The source of own funds of the company is profit. Sources of financing of capital investments (2) - Abstract

Introduction

In the source link financial system Russia has accumulated problems requiring immediate decision, namely: lack turnover capital, reducing investment activity.

For normal functioning, the company needs to purchase raw materials and materials, transform them into finished productsand then - sell customers to help out the money and get the opportunity

resume this operational cycle. The operational cycle does not necessarily have all three indicated stages. Depending on the industry and the field of activity of the enterprise, its operational cycle may be more or less long. To pass each cycle, enterprises have different financial needs.

Need to attract borrowed money It may arise as a result of deviations in the normal course of the circuit of funds on the reasons independent from the enterprise: the options of partners, emergency circumstances, etc.; in the course of reconstruction and technical re-equipment of production; due to the lack of sufficient starting capital; Because of the presence of seasonality in the production, billets, processing, supplying and marketing products and for other reasons. Therefore, the production activity of the enterprise is unthinkable without borrowed funds.

Based on the above, the relevance of the topic of this course work is determined.

The purpose of this course work is to evaluate the attracted means of the enterprise.

Based on the purpose of the study in the work were delivered and solved next tasks:

- Considered theoretical aspects attracted funds;

- the characteristic of attracted means is given;

- the organizational and legal and technical and economic characteristics of the enterprise;

- analysis of sources of financing of the enterprise;

- The current need of an enterprise is defined in attracted means.

Research Object - Data accounting Enterprises of JSC Vikon-93, leading accounting and tax accounting on the basis of: Tax Code Russian Federation, Act on accounting of 21.11.1996 No. 129-FZ., Regulations on accounting and accounting reporting In the Russian Federation, approved by the Order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n.

The theoretical and methodological basis of this work was the regulatory, legislative and tutorial russian authors In particular: G.V. Savitskaya, V.V. Kovalev, L.N. Chechevicin and others.

1. Attracted means as a source of disadvantage replenishment own funds

1.1 Classification of sources of financing of the enterprise

Under the internal and external sources of financing, according to their own and attracted (borrowed) funds, respectively. Known various classifications sources of funds Figure 1.

Fig. 1.1. Structure of sources of funds

The main element of the diagram is equal capital. Sources own capital Funds are Figure 2:

- the authorized capital (funds from the sale of shares and the participants' fees);

- reserves, accumulated enterprises;

- Other contributions to legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

Fig. 1.2. Structure of own capital of the enterprise

attracted tool financing source

The main sources of attracted funds include:

- bank loans;

- borrowed funds;

- funds from the sale of bonds and other securities;

- accounts payable.

The fundamental difference between sources of own and borrowed funds lies in legal reason - In the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise, which will remain after settlements with third parties.

The main sources of financing are their own funds.

The authorized capital is the amount of funds provided by the owners to ensure the statutory activities of the enterprise. The content of category "Authorized capital" depends on the organizational and legal form of the enterprise:

- for state enterprise - value assessment of property enshrined by the state for the enterprise on the right economic management;

- for partnership with limited liability - the sum of the owners;

- for a joint stock company - the cumulative nominal value of the shares of all types;

- For the enterprise of another form allocated to an independent balance - the value assessment of the property enshrined by its owner behind the enterprise on the right of complete economic management.

The authorized capital is formed at the initial investment of funds. Its value is announced when registering an enterprise, and any size adjustments authorized capital (additional emission of shares, reducing their nominal value, making additional contributions, receiving a new participant, the accession of the part of the profit) is allowed only in cases and procedure provided for in current legislation and constituent documents.

Short-term liabilities - the amount of enterprise's debt to various legal entities and individuals, each of these debts should be repaid during a period not exceeding one year. TO short-term obligations relate:

- the debt of the enterprise before the budget extrabudgetary funds;

- the debt of the enterprise for the calculation with employees of the enterprise;

- Short-term loans and loans of the enterprise.

Long-term liabilities are borrowed capitaland the company. A distinctive feature The borrowed capital is that it is transmitted to the enterprise for a relatively long time and must be returned to the capital owner at a time or in parts with the payment of a fixed pre-agreed percentage.

Proving and developing each

position, do not miss sight

main thoughts, use

every case to

remind her.

P. Sergeich

The global financial crisis clearly showed that Russia is undoubtedly integrated into the global business community. Today we are faced with all the problems and the consequences of this crisis.

The whole mechanism of state legislative and executive power leads a merciless war to optimize the consequences of the global financial crisis. Undoubtedly, this is necessary and important, but I wanted, in addition to anti-crisis measures, see real solutions and actions, effective activities using a wide arsenal of methods, mechanisms, tools and procedures. Based on the historical features of Russia, the global financial crisis in our country manifests itself as a socio-economic crisis with all the consequences of this.

The functioning of the NPB has an impact whole line Factors of financial, economic, organizational and technological, social characterbut despite this, such enterprises act as independent subjects Market.

NPB is planning a strategy and tactics of behavior in a market environment, formulating for itself goals and objectives, seeking financial resources, developing production programs, solving organizational matters, management issues, etc. Independence of the NPB in the organization and conducting on the enterprise of its own production and economic activity is one of the components of the formation sources current means. Rational organization The formation of working capital has a great influence on their turnover and efficiency of use. The implementation of the financial policy of the enterprise against the sources of the formation of working capital directly affects financial condition NPB. Sources of formation of working capital and directly their volume significantly affect the level of efficiency of the use of working capital, namely:

1. Excess current funds show that the company has free funds that do not participate in production and economic activity, and, accordingly, do not income.

2. The deficit of working capital shows that the lack of funds inhibits production and economic activities, which ultimately slows down the rate of economic turnover of the enterprise.

The services of the service market (works) of the NPB is constantly changing, in accordance with the needs of the enterprise in working capital are unstable. Therefore, the main task when managing the process of formation of working capital is to ensure the effectiveness of the formation sources.

Sources of working capital formation are:

Own funds of the enterprise;
- funds equated to their own means of the enterprise;
- borrowed funds;
- involved funds.
Consider the content of each of these sources of formation of working capital.

The formation of working capital begins at the time of creation of an enterprise, in the formation of its authorized capital. The source of formation is the investment funds of the founders of the enterprise.

Source of formation of own funds

In the process of operation, the needs of the enterprise in working capital is partially covered at the expense of its own sources:

Authorized capital;
- arrived.

As a rule, the minimum stable part of working capital is formed at the expense of its own sources. The presence of working capital allows the enterprise to maneuver freely, improve the effectiveness and sustainability of its activities.

Authorized capital It is a combination of deposits (calculated in monetary terms) of founders when creating an enterprise to ensure its activities in size defined by constituent documents.

Profit - It is a net profit (or part of it), not distributed in the form of dividends between the founders and not used for other purposes. Typically, these funds are used to accumulate the property of the economic entity or replenishment of its working capital in the form of free monetary sums, at any time ready for a new turnover.

The source of the formation of funds equated to its own means

To the means equivalent to their own, belong:

Extra capital;
- Reserve capital;
- fund accumulation;
- Fund for targeted financing;
- Sustainable liabilities.

Extra capital Shows the increase in the value of the property as a result of the revaluation of fixed assets. Expose capital can be used to increase the authorized capital, repayment of the balance loss for reporting year, as well as distributed among the founders of the enterprise. The procedure for the use of additional capital is determined by the owners in accordance with the constituent documents when considering the results of the reporting year.

Reserve capital - These are funds that go to the coverage of common balance losses in the absence of other possibilities of their compensation. The amount of reserve capital, the size of mandatory deductions to it from net profit Defined by the current legislation and the charter of the Company.

The formation of other funds, in particular the accumulation fund (the amount of deductions, the procedure for use) must be provided in the Charter or accounting policies Enterprises.

Fund for targeted financing - These are funds coming from other organizations and persons intended for the implementation of targeted activities.

Sustainable liabilities - Some resources that do not belong to the enterprise, but constantly due to the conditions of settlements are in its turnover. Such means serve as a source of working capital in the amount of their minimal residue. These include:

Minimum debt on wages to employees of the enterprise;
- minimum debt on social benefits (Unified social tax);
- minimum tax debt and fees;
- the minimum balance of the reserve of the upcoming expenses;
- Minimum debt on advances to customers.

Minimal debt employees of the enterprise on accrued wages arise due to the fact that there is a break in time between accrual wages And her payment. The size of this debt over the month is constantly changing, but at each enterprise the amount is formed below which the debt is not reduced. The amount of minimum debt depends on the wage fund and installed deadlines Its payments to employees of the enterprise.

The calculation is made by the formula:

S \u003d (FZP x D) / h,

H is the minimum debt on the accrued wage;
FZP is a planned wage fund for the estimated period;

The minimum debt on social benefits is calculated by the formulas:

1 . CH \u003d PSO x d / h,

where
CH - minimal debt on expulsions on social needs;
PSO - the planned amount of deductions;
D - the number of days from the beginning of the month to the day of the payroll in the final calculation;
H - the number of days in estimated period.

2 . CH \u003d s x PSO (%),

where
PSO (%) is the percentage of social benefits.

Minimum tax debt and fees is the amount of balance separate taxes and the fees paid by the enterprise:

Income tax;
- VAT, etc.

The value of sustainable liabilities is carried out for each specific tax and determined by the formula:

H \u003d VN X (PV / D),

N is the value of sustainable liabilities;
VN - the value of the tax in this period;
PV is the frequency of payments of this tax in days;
D - the duration of the period in the days.

The minimum balance of the reserve of the upcoming costs is determined depending on the nature of the reserves created at the enterprise, for example, the creation of a reserve for the upcoming payment of employee vacations. The size of a sustainable reserve residue should be determined in the sum of the minimum balance according to the reporting data for the last 12 (twelve) months preceding the estimated period, taking into account the change in the settlement period of the wage Fund.

Minimum debt on advances to customers. In the process of work, the NPB is used in settlements with buyers and customers a system of advance payments. The minimum debt on the advances in customers is calculated on the basis of the minimum balance of reporting data for the year, taking into account the planned increase in the amount of services (works).

Market conjuncture, the state of settlements with counterparties is constantly changing, so it is almost impossible to cover the needs of the enterprise in working capital only at the expense of its own and equivalent sources. Under these conditions, it is important to ensure the effectiveness of attracting borrowed funds.

Source of the formation of borrowed funds

When to cover the needs of the enterprise in working capital in own funds is not possible, the financial support of production and economic activities is carried out at the expense borrowed sources:

- bank loans;
- commercial loans;
- loans;
- investment tax credit;
- deferred tax liabilities.

Borrowed funds are financial instrumentsWith the help of which temporary additional need for working capital is satisfied.

Bank loans are provided in the form of long-term and short-term loans. Appointment of bank loans - financing costs related to the acquisition of basic and current assets, as well as financing the seasonal needs of the enterprise, temporary replenishment of the lack of their own working capital, the implementation of settlements and tax payments.

Currently, bank lending is one of the most common sources of financing the activities of the enterprise. Obtaining a bank loan mainly depends on the correctness of the substantiation by the enterprise-borrower the need to obtain a loan. Bank lending It is mainly carried out to finance current financial and investment activities.

Commercial loans - a source of funding for working capital, may be decorated in the form of loans, promotional and advance payments.

Investment tax credit - Credit provided by the enterprise state poweris a temporary deferment of the tax payments of the enterprise.

Delayed tax obligation - Part of the deferred income tax, which should lead to an increase in the income tax payable to the budget in the following reporting or subsequent reporting periods.

Source of the formation of raised funds

The source of the formation of attracted funds includes:

- investment contributions of employees of the enterprise;
- attracted sources, accounts payable.

Investment fee (contribution) employees - the monetary fee of the employee in development economic Subject under a certain percentage.

Attracted means in the form accounts payable provided by the enterprise in temporary use by suppliers and contractors.

Each enterprise in the process of its formation and development should determine which volume of equity should be invested in turnover. And for this permanent basis at each enterprise it is necessary to conduct the financial analysis. In the process of analyzing the sources of working capital formation, it is necessary to assess the needs of the enterprise in working capital and compare it with the value of the existing financial sources. Analysis of the sources of working capital formation should include not only the assessment of their dynamics, but also the structures (types of sources), with detail internal structure Separate sources. The feasibility of attracting one or another financial source must be compared with the indicators of profitability of investments of this type and cost this source. The need for an enterprise in own and attracted means is an object of planning, respectively, decision making this issue It has a direct impact on the financial condition and the possibility of the survival of the enterprise.

Domestic sources of financing of the enterprise is its own funds: profit and depreciation deductions. Internal and external sources of financing enterprises have their own characteristics. Thus, the use for the development of their own resources allows the management of the enterprise to maintain independence in production activities, to quickly make decisions and not carry the cost of returning funds.

However, quite often own funds of the enterprise can not cover the entire financing need, and then attracting external sources It is the only opportunity to develop the company.

The separation of external sources of funding for borrowed and attracted capital is also not done by chance: the attracted capital is, as a rule, investments, the return of which should occur only by implementing a specific business idea, which they have been attracted, and their use is under the control of investing Structures.

To cover the need for basic and current foundations In some cases, the organization becomes necessary to attract borrowed capital. Such a need may arise from reasons independent of organizations. They may be the option of partners, emergency circumstances, reconstruction and technical re-equipment of production, the lack of sufficient starting capital, the presence of seasonality in the production, workpieces, processing, supplying and marketing products and other reasons.

Thus, borrowed capital, borrowed funds Etreatments for financing the development of the organization on a returnable basis, cash and other property. The main types of borrowed capital are: a bank loan, financial leasing, trade (commercial) loan, bond emissions and others. The question of how to finance certain assets of the organization - due to short-term or long-term capital It must be discussed in each particular case. The effectiveness of the investment of borrowed capital is determined by the degree of return of the main or working capital.

On a constant search for new sources financial resources Organizations Powers the reproduction process. Reproduction has two forms:

1) simple reproduction, when the costs of reimbursement of the depreciation of fixed assets correspond to the amount of accrued depreciation;

2) Extended reproduction, when the costs of reimbursement of fixed assets exceed the amount of accrued depreciation.

IN modern conditions There are situations when depreciation deductions It happens enough for extended reproduction of fixed assets.

It is most characteristic of this manifests when the structure of fixed assets is present certain share Computer and organizational equipment. This is due to a constant decline of several times of prices for this technique and with the simultaneous increase in its performance.

Costs of capital reproduction of fixed assets are long-term and are carried out in the form of long-term investments ( capital investments) on new construction, expansion and reconstruction of production, technical re-equipment and support for the capacity of existing organizations.

The sources of own funds of the Organization to finance the reproduction of fixed assets include:

Depreciation deductions;

Wear intangible assets;

Profit remaining at the disposal of the organization;

Budget target allocations;

Means from share emissions.

The plan of accounting accounts does not provide for the creation of a special depreciation fund. The depreciation funds are the first source of own funds of the enterprise, they come as part of revenue from the implementation of the enterprise's current account, and directly from the current account pays for all costs in various directions of capital investments. The actual amounts of depreciation contributions, getting along with the revenue from the implementation of the organization's current account, are included in its working capital and begin an independent movement, out of connection with the amortized property. They can remain free, to be directed to capital investments or invested in other types of working capital. However, the fact that in the circuit of means of organization sources of funds practically do not differ, does not mean that the nature of the formation of these funds does not affect the speed and efficiency of their use. The sufficiency of sources of funds for the reproduction of fixed capital (as well as turnover) is crucial for the financial condition of the enterprise. Important role As part of internal sources of funding, depreciations are played, which are monetary expression The value of the depreciation of fixed assets and intangible assets and are an internal source of financing both simple and expanded reproduction. Objects for depreciation are facilities of fixed assets on ownership economic administration and operational exercise. Depreciation on the facilities of fixed assets, leased, is made by the landlord with the exception of depreciation on property produced by the tenant, under the lease agreement. The accrual of depreciation on property under the lease agreement is carried out by the tenant in the manner adopted for fixed assets in the organization on ownership. Depreciation leasing property It is made by the lessor or lessee depending on the conditions of lease agreement. According to the facilities of fixed assets obtained under the contract of donation and free of charge in the process of privatization housing Fund Objects external improvement and similar objects forestry, road management and other objects depreciation is not accrued. The depreciation objects of fixed assets are not subject to depreciation, consumer properties which over time do not change, it land and environmental management objects. The second source of own funds of the organization to finance the reproduction of fixed assets is to wear intangible assets. Deposit on intangible assets is charged on the standards determined by the organization itself. The basis for calculating the norms takes the initial cost and the planned service life of intangible assets. Actual amount Wear enters the organization's current account along with the revenue from the sale of products (works, services) and is in circulation.

The third source of the organization's own funds to finance the reproduction of fixed assets is the profit remaining at the disposal of the enterprise. The use of net profit of the enterprise is determined in their financial plans Alone.

The fourth source of the organization's own funds to finance the reproduction of fixed assets are budget target allocations. If the organization performs the target government orderwhich is provided in the state development budget, then the latter allocates enterprise targeted financing.

External sources of financing of reproduction of fixed assets include:

Bank loans;

Borrowed funds (bond loans) of other organizations;

Funding from the budget on a refundable basis;

Funding out extrabudgetary funds on a return basis.

Bank loans are provided by organizations on the basis of loan agreementThe loan is provided on the terms of payability, urgency, refundable: guarantees, security deposit, the key to other assets of the organization.

Many organizations, regardless of the ownership form, are created with very limited capital. It practically does not allow them to full To carry out statutory activities at the expense of own funds and leads to the involvement of significant credit resources in circulation.

Not only large investment projects are credited, but also costs of current activities: reconstruction, expansion, reproduction of industries, redemption by a leased property team and other activities.

The source of funding for the reproduction of fixed assets is also borrowed funds of other organizations that are provided by the Organization on compensation or frequently used with strategic interest. Loans organizations can also be provided with individual investors (individuals).

Other sources of financing of reproduction of fixed assets are budgetary appropriations on a returnable basis from state and local budgets, as well as from industry and inter-sectoral trust funds.

The question of the choice of sources of financing of capital investments should be solved with the registration of such factors as the cost of attracted capital; efficiency of return on it; the ratio of its own and borrowed capital, which determines the financial condition of the organization; the risk of various sources of financing; Economic interests of investors and ledents.

The market situation is constantly changing, so the needs of the organization in working capital are not stable. The structure of sources of working capital is also covered by its own and borrowed. As a rule, the minimum need for organization in working capital is covered at the expense of own sources, namely, retained profits, authorized capital, reserve capital and targeted financing. However, by virtue of a number of objective reasons (Inflation, production growth, delays in paying for customers accounts, etc.) The organization has temporary additional needs for working capital, as well as in the main. In these cases, financial support for economic activities is accompanied by the involvement of borrowed sources: banking and commercial loans, loans, investment tax credit, investment contribution of employees of the organization, bond loans. Thus, any organization has the ability to form financial resources both at the expense of internal and external sources. Of course, it is more expedient to use for the organization itself internal sources and do not depend on anyone, but a modern highly competitive market is forced to improve economic entities manufacturing processIt requires constant infusion of financial resources with the limitedness of its own sources. Output one - attracting them from the outside in the form of short-term and long-term loans of banks, temporary use moneyintended for calculation with creditors, including with the budget and the like. But at the same time, the management of the organization should control the relationship between the internal and external sources of financial resources. Excessive use external sources indicate the full financial dependence of the organization from unauthorized persons, and the predominance of own - about ineffective financial Policy And about the lack of investment projects, which in the future can lead to an obsolesis of production technology and to fall in demand for the goods manufactured.

Comparison various methods financing allows the enterprise to choose the most optimal option financial support Operational activities and capital expenditures. It should also be noted that the development of the long-term loan market in Ukraine is possible only subject to stabilization. business system. Overcoming the decline in production, reducing inflation growth rates (up to 3-5% per year), reducing the accounting rate bank interest up to 15-20% per annum, liquidation of significant budget deficit. Only in terms of investment activities, long-term loans in the main funds of enterprises can pay off in the deadlines established by projects due to the cash flows generated by them (in the form of net profit and depreciation deductions). An important role in B. state support The enterprises should play a budget of development, formed in accordance with the Law of Ukraine "On the State Budget of Ukraine" for the relevant year. In capital expenditures this budget Development budget is formed and used for lending, investment and warranty security Investment projects. Development budget funds are accumulated on special accounts of bodies of the Main Directorate of the State Treasury of the Ministry of Finance of Ukraine and in institutions National Bank Ukraine.

The company's own financial resources are limited by the authorized capital, profit less taxes and share issues. However, the needs of the company in financial means may be more. Then you have to go to the debt financial sources. Along with loans, these sources include bonds, leasing and factoring. Anyone entity or individualSupposing a company debt financial resources is a lender. Firming financing is always risky. Often, the company may not have a sufficient amount of free funds for buying equipment, get a loan to for a long time Very difficult and expensive. As a result, the process of updating the outdated fleet of equipment is inhibited. The output of the situation could be the development of leasing. As shown world practice, leasing promotes rapid shift technological equipment, stimulates production new technique. As a result, production based on advanced achievements of science and technology is activated. The property in leasing is not reflected in the balance of the company-user, since the right of ownership is preserved for the landlord, that is, leasing does not lose assets. In addition rent Fully refers to production costs, reducing the taxable profits. Thus, the financial resources of the enterprise that uses leasing becomes more flexible, and technical update accelerates. The main types of leasing is financial (overhaul), operational (service) and return. financial leasing - The lease form, providing for the payment of tenants during the term of the leasing agreement of the amounts covering the full cost of depreciation of equipment, as well as the profit of the landlord. The company-tenant is negotiating with the leasing company and the manufacturing company, but the contract signs the leasing company. Operational leasing is a lease form, the period of which is shorter than the depreciation period of the equipment, that is, the payments of the tenant do not cover full value equipment. The landlord provides for the further either extension of leasing period, or the sale of leased equipment for residual valueor the sale of equipment to third parties. In addition to the delivery of equipment in leasing, the landlord has a tenant various services: maintenance and repair of equipment, training of customer specialists, etc. Distinctive trait Service leasing is the possibility of inclusion in the contract Conditions on the right of the tenant ahead of schedule to stop renting and return the equipment to the landlord. Returnable leasing - a lease form, according to the owner of the land, buildings or equipment sells its leasing company with the simultaneous registration of the Agreement on long-term lease Former ownership of leasing conditions. If an enterprise is experiencing serious financial difficulties, a return leasing can give the last possibility to protect the enterprise from bankruptcy. Leasing is beneficial because rental plates as a form operating expenses Fully removed from taxation. This allows the lessee to pay for the use of equipment from the current, free from taxes of income by incorporating rental payments in the cost price.

Leasing is particularly beneficial if, when buying equipment, the recipient is deprived of the opportunity to use the investment tax credit or accelerated depreciation. In the case of full taxes, leasing is less attractive than buying. Additional operational financing of the company may be factoring, or discounted, based on discounting accounts receivable. Factoring allows the firm to quickly balance its financial needs with opportunities. According to our legislation, factoring services are included in the cost of production, which makes it an attractive source of financing for some enterprises.

Thus, in a market economy, a variety of attracted sources of financing of the company increases. The firm, depending on its position, can choose the most suitable one.

Budget allocations (from lat. Assignare - to allocate, appoint) -creation (subsidies) from budgets different levels (federal, regional and local), which relate to the means provided by free and irretrievable basis.

The need for implementation budget allocations Objectively due to the presence of such areas of the activities and branches of social production, which are of national importance, but are not cost-effective, unspeculent, often unreal for a private investor due to high capital intensity and material consumption, high risk levels and largely distant in the time of time, or absence This effect.

At the expense of budget allocations, the main objects of social and industrial infrastructure are funded, new progressive developing industries that determine scientific and technical progress and contributing to structural changes in the economy, etc. Such participation of the state in financing investment activity allows proportionally and coordinated to develop the country's economy in various directions and aspects (regional, sectoral, scientific and technical, social, reproductive, etc.) and on this basis to solve various tasks that facing state authorities The authorities of various levels. Thus, budget allocations are effective tool financial and economic and social policy state. They speak an important factor development of social production and social sphere, affecting market conditions, ensuring economic growth.

Terms of providing budget allocations for state financing Investment projects predetermine the implementation of the next algorithm.

When making financing capital investments at the expense of budget allocations - funds federal budget On an irrevocative basis - enterprises-developers are submitted to those serving them banks and in the relevant territorial bodies Federal Treasury The following documents:

Title lists of newly started buildings and objects with the distribution of capital investments by year;

Refined volumes of capital investments and construction and installation work for the relevant year of transbroception;

General Contracts (contracts of contracts) on construction of enterprises, objects for the entire construction period, indicating the form of calculations with contractors for the work performed;

Calculations estimate cost construction;

Conclusions of state private technical and economic expertise and environmental expertise Design and estimate documentation for each investment project.

22 Foreign investment

foreign investments are an additional source of capital, significantly increasing the resources of the country to update and expand the fixed capital, the implementation of the investment policy, which ensures the rise and development of the national economy, the market saturation by competitive goods and services;

serve as a source of funds for the introduction of progressive technologies, know-how, modern methods management and marketing;

foreign investments are often accompanied by training personnel, effectively using new technologies, market mechanisms, developing international experience;

foreign investments encourage to master and consolidate the experience of functioning market economy, Mastering the rules inherent in her. The convergence of the conditions for the functioning of capital with generally accepted in the world contributes to the influx of AI, it gives rise to an investor confidence in the return of investment with sufficient profitability and at the same time accelerates the process of forming a favorable investment climate, both for domestic and foreign investors;

flow foreign investment contributes to the development of effective integration processes, the inclusion of the national economy in world economy It favors and contributes to the skillful use of the advantages of international division of labor, globalization, finding and mastering effective niches in the system of world economy. In contrast to loans and loans, foreign investments do not increase external debt of the country, on the contrary, contribute to obtaining funds for its repayment.

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Home\u003e Essay\u003e Banking

Introduction 2.

1. The financing of financing of capital investments 3

1.1. Invalous, attracted and borrowed funds. Structure of sources of investment 4

1.2. Capital investment sources of financing 5

1.2.1.SoFinance 5.

1.2.2. Attached investment resources 9

1.2.3. Replaceable sources of financing 12

1.3.Beques and difficulties of forming sources of investment 18

1.4. The modern state of investment activity in Russia 23

Conclusion 26.

List of used literature: 27

Introduction

The topic of the course work sources of financing capital investments. In general, in line with the Federal Law of the Russian Federation of December 25, 1999. "On investment activities in the Russian Federation carried out in the form of capital investments", investmentsare: cash, securities, other property, incl. Property rights that have a monetary estimate invested in the objects of entrepreneurial and (or) other activities in order to profit and (or) achieve a different useful effect. Simply put, investments - It is long-term investments of capital in various sectors of the economy in order to preserve it and increase. Distinguish real (capital-forming) investments - investment in the creation of new, reconstruction or technical re-equipment of existing enterprises, industries and financial (Portfolio investments in the purchase of shares and securities of states, other enterprises, investment funds).

In this term paper Personal real investments and their sources will be considered. Capital investments make up the predominant part of all means that ensure simple and expanded reproduction of fixed assets. These include all capital expenditures and reimbursement of the depreciation of fixed assets, including the costs of major overhaul and modernization of fixed assets.

The purpose of the work is to generalize and structuring theoretical knowledge on the topic of the course project, as well as an assessment of the current state of investment activity in Russia. The second part presents a decision of a practical task in which it is necessary to substantiate the decision to work on the project expansion or refusing it, by calculating and analyzing the corresponding indicators of investment assessment.

Sources of financing capital investments

1. Own, attracted and borrowed funds. Structure of sources of investment

The structure of the sources of investment is presented in Fig. 1.1.

Fig. 1.1 Structure of sources of investment

TO own Sources of investment include:

depreciation deductions;

deductions from profits for investment needs;

amounts paid by insurance companies and institutions in the form of damage to the damage from natural and other disasters, and so para;

other types of assets (fixed assets, land, industrial ownership in the form of patents, software products, trademarks etc.).

Part attracted funds include:

funds received as a result of the issuance of the company and the sale of shares;

funds allocated by higher holding and joint-stock companies, industrial and financial groups on an irrevocative basis;

allocations from federal, regional and local budgets, different foundations Entrepreneurship support provided free of charge;

charitable and other similar contributions.

TO borrow sources of investment include:

foreign investments provided in the form of financial or other material and non-material participation in the authorized capital of joint ventures, as well as in the form of direct investment (in cash) international organizations and financial institutions, states, enterprises and organizations of various forms of ownership and individuals;

various forms of borrowed funds, including loans provided by the state and funds for the support of entrepreneurship on a refundable basis (including preferential conditions), bank loans and other institutional investors (investment funds and companies, insurance companies, pension funds), other enterprises, bills and other means;

bond emissions;

Features of sources of financing capital investments

1. Self-financing

Self-financing is a prerequisite for the successful economic activity of enterprises in a market economy. This principle is based on full payback of the cost of production of products and the expansion of the production and technical base of the enterprise, it means that each enterprise covers its current and capital costs at the expense of its own sources.

The meaning of investing funds in the production of products is to obtain a net income, and if the revenue exceeds the cost, the enterprise receives it in the form of profit. Profit and depreciation are the result of a circuit of funds invested in production, and refer to their own financial resources of the enterprise, which they manage independently. The optimal use of depreciation and profits on the intended purpose allows to resume production on an extended basis. In fig. 1.2 Presented the structure of own sources of financing.

Internal sources of formation

own investment resources of the enterprise

Reinvested part of net profit

Depreciation deductions

Funds from selling out current assets

Immobilized in investment excessive amount Own current assets

Other internal sources

Fig. 1.2 Own sources of financing

Profit remaining at the disposal of the enterprise is a multi-purpose source of financing its needs, but the main directions of its use can be defined as accumulation and consumption. The proportions of the distribution of profits on accumulation and consumption determine the prospects for the development of the enterprise.

Target funds commonly created by the enterprise from retained net profit:

1. Foundation accumulation. This fund is a source of funds of the economic entity, accumulating profits and other sources for creating a new property, the acquisition of fixed assets, working capital, etc. The accumulation fund shows the growth of the property status of an economic entity, an increase in its own funds. At the same time, the acquisition and creation of a new property of the economic entity does not affect the accumulation fund.

2. Reserve Fund. The reserve fund is created by economic entities in case of termination of their activities to cover accounts payable. The formation of the Reserve Fund is mandatory for the joint-stock company, cooperative, enterprises with foreign investment. Executions B. reserve Fund And other funds similar to the appointment are made to achieve the size of these funds established by the constituent documents, but not more than 25% of the authorized capital, and for a joint stock company - at least 10%. At the same time, the amount of deductions into these funds should not exceed 50% of the taxable profits.

3. Foundation consumption is a source of funds of the economic entity reserved for the implementation of social development activities (except capital investments) and material incentive Team.

Appointment of depreciation deductions - ensure the reproduction of the main production facilities and intangible assets. Depreciation deductions are a sustainable source of financial resources. Depreciation deductions are made only to the total transfer of the balance value of funds to the cost of production (works, services) and the costs of circulation. Depreciations can be accrued to uniform or accelerated methods. In the Russian Federation, the uniform method of depreciation is mainly applied. With a uniform method, depreciation is charged according to uniform depreciation norms set as a percentage of the initial value of fixed assets. Depreciation standards can be adjusted depending on deviations from the regulatory conditions for the use of fixed assets. The magnitude of these coefficients is given in collections of depreciation norms.

In addition to profit and depreciation, their own sources of financing are commonly related to the mobilization of domestic resources (IMR). These include funds from the sale of departing equipment, unnecessary materials, tools, inventory, the elimination of temporary buildings and structures, the implementation of foreign mining (net of costs for their implementation).

In modern economic conditions, the distribution and use of depreciation and profits in enterprises is not always accompanied by the creation of separate cash funds. The depreciation fund as such is not formed, and the decision on the distribution of profits in the funds special purpose Left to the competence of the enterprise, but this does not change the essence of distribution processes reflecting the use of financial resources of the enterprise.

Since the finance of the enterprise as relations are part of economic relations arising in the process of economic activity, the principles of their organization are determined by the foundations of economic activities of enterprises. Based on this, the principles of organization of finance can be formulated as follows: independence in financial activities, self-financing, interest in financial and economic activity, responsibility for its results, control over the financial and economic activities of the enterprise.

1.2.2. Attracted investment resources

The funds raised the factory are characterized by the fact that, unlike internal sources, until their arrival on the enterprise, they do not carry his property title and demand from enterprises of certain efforts and costs for their involvement. However, as they arrive, they are part of their own capital of the enterprise and further use Denote as its own investment resources.

In fig. 1.3 presents the structure of these sources of financing capital investments.

Attracted investment resources

Emissions shares

Attracting additional mutual capital

Allocations from budgets of different levels on an irrevocable basis

Target allocations of non-state funds and institutions on an irrevocative basis

Other external sources

Fig. 1.3 Attracted funding funds

Among listed species These sources of investment resources forming the greatest role are played by the issue of shares (for joint-stock companies) or attracting additional mutual capital (for other types of societies). Irrevocable appropriations from budgets are used to finance investment activities mainly by state enterprises.

Property as a method for financing investments is commonly used to implement large-scale projects in sectoral or regional diversification of investment activities.

Joint-stock financing is usually alternative to credit financing. And although the use of an additional share emission as an alternative to a loan is associated with lower costs with a large amount of attracted funds, credit as a source of financing investment in practice is used more often. The reason is that with a frequency of application of shareholder financing, as a source of investment funding, a number of obstacles may arise that limit its application in practice:

Investment resources The joint-stock company receives only at the end of the placement of the issue of shares, and such accommodation, first, requires time, and secondly, the issue is not always postponed.

An ordinary share is not a debt, but the share of securities. So making a decision on additional emissions can lead to the erosion of proportional shares of the participation of previous shareholders in the authorized capital and reducing the income of the previous shareholders. This is due to the fact that additional issuance of ordinary shares leads to an increase in the authorized capital, which in turn can increase the number of shareholders and reduce the amount of dividend per share. Such a perspective causes concerns among previous shareholders, which is expressed on the sale of shares, in order to avoid such a situation in the company's charter, a preferential right to buy "new" shares by "old" shareholders may be provided.

However, incorporation as a source of investment financing has a number of advantages:

with large volumes of emissions low price attracted funds;

payments for the use of brisk resources are not unconditional in nature, and paid depending on financial result joint stock company;

the use of attracted investment resources is not limited to timing.

The disadvantage of this source is that for mature, long-working enterprises, the new issue of shares is regarded by investors usually as a negative signal, which in turn may adversely affect the course of the company's shares.

Although all of the features described above indicate the preferred application of credit financing, these advantages make an incorporation possible for use in practice.

You can select the following reasons or types of share emissions:

to increase the authorized capital of the Issuer

to change the structure of its share capital

to mobilize resources for investment or replenishment of working capital

to repay the issuer's payables.

These types of emissions are the most common and sketchy. In practice, their combinations are most often implemented, since it is usually necessary to solve several tasks, for example, mobilize funds, change the structure of share capital, and partially repay payables.

Borrowed sources of financing

In fig. 1.4 depicts the structure of borrowed sources of financing capital investments.

Sources of formation of borrowed investment resources

Loans of banks and other institutional investors

Foreign investment

State Business support and loans for entrepreneurship support

Bond loan (bond emissions)

Other external sources

Fig. 1.4 borrowed sources of financing

Under loan It is understood as a loan in monetary or commodity form on the terms of repayment and usually with the percentage payment. Credits used to finance investments are grouped on a variety of features, the classification of which is given in Table 1.1.

Table 1.1.

Classification of loans

Bank lending It has a number of features: these are the conditions of repayment, the payability, urgency of the loan its target, as well as the availability or guarantees.

Credits as sources of financing investment projects have both positive and negative sides:

Positive:

High volume of possible involvement;

Significant external control over the effectiveness of their use.

Negative:

The complexity of attracting and designing, the need to provide appropriate guarantees or property pledge;

Increased risk of bankruptcy due to the late repayment of the received loans and losses of the part of the profits from investment activities due to the need to pay loan interest.

Tax loan as a source of financing of real investment. In accordance with part of the first Tax Code of the Russian Federation, the enterprise for financing investment activities can use an investment tax credit that provides a deferment of tax payments. This loan is provided on the terms of repayment and payability. The term of its provision is from one to five years, interest for its use is set at a rate of at least 50% and not more than 75% of the refinancing rate of the Central Bank of the Russian Federation.

Investment tax credit can be provided for the income tax (income) of the organization, as well as on regional and local taxes. In accordance with Article 67 of the Tax Code of the Russian Federation, the investment tax loan is provided by the taxpayer organization for:

a) conducting research and experienced constructive works or technical re-equipment of its own production, including aimed at creating jobs for disabled or protection ambient from contamination by industrial waste

b) exercising an organization of innovative or innovation activities

c) the organization of a particularly important order on the socio-economic development of the region or the provision of important services population.

Very popular uses and foreign capital. Enterprises of our country attract foreign capital, mainly the form of direct and portfolio investment in the form of loan investment and by placing bond loans on international market capital.

Direct investments, according to the methodology of the State Statistics Committee, include investments of legal or individuals fully owned by enterprise or controlling at least 10% of the authorized capital of the enterprise. Foreign foreign investments (FDI) are considered the most sustainable fluctuations in financial markets, most attractive to ensure economic growth.

Direct investment is divided into two groups:

1) capital transcontinental investments due to the possible best conditions of the market, that is, when it is possible to supply goods from a new manufacturing complex directly to the market of this country (continent);

2) Transnational investments are direct investments, often in a neighboring country.

Features characteristic of direct investment:

with direct overseas investments, investors are usually deprived of the possibilities of fast care from the market;

greater risk and a large amount than in portfolio investments;

more high time Investments, they are more preferable for foreign capital importing countries.

Direct foreign investments are sent to host countries in two ways: the organization of new enterprises or buying (absorption) of existing companies.

The main methods of attracting foreign direct investments in the Russian economy are:

attracting foreign capital in business uniforms by creating joint ventures (including by selling foreign investors of major stakes in Russian joint-stock companies);

registration on the territory Russia enterprisesfully owned by foreign capital;

attracting foreign capital based on concessions or product sharing agreements;

creating free economic zones (FEZ) aimed at the active attraction of foreign investors in certain regions of the country.

State financing of investment Russia can be carried out in such forms as:

financial support for highly efficient investment projects;

financing within the framework of targeted programs;

financing projects within the framework of state external borrowing.

Financial support for highly efficient investment projects. This form of state financing is carried out at the expense of the federal budget. A fundamentally new feature of the investment policy of the state of recent times is the transition from the distribution of budget allocations for capital investments between sectors to electively financing specific investment projects on a competitive basis. The main requirements for projects are: the direction of projects for the development of the economy, the participation of the investor should not be less than 20% and payback period as a rule should not exceed two years. State support for the implementation of the project selection of projects can be carried out: a) at the expense of the federal budget allocated on a returnable basis, or on the conditions of consolidation of the ownership of the ownership of shares created by joint-stock companies; b) by providing state guarantees to reimburse the part of the investor invested by the investor in the event of a breakdown of the investment project, not the fault of the investor;

Financing within the framework of targeted programs.Federal target programs and interstate target programs, in the implementation of which the Russian Federation participates, are an effective tool for financing investment projects.

Financing projects within the framework of state external borrowing.The state external borrowings of the Russian Federation are attracted from foreign sources (foreign countries, their legal entities and international organizations) loans (loans), which arise the state financial obligations of the Russian Federation as a borrower of funds or the guarantor of the repayment of such loans (loans) by other borrowers. State external borrowing of Russia form its state foreign debt.

Leasing - The form of credit and financial relations, consisting of long-term rental by industrial, transport and other enterprises of machinery and equipment or in enterprises producing them, or in specially created lease companies. IN lessing deal In addition to these Parties, insurance companies are also involved, commercial or investment banks that can mobilize the funds necessary for this to finance operations.

The leased object can be any movable and immovable property related to the current classification to fixed assets, except for the property prohibited for free access on the market.

The advantages of leasing compared to other methods of investment are that the entrepreneur can start its work, having only part (approximately one third of the funds) necessary for the purchase of premises and equipment. Enterprises are not provided with cash, control over which is not always possible, and directly the means of the production necessary for the update and expansion of the production unit.

A great interest in leasing is the representatives of small businesses, which, without having sufficient funds and without resorting to attracting loans, can, in this case, use new progressive equipment and technologies in production.

In order to stimulate the process of creating and developing leases in Russia, the federal government has established a number of benefits for leasing activities.

Bond loan As a form of credit financing of investments is an external borrowing based on the emission of bonds. Bond is a security certifying the right of its owner in reimbursement due to the term of the nominal value of this security with a fixed percentage payment or without paying a percentage (discount bonds). In Russian practice, only joint-stock companies can be resorted to bond loans as sources of financing of investments, and business reputation Do not appeal for any doubt.

Problems and difficulties of forming sources of investment

Before talking about the difficulties associated with the formation of sources of financing of capital investments, it is necessary to indicate a number of features of real investment:

1. Real investment is main form Implementation of the strategy of economic development of the enterprise.

The main purpose of this development is ensured by the implementation of highly efficient real investment projects, and the process of strategic development of an enterprise is nothing but a set of investment projects implemented in the time. It is this form of investment that allows the enterprise to successfully penetrate new commodity and regional markets, to ensure permanent increase in its market value.

2. Real investment is in close relationship with the operating activities of the enterprise

The tasks of increasing the volume of production and sales, expanding the range of products manufactured and improving their quality, reducing the current operating costs are solved, as a rule, as a result of real investment. In turn, the parameters of the future operational process implemented by the enterprise of real investment projects, the potential of increasing the volume of its operating activities are largely dependent.

3. Real investments provide how to instill, a higher level of profitability in comparison with financial investments.

This ability to generate a large profit rate is one of the motives for entrepreneurship in the real sector of the economy.

4. Real investments provided by the enterprise net cash flow

This clean cash flow It is formed at the expense of depreciation deductions from fixed assets and intangible assets, even in those periods, when the operation of implemented investment projects do not bring profit to the enterprise.

5. Real investments are susceptible to high risk of moral aging.

This risk accompanies investment activity both at the implementation stage of real investment projects and at the stage of post-testing operation. The rapid technological progress has formed a tendency to increase the level of this risk in the real investment process.

6. Real investments have a high degree of anti-inflexive protection

Experience shows that in the conditions of the inflationary economy, the growth rates for many real investment facilities not only correspond, but many cases even overtake the growth rates of inflation, implementing the attachment inflationary demand of entrepreneurs on materialized entrepreneurial objects.

7. Real investments are the least liquid

This is due to the narrow-purpose orientation of the majority of the forms of these investments, which practically do not have alternative economic use in the incomplete form.

The initial stage in the formation of investment resources is to determine their total volume for investment activities, this is the first difficulty in this process.

The insufficient amount of investment resources is extended by the period of introduction investment project. At the same time, overweight formed investment resources leads to their subsequent inefficient use. In connection with the above, the definition of the overall need for investment resources is optimized, that is, this process is the calculation of the actual necessary amount of financial resources that can be used on initial stage investment project.

Optimization of the overall need for investment resources is achieved by various methods, the main ones are: a balance sheet method, the method of analogy and the method of specific capital intensity.

After the amount of necessary investment resources is determined, it is imperative to evaluate all possible sources of formation of these resources, this is the second difficulty. The following factors play an important role:

Organizational and legal form (for the newly created) enterprise. This factor determines first of all the form of attracting its own investment capital by direct investor investments in charter capital Or his attraction of an open or closed subscription per shares.

Sectoral features of the operating activities of the enterprise. The nature of these features determines the structure of the company's assets, their liquidity. Enterprises with high levels of product production due to the high proportion of non-current assets usually have a low credit rating and are forced to navigate in the formation of investment resources on own sources their involvement. Also industry features Determine the duration of the operational cycle than it is lower, the more to the extent can be used borrowed investment resources attracted from different sources.

Cost of capital attracted from various sources. In general, the cost of borrowed capital attracted from various sources is usually lower than the cost of equity. However, in the context of individual sources of attracting borrowed investment resources, the cost of capital fluctuates significantly depending on the expected rating of the company's creditworthiness, the form of a loan and a number of other conditions.

Freedom to choose sources of financing.Not all of the sources discussed early, are available for individual enterprises. So, only certain most significant national and utilities can be calculated on the means of state and local budgets. The same applies to the possibilities of obtaining the enterprise of targeted preferential state loans, free financing of enterprises from non-state financial Funds and institutes.

Capital market conjuncture. Depending on the state of this situation, the cost of borrowed capital attracted from various sources increases or decreases.

Level of taxation profits. In conditions low rates income tax or applied created by the enterprise Tax benefits on profits, the difference in the value of its own and borrowed capital attracted on investment purposes is reduced. At the highest income tax rate, the efficiency of using borrowed sources increases.

Measure taken by the founders of risk in the formation of investment resources. Rejection high levels risks forms a conservative approach of founders to financing of the companyin which its basis is its own capital. Conversely, with an aggressive approach, borrowed capital is used as much as possible, despite high risks.

The specified level of concentration of equity to ensure the required level of financial control. This factor is usually determined by the proportions of the formation of equity in joint Stock Company. It characterizes the proportions in the amount of subscriptions for shares acquired by its founders and other investors (shareholders).

Accounting for listed factors allows targeting the financing scheme and the structure of sources of financing capital investments.

If a rich technique and the practice of implementing real investment financing is accumulated abroad, these mechanisms in our country are still in its infancy. The reasons for that weak legislation, the underdevelopment of the banking system, the opaque nature of the work of centralized and decentralized funds. And the ill-fated corruption of power leads to the subjective distribution of investment resources.

The current state of investment activity in Russia

The development of the Russian economy largely depends on investment activity, this issue is constantly in the zone of special attention of state power, the Government of the Russian Federation.

For no first year, Russia's economy has been developing steadily, very decent pace. A practical confirmation of positive change has become the assignment of Russia an investment rating, such trends will be strengthened, and not only at the expense of strategic, but also at the expense of portfolio investors. Investment activity growth in Russia has contributed several circumstances, first of all - improvement and improvement of legislation.

In the Ministry of Economic Development Report for January-May of this year, it is said about the growth of investments in fixed assets for this period by 11.8%. One of the main reasons for such an impressive growth of investment activity was to improve the situation in the financial markets: money was noticeably cheaper. The decline in interest rates, both on the world and the Russian market, led to an expansion of the volume of funds involved in enterprises. Statistics indicate that investment activity has increased not only in commissions, but also in a number of processing industries, primarily adjacent to raw materials: metalworking and mechanical engineering. This is associated with the fact that export-raw material exports have become "flowing" and in other sectors of the economy. Negative dynamics of the dollar on the domestic currency market He caused the "dedollarization" of the domestic economy and, in general, to reduce the importation of foreign cash currency. More and more comes awareness that in rubles to keep more profitable. However, this trend may be short-term. Another thing is that neither ruble, nor foreign currency deposits give adequate protection against inflation, and in these conditions the population is definitely begins to look closely to the stock market. The increase in the number of PIF-OS indicates an increase in the interest of the population to this investment instrument. However, it is necessary to understand that the risks of investment in PIF-S and on a bank deposit are fundamentally different, so the PIF-s can not be called a full competitor bank deposits. But as an option to diversify the investment portfolio, they are definitely very attractive now.

Interesting results of the study of the customs market conducted by the Targo group, the leading Russian customs company specializing in the management of foreign direct investment in Russia, together with the CCC "Propaganda" the purpose of this study was not only to explore the factors of the formation of the customs market of Russia, to sum up some results New Customs Code, but also designate the prospects for the development of the market and investment

activity in Russia. In 2004, the growth of commodity investments in Russia amounted to 330% compared with 2003. Factors influencing the formation of the customs market of Russia, are called: the openness of the Russian economy and the role of its foreign trade turnover, the prospect of accession to the WTO, the growth of foreign direct investment, the emergence of diverse market entities, the development of competition, the availability of informal rules of the game and the norms of behavior in the market, the formation of a business - community and development of communications between business and government agencies.

The Targo Group, according to the results of the study, prepared a letter with proposals for further improvement of the customs system and stimulate investment activity in Russia and sent it to him by the President of the Government of the Russian Federation Mikhail Fradkov. The text of the letter formulated the main problems that impede direct investments in Russia. These are customs procedures that impede the growth of foreign direct investment: the need to ensure the payment of customs duties, taxes; The closed nature of the list of equipment belonging to the technological and payable from the payment of VAT. In addition, the letter states that there are also organizational, legal and psychological obstacles to the influx of foreign direct investment in Russia.

Summing up the above, you can note the following: Russia for further development and strengthening the growth of the economy, among other things, it is necessary to conduct full-scale accounting and analysis of all factors affecting the state of investment activity, and according to its results, adequate measures both in improving legislation and in expanding the participation of the state in the investment process.

Conclusion

In this course, the main sources of financing of capital investments, their features and possible difficulties associated with the investment process, as well as an assessment of the modern state of investment activity in Russia.

Summing up, we can say the following: Investments play an extremely important role in the country's economy. They need Russia as one of the most important components of the process of transitional market economy and the country's development as a whole, since production is in a distressed position, and a normal developed country should not live only by exporting raw materials, real investments are extremely important in all processing industries.

Much in the process of creating a favorable investment climate depends on the actions of the authorities (and all its branches), but it is also important that the funds of investors are sent not only in the industry with super-profits, but not so attractive, but the economy needs are necessary for society.

Assessing the current state of the investment climate, it should be noted positive trends in its dynamics, as well as the fact that the Russian market has ceased to shock aliens, and they are already with a greater hunt investigate their capital into our economy. The preservation of the current growth rates of the national product, simultaneously with the actions of the government, together with the Contrastration of Inflation, will strengthen the outlined trends of the "warming" of the country's investment climate.

List of references:

Abramov S.I. Investment. - M.: Infra-M, 2000;

Andrianov V.D. Russia: Economic and investment potential. - M.: Science, 1999;

I.A. Blank, "Basics of Investment Management" M., Nika Center, 2001;

Bocharov V.V., "Investments. Investment portfolio. Sources of financing. Choice of strategy ", S.-P.," Peter, 2003;

Zhdanov V.P. Organization and financing of investments. - M.: Science, 2000;

Kikotya I.I., "Financing and lending to investments", Minsk, "Ex-school", 2003;

Sergeev I.V, Vytennikova I.I., Yanovsky V.V., "Organization and Financing of Investments", M., "Finance and Statistics", 2003;

http://customs.net.ru/;

www. . FINAM.. ru.

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