Investment climate- these are the conditions for the investment of capital, primarily foreign.
The investment climate is determined primarily economic conditions for capital, but essential have social and political conditions in which the investor operates (strikes, social unrest, threat of war, etc.).
Investments are usually divided into:
o straight- investments in real assets (production), in the management of which the investor participates;
o portfolio(financial) - investments in stocks, bonds and other securities directly related to the title of the owner, which gives the right to receive income from property. Part of portfolio investments - investments in stocks of enterprises in various branches of material production - are sometimes formalized as straight;
o real - financial investments in land, real estate, machinery and equipment, spare parts, etc. including the costs of working capital;
o design- loans provided to a real or potential owner for the implementation of a profitable innovative project.
Investment climate includes the objective capabilities of a country or region ( investment potential) and the conditions of the investor's activity ( investment risk ).
It is understandable why it is not enough to consider only the potential or only the risks for making decisions. The region can be first-class in terms of potential - for example, there are raw materials or rich population- but if the political situation is unstable or the environment is so polluted that the population simply cannot withstand another factory, then few people will decide to invest. Conversely, the region may be as quiet as the Tambov forest after the shooting of the notorious wolves, but the investor simply has nothing to do there.
Investment potential(investment capacity of the territory) is formed as the sum of objective prerequisites for investment, depending both on the presence and variety of areas and objects of investment, and on their economic "health". The potential of a country or region is basically a quantitative characteristic that takes into account the main macroeconomic indicators, saturation of the territory with production factors (natural resources, labor, fixed assets, infrastructure, etc.), consumer demand population, etc.
Investment risk characterizes the probability of loss of investments and income from them. It shows why you should not (or should) invest in this enterprise, industry, region or country. Risk sums up the rules of the game in the investment market. Unlike investment potential, many of these rules can change overnight - just as a person's mood and opinion change. Therefore, in essence, risk is a qualitative characteristic. Degree investment risk depends on political, social, economic, environmental, criminal situations.
In interstate comparison legislation is the most important component of investment risk. The specificity of the interregional approach lies in the fact that on the territory of most regions there is a single national or, in relation to Russia, a "general federal" legislative background, which is slightly modified in certain regions (subjects of the federation) under the influence of regional legislative norms regulating investment activity only within the limits of their authority. In addition, legislation, as a rule, not only affects the degree of investment risk, but also regulates the possibilities of investing in certain spheres or industries, determines the procedure for using individual factors of production - components of the investment potential of the region.
The investment climate, like any complex concept, is interpreted by different authors in different ways. Basically, economists represent this concept as a combination of a number of conditions and factors inherent in this moment to the state (region) and attract or repulse potential investors.
As a basic approach to the concept of the investment climate, the following definition can be distinguished, given in the financial and credit encyclopedic dictionary under the general editorship of A.G. Gryaznova:
"The investment climate is a set of political, socio-cultural, financial, economic and legal conditions prevailing in any country that determine the quality of the business infrastructure, investment efficiency and the degree of possible risks when investing capital" Financial and Credit Encyclopedic Dictionary / Call. authors; under total. ed. A.G. Gryaznova. - M .: Finance and Statistics, 2002. - P.359.
Investment climate assessment involves taking into account:
economic conditions (the state of the macroeconomic environment, GDP dynamics, national income, industrial production volumes, inflation, the development of high-tech industries, the situation on the labor market, the situation in the monetary, financial, budgetary, tax, currency systems, etc.);
state investment policy (the degree of state support for foreign investment, the possibility of nationalizing foreign property, participation in international treaties, compliance with agreements, the continuity of political power, the stability of state institutions and the effectiveness of their activities, etc.);
the regulatory and legal framework for investment activities (the status of regulatory documents and the procedure for adjusting them, parameters for entering and withdrawing investments from the country, tax, currency and customs regimes, the procedure for creating, registering, operating, reporting, merging and liquidating firms, regulatory measures and control over them activities, dispute settlement);
informational, factual, statistical material on the state of various factors that determine the investment climate.
Investment risk and investment potential are distinguished as elements of the investment climate.
Investment potential is the ability of the economic system under consideration to achieve maximum results in the given conditions.
Investment risk is any risk that arises in the course of investment activities and is characterized by the likelihood of losing investments, as well as not receiving or receiving income from them.
The term “investment attractiveness” is often used as a synonym for the concept of “investment climate”.
Investment attractiveness is a characteristic of an asset that takes into account the satisfaction of the interest of a particular investor according to the ratio "risk-return on invested capital - the horizon of asset ownership" Teplova TV Investments: textbook for universities / TV Teplova. - M .: Yurayt Publishing House; ID Yurayt, 2011. - p. 31. The subjectivity of this concept is especially noted here.
Methods for assessing both investment risk and investment potential are very diverse (depending on the developer) and are constantly updated.
According to the rating agency Expert RA, in 2011 Russia experienced, albeit weak, economic growth. As a result, average country risks are reduced. The only exception is the environmental risk, which slightly increased with the additional workload of industrial enterprises and an increase in the number of car owners (chart no. 1). According to Expert RA, the main risk for investors has also significantly decreased - management risk, which is understood mainly as the efficiency of the regional administration.
Schedule # 1. Dynamics of average country risks.
According to the "National Rating Agency" (NRA), Russia at the end of 2011 ranked in the comprehensive rating investment attractiveness 116th place, thus moving up 2 positions relative to the result of 2010 Comments to the comprehensive rating of investment attractiveness © 2013, "National Rating Agency" URL: http://www.ra-national.ru/ratings/world-raitings/index -raiting / index-raiting-comment /.
The list of country ratings used to calculate the rating of investment attractiveness is as follows Comments to the comprehensive rating of investment attractiveness © 2013, "National Rating Agency" URL: http://www.ra-national.ru/ratings/world-raitings/index-raiting/ index-raiting-comment /:
Index economic freedom(Index of Economic Freedom - The Heritage Foundation), includes 10 independent indices.
The index of business conditions (Doing Business - World Bank Group), includes 10 parameters.
Global Competitiveness Index rankings - World Economic Forum.
Human Development Index (UN).
The Legatum Institute's Prosperity Index.
Corruption Perceptions Index - Transparency International.
Democracy Index (The Economist Intelligence Unit), includes 5 independent indices.
The analyzed ratings assess the countries of the world according to various criteria: efficiency government controlled, competitiveness national economy, the quality of life of the population, the level of corruption and risks associated with doing business.
The analysis of these indices by the NRA agency reveals a positive trend in the ratings of business conditions, human development, prosperity and perceptions of corruption. However, it is noted that Russia's positions in such ratings still remain extremely low.
According to the NRA analysis, the parameters characterizing the quality of public administration and regulation of the economy have not shown positive dynamics since last year. Russia retained its last year positions Comments to the comprehensive rating of investment attractiveness © 2013, "National Rating Agency" URL: http://www.ra-national.ru/ratings/world-raitings/index-raiting/index-raiting-comment/.
Investment climate components. Investment potential, investment risk, investment attractiveness.
Introduction
Investment climate
Introduction ………………………………………………………………………………………………………………………………………………………………………………………
- Investment climate components. Investment potential, investment risk, investment attractiveness ………………………………………………
- Investment climate assessment ……………………………………………………….
- Assessment of Russia's investment attractiveness ……………………………… ..........
- Investment climate of Russian regions ……………………………………………… ...
- Practical task ……………………………………………………………………….
List of used literature ………………………………………………… ...........
The educational goal of this work is to study the essence, goals and content of the investment climate for the investment process.
Investments (capital investments) - a set of expenditures of material, labor and monetary resources aimed at the expanded reproduction of basic assets of all sectors of the national economy. Investments also cover the so-called real investment close in content to our term "capital investments", and "financial" (portfolio) investments, that is, investments in stocks, bonds, and other securities. Financial investments can become as an additional source capital investments and the subject of an exchange game in the securities market рынке. Russia's transition to market system economic relations generates many related problems, among which one of the dominant positions is occupied by the problem of investment. Without creating the interest of potential investors in expanding the volume of investments in the domestic economy, in principle, it is impossible to solve the problems of forming new economic ties, the development of production, the improvement of the well-being of citizens, the revival of the country's prestige on the world stage. No country can develop its economy without foreign investment, not even the United States can afford it. This is especially true of our country, where domestic investment extremely small. After all, it's not a secret for anyone that our citizens do not invest their money in Russia, for security reasons, they prefer to invest in foreign banks... The journal "Economist" defines the main directions of investment policy: the formation of a favorable environment conducive to an increase in the investment activity of the non-state sector, the attraction of private domestic and foreign investments for the reconstruction of enterprises, as well as governmental support the most important life-supporting industries and social sphere while increasing the efficiency of capital investments. The solution of these tasks should help to improve the investment climate in Russia and, as a result, to increase its investment attractiveness.
This paper contains a brief assessment of the investment attractiveness of Russia, as well as the investment climate of individual regions in comparison. The characteristics of the Kaliningrad region from the point of view of a potential investor are given.
In a market economy, the combination of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in any country, attracting and repelling investors, it is customary to call it the investment climate..
The concept of the investment climate is complex and complex and can be considered both at the macro- and microeconomic level. Traditionally, the concept of an investment climate means the presence of such investment conditions that affect the investor's preferences in choosing a particular investment object. At the macro level, this concept includes indicators of the political (including legislation), economic and social environment for investment. For example, for potential foreign investors, when analyzing the political situation, a decisive role is played by the state policy in relation to foreign investment, the likelihood of nationalization of foreign property, the country's participation in the systems of international treaties on various issues, the strength of state institutions, the continuity of political power, the degree of state intervention in the economy, etc. etc. The investment climate is adversely affected not only by the direct restrictions on the activities of foreign firms contained in the legislation, but also by the vagueness and, especially, the instability of the host country's legislation, since this instability deprives the investor of the ability to predict the development of events, which reduces the return on investment.
At the micro level, the investment climate manifests itself through the bilateral relations of the investor (private or legal entity) and specific government agencies, business entities-suppliers, customers, banks, non-bank financial structures, as well as trade unions and labor collectives of the state (region) - the recipient of investments. At this level, the concretization of the generalized assessment of the investment climate takes place in the course of real economic, legal, and cultural contacts of a foreign firm with a new environment for it.
Investors perceive the notions of the investment climate at the macro and micro levels as a whole, since any legislative and regulatory efforts of the government to create a favorable investment climate are blocked by the rule-making of local authorities, and efforts at the local level to create a preferential economic regime for foreign investment can often compensate some flaws in the actions of the central government. IN recent times it is this aspect of the relationship between the investor and the state that becomes decisive.
The investment object can be a separate investment project, enterprise, corporation, city, region, industry, state. It is not difficult to single out the common thing that puts them in the same row, namely: the presence own budget and its own control system. The object of each level (and, accordingly, its investment attractiveness) has its own set of significant properties, but the region in this series occupies a special place: due to its peculiarities, it has its own specificity and at the same time, due to the integrity of the structure, it is not unique. It is this feature that allows you to compare regions with each other.
There are a number of indicators, without the analysis of which it is impossible to make a decision on the feasibility of investment. specific enterprise in a specific region. At the same time, in the context of the ongoing economic crisis, the instability of the economic situation, most of the characteristics of the social economic development at the regional level, it not only varies in a wide range, but is also affected by multidirectional trends. In such conditions, the assessment of investment prospects based on the analysis of a certain set of indicators that are the same for each region is significantly difficult and may turn out to be practically useless. According to one indicator, a region or country will be classified as a zone of favorable investment, on the other - to a zone of suppressed investment activity. For this reason, at present, in economic and investment theory and practice, integral criteria for assessing the effectiveness of investment activities in the regions are usually used. Most general characteristic investment prospects is investment climate... It is in this connection that the concept of a regional investment climate becomes extremely important.
Regional investment climateis a system of legal, economic and social conditions for investment activities, formed under the influence of a wide range of interrelated processes, subdivided into their macro-, micro- and regional levels of management, reflecting both the objective possibilities of the region for the development and expansion of investment activities, characterizing its investment potential and the conditions for the activity of investors (investment risk), which create the preconditions for the emergence of sustainable investment motivations and have a significant impact on the profitability of investments and the level of investment risks.
There are several characteristics of the investment climate, namely: investment potential, investment risk, investment attractiveness.
Investment attractivenessdepends on three conditions: a favorable investment situation, the investment climate in the industry and the region, as well as on the availability of advantages that will bring the investor additional profit or reduce the risk.
Investment situationcharacterized by investment activity and efficiency of investment processes
Investment potentialrepresents qualitative characteristic which takes into account the main macroeconomic characteristics in the form of the sum of objective prerequisites for investment and depends both on the presence and variety of areas and objects of investment, and on the economic development of the region.
The investment potential of the region consists of the following basic private potentials (each of which, in turn, is characterized by a whole group of indicators):
- resource(weighted average provision with balance stocks of basic types natural resources);
- labor(labor resources and their educational level);
- production (cumulative result economic activity population in the region);
- innovative(the level of development of science and the implementation of the achievements of scientific and technological progress in the region);
- institutional(degree of development of leading institutions market economy);
- infrastructure(economic and geographical position of the region and its infrastructure provision);
- financial(volume tax base and the profitability of enterprises in the region);
- consumer(cumulative purchasing power population of the region).
Research shows that greatest contribution factors accumulated in the course of long-term economic activity, such as infrastructural development of the territory, innovative potential and intellectual potential population.
There are several classifications of factors that have the greatest impact on investor preferences and are related to the most significant elements of the investment climate in the region.
1. According to a leading Western economist Barry:
· Political stability;
· Rates of economic growth;
· Currency convertibility;
· Expenses for salaries and labor productivity;
· short-term loan; long-term loan and equity;
· Attitudes towards foreign investment and profits;
· Nationalization;
· payment balance;
· The possibility of implementing the contract;
· Organization of communication and transport;
· Local government and availability of a partner;
· The ability to use experts and services.
2. There is also another group of factors classified from the point of view of complex analysis.
1.Political factors:
· Distribution of political sympathies of the population based on the results of the last parliamentary elections;
· General assessment of the stability of legislative and executive structures;
· Distribution of power between various political groups and parties, the influence of the opposition of regional political forces;
· The influence of various ethnic and religious groups, the state of interethnic relations;
· Restrictive measures of a political nature, necessary to retain power.
2.Social factors:
· Social living conditions of the population (population density, living wage and etc.);
· Social stability (level of social tension);
· The presence of social conflicts (demonstrations, strikes, etc.);
· The level of development of the social sphere;
· Instability due to possible violent actions (unconstitutional changes, etc.).
3.Economic (most influential) factors:
· Structure of the region's economy;
· Trends in the economic development of the region;
· The current level of investment activity;
· The capacity of the existing local and world markets and the possibility of their expansion (for the production of this type of product, service);
Sales conditions (the state of the distribution network, the remoteness of sales markets) and the level of prices for products, services at the local, international markets, as well as the volume of imports of similar goods and positions of competing suppliers;
· economic policy governments for the development of invested industries;
· The permissible share of foreign participation in the capital of the enterprise;
· The possibility of transferring dividends abroad;
· The possibility of obtaining short- and long-term loans in the domestic and world markets of bank loan capital and capital of non-bank financial structures;
Mobilization opportunities financial resources due to issue valuable papers;
· Inflation rate;
Convertibility national currency;
Activity in implementation economic reforms;
· Availability of highly efficient investment objects;
· Availability of a promising partner.
4.Environmental factors:
Pollution level the environment;
· Natural and climatic conditions in the region;
· The level of radiation pollution of the environment.
5.Criminal factors:
· The level of criminogenic danger (crime) in the region, taking into account the severity of the crimes;
· Contract killings;
· Corruption of power structures;
6.Financial factors:
· The degree of balance between the regional budget and enterprise finance;
· Taxation system (volume of the tax base; system of benefits, including regional and municipal);
· The state of the balance of payments;
· Profitability of regional enterprises.
7.Resource factors:
· Weighted average provision with balance reserves of basic types of natural resources;
· Resource and raw material provision of the region.
8.Labor factors:
· Availability labor resources;
· Professional and educational level of labor resources;
· Availability of skilled labor.
9.Production factors:
· The aggregate result of economic activity of the population in the region;
· Features of industry specialization;
· Results of production activities;
· Availability and placement of components (productive forces) necessary for production: energy, raw materials, equipment, infrastructure, etc .;
· Availability of export potential.
10.Innovative factors:
· The level of development of science;
· Innovative level of development and implementation of achievements of scientific and technological progress in the region;
· Intellectual and educational level of the population.
11.Infrastructure factors:
· Economic and geographical position of the region;
· territorial distribution region (proximity to external borders, supplying and consuming regions);
· Infrastructural development, equipping and provision of the region;
· Development of the infrastructure of the communications system in this area.
12.Consumer factors:
· Consumer potential;
· The aggregate purchasing power of the population of the region.
13.Institutional factors:
· The degree of development of the leading institutions of the market economy;
· The degree of development of the infrastructure of the market economy;
· Availability of investment infrastructure.
14.Legislative factors:
· legal terms investing in certain areas or industries;
Degree of development (state) legislative framework;
· Availability of mechanisms for guarantees and protection of investments and the level of their coverage;
· The procedure for the use of individual factors of production.
Investment risk- this is the risk of losing all invested capital, as well as expected income.
When assessing the investment climate of each region, in the general case, the following types of risks are taken into account (associated and largely predetermining the investment risk):
- economic;
- financial;
- political;
- social;
- ecological;
- criminal;
- legislative.
The most important component of investment risk is legislation. The specificity of the interregional approach lies in the fact that a single nationwide legislative fund operates on the territory of most regions, which is modified in individual subjects of the state under the influence of regional legislative norms regulating investment activities within the limits of their powers. Legislation not only affects the degree of investment risk, but also regulates investment opportunities in certain areas and industries, determines the procedure for using individual factors of production, that is, it also affects the investment potential of the region. When calculating this risk, both state and regional laws are taken into account and regulations, as well as documents directly regulating investment activities or affecting it indirectly.
Investment climate components. Investment potential, investment risk, investment attractiveness. - concept and types. Classification and features of the category "Components of the investment climate. Investment potential, investment risk, investment attractiveness." 2017, 2018.
Introduction ………………………………………………………………………………………………………………………………………………………………………………………
- Investment climate components. Investment potential, investment risk, investment attractiveness ………………………………………………
- Investment climate assessment ……………………………………………………….
- Assessment of Russia's investment attractiveness ……………………………… ..........
- Investment climate of Russian regions ……………………………………………… ...
- Practical task ……………………………………………………………………….
List of used literature ………………………………………………… ...........
The educational goal of this work is to study the essence, goals and content of the investment climate for the investment process.
Inflation rate;
Convertibility of the national currency;
Activity in the implementation of economic reforms;
Availability of highly efficient investment objects;
Having a promising partner.
4. Environmental factors:
The level of environmental pollution;
Natural and climatic conditions in the region;
The level of radiation pollution of the environment.
5. Criminal factors:
The level of crime (crime) in the region, taking into account the severity of the crimes;
Contract killings;
Corruption of power structures;
6. Financial factors:
The degree of balance between the regional budget and enterprise finance;
Taxation system (volume of the tax base; system of benefits, including regional and municipal);
The state of the balance of payments;
Profitability of enterprises in the region.
7. Resource factors:
Weighted average provision with balance reserves of the main types of natural resources;
Resource and raw material provision of the region.
8. Labor factors:
Availability of labor resources;
Professional and educational level of labor resources;
Availability of a qualified workforce.
9.Production factors:
The cumulative result of the economic activity of the population in the region;
Features of industry specialization;
Production results;
Availability and placement of components (productive forces) necessary for production: energy, raw materials, equipment, infrastructure, etc .;
Export potential.
10. Innovative factors:
The level of development of science;
An innovative level of development and implementation of the achievements of scientific and technological progress in the region;
Intellectual and educational level of the population.
11. Infrastructure factors:
Economic and geographical position of the region;
Territorial location of the region (proximity to external borders, supplying regions and consumer regions);
Infrastructure development, equipping and provision of the region;
Development of the infrastructure of the communications system in the area.
12. Consumer factors:
Consumer potential;
Aggregate purchasing power of the region's population.
13. Institutional factors:
The degree of development of the leading institutions of the market economy;
The degree of development of the infrastructure of the market economy;
Investment infrastructure.
14. Legislative factors:
Legal conditions for investing in certain areas or industries;
The degree of development (state) of the legal framework;
Availability of mechanisms for guarantees and protection of investments and the level of their coverage;
The procedure for using individual factors of production.
Investment risk- this is the risk of losing all invested capital, as well as expected income.
When assessing the investment climate of each region, in the general case, the following types of risks are taken into account (associated and largely determining investment risk):
Economic;
Financial;
Political;
Social;
Ecological;
Criminal;
Legislative.
The most important component of investment risk is legislation. The specificity of the interregional approach lies in the fact that on the territory of most regions there is a single nationwide legislative fund, which is modified in individual subjects of the state under the influence of regional legislative norms regulating investment activities within their powers.
Legislation not only affects the degree of investment risk, but also regulates investment opportunities in certain areas and industries, determines the procedure for using individual factors of production, that is, it also affects the investment potential of the region. When calculating this risk, both state and regional laws and regulations are taken into account, as well as documents directly regulating investment activity or affecting it indirectly.
Investment climate and its components
Introduction ………………………………………………………………………… ..3
1.Theoretical foundations of the investment climate formation ………… 5
1.1. Investment climate as an economic category and its components ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
1.2 Factors Affecting the Investment Climate ..................... 11
1.3. Analysis of the existing tools for forming the attractiveness of the investment climate ………………………………………………………………………………………………………………………………… 13
2.Analysis of the investment climate Russian Federation at the present stage of development and the possibilities of its improvement ............................................................. 20
2.1. Assessment of the state of the investment climate in the Russian Federation …………… ................... 20
2.2. Analysis of the influence of the external environment on the investment climate of the region …………………………………………………………………………………………………………………………………………………………………… 23
Conclusion ……………………………………………………………………… .32
List of sources used ………………………………… ............... 33
Introduction
Attracting investment in National economy topical, first of all, by the fact that it allows the revival of domestic production on a new technological basis, and thus on a competitive basis. This presupposes building trust in the Russian government and reducing the riskiness of the investment environment. Russian market- one of the most attractive for foreign investors, however, it is also one of the most unpredictable. Wherein foreign investors focus primarily on the investment climate in Russia, which is determined by independent rating agencies and serves as a benchmark for assessing possible effectiveness attachments.
The problem of creating a favorable investment climate and attracting foreign investment in Russian economy will acquire an exceptional acuteness in the coming years. Russia faces an important task of complete modernization and reindustrialization of the economy, the implementation of which will require colossal capital investments. According to the estimates of the Ministry of Economic Development of the Russian Federation, over the next 20 years, this will require investments of at least 2.5 trillion. rubles, which is about 100 billion rubles per year. It is obvious that in the near future, dramatic changes will be required in Russia's approach, both to attracting foreign investment and effective use domestic. Consequently, when developing an investment policy, along with a program to improve the basic factors, it is necessary to develop and implement individual programs in relation to direct and portfolio investors.
The purpose of this work is to analyze the essence of the investment climate, to study its components, as well as to study its management in Russia. To achieve this goal, it is necessary to solve the following tasks:
To reveal the essence of the investment climate as economic category and explore its components;
Identify factors affecting the investment climate;
Analyze the existing tools for the formation of the attractiveness of the investment climate;
Determine the problems of transition from the investment policy of the region's development to the formation of an attractive investment climate;
Analyze the impact of the external environment on the investment climate of the region.
The subject of the research is the economic, organizational and managerial relations arising in the process of forming the investment climate.
The object of research is economic systems various levels of management, including state, regional, enterprises of the Russian Federation.
