Classification of investments the main classification features. Classification of investments. Characteristics of types of investments

Recently, it has become very fashionable to talk about investing. Moreover, this is often done by people who actually have a very remote idea of ​​the concept and essence of investment activity. The types of investments for many of them remain a secret behind seven seals.

At the same time, every competent and successful investor must freely navigate the modern variety of financial investments. Such knowledge allows you to freely navigate the existing investment opportunities and help you make the right decisions. Currently, the classification of investments can be carried out according to several criteria.

If you talk to several different investors, and each of them will ask the question: "What are the types or forms of investment?", then the variety of answers can confuse you. Indeed, they can tell you about direct, portfolio, gross, long-term and primary investments of funds. Moreover, this enumeration can be continued for a long time.

All these types of investments exist. The question is only on the basis of what feature they are classified in each individual case. It is also necessary to take into account that there is no right and wrong division. All of the following gradations have the right to exist.

The classification of investments can be based on the following features:

• object;
• investment goals;
• forms of ownership of investment resources;
• profitability factor (profitability);
• the origin of the capital used;
• degree of riskiness;
• liquidity level;
• by urgency;
• accounting forms.

Let's look at these types of investments in more detail.

Division by object

From the name of such a classification, it becomes obvious that in this case the object of investment is taken as a starting point. In other words, this is the same asset that the investor acquires in exchange for the money invested.

The main types of investments, depending on the investment object, are:

• real - the acquisition of fixed assets, land, real estate, equipment, trademarks, brands, staff development;
• financial - purchase of securities (stocks, bonds and others), lending to individuals or legal entities, leasing;
• speculative - short-term investment of capital and money in government currencies, gold for the purpose of ultra-fast profit.

In addition, types of financial investments, depending on the object, may be classified in a different way. These are investments:

• into physical assets - into the direct development of the company through the purchase of means of production;
• into intangible assets - objects of exclusive intellectual property (patents, licenses, logos, etc.);
• in innovative scientific research and the study of new technologies.

At the end of this section, it is also necessary to touch upon such concepts as net investment and gross investment. The first is characterized by the investment of financial assets in the purchase of a company or enterprise. The second represents the totality of net investment and the reinvestment process. In other words, initially the investor acquires the company. As a result of its functioning, he makes a profit, which he reinvests in its further development.

Division by purpose of investment

Types of investment, depending on the goals pursued, are:

• direct - investing capital in a real business. It can be expressed in the purchase of raw materials, consumables, machines, premises and buildings. Direct investments are always aimed at the development of the company.
• portfolio - directly related to the game on the currency exchange. In this case, the funds are invested in the purchase of securities. This process is also known as building an investment portfolio.
• non-financial - investments aimed at the purchase of objects of copyright or intellectual property. This group includes the acquisition of a recognizable brand, as well as patents for any kind of inventions.
• intellectual - associated with the investment of financial resources in research activities and the development of innovations.

Division by the form of ownership of resources

In this case, the right of ownership of the invested resources is at the forefront. In other words, we start from who actually owns the invested funds or from sources of financing. Based on this principle, the following forms of investment can be distinguished:

• private - investments of individuals and legal entities;
• state - investment of funds from the budget of a single country, which is carried out by specific participants in economic activity (for example, the Central Bank or the Federal Ministry);
• foreign - deposits of capital owners who are citizens or subjects of another state;
• mixed - simultaneous investments of several of the above-named entities.

These forms of attachments are best understood with a concrete example. Suppose the Government of the Moscow Region put up for an open auction a number of land plots in the Stupinsky and Ozersky districts. Thus, any owner of capital who wishes can invest in their acquisition. If the winner of the auction is an individual or legal entity, then such investment will be considered private. If an American or Chinese company wins, then such investments will be recognized as foreign. And so on.

Division by origin of capital

Types of investment, depending on the origin of the funds used, are:

• primary - initial investments that were formed from own or borrowed funds;
• repeated or reinvestment - this money is formed directly from the profit received from the primary investment process;
• disinvestment - or investment vice versa. They represent the withdrawal of capital from an investment project. In turn, they can be partial or complete.

Let's take a closer look at disinvestment. The question arises: "In what case can an investor take such a decisive step?" As a rule, we can talk about two situations. Firstly, the investor withdraws money from an unsuccessful investment project, when he is finally convinced that he has no prospects.

Secondly, disinvestment can be carried out with the aim of investing money in a more interesting investment object. They are necessary when the investor does not have enough other free funds for this.

Division by degree of riskiness, level of liquidity, urgency, form of accounting and other features

Types of investment on the basis of riskiness are distinguished:

• there are practically no risks - extremely rare situations, as a rule, artificially simulated or created (for example, bank deposits in Russia - a depositor with a deposit of up to 1 million 400 thousand rubles is guaranteed to receive income thanks to the Deposit Insurance System);
• risks are lower than the average in the current market – conservative;
• mid-market risks are moderate;
• the risks are higher than the average in the current market – aggressive.

Investors who prefer to use an aggressive strategy often prefer investments with a higher level of risk. It is explained simply. Such investments promise maximum returns.

Types of investments according to the level of liquidity are:

• highly liquid;
• medium liquid;
• low liquidity;
• not liquid.

The higher the degree of liquidity of investments, the better. In practice, this means that the owner of highly liquid assets at any time can easily find a buyer for it at a price that is currently established on the market.

The degree of liquidity of assets is well understood by the example of currencies from different countries. If an investor invested his money in US dollars or euros, then these were highly liquid investments. They can be easily implemented in any nearest exchanger with a suitable rate. However, if an investor bought Bahraini dinars or Chilean pesos, then it will be somewhat more difficult to sell them, that is, the level of investment liquidity in this case will be lower.

If we put the time factor at the forefront, then our investments can be:

• short-term - up to 1 year;
• medium-term - from 1 year to 3 years;
• long-term - over 3 years.

According to the form of accounting, investments can be:

• gross;
• clean.

In reality, these two terms are closely related. Gross investment is usually understood as the sum of all investments made during the reporting period. To calculate the value of net investments, we should subtract the monetary value of depreciation from the gross funds invested.

When we want to divide investments by geographic or territorial principle, then first of all we should specify the region or state from which we will start. Depending on the territorial affiliation, investments are:

• internal;
• external.

If we take the Russian Federation as a starting point, then all investments made in the country itself will be internal, and outside it will be external.

An investor does not always manage his own funds on his own. At present, a situation is widespread in which capital is given to a third party for management. For example, on the stock exchange it can be a managing trader.

In this regard, investments can be:

• active - the investor himself chooses the objects of investment;
• passive - funds are given to the management of a third party.

Popular types of investments

Every year, investment activity attracts the attention of ordinary people who are not closely related to the economy and finance. If we compare the profitability and riskiness of various types of investment, we can determine the most promising and profitable areas of funds. Moreover, most people want to receive precisely passive income, which does not require active actions or special financial knowledge.

Currently, the most popular types of investments with passive income are:

• Mutual investment funds - mutual investment funds;
• bank deposits (deposits);
• trust management;
• non-state pension funds;
• real estate;
• stock market game;
• hoarding investment;
• venture investment.

Let's take a closer look at each of these possibilities.

Mutual funds

The mutual fund offers all its potential clients to buy a share or share in the formed investment portfolio, which includes securities of various companies. This is a classic form of passive investment. At the end of the reporting period (usually a calendar year), the shareholder receives a portion of the profit proportionally equal to the size of the share he redeemed.

The selection of securities for the investment portfolio of the mutual fund is carried out by a special manager. The shareholder himself has nothing to do with this process.

Typically, mutual funds form several different investment portfolios, each of which has its own potential return and risk level.

Bank deposits

The traditional and most popular type of investment among Russians. You do not need to be seven spans in the forehead to immediately highlight the main advantages and disadvantages of this method of investing money. Its main advantage is the guaranteed receipt of income prescribed in advance in the contract. The disadvantage of bank deposits is the extremely low level of profitability.

Trust management

In many ways, this method of investing resembles the purchase of a share in a mutual fund. The main difference lies in the personalized approach, which distinguishes trust management. In other words, the investor does not invest money in an already formed investment portfolio, but gives it to his trustee for management. The key figure in this situation is the manager. This should be a legal entity or a specific person, in the professionalism and cleanliness of which the investor has no doubts.

Non-state pension funds

These financial structures offer investors services for managing funds, from which their future pension will be formed in the future. The essence of this method of investing is not so much to preserve, but to increase the financial assets of the client.

Real estate

It makes sense to seriously consider investing in real estate during periods of sustainable development of the country's economy. This is due to the fact that during periods of economic crises, real estate objects seriously lose their value and liquidity.
These investments are primarily divided by objects. It makes sense to talk about residential and commercial real estate.

Stock market game

This type of financial investment is much more complex than participation in mutual funds or transferring money to trust management. In such a situation, the investor has to rely solely on his own knowledge and experience of stock trading. Consequently, the risks of this type of investment increase significantly. Thus, exchange trading is the lot of self-confident experienced investors.

Tesaurian investment

Behind this long and difficult to pronounce word is an investment activity that is directly related to the investment of funds in art objects (paintings, engravings, etc.), precious metals, stones, jewelry and antiques.

Such investments also require specific knowledge and understanding of pricing factors. In addition, investments of such a plan are long-term and most often require a significant amount of money.

Venture investment

Such investments have gained particular popularity in recent years. They are characterized by investing financial assets in start-ups, innovative business ideas and projects.

This area of ​​investment is characterized by very high risks. According to statistics, only 10-15% of all launched startups become successful companies. At the same time, if your choice turns out to be correct, then you may find yourself at the origins of a project that can change the world within a few years.

All of the above types of investments with the right approach can bring a lot of money. Choose wisely.

The practical implementation of any investment project is unthinkable without collective or individual purposeful activity aimed at solving the tactical and strategic tasks set in the project. This is the essence of investment activity, which in the above-mentioned law is interpreted as making investments and carrying out practical actions in order to make a profit and (or) achieve another beneficial effect. It is hardly necessary to overload, as is sometimes done, the concept of investment activity by listing the types of work that are performed in the process of selecting, implementing and operating an IP.

The concepts of the subject and object of investment activity are closely related to the concepts of investment and IP. The subject of investment activity is understood as individuals and legal entities that carry out purposeful actions to solve the tasks set in the IP. The subjects of investment activity are investors, customers, contractors (executors of work), users of objects of investment activity and other individuals and legal entities involved in the implementation of IP. Legislatively, the subject of investment activity is granted the right to combine the functions of two or more entities, unless otherwise provided by an agreement and (or) a state contract concluded between them.

The objects of investment activity are newly created various types of property of enterprises and organizations in the industrial and non-industrial sectors, securities (shares, bonds, certificates, etc.), scientific and technical products, property rights and intellectual property rights, cash deposits.

Numerous types of investments are classified according to the following main classification criteria:

• 1) on objects of investment activity;
• 2) terms of investments;
• 3) forms of ownership;
• 4) sources of funding;
• 5) territorial orientation;
• 6) industry focus;
• 7) economic sectors;
• 8) the nature of participation in the investment process;
• 9) opportunities to participate in management, etc.

In the typology of investment, the main one is the classification of investments according to the objects of investment activity (or according to the objects of investment). On this basis, real and financial investments are distinguished (Fig. 1.).

Real (capital-forming) investments are divided into tangible and intangible. The former include investments in tangible objects - in buildings, structures, machinery, equipment, etc., the latter (potential, sometimes called intellectual) - this is an investment in the acquisition of patents, licenses, payment for research work, the implementation of retraining programs and advanced training of personnel, etc. In statistical practice, real investments are referred to as investments in non-financial assets, which are accounted for by the sector of non-financial enterprises in accordance with the methodology of the International Monetary Fund.

Rice. 1.

Financial investment is the investment of capital in stocks, bonds, bank deposits, investment certificates and other securities. Financial investments are divided into direct (in real assets), portfolio and others. The former include investments in shares of joint-stock companies in order to receive dividends and acquire the right to participate in management. These are investments made by legal entities and individuals who fully own the organization or control at least 10% of the shares or authorized (share) capital of the organization. Portfolio investments include investments in different types of securities owned by different issuers in order to increase the likelihood of receiving income from invested funds. These include the purchase of shares, shares, bonds, bills of exchange and other debt securities. They make up less than 10% in the authorized (share) capital of the organization. Investments that do not fall under the definition of direct and portfolio investments are indicated as other - trade loans, loans from foreign governments under the guarantees of the Government of the Russian Federation, other loans (loans from international financial organizations, etc.), bank deposits.

The ratio in the country's economy between real and financial investments is an important indicator of economic development. “In primitive economies, the bulk of investment is real, while in the modern economy, most investment is represented by financial investment. The high development of financial investment institutions largely contributes to the growth of real investment. As a general rule, the two forms are complementary rather than competing.”

The structure of investments in the Russian economy is undergoing changes that are typical for a country with developing market relations. This is evidenced by the dynamics of the volume of investments in non-financial assets (real investments) and financial investments, which have been recorded by Rosstat since 1995 according to the methodology of the International Monetary Fund.

Unfortunately, the Russian Statistical Yearbook does not contain data on the volume of investments in intangible and other non-financial assets. But, given the fact that almost 98% of investments in non-financial assets are investments in fixed assets, we will compare the dynamics of the volume of the latter with the dynamics of financial investments.

Rice. 2.

In statistical practice, various classifications of investments are used according to the directions of their use, for example, investments in fixed assets can be classified by form of ownership, by sectors of the economy, etc.

On a territorial (regional) basis, it is necessary to single out domestic investments invested in domestic facilities, which, in turn, are differentiated by regions of the country; external (foreign) investments invested abroad.

According to the spheres of the economy, production and non-production investments can be distinguished.

In the literature, investments are classified differently according to the degree of investment risk. According to one classification, this attribute distinguishes between aggressive, moderate and conservative investments. The first of them are characterized by high profitability, low liquidity and a high degree of risk. Moderate investments are characterized by a moderate degree of risk, while conservative investments are investments with high liquidity and low risk.

A friend of the classification for this feature is high-yielding, medium-yielding, low-yielding and non-yielding investments. As part of investments, the so-called autonomous investments are distinguished, which are not associated with a change in the level of income. These include a significant amount of public investment with a long lead time, public investment and investments that are a direct consequence of inventions.

These investments must be distinguished from investments of the same name when classifying investments according to the compatibility of their implementation. This attribute is used to distinguish independent (autonomous) investments that can be implemented as independent of other investment objects in the general investment program of the enterprise, interdependent, the order of implementation or subsequent operation of which depends on other investment objects, and mutually exclusive, which require an alternative choice.

Investments (capital investments) in the main captain are also classified according to the industry purpose of the facilities under construction:

• 1) production facilities;
• 2) objects of agricultural purpose;
• 3) objects of transport and communication;
• 4) housing construction;
• 5) geological exploration work;
• 6) objects of the social sphere (institutions of healthcare, education, culture, trade, etc.).

In international practice, investments are divided into: venture, direct, portfolio and annuity. Venture investments include investments directed to individual entrepreneurs. having a high degree of risk: to direct - investments in fixed capital of enterprises and organizations of the production and non-production sphere. We have already considered the concept of portfolio investment. An annuity includes investments that bring income to the contributor at regular intervals.

Having decided to engage in such a type of financial activity as investing, the future investor must understand such issues as the main types of investments and their classification.

First, let's understand what investment is.

Investments are those or other types of intellectual or property values ​​that are invested in certain commercial processes or financial instruments in order to make a profit.

Some of the investments can be attributed to both speculation and investment. This trend takes place because the boundary between these two concepts is to some extent not fully defined. The criterion is the investment period - if it is not more than a year, then this is referred to as speculation, more than a year - to investments. Although, no one calls investing in stock trading speculation, namely, investments on the stock exchange, although most of the investors closely monitor the economic situation and how things are going on the stock exchange, and bet on profitability, and not on the duration of investment. Sometimes the distinction occurs for the intended purpose. For example, if we are talking about investments in the purchase of equipment, materials, technologies, the introduction of innovations, then they are called investments. If the funds are directed to the acquisition of shares, shares, commercial objects, legal rights, trademarks or any other securities, then such investments of money are called speculation.

In any case, investing is one of the most profitable and convenient ways to increase your own capital and turn a small amount into a fairly large amount. Today, there are many types of investments, and anyone who decides to devote himself to investing has the opportunity to choose exactly those types of investments that suit him best.

There are many criteria for classifying investments. In this article we will try to consider all of them.

Types of investments, depending on the object of investment

According to the type of investment object, real (direct) and financial (portfolio) investments are considered.

Real investments include investing in real tangible and intangible assets, which can include fixed and working capital or intellectual property. In most cases, this is a long-term investment in the creation of fixed assets.

Real investments, in turn, are divided into several types:

• Investments in the expansion of own production, which are aimed at increasing the production volumes of an existing enterprise. In some cases, such investments are called extensive.
• Investments aimed at improving the efficiency of own production, the purpose of which, as a rule, is to reduce costs by replacing equipment, relocating production capacities, and modernizing fixed assets.
• Investments aimed at the creation of a new production or the reconstruction of an existing one. In this case, investment is carried out when it is planned to expand the sales market or release new products.
• Investments in non-own production. This implies participation in investment projects or the fulfillment of any orders (including state ones).
• Investments aimed at meeting the requirements of government authorities (to comply with economic, security and other standards).

Financial (portfolio) investment includes all types of investments that are aimed at generating income directly. In this case, the objects of investment are: currency, stocks, precious metals, bonds and other securities. This type of investment, as a rule, brings profit from two sources: the regular payment of dividends and income from the increase in the initial value of investment objects received during their sale.

Both for individuals and for business representatives, at the moment, the greatest interest is financial investment in the Forex currency market (especially), securities, mutual funds (mutual funds), shares of developing enterprises, start-ups and other similar projects.

And each investor thinks about whether to choose one type of investment or create an investment portfolio that will include several types of investments related to completely different sectors of the economy and industries. As a rule, reasonable investors choose the option with an investment portfolio. Hence the second name of financial investments - portfolio.

Investments by the nature of participation in investment

By the nature of participation in investment, the following types of investments are distinguished:

• Direct investment, when the investor directly takes part in the selection of investment objects. Also, direct investment may mean investing in the authorized capital of an economic entity in order to generate income and obtain rights to participate in the management of the investment object.
• Indirect investments - when the objects of investment are determined not by the owner of the invested capital, but by various investment funds, consultants, companies, mutual funds and other financial institutions.

Classification of investments depending on the timing

According to the terms of investment, the division of investments into:

• Short-term investments - funds are invested for a period of not more than one year.
• Medium-term investments - investment period from one to five years.
• Long-term investment - investment of funds for a period of more than five years.

Types of investments depending on the return on investment

Depending on the profitability, investments are divided into:

• Highly profitable investments, which are distinguished by a high level of income, significantly exceeding the average rate of return in the investment market.
• Medium-income investments, the net investment return on which is approximately equal to the average return on the investment market.
• Low-yield investments, the return on which is less than the average rate of return in the market.
• Profitless investments that are not made for the purpose of making a profit, which is not actually available for these types of investments. Such investment is mainly aimed at obtaining social, environmental or any other non-economic effect.

Classification of investments depending on the level of investment risk

Depending on the degree of possible risks, investments are divided into:

• Risk free investment. With this investment option, there is no real risk of losing capital or income, and the investor has a 100% guarantee of making a profit from investments.
• Low-risk investments, the risk of which is lower than the level of average risk in the investment market.
• Medium-risk investments - when the level of risk is close to the average value of risk in the investment market.
• High-risk investments - characterized by a degree of risk that is many times higher than the average value. This type of investment also includes speculative investments - when investing in the most risky projects in order to maximize income.

Classification of investments by liquidity level

The degree of liquidity of investments can be completely different, therefore there is a division into:

• Highly liquid investments. Such investments include those investment instruments that can be converted into money in a short time without significant loss of their market value.
• Medium liquid investments. This includes investing in those objects that can be converted into money within a month to six months, without a significant loss of their market value.
• Low liquid investments. Investment instruments that can be converted into cash equivalent at least six months in advance. Investments of this kind are usually made in shares of little-known companies, in-progress investment projects, or in projects that were implemented using outdated technologies.
• Illiquid investments. Investments that belong to this type cannot be realized independently and are converted into a cash equivalent only as part of an integral property complex.

Classification of investments according to the nature of their use

According to the nature of the use of capital, investments are divided into:

• Primary investments, which involve the use of capital newly formed for investment purposes, which can be created both at the expense of borrowed funds and at the expense of own funds.
• Reinvestment is the reinvestment of capital, which was formed from the profit received from the initial investment.
• Disinvestment is the withdrawal of capital that was previously invested from the investment turnover without its subsequent use for investment purposes.

Classification of investments depending on the form of ownership

Based on the form of ownership, the following types of investments can be distinguished:

• Private investment is investment made by individuals or companies.
• Public investments that are made by local and central authorities, unitary enterprises at the expense of borrowed and budgetary funds, or by mobilizing their own sources.
• Mixed investments - when several different investors, companies and institutions, legal entities and individuals and local authorities, investment funds participate in the investment process.
• Foreign investments that are carried out by foreign individuals or legal entities, states.
• Joint investments in which subjects of several states participate.

Investments depending on the investment territory

Territorially, investments are divided into:

• Domestic investment. We are talking about investing capital in those objects that are located within the boundaries of a particular region (country).
• External investments. Capital investment in objects located abroad.

Classification of investments depending on the principle of accounting for funds

• Gross investment. It implies the total amount of capital invested in a newly created enterprise, the acquisition of means or objects of labor, intellectual values.
• Net investment is the total amount of gross investment, from which depreciation charges have been deducted.

Types of investments depending on the objects of investment

• Investments in physical assets. This type of investment refers to the investment of capital in the development of the potential of an enterprise or an entire industry. This investment is the basis for the formation of the production potential of the region, country, industry or enterprise. Investments in physical assets are one of the key factors determining the economic efficiency of production.
• Investments in intangible assets. This type of investment refers to the investment of capital in objects that are not tangible assets that are not intended for sale and have been used in production for more than a year. This type of investment includes: rights to use land, copyrights, licenses, patents, organizational costs, trademarks.
• Innovative investments. This type includes the investment of capital in objects of scientific and technological progress, in training programs and programs for improving the skills of employees.
• Initial investments, which are also called net investments, consist in the investment of capital, which is carried out when buying or establishing a new enterprise.
• Gross investment, which is reinvestment plus net investment. In other words, it is the binding of newly released investment resources by directing them to the manufacture or purchase of new means of production to maintain the integrity of the enterprise's fixed assets.

In addition to the types of investments listed above, one can also single out such a type as an annuity. An annuity is an investment of funds that brings the investor a certain profit at regular intervals. As a rule, contributions to pension and insurance funds are called annuity.

Investment decisions to acquire financial assets have recently become incredibly popular. At the same time, the range of these solutions has expanded so much and become more diverse that separate areas clearly stand out in it:

• Investments aimed at the formation of so-called alliances (financial groups, multinational syndicates, consortiums);
• Investments that are aimed at the absorption of large enterprises. The purpose of such investment is diversification, access to new sources of financial resources and new markets;
• Investments that are aimed at complex financial instruments (along with financial leasing or returnable, for example).

To all of the above, a small clarification should be added: such concepts as investment and financing, although they are interconnected, the terms are far from identical. Although many of these concepts are confused. If financing means the formation and provision of financial resources that are aimed at creating property, then investment should be understood as their use and transformation into capital.

In addition, you should not confuse such two concepts as "capital investments" and investments. Because capital investment, as a rule, means the creation of new fixed assets (structures, transport, equipment, etc.) and the restoration of old ones. As for investments, this concept is broader and, in addition to the above investments, also includes investing in current assets, intellectual property, and financial instruments. From which it follows that capital investments are nothing but an integral part of investments.

To analyze the goals of investment, as well as to improve the efficiency of investments, their scientifically based classification is needed. There are various approaches to the classification of investments. Investments can be classified according to certain criteria (Table 4.1)."

Table 4.1

Classification of investments according to various criteria 1

1 Investment analysis: Textbook, manual. M: Delo, 2007; Investment strategy for the development of the enterprise: Textbook, manual. Kazan: KGASU, 2009.

The end of the table. 4.1

First of all, a distinction is made between financial and real investments (Figure 4.2).

Rice. 4.2.

Financial investments are understood as investments in various financial instruments (assets), among which the most significant share is occupied by investments in securities. Financial investments are divided into investments:

• in securities, including government and corporate;
• in bank deposits and certificates.

Financial investments take place by tying funds in forms such as bank deposits, bonds, investment certificates, shares in real estate funds and shares. They are either speculative or oriented towards long-term investments.

Real investments are understood as investments in real assets - both tangible and intangible (for example, investments in scientific and technological progress are called innovative investments).

In the case of portfolio investments, the main task of the investor is the formation and management of an optimal investment portfolio, usually carried out through the purchase and sale of securities in the stock market. Thus, portfolio investments are most often short-term financial transactions.

Real investments are divided into the following groups:

• designed to improve the efficiency of own production. This group includes investments in the replacement of equipment, modernization of fixed assets;
• to expand their own production. This group includes investments aimed at expanding the volume of products produced within the existing production;
• in the creation of a new own production or the use of new technologies in their own production. This group includes investments in the creation of new enterprises, the reconstruction of existing ones with a focus on new products or new markets;
• into non-own production, ensuring the fulfillment of a state order or an order of another customer - participation in an investment project.

Real investments can also be subdivided into material ones, i.e. tangible, and intangible - intangible or so-called potential investments. Through potential investment, intangible goods are produced. In this case, we can talk about the potential of the knowledge of employees in the enterprise, as well as the potential of the enterprise in relation to third parties or organizations. Material investments, on the contrary, serve to provide material goods, which include the means of production - machines, buildings, vehicles and computers. Such investments are capital investments.

It should be noted that the receipt of investment results, as well as the implementation of the costs necessary to obtain them, involves economic activity or management. Economic activity initiated by investments proceeds in its specific types and is carried out in a certain organizational form, which corresponds to such a general concept as an enterprise. It is within its framework that one can keep records of expenses and incomes and, accordingly, determine the measure of profitability of investments.

Investment activity first ensures and then maintains throughout the active period the ability of an economic entity to generate streams of economic benefits. In this regard, we can make the following classification of investments (Fig. 4.3).

The activity of any enterprise begins with investments in creation. In this case, we can talk about the creation of a new or branch of an existing enterprise. Current investments include current and major repairs, as well as investments in the replacement of worn and outdated equipment. Replacement investments take place in the classic form, when the existing means of production are replaced by identical objects. Often replacement occurs with improved means of production. In this case, replacement investment is both rationalization and/or expansion investment.

Additional investments, like the current ones, are related to equipping the means of production in existing locations. Additional investments include investments in expanding production, making changes to the production program and ensuring production safety. Investments in the expansion of production lead to an increase in the capacity of the enterprise.

A characteristic feature of investment in making changes to the production program is the modification of the enterprise for various reasons. Optimization of investments serves to reduce costs, investments in the transition to a new program - bringing production in line with changes in sales volumes of previous types of products, and investments in diversification - to prepare for changes in the sales program, which is influenced by the introduction of new products or the development of new markets. The distinction between investment to expand production and investment to change the production program is often difficult, since in most cases the expansion of capacity occurs simultaneously with a change in the production program.

Safety investments are activities designed to eliminate or prepare for hazards to an enterprise. Examples of such activities are the acquisition of shares in raw material supply enterprises, participation in research and development, advertising, training and retraining of personnel.

There are types of investments:

Direct directly into the material object. Investor at

it participates in the choice of the object of investment and the investment of funds.

Rice. 4.3.

Such investments may include real and intellectual investments;

Indirect, characterized by the presence of an intermediary, investment fund or financial intermediary. These investments include financial investments.

There are the following forms of real investment.

• 1. The acquisition of integral property complexes is an investment operation of large enterprises to ensure sectoral, commodity or regional diversification of their activities. At the same time, as a rule, a “synergistic effect” is ensured, which consists in an increase in the total value of the assets of both enterprises due to the possibility of more efficient use of the overall financial potential, the complementarity of technologies and the range of manufactured products, the possibility of reducing the level of operating costs, sharing the distribution network at various regional markets and other similar factors. As Russian experience shows, the acquisition of complete property complexes, including abroad, is quite common in the activities of large companies associated with the fuel and energy complex.
• 2. New construction - an investment operation for the construction of a new facility with a complete technological cycle according to an individually developed or standard project in areas specially designated for these purposes. New construction is resorted to with a cardinal increase in the volume of operating activities in the coming period, its industry, commodity or regional diversification (creation of branches, subsidiaries, etc.).

It is this kind of investment, consistent with the general development programs of territories or individual countries, that is carried out quite often with the assistance of international organizations and agencies (the World Bank, EBRD, IFC, etc.).

• 3. Reconstruction is associated with serious transformations of the production process based on modern scientific and technological achievements. It is carried out in accordance with a comprehensive plan for the reconstruction of the enterprise in order to radically increase the production potential, significantly improve the quality of products, introduce resource-saving technologies, etc. At the same time, individual production buildings can be expanded (if new technological equipment cannot be placed in existing premises), the construction of new ones instead of liquidated ones, the further operation of which is inexpedient for technological or economic reasons.
• 4. Modernization - improvement and bringing the active part of the production of fixed assets into a state corresponding to the current level of technological processes, through constructive changes in fixed assets (machines, mechanisms, equipment).
• 5. Renovation of certain types of equipment - replacement (due to physical wear and tear) or addition (due to an increase in the volume of activities or the need to increase labor productivity) of the existing fleet of equipment with separate new types of them that do not change the general scheme of the technological process. This investment operation characterizes the process of reproduction of the active part of fixed production assets.
• 6. Innovative investment in intangible assets is an investment operation aimed at using new scientific and technological knowledge in the activities of an enterprise. Innovative investments in intangible assets are carried out in two main forms - by:
  • acquisition of finished scientific and technical products and other rights (patents for scientific discoveries, inventions, industrial designs and trademarks, know-how, franchising licenses, etc.);
  • development of new scientific and technical products (both within the enterprise itself and by its order by the relevant engineering firms). Such investments can significantly increase the technological potential of the enterprise.
• 7. Investing in the growth of inventories of tangible current assets. Although by their nature these investments differ from all those listed above, however, aimed at expanding the volume of used current operating assets of the enterprise, they provide the proportionality required for normal management in the development of non-current and current operating assets. The need for this form of investment is due to the fact that any expansion of productive capacity provided by the previously considered forms of real investment depends on many factors. Thus, it is important for enterprises to solve the problems of sectoral, commodity and regional diversification of activities, the introduction of new resource- and labor-saving technologies. A colossal role is played by the potential for the formation of investment resources - monetary and other assets attracted to invest in objects of real investment 1 .
• 1 Neshitoy L.S. Investments: Textbook. 5th ed., revised. and additional Moscow: Dashkov i K 0, 2006; Economic evaluation of investments: Textbook / Ed. M.I. Reamer. 3rd ed., revised. and additional St. Petersburg: Piter, 2009; Economic evaluation of investments: Textbook, allowance / G.S. Staroverova, A.Yu. Medvedev, I.V. Sorokin. 3rd ed., ster. M.: KnoRus, 2010.

From the point of view of the direction of action, investments can be divided into investments:

• on the basis of a project (initial investment), or net investment made when establishing or purchasing a company;
• to expand the project (extensive investments) aimed at increasing the production potential.

Reinvestment - linking newly available funds through

directing them to the acquisition or manufacture of new means of production in order to maintain the composition of the fixed assets of the enterprise. These investments include:

• for replacement, as a result of which existing objects are replaced by new ones;
• rationalization aimed at the modernization of technological equipment or processes;
• diversification associated with a change in the range of products, the creation of new types of products and the organization of new markets;
• change in the release program (proportional composition of the release program);
• ensuring the survival of the enterprise in the future, directed to R&D, training, advertising, environmental protection.

Gross investment consists of net investment and reinvestment 1 .

Investments express all types of property and intellectual values ​​that are directed to objects of entrepreneurial activity, as a result of which profit (income) is formed or another useful effect is achieved. Investments are directed to capital, intangible, current and financial assets.

Investments in fixed capital are carried out in the form of capital investments: they include the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of equipment, tools and inventory, design products and other capital expenditures.

An investment project is a rationale for the economic feasibility, volumes and timing of capital investments, including the necessary documentation developed in accordance with accepted standards, as well as a description of practical actions for the implementation of investments (business plan).

For accounting, analysis and planning, investments are classified according to a number of criteria:

1. By investment objects:

1.1. real (capital investments);

1.2. financial (portfolio) - financial investments express capital investment in financial assets (stocks, bonds, etc.);

2. By the nature of participation in investment:

2.1. direct (direct participation of the investor in the selection of an object for investment);

2.2. indirect (carried out through financial intermediaries - commercial banks, investment companies and funds).

3. By investment period:

3.1. short-term - less than 1 year;

3.2. long-term - over 1 year.

4. By form of ownership:

4.1. private;

4.2. state;

4.3. joint;

4.4. foreign.

5. By region:

5.1. inside the country;

5.2. abroad.

6. By the level of investment risk:

6.1. risk-free - there is no real risk of losing the expected income or capital and profit is practically guaranteed;

6.2. low-risk - capital investment in objects, the risk of which is below the average market level;

6.3. medium-risk - capital investment in objects, the risk for which corresponds to the average market level;

6.4. high-risk - the level of risk is higher than the market average;

6.5. speculative - investing in the most risky assets in order to obtain maximum income.

The preparation and analysis of investments in real assets essentially depend on what kind of these investments, i.e. which of the tasks facing the enterprise needs to be solved with their help. From these positions, all possible types of investments can be reduced to the following main groups:

1. "Involuntary investment" required to comply with environmental, labor, product safety, or other operating conditions that cannot be achieved through better management alone;

2. Investments to improve efficiency. Their goal is, first of all, to create conditions for reducing the company's costs by replacing equipment, training personnel or moving production facilities to regions with more favorable production conditions;

3. Investments in the expansion of production. The objective of such investment is to expand the opportunities for the production of goods for previously formed markets within existing industries;

4. Investments in the creation of new industries. Such investments ensure the creation of new enterprises that will produce goods that were not previously produced by the enterprise (or provide a new type of service) or allow the enterprise to attempt to enter new markets with previously produced goods;

5. Investment in research and innovation. Innovative activity is a process aimed at implementing the results of completed scientific research and development or other scientific and technical achievements into a new or improved product sold on the market, into a new or improved technological process used in practical activities, as well as related additional scientific Research and development.

Investment principles, main stages of an investment project

When implementing an investment project, the following principles are observed:

1. The principle of financial correlation of terms (observance of the terms for receiving and spending funds);

2. The principle of balancing risks: it is advisable to finance especially risky investments at the expense of own funds;

3. The rule of marginal profitability - choose capital investments that provide maximum profitability;

4. The net profit from this capital investment must exceed its value from placing funds on a bank deposit, i.e.:

and Р > dp C , where and Р - return on investment, %; dp C - deposit interest rate, %.

Ri \u003d NP / I * 100%; where: PE - net profit received from investment; I - the amount of investment funds.

5. The return on investment must be above the average annual inflation rate;

6. The profitability of an investment project, taking into account the time factor, is always greater than the profitability of alternative projects;

7. The return on assets of the enterprise after the implementation of the project increases and exceeds the bank interest rate;

8. The investment project must comply with the main strategy of the enterprise in the commodity market in terms of the formation of a rational assortment structure of production, the payback period for investment costs, the availability of financial sources to cover costs and ensure the stability of income during the period of operation of the project.

Distinguish the economic life of investments, which is associated with the implementation of the main stages of the investment process. The investment project is associated with the implementation of the following main stages of investment:

1. converting resources into capital expenditures, i.e. the process of transforming investments into specific objects of investment activity;

2. the transformation of invested funds into an increase in capital value;

3. increase in capital value in the form of profit.

The investment policy of an enterprise is an integral part of the overall economic strategy, which determines the choice and methods for implementing the most rational ways to upgrade and expand its production and scientific and technical potential. The investment policy of the enterprise is associated with significant risk, typical for the entire market economy. Investment risks are classified:

1. by forms of manifestation: economic, political, social, environmental and others;

2. by sources of occurrence: systemic, non-systemic (specific);

Systemic risk is determined by the following factors:

Change in the stages of the economic cycle of the country's development;

Changes in market cycles of development of the investment goods market;

Innovations in tax legislation in the field of investment;

Tightening the state policy in the loan capital market, etc.

Non-systemic risk is specific to a particular project or an individual investor.

The relative amount of financial losses (losses) associated with investment risk is expressed as the ratio of the amount of possible loss to the selected base indicator (to the amount of expected investment income or the amount of capital invested in this project):

Kir = Total loss / I * 100% ;

where: Kir - investment risk coefficient, %; And - the volume of investments (capital investments) directed to a specific project.

Financial losses can be considered low if their level to the amount of investment in the project does not exceed 5%; average, if this indicator fluctuates between more than 5 and up to 10%; high - more than 10 and up to 20%; very high if their level exceeds 20%.

The most common methods for analyzing and assessing project risks are:

Statistical (studying income and losses from capital investment and establishing the frequency of their occurrence);

Cost feasibility analysis (focused on identifying potential risk areas);

Method of expert assessments (questionnaire of specialists - experts);

The method of using analogues (comparison with other objects).

Source - Business planning and development of investment projects / Educational and methodological manual, under the general editorship of Saveliev Y.V., Zhirnel E.V., Petrozavodsk, 2007.