coming from abroad and do not take into account their actual origin.

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

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 for the protection of property rights. However, portfolio investment and direct investment of both Russian and foreign origin played a significant role in the growth national economy before the start of the crisis years of 2013-2014, providing average gain GDP at the level of 3-4%.

If we talk about sectors of the economy, instruments of capital investment by foreign investors, then the difference between portfolio investments and direct investments was most clearly manifested. The greatest demand was for 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 the partial participation of investors in oil production projects (Projects Sakhalin-1,3, the Nord Stream-1 gas pipeline, the purchase of TNK BP) and in several engineering projects (such as Auto VAZ, Superjet100, 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 investment has now become almost conditional, and investment fund under certain conditions, he can become the owner of a large enterprise, firm, just like any entrepreneur in a similar way (sometimes without realizing it himself) can be an ordinary portfolio manager. The main secret- these are the goals that form the final idea of the investor about where and how to invest their capital.

Investments investments are different. Whether you are investing in businesses, businesses, real estate or PAMM accounts, each time you set yourself one goal or another. Among the main categories of investment, direct and portfolio investments are distinguished. So, let's see what is the difference between them.

Direct investment - business control

You invested in the development and operation of an enterprise and in return received a share in the authorized capital, say, 20%, depending on the amount you invested. Now you can directly influence the decisions made by the owners, that is, take part in the management of the company, especially if you own a controlling stake. With this, you can send your person to the board of directors. This is direct investment.

In other words, direct investment is an investment in the production of a product or its sale, in which the investor receives at least a 10% stake in the authorized capital of the company.

Direct investment assumes that you are strongly interested in the successful development of the company. Therefore, the owners have the right to count not only on financial assistance from the investor, but also on his knowledge, experience and connections. A direct investor becomes an equal partner of business owners.

Owners of companies attract direct investment, as a rule, when they see opportunities for further active development of the enterprise, but their own cash is not enough for this. At the same time, attracting direct investment is beneficial for them because, having received the necessary funds for the development of the enterprise and investing them, for example, in the purchase of the necessary equipment, the development of a dealer network, they retain control over the company.

Investors who invest in a business are most often still at the idea stage, they are called. And they got such a name for a reason, because at this stage to receive funds from investors in the classical sense of the word is a fantastic idea. They tend to pour money into companies with already well-established workflows.

When deciding to invest in a particular business, an investor considers and analyzes many factors:

Prospects for the development of the company, its competitive advantages.
Ownership structure, streamlining of all business processes.
Experience and professionalism of management, level of corporate culture.
Relations with the authorities, in particular the absence of conflicts with tax authorities.

Direct investments are:

Outgoing - when citizens of a given state invest in enterprises abroad.
Incoming - funds are attracted from foreign investors.

Direct investors can be both individual companies and individuals who have enough funds to invest in business development. You can make direct investments directly, and through the funds of the same name - Private Equity Fund (direct investment fund). As a rule, these are long-term investments, the profit from which can be obtained only after a few years. To protect themselves, the funds, as a rule, distribute the accumulated funds to several companies at once.

There are both universal funds that invest money in enterprises from various sectors of the economy, and specialized ones, the purpose of which is to invest in companies only in a certain area, for example, information technology.

How is the return of funds and profit:

Your share is redeemed by the owners of the company themselves, who are already firmly on their feet and see great prospects in the future activities of his company.
A strategic investor comes to the company and acquires your share in the authorized capital.
Company's listing and IPO.

Portfolio investment - passively receive profit

Portfolio investment is, as the name suggests, your portfolio of securities that you own. It contains stocks and bonds of a wide variety of companies. At the same time, you act as a passive investor and absolutely do not intend to take any part in the life of a particular enterprise.

Firstly, because you have a very small stake in your hands, and secondly, you did not initially have such an intention. Your the main objective- receiving income, and how it will be provided by the owners of the company, you are of little concern.

This is the main difference between direct and portfolio investments - in the first case, you take an active part in the life of the company, and in the second - not.

Most often, portfolio investment is preferred by small investors whose goal is to preserve and increase existing capital.

Unlike direct investment, portfolio investment is most often aimed at making a profit in the short or medium term. And the main advantage of portfolio investment is that your funds are diversified, distributed among many sources of profit. Therefore, the risks of losing all the money in the event of an unfavorable development of events are minimal. Moreover, if something goes wrong, it will not be difficult to get rid of the assets by selling them.

Investments are “infusions” of resources into the development of enterprises in order to obtain a certain percentage of profit from their core activities. Allocate investments of direct and portfolio types.

basic information

What is "direct investment"? Any investor has come across this concept, but not everyone understands its essence.

"Direct" refers to investments in which the investor becomes the owner of at least 10% of the authorized capital of the company or buys a controlling stake (51%). Thus, by investing cash, you can take over the management of a ready-made (fully formed) business.

Direct investments are divided into two large groups:

into share capital foreign companies(the so-called "foreign investment");
into the country's economy.

Direct investments used by large corporations to create their branches outside the country in which the central office is located. Very often, the creation of branches occurs through the absorption of a similar, already existing business. It is enough for an investor to acquire a controlling stake and obtain the right to manage the company.

Large monopolies are interested in buying shares of small firms that are engaged in similar activities.

There are countries where competition in some areas of production is too strong, for example, in China there are a lot of small tablet assembly companies.

If there is an investor who wants to assemble tablets in China, then it would be advisable to acquire controlling stakes in already functioning companies.

Direct investment is aimed at working in the long term, so it is often called "strategic investment".

Structure of foreign investment receipts by types

Sometimes, for direct investment, special funds are created that accumulate large amounts of capital in order to further “capture” the monopoly in the market. Such funds have been operating for at least 10 years. After the fund closes, all investors receive a payout equal to their investment plus a percentage of the proceeds from the sale of assets that were resold by the fund.

Novice investors, due to ignorance or unwillingness to spend a lot of effort and time, use portfolio investment.

portfolio investment is a passive investment of money with the aim of obtaining short-term and instant benefits. Portfolio investors are engaged in investments in securities, bonds or stocks of different companies, which form a portfolio of investments or securities, hence the name "portfolio investment".

In fact, such investors acquire a part of the company without any interference in its activities.

Portfolio investments do not provide for the management of the company by investors.

However, there can sometimes be exceptions, for example, when the company is too large and its shares are divided among many small investors. The management of such a company is carried out by an association of investors or the largest of them.

Portfolio investment has some advantages over direct investment.

On the one hand, it is beneficial for the company itself, since its shares are owned by a large number of investors, and the controlling stake is in the hands of one investor.

On the other hand, the portfolio investor also receives certain benefits, because he does not have to take on the responsibility of managing the company.

The second positive aspect of portfolio investment is the minimal risk of losing money. The investor's funds are diversified (distributed) into many parts and invested in the statutory capital of several companies.

Portfolio investments consist of liabilities and assets of the company. Operations with the purchase of assets include trading securities(shares, certificates, bonds) of large foreign firms.

Financial liabilities can be government loans in the form of cash held by the investor.

Direct and portfolio foreign investments have a certain structure. Direct investment consists of four main categories:

investments in fixed assets (new);
creation of fixed assets (PF) through joint investment;
investments in the modernization of the OF;
investment in order to acquire 51% of the shares.

Portfolio investments consist of investments in securities and loans to enterprises or the state.

According to experts in the field of investment, today direct investment is one of the most developing types of earnings. Direct investments, although more risky than portfolio ones, however, they bring much more profit.

The difference between direct and portfolio investment

The fundamental difference between direct and portfolio investments is their ability to influence the company's activities.

The division of investments into two groups (direct and portfolio) is, of course, a convention.

Direct investments allow you to manage activities, portfolio investments do not.

Sometimes even 10% of the authorized capital is enough to manage a large enterprise (remember the example above, when the corporation is divided among many small investors).

Portfolio investment in the status capital of the company allows you to have a stable passive income essentially without interfering with the activities of the firm. and planning strategies, as well as the calculation of return on investment.

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Who can invest?

Individuals and legal entities that use their own or borrowed financial resources can invest in direct or portfolio investments.

In deciding on the type of investment, an important role is played by the availability own funds and the purpose pursued by the investor.

For example, if funds are invested to preserve capital and increase it, then portfolio investments are used.

In addition, small investors also prefer portfolio deposits.

If the objective of the investor is to obtain the right to manage the business, then you should choose the direct type of investment.

Before making a decision regarding the choice of the type of investment, it is necessary to analyze the effectiveness of investments.

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Portfolio investment: definition of the concept

Portfolio investment is an investment of capital (or other material assets) aimed at acquiring by the investor a share in a business company (if we talk about the classification of such companies adopted in Russia, then this can be the purchase of a share in an LLC, shares in a JSC or PJSC - in fact, also reflecting a share, but representing a separate financial instrument), bonds or other assets of an economic entity. But for what purposes can this type of investment be used?

Portfolio investments are made, as a rule, in order to obtain "passive" - not requiring participation from the investor in capital management, profit:

due to the subsequent increase in the capitalization of the company in which shares or shares are acquired, and the sale of the corresponding share or share;
by receiving interest on bonds;
by increasing the price of some other asset purchased from the firm.

The same investor can make portfolio investments, interacting with different businesses, and having a different status in terms of the ability to influence decisions made by the organization's management. But, as a rule, a portfolio investor is a minority shareholder or a trader not legally connected with the company - a citizen who takes the opportunity to acquire shares of the company that are traded on the stock market.

The same investor can participate in different businesses, forming a kind of "portfolio" of different assets. It is possible that some of them will turn out to be profitable, some will be unprofitable, but the task of the investor will be to find such an optimal balance between investments that the “portfolio” will be profitable one way or another.

The status of a portfolio investor can be compared with the status of a depositor in a financial institution. Both of these subjects are characterized by a common feature: the lack of intention (and in many cases the authority) to play an active role in terms of decision-making:

management of capital invested in a business (in the case of a depositor, in a bank);
management of a business in which funds are invested.

Wherein, portfolio investment risks, as a rule, is incommensurably higher than those that characterize embeddings in the form bank deposits. The fact is that all types of investment are carried out in the jurisdiction, mainly, of general civil law, which is based on the principle of freedom of contract and equality of the parties to legal relations. An investor who decides to acquire a stake in a company should be aware that his investments are secured only by the assets of this company (if it has the status of an LLC, then by the authorized capital, which can be much less than the company's liabilities).

Of course, in some cases, it is possible to use an additional resource to compensate for the losses of a portfolio investor - bringing owners (in some cases, managers, affiliates) to subsidiary liability. However, this resource, as a rule, becomes available to the interested person only upon the issuance of the relevant judgment. At the level of current regulations, the mechanism of subsidiary liability is regulated very superficially, and relying on it by default for an investor is reckless. But, as evidenced arbitrage practice, there are, of course, chances of receiving compensation for damage in such cases, and the investor has the right to count on a court decision in his favor.

In turn, bank depositors - and this is a well-known fact - are also protected by the norms of special financial legislation - on deposit insurance. If a financial institution in which a person has a deposit goes bankrupt, then the state, represented by the Deposit Insurance Agency, will return to the owner of this deposit the amount of the deposit within the amount guaranteed by law (now it is 1.4 million rubles, but can be applied according to deposits in several banks independently).

But if the amount of the deposit is higher than that established by law, then the citizen, like the portfolio investor, will have to collect the debt from the bankrupt financial institution through the court and only at the expense of the assets available to the banks. Of course, subsidiary liability is also possible in this case, but the investor may have to make significant efforts to initiate the mechanism of such liability - no less than a portfolio investor may need in the event of the bankruptcy of the company in which he bought a stake or shares.

Another common type of investment is direct. Let's study their specifics in more detail.

What is direct investment?

There are 2 main definitions of the concept of "direct investment":

How financial investment in production assets, infrastructure, hiring of personnel, the acquisition of certain copyrights - that is, in resources that directly affect productivity and financial results business.

In a narrow sense, “direct investment” in the context of this definition can be understood, for example, as an order CEO(which may not own any shares or shares in the authorized capital of the enterprise), on the purchase of certain resources in production. Or even the order of the subordinate director - on the distribution of the amount of money allocated by the director for the purchase of specific types of equipment (their subordinate employee himself must choose).

How to purchase controlling stake shares (the main share in the authorized capital) of the enterprise, as a result of which the investor gets the opportunity to directly influence decision-making in the business (which this case may be required to obey the director who decides on "direct investment" as the mechanism referred to above).

In many cases, these two portfolio investment mechanisms are closely related. So, the condition for the implementation of the first investment may be the implementation of the second mechanism and vice versa (moreover, the reverse option can be considered as a rule - only if it is possible to manage the business, the investor will actually be authorized to direct capital to funds and other production resources). But also a scenario in which a competent "direct investment" in funds can lead to a person gaining the position of a "direct investor" that has an impact on the business as a whole. For example, when a director, having concluded a large contract for the purchase of funds from a higher organization, evokes the most positive associations among the owners of this organization in terms of evaluating the qualifications of this director. As a result, they agree to sell him a stake in a subsidiary company - the one he manages.

It is possible to build a remarkable chain of legal relations when an entrepreneur, having made a “direct investment”, which is represented by the purchase of a controlling stake in the company, subsequently, using his powers, “direct investment” in the acquisition of fixed assets of the organization (and uses such powers to manage these funds) .

Is it possible to consider the founder of the company as a direct investor (as an option, its sole owner)? Of course, since he has the key powers that characterize the role of a direct investor - the ability to invest in funds, as well as make decisions related to business development. Thus, the first sign of direct investment, which reflects the presence of the necessary powers in the investor, becomes the key one in this case.

Moreover, speaking of direct investment, one can not take into account the legal form in which the enterprise operates. A person can conduct business as an individual entrepreneur (and, accordingly, not be able to sell his share to anyone in principle), and, at the same time, carry out actions that fully characterize the powers of a direct investor also on the first sign.

What is the relationship between direct and portfolio investment?

Direct and portfolio investments are fundamentally different from each other in that the first is characterized by the most active participation of the entrepreneur - whether it is the sole manager of the business in the status of an individual entrepreneur or the owner of a controlling stake in business. He will be the person responsible for making key decisions on the management of the company's capital and, possibly, decisions related to the development of the business as a whole and in certain areas. For example, in part:

developing a marketing strategy;
formation of internal corporate standards for interaction between employees and management, individual groups of specialists;
defining the principles of financial and management accounting.

The risks of direct investment, the person who carries them out, as a rule, undertakes to fully assume. He manages capital - his own or borrowed (or invested by a portfolio investor), determines and implements in practice the policy of managing various enterprise resources.

Can the 2 types of investments under consideration be combined with each other?

The fact is that their essence does not fundamentally contradict each other. In fact, both types of investments - direct and portfolio - correspond to different legal relations, which may well be carried out simultaneously and thus not interfere with each other.

The main criterion for distinguishing between direct and portfolio investment is the role of the investor. In the case of direct investment, this role will be characterized by:

having the authority to manage capital and make business decisions;
bearing responsibility for the results of such management (including within the framework of the mechanism of subsidiary liability in the event of bankruptcy of the enterprise).

In turn, the entrepreneur making portfolio investments will:

a manager of capital (but not a manager), however, only within the limits established by law or an agreement (it is quite possible that an investor cannot simply withdraw funds from a business);
a person who is more empowered than obliged in terms of the business entity being responsible for the results economic activity(but the reverse situation is also possible, when a portfolio investment in the form of a share in the authorized capital becomes financial resource to secure the company's debts).

Are 2 compatible specified groups roles? Of course, all of them, and in almost any combination, can be performed by the same person and, moreover, at the same enterprise. Of course, some scenarios are difficult to implement in practice due to the fact that their implementation may not be very economically feasible (for example, when the sole owner of a JSC acquires shares of his own company as a trader, it makes no sense to complicate the capital turnover in this way, but, nevertheless, such relationships are possible). But any fundamental contradictions between these roles in direct and portfolio investment can be extremely rare. As a rule, this is due to the specifics of the legislation or the provisions of the contract (despite the fact that they do not contradict each other and other norms, including higher ones, if we talk about the law).

Therefore, when deciding which investments to choose - direct or portfolio, an entrepreneur, in fact, faces a choice of what role to play in the business. More passive and, possibly, characterized by a smaller amount of risks - with portfolio investments or, in turn, more active, but involving a greater amount of responsibility for decisions made - with direct investments.

Direct investment is value investment in authorized capitals in exchange for corporate rights issued by business companies. Direct investment involves the establishment of long-term relationships between the investor and the enterprise. Such participation in the capital provides for the implementation of a sustainable influence on its development on the part of the investor.

Investments are considered direct if the investor owns a controlling stake (stake) in a business entity. And the value of the controlling stake may vary within certain limits, depending on the quantitative distribution of shares between shareholders (participants).

What is portfolio investment

Portfolio investment is certain investments that involve the acquisition of shares, debt and derivative securities. At the same time, the subject of investment does not have control over the enterprise. As a rule, portfolio investments involve the acquisition of assets in the financial market.

In world practice, to classify the concept of investment as direct, the criterion of 10% ownership of shares (shares in the authorized capital of the issuer) is accepted. Other investments refer to operations that are not included in direct and portfolio investments, as well as reserve assets. These are, in particular, trade (commercial loans) loans (long-term and short-term) used to finance foreign economic operations, and liquid deposits (on demand) attracted commercial banks, credit unions , building societies and others financial institutions. These investments also include investment operations carried out in cash, as well as reinvestment of income received in national currency.

Direct investments are divided into:

1) investments made abroad (foreign investments),

2) investment in the country's economy.

And portfolio and other investments consist of assets and liabilities. Operations with financial assets cover the purchase (sale) of foreign securities (stocks, investment certificates, bonds, derivatives, etc.).

Financial obligations

Financial liabilities are operations with domestic securities. Other investments include the following assets: cash, balances on current accounts and deposits of commercial banks, loans and other assets.

Liabilities cover cash in national currency, balances on current and deposit accounts with resident banks, trade credits and advances attracted to ensure the export of goods and services, and other liabilities.

General investment activities provides for the implementation of joint production cooperation without creating legal entity. Such activities are carried out on the basis of an agreement (contract) between the parties. This provides for a separate accounting and reporting on transactions related to the use of such agreements (contracts).