By the volume of required investments;
By purpose;
By type of relationship investment projects;
Type cash flows generated by the investment project;
By project class;
According to the duration of the project;
According to the complexity of the project;
According to the state of the investment project;
By the scale of investments and the impact of their consequences;
Based on the result of using the results of scientific and technical developments.
Some well-known experts (Idrisov A.B., Sheremet V.V., Katasonov V.Yu., etc.) classified investment projects only according to several criteria and did not provide a graphical representation. Using the known elements of systematization and supplementing them, we present a diagram of the characteristics of dividing investment projects into groups (see Figure 1.).
By volume of required investments
Projects Division according to the volume of required investments is quite subjective in nature and largely depends on the size and financial capabilities of the investor and the investee. The subjectivity of this classification element can be somewhat reduced when moving on to assessing the share of investments in the revenue or profit of an enterprise, in the country’s GDP or the GRP of the region.
By purpose
Projects can also be classified according to goals , which are set during their implementation. These goals can be different and are not necessarily related to direct profit. IPRs themselves may be unprofitable in economic sense, but generating indirect income due to gaining stability in the supply of materials, entering new markets for raw materials and products, social effect, reducing costs for other projects, improving the environment, increasing product safety, etc. Such IPRs require informal criteria for their assessment .
Particularly important in the analysis of investment projects is the identification of the types of their relationships.
IPRs are independent, if the decision to accept one does not affect the decision to accept the other. According to the author, it is wrong to talk about the absolute independence of investment projects, since each of them affects several areas, which, in turn, involve other projects. In addition, there is a diversion of resources from one area to another.
Figure 1 - Types of classification of investment projects
Alternative or mutually exclusive projects are IPRs that cannot be implemented simultaneously, i.e. acceptance of one automatically leads to rejection of others.
The division of projects into independent and alternative ones is of particular importance when assembling an investment portfolio under conditions of restrictions on the total volume of capital investments.
If the upper limit of capital investments is an uncertain value, depending on various factors, for example, the amount of profit of the current and future periods, then it is necessary to rank independent investment projects according to their priority. This is especially related to the formation of enterprise strategy.
Related projects complementarity relations , if the adoption of a new IPR contributes to the growth of income for others. Identifying such relationships involves looking at projects holistically rather than in isolation. This is of particular importance when the acceptance of the project according to the selected criterion is not obvious and additional criteria are needed, incl. presence and degree of complementarity.
Projects related substitution relations , if the adoption of a new IPR leads to a slight decrease in income from existing IPRs. For example, the introduction of a tire repair area at an existing tire plant.
By type of cash flow generated by the project
The stream is called ordinary , if it consists of an initial investment (one-time or distributed) and subsequent cash inflows. Flow extraordinary , if cash inflows alternate in any order with their outflows. Selecting the type of flow is important when choosing an investment evaluation criterion, because not all criteria are suitable for assessing extraordinary flows.
By project type
Project type- division into the main areas of activity in which the project is being implemented: research, technical, technological, organizational (managerial), economic, social, educational, mixed. By type, projects can also be divided into innovative and non-innovative.
By project class
The division of projects by their classes involves the distribution of projects by composition, structure and subject area into:
- mono-projects- these are separate projects different types, type and scale;
- megaproject- targeted programs for the development of regions and industries, including a number of single- and multi-projects;
- modular (complete block) project- a method of solving project management problems, in which most of the future object is manufactured not at the site of future operation, but “off-site” - in factory or semi-factory conditions;
- a joint project- several participants (international - several countries, interregional, interorganizational).
By project duration
It is universal to divide investment projects into duration of the project. However, the characteristics of projects on this basis are also not without subjectivity. For different industries, enterprises and organizations in different conditions, the concept of duration may be different.
The very concept of project duration can have three levels:
1) the period from the beginning to the end of the investment (“bringing the enterprise to its design capacity”);
2) the period from the start of investment until the return on investment;
3) the period for obtaining an economic or social effect (until the end of the operation of the investment object), i.e. term life cycle project.
When assessing the duration of a project, the second level is usually used, highlighting: short-term project (up to 3 years); medium-term (3-5 years); long-term (over 5 years).
According to the complexity of the project
It is also advisable to subdivide investment projects by complexity of the project - simple, complex, very complex, which is useful, for example, when monitoring projects. Of course, this classification feature is also subjective in nature and can be used to compare projects carried out by one investor or on one investment object.
According to the status of the investment project
Projects also differ in the status of the IPR:
1. An idea in the “embryo” - one idea, without enterprise and leadership.
2. New enterprise - the enterprise is ready to start work immediately, there is a management team and the market has been identified.
3. An existing enterprise with a developed idea, but the idea is not yet profitable.
4. Expansion of an existing profitable enterprise.
5. Reorganization of an enterprise without a change of management (for example, the absorption of this enterprise by a large company).
6. Reorganization of the enterprise with subsequent change of management.
7. Investment in an unprofitable enterprise to turn it into a profitable one.
The possibility of risk in the listed cases is high when investing in the “embryo” (No. 1), and decreases, reaching a minimum when investing in the expansion of a profitable enterprise (No. 4); then it increases sharply during the transition to reorganization with a change of management (No. 6) and again reaches a maximum when investing in an unprofitable enterprise (No. 7).
By the scale of investments and the impact of their consequences
It is advisable to classify investment projects also by the scale of investments and the impact of their consequences .
Investment project global scale affects the situation in several countries (primarily the implementation of large infrastructure, energy projects, etc.).
If the project has an impact on the internal socio-economic, political or environmental situation in individual country, then it can be attributed to large-scale project .
If the influence spreads only to region of a particular country , investment project can rightfully be called regional .
If the investment project covers separate industry National economy, then it is classified as industry .
Investment project limited by limits cities, is, accordingly, urban .
Local project does not have a significant impact on the economic, political, social, environmental, demographic situation country, region, city (modernization of enterprises).
Based on the result of using the results of scientific and technical developments
Given the fundamental importance of innovation in modern stage, it is proposed to classify projects on the use of the results of scientific and technical developments when implementing an investment project.
According to this classification criterion, projects can be divided into:
1) Traditional (conservative) projects(usually in the industrial sector), the goal of which is to make a profit as a result of organizing or increasing the efficiency of production and sales channels for products (standard or with improved characteristics). Conservative projects are usually associated with support for some idea in the field of simple reproduction. The result A conservative traditional project is the organization of mass production and sales of products at an existing or new enterprise.
2) Innovative (risky) projects can be aimed at creating new products or technologies that provide high profits; Moreover, they are relatively independent, i.e. not “tied” to a specific industrial enterprise. The result The risky project is an organized marketing program, effective sales and high profits.
3) Research projects- have the goal of obtaining scientific and practical results, which can subsequently be used to create new products or technologies, and promote existing ones to the market. This subtype of projects also involves the use of non-traditional technologies (information, computer, production) in various fields.
Research projects can be divided according to the degree of innovation and knowledge intensity of the project - into projects with a high share of the innovative component, knowledge-intensive and standard projects (without the use of improvement elements). Purpose scientific project, unlike others, is not receiving economic effect, but the creation of conditions for intensive technological development in various fields of science and industry. The obtained results of the work stimulate the process of scientific and technological development or ensure a transition to a higher level of technology.
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:
Based on "investment object" The following types of investments are distinguished.
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 time-consuming process. Therefore, when assessing them, it is necessary to take into account:
Using these rules in practice, an investor can make an informed decision that meets his strategic goals.
Financial investments mean investments in various financial instruments(assets), among which the most significant share is occupied by investments in securities.
The separation of real and financial investments is the main feature of the classification. According to some authors, in primitive economies the bulk of investments are real, while in modern economy Most of the investments are represented by financial investments.
The high development of financial investment institutions significantly contributes to the growth of real investments. Thus, it can be concluded that the two forms are complementary and not competitive. An example of such a relationship in the real estate sector is the financing of housing construction for rental purposes.
According to the second sign "investment area" investments are classified depending on the field of activity into which they are directed. So, for example, for construction organization, carrying out capital construction, the following areas of investment can be distinguished:
According to the third sign "investment ownership form" stand out:
Based on "nature of participation in investment" distinguish between direct participation in investment and indirect participation in investment.
Under direct participation in investment means 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 investment means 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 investment funds And investment companies), and the last investment funds collected in this way are placed at their own discretion - they select the most effective investment objects, participate in their management, and then distribute the income received among their clients.
Based on "investment period" distinguish between short-term and long-term investments.
Under short-term investments usually mean capital investments 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 usually mean capital investments 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 "regional nature of investments" suggests their classification into three groups:
Such a classification, allowing us to highlight the main directions investment activities, however, does not take into account a number of specific features of the investment process that have a significant impact on the assessment process. Additional characteristics can be used to classify investments:
Most widespread in Russian economy received a classification of investments into direct, portfolio and others.
Direct investments– is an investment in a given enterprise, the volume of which is at least 10% of the share capital of this enterprise. Portfolio investment– is an investment in the securities of a given enterprise, the volume of which is less than 10% of the share capital. Other investments– these are investments not related to the enterprise (investment of capital in GKOs, OFZs, etc.).
Another classification of investments is given in the book by L. J. Gitman and M. D. Jonk: “Investment is a way of investing capital, which should ensure the preservation or increase in the value of capital and (or) bring a positive amount of income. Direct investment is a form of investment , which gives the investor direct ownership of a security or property. For example, when an investor buys a stock, bond, security, or piece of land to store the value of money or earn an income, he is making a direct investment. An indirect investment is an investment in a portfolio, otherwise speaking, set valuable papers or property values. For example, an investor might buy a share of a mutual fund, which is a diversified collection of securities issued by different firms. By making this purchase, the investor will not have a claim on the assets of a single company, but an interest in the portfolio."
Having decided to take up this type of financial activities As an investment, the future investor must understand such issues as the main types of investments and their classification.
First, let's figure out what investments are.
Investments are certain types of intellectual or property values that are invested in certain commercial processes or financial instruments with the aim of making a profit.
Some of the investments can be classified as both speculation and investment. This tendency occurs because the boundary between these two concepts is to some extent not fully defined. The criterion is the investment period - if it is no more than a year, then it is classified as speculation, more than a year - as investment. Although, investing in stock trading no one calls speculation, namely, investment on the stock exchange, although most investors closely monitor economic situation and how things are going on the stock exchange, and bet on profitability, and not on the duration of the investment. Sometimes the distinction is made based on intended purpose. For example, if we are talking about investments in the purchase of equipment, materials, technologies, and innovation, then they are called investments. If cash aimed at acquiring shares, shares, commercial properties, legal rights, trademarks or any other securities, then such investments are called speculation.
In any case, investing is one of the most profitable and convenient ways increase your own capital and turn a small amount into a fairly large sum. Today, many types of investments can be listed, and everyone who decides to devote himself to investing has the opportunity to choose exactly those types of investments that best suit him.
There are many criteria for classifying investments. In this article we will try to consider them all.
By the type of investment object, real (direct) and financial (portfolio) investments are considered.
Real investments include investing in real tangible and intangible assets, which can include fixed and working capital or intellectual property. In most cases, this is a long-term investment in the creation of fixed assets.
Real investments, in turn, are divided into several types:
Financial (portfolio) investing includes all types of investments that are aimed at directly generating income. In this case, investment objects are: currency, shares, precious metals, bonds and other securities. This type of investment, as a rule, brings profit from two sources: regular payment of dividends and income from an increase in the initial cost of investment objects received upon their sale.
For both individuals and business representatives, at the moment the greatest interest is in financial investment in currency market Forex (especially), securities, mutual funds (mutual investment funds), shares of developing enterprises, startups and other similar projects.
And every investor thinks about whether to choose one type of investment or create an investment portfolio that will include several types of investments related to completely different areas of the economy and industries. As a rule, smart investors choose the investment portfolio option. Hence the second name for financial investments – portfolio.
By the nature of participation in investment, the following types of investments are distinguished:
According to the investment period, investments are divided into:
Depending on the profitability, investments are divided into:
Depending on the degree of possible risks, investments are divided into:
The degree of liquidity of investments can be completely different, which is why there is a division into:
Based on the nature of the use of capital, investments are divided into:
If we take ownership forms as a basis, we can distinguish the following types of investments:
Geographically, investments are divided into:
In addition to the types of investments listed above, you can also distinguish such a type as annuity. An annuity refers to an investment of funds that brings the investor a certain profit at regular intervals. As a rule, annuity refers to contributions to pension and insurance funds.
Investment decisions for acquisition financial assets have become incredibly popular lately. At the same time, the range of these solutions has expanded so much and become more diverse that separate areas have clearly emerged:
To all of the above, a small clarification should be added: concepts such as investment and financing, although they are interrelated, the terms are far from identical. Although many people confuse these concepts. If financing means the formation and provision of financial resources that are aimed at creating property, then investment should be understood as their use and transformation into capital.
In addition, do not confuse two concepts such as “ capital investments"and investments. Because capital investments, as a rule, mean the creation of new fixed assets (structures, transport, equipment, etc.) and the restoration of old ones. As for investments, this concept is broader and, in addition to the above investments, also includes investing in current assets, intellectual property, and financial instruments. From which it follows that capital investments are nothing more than component investments.
The practical implementation of any investment project is unthinkable without collective or individual targeted activity aimed at solving the tactical and strategic tasks set in the project. This is the essence of investment activity, which in the above-mentioned law is interpreted as making investments and carrying out practical actions in order to make a profit and (or) achieve another useful effect. It is hardly necessary to overload, as is sometimes done, the concept of investment activity by listing the types of work that are performed in the process of selecting, implementing and operating an individual entrepreneur.
The concepts of subject and object of investment activity are closely related to the concepts of investment and individual entrepreneurs. The subject of investment activity refers to physical and legal entities, carrying out targeted actions to solve the problems set in the IP. The subjects of investment activity are investors, customers, contractors (work performers), users of investment activity objects and other individuals and legal entities involved in the implementation of IP. Legislatively, a subject of investment activity is granted the right to combine the functions of two or more entities, unless otherwise established by agreement and (or) government contract, concluded between them.
The objects of investment activity are newly created various types of property of enterprises and organizations in the production and non-production spheres, securities (shares, bonds, certificates, etc.), scientific and technical products, property rights and intellectual property rights, cash contributions.
Numerous types of investments are classified according to the following main classification criteria:
In the investment typology, the main one is the classification of investments by objects of investment activity (or by objects of investment). Based on this criterion, real and financial investments are distinguished (Fig. 1).
Real (capital-forming) investments are divided into tangible and intangible. The first includes investments in tangible objects - buildings, structures, machines, equipment, etc., the second (potential, sometimes called intellectual) - this is investment in the acquisition of patents, licenses, payment for research work, and the implementation of retraining programs and advanced training of personnel, etc. In statistical practice, real investments are called investments in non-financial assets, which are recorded by the sector of non-financial enterprises in accordance with the methodology of the International Monetary Fund.
Rice. 1.
Financial investments are investments in stocks, bonds, bank deposits, investment certificates and other securities. Financial investments are divided into direct (in real assets), portfolio and others. The first includes investing in stocks joint stock companies in order to receive dividends and acquire the right to participate in management. These are investments made by legal entities and individuals who fully own the organization or control at least 10% of the shares or authorized (share) capital of the organization. Portfolio investments include investments in different types securities owned by different issuers in order to increase the likelihood of receiving income from investments. These include the purchase of shares, shares, bonds, bills and other debt securities. They make up less than 10% of the authorized (share) capital of the organization. Investments that do not fall under the definition of direct and portfolio are indicated as other - trade loans, loans from foreign governments under Government guarantees Russian Federation, other loans (international loans financial organizations etc.), bank deposits.
The relationship in the country's economy between real and financial investments is important indicator economic development. “In primitive economies, the bulk of investment is real, while in a modern economy, most investment is represented by financial investment. The high development of financial investment institutions significantly contributes to the growth of real investments. Generally, the two forms are complementary, not competitive."
The structure of investments in the Russian economy is undergoing changes characteristic of a country with developing market relations. This is evidenced by the dynamics of the volume of investments in non-financial assets (real investments) and financial investments, which Rosstat has been recording according to the methodology of the International Monetary Fund since 1995.
Unfortunately, the Russian Statistical Yearbook does not contain data on the volume of investments in intangible and other non-financial assets. But, taking into account the fact that almost 98% of investments in non-financial assets are investments in fixed assets, we will compare the dynamics of the volume of the latter with the dynamics of financial investments.
Rice. 2.
In statistical practice they use various classifications investments according to the areas of their use, for example, investments in fixed capital can be classified by type of ownership, by economic sector, etc.
On a territorial (regional) basis, it is necessary to distinguish domestic investments in domestic facilities, which, in turn, are differentiated by region of the country; external (foreign) investments made abroad.
By economic sector, production and non-production investments can be distinguished.
In the literature, investments are classified differently according to the degree of investment risk. According to one classification, the given criteria distinguish between aggressive, moderate and conservative investments. The first of them are characterized by high profitability, low liquidity and a high degree of risk. Moderate investments are characterized by a moderate degree of risk, while conservative investments include investments with high liquidity and a low degree of risk.
Another classification of this characteristic distinguishes high-yield, medium-yield, low-yield and non-yielding investments. Investments include so-called autonomous investments, which are not associated with changes in income levels. These include a significant part of public investment with long term developments, government investments and investments that are a direct consequence of inventions.
These investments must be distinguished from investments with a similar name when classifying investments according to the compatibility of their implementation. This characteristic identifies independent (autonomous) investments, which can be implemented as independent of other investment objects in the general investment program enterprises that are interdependent, the order of implementation or subsequent operation of which depends on other investment objects, and mutually exclusive, which require an alternative choice.
Investments (capital investments) in the main captain are also classified according to the industrial purpose of the facilities under construction:
In international practice, investments are divided into: venture capital, direct investment, portfolio investment and annuity. Venture investments include investments directed to individual entrepreneurs. having high degree risk: direct - investments in fixed capital of enterprises and organizations in the production and non-production spheres. We have already discussed the concept of portfolio investment. An annuity involves an investment that provides income to the investor at regular intervals.
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 these rules in practice, an 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.
The high development of financial investment institutions significantly contributes to the growth of real investments. 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 residential rental housing.
5. Intellectual investments are investments of funds:
in 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 of building materials, equipment,
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 investments made 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, etc.).
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.
The most widespread classification of investments in the Russian economy is direct, portfolio and others.
Portfolio investments are called capital investments in a group of projects, for example, the acquisition of securities of various enterprises.
In the case of portfolio investments, the main task of the investor is the formation and management of an optimal investment portfolio, usually carried out through transactions of purchase and sale of securities on 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, state and prospects for market development, availability 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 of an enterprise that are directed by this enterprise to make investments in objects of real and financial investment.
Investment resources that are generated by an enterprise in the process of investment activities have a number of features. The main features are as follows:
- The formation of investment resources is the main condition for the implementation of the investment process.
The 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, internal sources of investment, as a rule, include national sources, including the own funds of 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 attracted for investment purposes by selling shares, placing bonds, other securities, as well as through banks in the form 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 companies, investments from foreign co-owners should also be considered as a source internal to the enterprise.
Thus, it is necessary to distinguish between internal and external sources of investment financing at the macroeconomic and microeconomic levels. At the macroeconomic level, internal sources of investment financing include: government 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 the owners of the enterprise, external - government financing, 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 non-current assets;
- immobilized part of current assets.
- attracted:
- issue of company shares;
- investment contributions to the 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 of internal sources in the total volume of financing 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 of economic recession, 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 of February 25, 1999 No. 39-FZ (as amended by Federal Law of January 2, 2000 M ° 22-FZ) “On investment activities in the 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 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 of 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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