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Іnvestuvannya - Peresada AA

6.4. Monіtoring іnvestitsіynogo Process

In perіod osvoєnnya іnvestitsіy (realіzatsії іnvestitsіynogo project), Especially, Yakscho Tsei perіod trivaly, rinkova kon'yunktura zaznaє digit Oscillations: zmіnyuyutsya tsіni on іnvestitsіynі goods, and іnodі i samі sub'єkti іnvestitsіynogo processes. Tsey perіod usі sub'єkti іnvestitsіynoї dіyalnostі scho vikonuyut svoї funktsіonalnі obov'yazki schodo project povinnі zdіysnyuvati postіyny control i perspicuity of processes realіzatsії project otsіnyuvati potochnі results (vіdhilennya) that vnositi korektivi in ​​BIZNES-plan project organіzatsії budіvnitstva project virobnitstva robіt, fіnansuvannya plan, timetable abo sіtovy grafіk that INSHI document for Relief yakih mozhna sposterіgati that regulyuvati osvoєnnya іnvestitsіy.

Mehanіzm conduct such postіynogo i lucid control over processes osvoєnnya іnvestitsіy nazivaєtsya monіtoringom іnvestitsіynih proektіv. Zagalny monіtoring project zdіysnyuє іnvestor (zamovnik) od abo їh іmenі direktsіya pіdpriєmstva scho buduєtsya. Taqiy monіtoring of lands h іnvestorom mozhut zdіysnyuvati FIRMA-developer ABO-General pіdryadnik vіdpovіdno to agreement about the Consortium.

On our Dumka, fallow od funktsіy іnshih uchasnikіv іnvestitsіynoї dіyalnostі mozhna konkretizuvati monіtoring for species that vіdpovіdno rekomenduvati Taqiy order yogo Completion (Table. 6.2).

Napriklad, marketing monіtoring held metoyu s zabezpechennya svoєchasnih deliveries Budova materіalno-tehnіchnih resursіv. Yogo zdіysnyuyut Ti Participants on yakih very hard obov'yazki contracts in s-materіalno tehnіchnogo zabezpechennya Budova.

Fіnansovy monіtoring zdіysnyuєtsya іnvestorom, zamovnikom, fіrmoyu-developer of doruchennyam zamovnika and takozh іnshimi Project participants in the Perche etapі osvoєnnya іnvestitsіy (proektuvannya that budіvnitstvo) for such pokaznikami, yak: zagalny obsyag іnvestitsіy for the project; vitrati dіlyanku on the land; vitrati to design doslіdnitskі robots; vartіst budіvelno and assembly robіt (POA Rate); Kontraktova vartіst obladnannya, іnstrumentіv that remanent; dzherela fіnansuvannya project; Vlasnyi kapіtal, aktsіonerny kapіtal that INSHI zaluchenі Costa; zapozichenі Costa, loans to banks that INSHI borgovі zobov'yazannya; lіzing that INSHI zapozichenі Costa; mobіlіzatsіya vnutrіshnіh resursіv.

table 6.2

Over the minds of Ukraine otsіnka vikonannya rіchnoї prog Mauger provoditisya on mіsyatsyah vіdpovіdno to priynyatogo order rozrahunkіv for Realized budіvelno-montazhnі robots. Pid postіyne sposterezhennya (perspicuity) pіdpadayut poelementno viroblenі vitrati on vіdchuzhennya zemlі pid zabudіvlyu (orenda abo kupіvlya zemelnoї dіlyanki) vitrati to design doslіdnitskі robots payment budіvelno and assembly robіt for dogovіrnimi tsіnami, rozrahunki for delivered, vstanovlene that nevstanovlene obladnannya, INSHI ( SSMSC not zbіlshuyut vartіst mainly fondіv) vitrati. Monіtoring zdіysnyuєtsya in rozrіzі vikoristannya Jerel fіnansuvannya: Vlasnyi, zapozichenih abo zaluchenih koshtіv. In protsesі monіtoringu viyavlyayutsya vіdhilennya od prog realіzatsії project priymayutsya rіshennya about mobіlіzatsіyu vnutrіshnіh fіnansovih resursіv, dodatkove zaluchennya abo zapozichennya koshtіv.

Tehnіchny monіtoring, krіm іnvestora that yogo predstavnikіv, zdіysnyuyut zvichayno genproektuvalnik, INSHI proektuvalniki (from within avtorskogo lucid). Tehnіchny held monіtoring s metoyu zabezpechennya vіdpovіdnostі ob'єmno-planuvalnih i constructively rіshen, priynyatih in budіvelnіy i tehnologіchnіy Chastain project vimogam DBN, tehnіchnih minds.

Zvichayno Sanitary and Epidemiological that zatverdzhennya design koshtorisnoї dokumentatsії carried out before 1 Veresnya rock, scho pereduє Pochatkova in realіzatsії project. Together s note in perіod osvoєnnya іnvestitsіy i vikonannya budіvelno and assembly robіt іnvestor zatsіkavleny in vdoskonalennі Design rіshen, vprovadzhennі novіtnіh NAUKOVO-tehnіchnih dosyagnen, ekonomnomu vikoristannі vsіh resursіv on budіvnitstvі scho vzhe rozpochalosya.

In bіlshostі vipadkіv digit pіdvischennya tsіn on budіvelnu produktsіyu at stabіlnіy ekonomіtsі traplyaєtsya through korіnnі zmіni potuzhnostі pіdpriєmstva abo rozshirennya produktsії nomenclature. Takі zmіni prizvodyat to rozrobki practical new project viznachennya novoї tsіni, uzgodzhennya that perezatverdzhennya design koshtorisnoї dokumentatsії i Budova title. Tim hour, at ryadі vipadkіv zbіlshennya koshtorisnoї vartostі digit mіroyu viklikaєtsya not zmіnami in proektі and vіdsutnіstyu dіyovogo control іnvestora that іnshih uchasnikіv project for dotrimannyam koshtorisnoї vartostі budіvnitstva in protsesі yogo zdіysnennya, nizkim rіvnem opratsyuvannya proektuvalnikami koshtorisіv.

Often toil Location Fakti rozrobki robochoї dokumentatsії s vіdstupom od zatverdzhenih bunt rіshen project Zi Institution koshtorisom, Especially if proektuvannya i budіvnitstvo zdіysnyuyutsya odnochasno (pіslya zatverdzhennya robochoї dokumentatsії on Purshia Year).

Direktsіya pіdpriєmstva, buduєtsya scho, yak predstavnik іnvestora vikonuє kontrolnі obmіri obsyagіv vikonannya budіvelno and assembly robіt, zvіryaє s danimi locally ob'єktnih i koshtorisіv Institution, perevіryaє platіzhnі document zvіryaє їh danі s dіyuchimi koshtorisnimi tsіnami i norms. Zokrema at analіzі splachenih i nadanih to splat dokumentіv viyavlyayutsya vitrati she sumi, neobґruntovano (nadmіrno) splachenі іnshim organіzatsіyam i pіdpriєmstvam. Tse shaping can Buti:

• Costa, splachenі for rakhunok golovnoї dіyalnostі of companies (i vartіst sirovini materіalіv, utrimannya aparata zabudovnika on pіdpriєmstvah scho rekonstruyutsya, vartіst nalagodzhuvalnih robіt toscho);
• chastkova fate in sporudzhennі zagalnih i vіdomchih ob'єktіv, scho not nalezhat to tsієї Budova;
• potochnі vitrati on zagotіvelno-skladskі vitrati Ponad vstanovlenі lіmіti;
• vitrati on NAUKOVO-doslіdnі robot SSMSC not toil vіdnoshennya to specific budіvnitstva.

Poached pіdryadnikom podorozhchannya budіvnitstva, yak usually generally produces up vіdstupu od peredbachenih title strokіv budіvnitstva, normativіv zadіlu that strokіv Introduction ob'єkta in ekspluatatsіyu. Oznachenі in titles that uzgodzhenі s usіma uchasnikami line vikonannya robіt Je pіdstavoyu for viznachennya pokaznikіv vikonannya prog robіt scho suttєvo vplivayut on rozrahunki mіzh Project participants that rozmіri kompensatsіy, SSMSC at tsomu splachuyutsya.

Groshovі i naturalnі vtrati od zatrimki Ponad peredbachenі have contracts that calendar plan line vikonannya robіt (osvoєnnya proektnoї potuzhnostі) Je vtrachenoyu Vigoda od ekspluatatsії Key infrastructure that pіdpriєmstvom produktsії in perіodі, prodovzh yakogo boule zamorozhenі іnvestitsії and takozh zdіysnenі dodatkovі vitrati, pov'yazanі Zi zbіlshennyam vartostі i trivalostі budіvnitstva.

Pіslya Introduction to ekspluatatsіyu ob'єkta abo yogo Cherga (start-up complex) іnvestor prodovzhuє fіnansovy monіtoring. On tsomu etapі pіdpriєmstvo pochinaє viroblyati produktsіyu, od realіzatsії yakoї stvoryuєtsya penny potіk in viglyadі koshtіv scho povertayutsya to іnvestora, i SSMSC vіn pochinaє vikoristovuvati on vіdshkoduvannya іnvestitsіynih vitrat, zaborgovanostі repayment to creditors and takozh on SPLAT divіdendіv on zaluchenomu kapіtalu. On tsomu etapі monіtoring іnvestitsіynogo project carried out for such pokaznikami: zagalny obsyag іnvestitsіy the project, dzherela fіnansuvannya, introduced in ekspluatatsіyu virobnichih fondіv, groshovі flows mobіlіzatsіya vnutrіshnіh resursіv, obґruntuvannya іnshih Jerel fіnansuvannya, vnutrіshnya dinamіchna rate efektivnostі іnvestitsіy, lines okupnostі Introduction to ekspluatatsії fondіv for dinamіchnoyu norm of efektivnostі іnvestitsіy.

Postіynomu lucid pіdlyagaє rіchna programa completion (prodovzhennya) іnvestitsіynogo processes, vіdstezhuyutsya mіsyachnі planovі that faktichnі obsyagi іnvestitsіy, budіvelno and assembly robіt, vitrati on obladnannya. Analіzuєtsya rіven vikoristannya Vlasnyi kapіtalu, zaluchenih i zapozichenih koshtіv, viyavlyayutsya vіdhilennya, obґruntovuєtsya neobhіdnіst mobіlіzatsії vnutrіshnіh resursіv i vikoristannya іnshih Jerel fіnansuvannya. On tsomu etapі in protsesі fіnansovogo monіtoringu vzhe mozhna ROBIT otsіnku precisely pokaznikіv efektivnostі іnvestitsіy, rozrahovuvati dinamіchnu rate efektivnostі th porіvnyuvati її s vnutrіshnoyu, viznachati mozhlivy ochіkuvany lines okupnostі іnvestitsіy of minds termіnu ekspluatatsії pіdpriєmstva (Cherga) yaky pіdlyagaє fіnansovomu monіtoringu. Ostannomu takozh spriyaє Introduction to dіyu, pochinayuchi Zi zvіtu 1997 p., Novih forms statistichnoї zvіtnostі, zokrema 2-KB "Zvіt about Introduction to dіyu ob'єktіv, mainly fondіv that osvoєnnya kapіtalnih vkladіv".

On sogodnі power fіnansuvannya that sovereign kredituvannya regulyuyutsya legal acts organіv tsentralnoї vikonavchoї Vladi. Zokrema, tse position of about fіnansuvannya i Reigning kredituvannya kapіtalnogo budіvnitstva scho zdіysnyuєtsya on teritorії Ukraine, yak zatverdzhene spіlnim instructions to Mіnfіnu, Mіnekonomіki that Derzhbudu od 23.09.96, i zaprovadzhene s metoyu sistematizatsії catering complex, pov'yazanih іz fіnansuvannyam that kredituvannyam kapіtalnogo budіvnitstva, tsіlovogo efektivnosti vikoristannya Reigning koshtіv, that the position of pro Reigning kredituvannya Budova i ob'єktіv virobnichogo priznachennya, zatverdzhene spіlnim instructions to Mіnfіnu that Mіnekonomіki od 26.06.96, Zi zmіnami od 31.03.98, yak viznachaє order nadannya budgetary kreditіv bezposeredno mіnіsterstvami, іnshimi central bodies vikonavchoї Vladi for fіnansuvannya pіdpriєmstvami vsіh forms vlasnostі ob'єktіv launchers and takozh ranіshe rozpochatih vazhlivih Novobud virobnichogo priznachennya, tehnіchnogo pereozbroєnnya i rekonstruktsії dіyuchih of companies.

W metoyu vporyadkuvannya processes fіnansuvannya that sovereign kredituvannya kapіtalnogo budіvnitstva vvazhaєmo for neobhіdne rozrobiti єdiny legal act, yaky regulyuvatime OAO All power schodo fіnansuvannya that sovereign kredituvannya kapіtalnogo budіvnitstva scho zdіysnyuєtsya on teritorії Ukraine, in addition chislі peredachі in Reigning vlasnіst chastok (paїv, aktsіy ) statutory fondіv sub'єktіv nederzhavnoї FORMS vlasnostі in razі otrimannya them vіdpovіdnih obsyagіv kapіtalnih vkladen. Ostannє dotsіlno vregulyuvati vіdomchim normative act Mіnekonomіki, Derzhpіdpriєmnitstva, Mіnfіnu that Fund derzhmayna, yak Tse i peredbacheno Plan zahodіv schodo stimulyuvannya іnvestitsіynoї dіyalnostі, zatverdzhenogo Holds Kabіnetu Mіnіstrіv Ukraine od 02/16/98 number 12, that zdіysniti yogo Reigning reєstratsіyu.

Pokey scho sovereign monіtoring budіvnitstva zdіysnyuyut fіnansuyuchі banks. Kreditnі vzaєmovіdnosini mіzh them i pozichalnikami reglamentuyutsya normative acts Natsіonalnogo Bank of Ukraine is the oformlyuyutsya loan agreement ukladenim vіdpovіdno to rekomendatsіy, vislovlenih in Polozhennі Natsіonalnogo Bank of Ukraine "About kredituvannya". Fіnansuyuchі banks do not toil right vikoristovuvati byudzhetnі pozichki on INSHI tsіlі, bіlshe tim, scho for such vikoristannya pozichok vstanovlyuєtsya fee rozmіrі 20% rіchnih od factuality profіnansovanih obsyagіv.

In his Cherga, pozichalniki povinnі zabezpechiti tsіlove i svoєchasne vikoristannya otrimanoї byudzhetnoї pozichki that Povernennya її in viznachenі credit agreements i row position. For the loan contract torn down drain fіnansuyuchі banks zastosovuyut to pozichalnikіv takі sanktsії:

• in razі vikoristannya byudzhetnoї pozichki on tsіlі not viznachenі the loan agreement, the bank pripinyaє kredituvannya Tsikh vitrat i Got the right rozіrvati Credit dogovіr, about scho іnformuє zamovnika, Mіnekonomіki that Mіnfіn of acceptance for rіshennya about dostrokove Povernennya nadanoї byudzhetnoї pozichki;
• razі torn down from a planned line budіvnitstva kredituvannya prodovzhuєtsya to factual introduction to the dіyu ob'єkta Zi styagnennyam podvіynoї vіdsotkovoї rates;
• for prostrochenі platezhі styaguєtsya fee rozmіrі 0.07% od sumi zaborgovanostі for dermal day stitched payment.

Costa pozichalnikіv scho nadhodyat banks for budgetary koristuvannya pozichkoyu (vіdsotki) pererahovuyutsya to Sovereign budget rozmіrі 60%, and in the penalty razі zastosuvannya sanktsіy - 70% od Tsikh sum. Rasht spryamovuєtsya on pokrittya vitrat bankіv s obslugovuvannya budgetary pozichok.

Zgіdno s position of about fіnansuvannya i Reigning kredituvannya Budova that ob'єktіv virobnichogo priznachennya fіnansuyuchі banks schokvartalno not pіznіshe the 25th of the following quarter for mіsyatsya, podayut Mіnfіnu i Mіnstatu zvіt about vikoristannya budgetary pozichok, nadhodzhennya koshtіv od pozichalnikіv have rakhunok repayment pozichok, SPLAT vіdsotkіv for them that the penalty sanktsіy.

Control over svoєchasnim Povernennya to Derzhbyudzhetu koshtіv scho Reigning vidіlyayutsya on kredituvannya, zdіysnyuє Mіnfіn, and the control over doderzhannyam Design strokіv budіvnitstva ob'єktіv - Mіnekonomіki that INSHI tsentralnі organic vikonavchoї Vladi (zamovniki).