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Business Economics - Pokropivny SF

8.6. Factors increasing effektivnostiispolzovaniya kapitalnyhvlozheny and financial investments

The main factors of increase of efficiency of capital investments. On the level of efficiency of use of capital investments and their effectiveness (impact) affects a large group of diverse organizational and economic factors. Without careful consideration of them in the practice of modern management impossible to achieve maximum profitability of the investment industry and other spheres of activity of the enterprises. The most significant impact on the effectiveness of capital investments have a group of factors that determine the structure and duration of the investment and reproduction processes, effektoobrazuyuschuyu ability of economic management methods used by the relevant business entities (Fig. 8.7).

The high level of efficiency of productive investment was largely due to progressiveness element-technological and reproduction of their structure. As the proportion of parts, designed to create or update an active part of fixed assets increased efficiency of capital investments. This necessitates a thorough feasibility study size of capital acquisition costs of production (process) equipment for each project (option) operational or under construction investment company. Particularly active and targeted actions should be to optimize the structure of capital investments. The practical implementation of these actions related to the solution of two main problems:

1) an increase in the relative volume of investments aimed at compensation (simple reproduction) the value of machinery and equipment compared to the total amount of accumulated amortization (Renovation) Fund;

2) the establishment of rational proportions of net investments in various forms of the expanded reproduction of capital assets and the formation of the necessary production facilities.

Fig. 8.7. Basic organizational and economic fa ktorypovysheniya effective use of capital investments

Perhaps the greatest opportunities to increase efficiency and thus the use of capital investment related to the modern organization of the design-budget affairs. It is in the process of developing expansion projects and reconstruction of existing and construction of new production facilities (enterprises) the latest achievements of the field of technical-technological and organizational solutions should be used to create new building materials, modern design principles and spatial distribution of the buildings (structures) in order to really decreased in numbers estimated cost of the entire scope of work.

The big and still little used reserve for increasing the efficiency of investments is a significant reduction in the duration of all stages of the investment cycle - from design to development put into operation of production facilities and the volume of the social infrastructure. As the analysis of the actual state of affairs at the enterprises of many branches of national economy of Ukraine, reconstruction of the length (expansion) of existing and construction of new facilities exceeds the existing standards on average twice, and the design and development - about half. To this we must add that the existing Ukrainian standards duration of individual stages of the investment cycle is already significantly higher than in many other countries with developed market economies.

Is carried out to maximize the value of each monetary unit of capital investment, technical, technological and organizational measures can not provide the expected results, if they are not accompanied by effective economic investment processes management practices in general. It should be emphasized that these methods are not used in isolation (on their own), and are an integral part of the overall mechanism of the relationship between all economic entities. However, the improvement requires above all methods for determining the necessary volume and evaluation of the economic feasibility of capital investments, forecasting real duration of the investment process for functionally identical objects and incentives intensive manufacturing investment.

Levers improve the efficiency of the circulation of securities. Basic organizational and economic levers of effective formation and realization of financial investment companies and organizations are presented in Fig. 8.8.

Fig. 8.8. Organizational-economic levers boleeeffektivnogo formation and realization of financial investments

The most effective organizational and economic instrument of formation and effective use of financial investments (securities) is the development of the Ukrainian stock market to a scale corresponding to the parameters of a sufficiently powerful market economic system. It is very important to adhere to certain (internationally recognized) principles of functioning of the market:

• legal order (sufficient development of the legal infrastructure for the activities of the stock market);
• transparency (providing potential investors with the necessary information regarding the terms of issue and circulation of securities, as well as the financial and economic activities of their issuers);
• accountability (the formation of a reliable mechanism for accounting and control, prevent abuses and crime in the securities market);
• social justice (the creation of equal opportunities for the activity of investors in the securities market, the rights and freedoms of subjects of the market);
• efficiency (maximizing the potential of the stock market for the mobilization of financial investments and their placement in the priority areas of the national economy).

Improving the organization of state regulation of the stock market should include such measures as:

1) clarify the functions of the stock market regulatory system, adapted to the conditions of the developed market environment;

2) Mandatory publication of all relevant interested parties of information on the securities market;

3) compulsory licensing and supervision of financial intermediaries and organized trading systems, securities on the stock market;

4) To ensure the full rights of the owners of certain types of securities;

5) the timely introduction of urgent changes in laws that provide the legal basis.

Improvement of the system justify the emission of various kinds and amounts of securities shall be directed to: a thorough quantitative analysis of the issue and placement of the different practices of the securities; identifying the totality of the shortcomings of the system of issuing securities in Ukraine; economic and social justification of priority (priority) Release of individual securities and the volume of issuing them by type, taking into account profitability, as well as the degree of influence on the development of industrial and other economic entities in the direction of increasing the efficiency of their economic activities.

Increased use of strategic interests in the process of acquisition of securities placing highly profitable and highly liquid enterprises provide consistent implementation of organizational and economic measures: firstly, concentrated in time analytical assessment of industrial and economic activities of enterprises and organizations to be privatized, and the identification of well-functioning and potentially effective enterprises with high level of profitability and liquidity of assets; secondly, an active search using available methods (including the involvement of the media) of potential investors and offer the latest high priority to purchase the shares or other issued securities effective entities. It is desirable to use a specific system of incentives for investors to accelerate the realization of securities issued by issuers and achieve goals.

The maximum extension of intermediation activities in the securities issuance and circulation areas through the provision of additional services in the field of specialized institutional entities, banking institutions and investment companies will also increase the efficiency of formation and use of the financial investment companies (organizations). Usually such mediation services include: broker-dealer; management of portfolios of securities; registration and trust operations; loans associated with the securities; combine the functions of a financial intermediary in the securities market and institutional investors, and so on. n.

One of the major organizational and economic levers privlicheniya more efficient use of financial and investment should be a refusal of ineffective CA privatization and transition to exclusively implement monetary privatization of public enterprises and other integral property complexes. This is due to the possibility of forming in this way the real owner of the objects of business, accumulating significant financial investment from privatization, improve the efficiency of production and economic activity of the privatized enterprises and other economic entities.

Gain control over the implementation of investment obyazat elstv, in particular, competition for the sale of state property, may be achieved by: first, the establishment of penalties for violation of due dates and forms of investment privatization objects; secondly, the development and practical application of the economic mechanism of de-privatization (nationalization) shareholdings owned inefficient entities.

An indispensable condition for the effective functioning of the stock market, the use of all types of securities should be constant training and retraining of personnel, professionally engaged in the formation and implementation of the necessary volumes of financial investments. The achievement of this important goal is possible through expansion of the network of special schools appropriate level in the organization of existing training centers for highly qualified specialists in all the necessary specialties and specializations.

An important organizational and economic lever better attract financial investments in the Ukrainian economy should be considered optimization of packages of different kinds of securities as the object of purchase by domestic and foreign investors. Developed by scientists methodical bases of optimization of the investment portfolio of the stock market (stock market) based on the fact that potential investors:

1) consider every investment as a possible distribution of the expected profit for the period of ownership of securities;

2) seeking to maximize expected return for an investment cycle;

3) assess the possible risk of the investment portfolio, taking into account the variability of the expected revenues;

4) take a final decision on the purchase of securities on the basis of the lowest possible risk.

Only the integrated use of these organizational and economic instruments can provide the maximum possible efficiency of formation and realization of financial investments of all business entities (production and business) activity in Ukraine.