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Finance and Statistics - Ковалева А.М.

8 INVESTMENT POLICY OF ENTERPRISES

8.1 PRINCIPLES OF IMPLEMENTATION OF INVESTMENT ACTIVITIES

The initial prerequisite for the formation of investment policy is the general strategy of financial management of the enterprise. Investment policy in relation to the strategy of financial management is subordinate in nature and must be agreed with it on the goals and stages of implementation.

The main condition for successful implementation of the company's investment policy at each stage is the availability of effective legislation and the state of the domestic economy, which largely determines the investment climate in the country.

Currently, the legal and economic bases for investment activity in the territory of the Russian Federation, as well as guarantees for equal protection of the rights, interests and property of investment activity subjects carried out in the form of capital investments, regardless of the form of ownership, are determined by the Federal Law "On Investment Activities in the Russian Federation, Implemented in the form of capital investments "of February 25, 1999 No. 39-F3.

When implementing investment policy, enterprises that are in difficult economic conditions, carry out their investment activities on certain principles, a single legal basis for investment activity, and have limited sources of financing. In investment activity, common terms and concepts common for all participants of the investment process are used.

INVESTMENTS are understood as money resources, target bank deposits, shares, shares and other securities, technologies, machinery, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values ​​invested in business objects And other types of activities in order to generate income (profit).

Investment activity is an investment of investments (investment) and a set of practical actions for the implementation of investments. At the same time, investment in the creation and reproduction of fixed assets is carried out in the form of capital investments.

The volume of investments in fixed assets from all sources of financing, according to the Russian Statistical Agency, in January-August 1999 amounted to 294.1 billion rubles, or 99.3% of the corresponding period of the previous year.

In the structure of investment in fixed assets by ownership, the share of private investment has declined to 27.4% compared to 29.4% in the first half of 1998. Since the main share of private investment is formed from individual developers, then with a change in income and savings The investment opportunities of the population and the potential circle of investors have narrowed.

The share of investments in fixed assets in GDP reached the lowest level in recent years - 12.1%. With limited investment resources, the activities of enterprises are focused mainly on active inclusion of competitive reserve capacities in production and modernization of equipment. Accordingly, the share of investment in machinery and equipment in the total volume of investments in fixed assets increased by 8.5 points as compared to the first half of 1998 and reached 35.1%. This indicates a fairly flexible investment policy of enterprises.

The economy of the transition period leads to a gradual change in the structure of capital investments by forms of ownership. However, at present, the share of investments in state property is still the largest.

The subjects of investment activity are investors, customers, executors, users of investment activity objects, as well as suppliers, legal entities (banking, insurance and intermediary organizations, investment funds) and other participants in the investment process. The subjects of investment activity may be individuals and legal entities, including foreign ones, as well as states and international organizations. Investors invest their own, borrowed and attracted funds in the form of investments and ensure their targeted use.

Customers can be investors, as well as any individuals and legal entities authorized by the investor to implement the investment project, without interfering in the business or other activities of other participants in the investment process, unless otherwise provided by the contract (contract) between them. If the customer is not an investor, he is vested with the rights to own, use and dispose of investments for the period and within the powers established by the contract.

Users of investment activity objects can be investors, as well as other individuals and legal entities, state and municipal bodies, foreign states and international organizations for whom an investment activity object is being created. In the event that the user of the investment activity object is not an investor, the relationship between him and the investor is determined by the investment agreement (decision). The subjects of investment activity have the right to combine the functions of two or more participants.

The objects of investment activity in the Russian Federation are:

Newly created and modernized fixed assets and working capital in all sectors of the national economy;

Securities (shares, bonds, etc.);

Target cash contributions;

Scientific and technical products and other property;

Property rights and intellectual property rights.

Similar facilities include foreign investments, if they do not contradict the legislation of the Russian Federation. Foreign investors have the right to invest in Russia by:

Share participation in enterprises created jointly with legal entities and individuals of the Russian Federation;

Creation of enterprises fully owned by foreign investors, as well as branches of foreign legal entities;

Acquisition of enterprises, buildings, structures, shares in enterprises, units, shares, bonds and other securities, as well as other property that under Russian law may belong to foreign investors;

Acquisition of rights to use land and other natural resources;

Granting of loans, credits, property and other property rights.

The law prohibits investing in facilities the creation and use of which do not meet the requirements of environmental, sanitary and other standards established by the legislation in force in the territory of the Russian Federation or cause damage to the rights and interests of citizens, legal entities or the state protected by law.

The subjects of investment activity operate in the investment sphere, where the practical implementation of investments is carried out. The composition of the investment sector includes:

The sphere of capital construction, where investments are made in the basic and circulating production assets of the branches. This sphere unites the activity of customers-investors, contractors, designers, equipment suppliers, citizens on individual and cooperative housing construction and other objects of investment activity;

Innovative sphere, where scientific and technical products and intellectual potential are realized;

Sphere of circulation of financial capital (monetary, loan and financial obligations in various forms).

All investors have equal rights to carry out investment activities. The investor independently determines volumes, directions, sizes and efficiency of investments. At its own discretion, it attracts, on a contractual basis, mainly competitive, basis (including through tenders) of legal entities and individuals required for the implementation of investments. An investor who is not a user of investment activity objects has the right to monitor their intended use and to exercise other rights stipulated in the contract in relations with the user of such objects. The investor is given the right to own, use and dispose of the objects and results of investments, including trade operations and reinvestment. The investor can transfer under the contract (contract) its rights under investments, their results to legal and physical persons, state and municipal bodies.

Participants of investment activities that carry out the relevant types of work must have a license or a certificate for the right to carry out such activities. The list of works subject to licensing, the procedure for issuing licenses and certificates are set by the Government of the Russian Federation.

The main legal document regulating production and economic and other relationships between subjects of investment activity is the contract (contract) between them. The conclusion of contracts, the choice of partners, the definition of obligations and any other terms of economic relations are the exclusive competence of the subjects of investment activity. Terms of contracts (contracts) concluded between subjects of investment activity, retain their validity for the entire period of their validity. In cases where, after their conclusion, the legislation in force in the territory of the Russian Federation establishes conditions that worsen the status of partners, contracts (contracts) may be amended.

Unfinished objects of investment activity are the share property of the subjects of the investment process up to the moment of acceptance and payment by the investor (customer) of the performed works and services. If the investor (customer) refuses to continue investing in the project, he must compensate the costs to other participants, unless otherwise provided by the contract (contract).

The state guarantees the stability of the rights of subjects of investment activity. In cases of adoption of legislative acts, the provisions of which restrict the rights of subjects of investment activity, the relevant provisions of these acts can not be enacted earlier than one year from the date of their publication. In cases where state bodies adopt acts that violate the legitimate rights and interests of investors and other participants in investment activity, losses, including lost profits caused by subjects of investment activity as a result of the adoption of such acts, are reimbursed to them by these bodies by a court or arbitration court.

Legislation in force on the territory of the Russian Federation guarantees the protection of investments, including foreign ones, regardless of the form of ownership. Investments can not be gratuitously nationalized, requisitioned, nor can measures similar to those specified in the consequences be applied to them. The application of such measures is possible only with full compensation to the investor of all losses caused by the alienation of the invested property, including the lost profits, and only on the basis of the legislative acts of the Russian Federation and the subjects of the Federation.

Deposited or purchased by investors targeted bank deposits, shares or other securities, payments for purchased property, as well as lease rights in cases of their withdrawal are compensated by investors, with the exception of amounts used or lost as a result of the actions of investors themselves.

Investments in the territory of the Russian Federation in some cases are subject to compulsory insurance, which is a guarantee of their preservation.

The difficulty of implementing investment activities in the Russian Federation is exacerbated, in addition to inflation, by a significant increase in disproportions in the investment sphere (the practical collapse of a single construction complex).

Avalanche-like growth of deformations in the investment sphere is largely due to unsuccessful attempts to introduce certain elements of market relations without developing an integrated approach to solving investment problems.

Realization of investments (investment decisions) in modern conditions is determined by enterprises taking into account such factors as inflation and the expectation of rising prices for production resources. To level (reduce) the pressure of the inflation factor, investments are made primarily in movable and immovable property (commodity and material values, imported equipment, purchase of buildings and structures), in financial assets and consumer goods, in the authorized capital of joint ventures and joint-stock companies.

In conditions of high inflation rates, the choice of such investment objects is determined by their peculiarity of preserving the value and the possibility of obtaining the projected profit (income), mainly by fluctuations in the differences in prices or rates of securities.

Thus, the disorganization of investors as a result of inflationary distortion of market prices for material and technical resources (which contributes to barter exchange) has led to a depreciation of their own cash savings, to an increase in the rush demand for resources, supported by the credit expansion of commercial banks.