Financial investments are the purchase of securities, and real investments - investment of capital in industry, agriculture, construction, education, etc.
In real investments, the main condition for achieving the intended goals is the use of appropriate outside current assets For the production of products and subsequent implementation.
This includes the use of the organizational and technical structures of the newly educated business for seizing profits during the statutory activities of the enterprise created with the involvement of investments.
Financial investmentsrepresent capital investment in various financial instruments Investing, mainly securities, in order to implement the goals of both a strategic and tactical nature.
Investing in financial assets is carried out in the process of investment activity of the enterprise, which includes the formulation of investment purposes, the development and implementation of the investment program.
The investment program involves the choice of effective financial investment tools, the formation and maintenance of a balanced financial instrument portfolio parameters.
The formulation of investment purposes is the first and determining all the subsequent phase of the financial investment process. Financial investments are divided into strategic and portfolio.
Strategic financial investments should help implement the strategic goals of the company's development, such as expanding the sphere of influence, sectoral or regional diversification of operating activities, an increase in market share through the "seizure of competitors' enterprises, the acquisition of enterprises that make up the vertical technological chain of products.
Consequently, the main factor influencing the value of the project for such an investor is to obtain additional benefits for its main activity. Therefore, strategic investors are mainly becoming an enterprise from related industries. Portfolio financial investments are carried out in order to obtain profits or neutralization of inflation as a result of effective placement of temporarily free money.
Investment tools in this case are relevant types of monetary instruments or profitable types of stock tools.
The last type of investment is becoming more promising as the domestic development stock market.
From the financial manager in this case, a good knowledge of the composition of the stock market and its tools is required.
Financial investments include investments:
· In stocks, bonds, other securities issued by both private enterprises and the state, local authorities;
· In foreign currencies;
· To bank deposits;
· In the objects of thesorration.
Financial investments are only partially sent to an increase in real capital, most of them part of the unproductive investment of capital.
In market household in the structure of financial investments, private investments are dominated. Public investments are an important tool for scarce financing (the use of government loans for covering the budget deficit).
Investing in securities can be individual and collective. Individual investment is the acquisition of state or corporate securities at primary accommodation or in the secondary market, on the stock exchange or over-the-counter market.
Collective investment is characterized by the acquisition of mutuals or shares investment companies or funds.
Investing in securities opens up the greatest opportunities for investors and is distinguished by the maximum variety.
This applies to all types of transactions carried out in operations with securities, as well as species of securities themselves.
Worldwide, this type of investment is considered the most affordable.
Investments in foreign currencies - one of the easiest types of investment.
It is very popular among investors, especially in a stable economy and low inflation rates.
There are the following main ways to invest in foreign currency:
· Acquisition of cash currency on the currency exchange;
· Conclusion of a futures contract for one of the currency exchanges;
· Opening a bank account in foreign currency;
· Cash purchase foreign currency in banks and exchange offices.
The unconditional advantages of investment in bank deposits are simplicity and availability of this form of investment, especially for individual investors.
Financial investments, speaking relative to an independent form of investment, at the same time are also a link in transformation of capital in real investment.
Since joint-stock companies, the development and expansion of the production of which are carried out using borrowed and attracted services (debt and business securities), are becoming the main organizational and legal form of enterprises using borrowed and attracted envoy (issuance of debt and business securities), financial investments are formed by one of the capital gains into real production.
Under the establishment and organization of the joint stock company, in the event of an increase in its authorized capital, it first takes out new shares, followed by real investment. Thus, financial investments play an important role in the investment process.
Real investments are impossible without financial investments, and financial investments receive their logical conclusion in implementing real investments.
Real investments include investments:
· In fixed capital;
· In material and production reserves;
· In intangible assets.
In turn, investments in fixed assets include capital investments and real estate investment.
Capital investments are carried out in the form of investing financial and material and technical resources. The creation of reproduction of fixed assets through new construction, expansion, reconstructions, technical re-equipment, as well as maintaining the capacity of the current production.
In accordance with the real estate classification adopted in the world, the land is meant, as well as everything that is above and under the surface of the Earth, including all objects attached to it, independently of whether they have natural origins or are created by human hands.
Under the influence of scientific and technological progress in the formation of a material and technical base of production, the role of scientific research, qualifications, knowledge and experience of workers increases.
Therefore B. modern conditions The costs of science, education, preparation and retraining of humanities are other essentially, are productive and in some cases are included in the concept of real investment.
From here, the third element is allocated in real investments - investments in intangible assets.
These include: the right to use land, natural resources, patents, licenses, know-how, software products, monopoly rights, privileges (including licenses for certain activities), organizational expenses, trademarks, trademarks, research and development Developments, project-but-survey work, etc.
2. Sources of investment.
Investment activity of the enterprise can be financed from different sources. The diversity of the latter is explained as a shortage of its own resources of the enterprise and the difference of interests pursued by the subjects of investment activities. Sources of investment in the enterprise are divided into their own and borrowed.
To their own sources of investment It is customary:
own financial resources that are emerging as a result of depreciation accrual for current fixed capital, deductions from income on the needs of investment, amounts paid by insurance companies and institutions in the form of damages from natural and other disasters;
other types of assets (fixed assets, land, industrial ownership in the form of patents, software products, brands);
attracted funds as a result of the issue and sale of shares;
funds allocated by higher holding and joint-stock companies, industrial and financial groups on an irrevocative basis;
charitable and other similar contributions.
To borrowed sources of investment Usually include: investment allocations from state budgets RF, republics and other subjects of the Russian Federation, local budgets and relevant extrabudgetary fundswhich are allocated mainly to financing federal, regional or sectoral targeted programs (gratuitous financing from these sources actually turns them into a source own funds); Foreign investments provided in the form of financial or other material and non-material participation in the authorized capital of joint ventures, as well as in the form of direct investment (in cash) of international organizations and financial institutions, states, enterprises (organizations) of variousforms of property and individuals (attraction of foreign Investments ensures the development of international economic relations); Various forms of borrowed funds, including loans provided by the state and entrepreneurship support funds, loans of banks and other institutional investors, enterprises, bills and other means.
Depending on which sources of funding attracts the firm to finance its investment activities, the following basic forms of investment financing:
self-financing - financing of investment activities fully at the expense of its own financial resources formed from internal sources; Usually used in the implementation of short-term investment projects with a low rate of profitability;
credit funding is used, as a rule, in the process of implementing short-term investment projects with a high cost of investment profitability;
shared financing - a combination of several sources of financing; The most common form of financing investment activities, which can be applied in the implementation of various investment projects.
When choosing sources of financing Investment activities The issue should be solved by the firm taking into account many factors:
the cost of attracted capital;
efficiency of return on it;
the ratio of its own and borrowed capital, which determines the level of financial independence of the firm;
the risk arising from the use of a source of financing.
3. Investment project
Investment project - Economic or social project based on investments; The rationale for the economic feasibility, the volume and timing of the implementation of direct investment in a specific object, which includes design and estimate documentation developed in accordance with the current standards.
Sometimes for convenience, the concept of a business plan is distinguished to designate justification, while the project itself is called an "investment project".
To assess investment projects, such main factors as cash flows and their time distribution are considered (that is, it is necessary to take into account, not only how much money will bring the project, but also how fast) and the riskiness of the project
The goals that are put by the initiators of investment projects may be the most different. In some cases, projects are not focused on direct earnings, but to reduce risks, production and sales, expansion into new business spheres. State investment projects may pursue social or environmental goals.
Important in the analysis of investment projects has the degree of interdependence of investment projects. Independent projects may be estimated autonomously, the adoption or rejection of one of such projects does not affect the solution regarding the other. Alternative projects are competing; Their assessment can occur simultaneously, but only one of them can be designed due to the limited investment resources or other reasons. Interrelated projects are estimated at the same time, while the adoption of one project is impossible without adopting another.
4. Equity.
Equity - This is part accounting balancereflecting the residual requirement of founders (participants) to the legal entity created by them. It can decrease or increase depending on the additional investment in the company (emission income in the issuance of shares, free of money and other) and the results of their own activities (net income for the period, reassessment of fixed assets and other).
In the case of a joint stock company, equity capital is also called share capital, and in the case of non-Profit Organizations (including the Wikimedia Foundation) - Pure Assets (English. net Assets.). However, in practice such concepts as net Assets, Net Worth (« clean assets»), shareholders' Equity / Funds / Capital ("Own capital"), other similarities are often used as synonyms.
Net assets It is the difference of total assets (balance currency) and total liabilities. For example, in the reporting of a profitable company compiled under IFRS, net assets will be exceeded by the market value of assets over non-ridden debt. That is, if such a company decided to sell all the property and out of this money to pay for all its obligations, then the amount remaining in her hands (or balance "cash and their equivalents"), and would be the fact that to the distribution between shareholders. After the company is paying and this is a residual requirement, its accounts will come to zero (or liquidation) balance.
IN different countries The procedure for compiling this section of the accounting balance may differ.
Own capital consists of the following articles:
· Authorized capital (paid share capital);
· Retained profits earned by the company as a result of effective activities and remaining at its disposal;
· additional capital (formed according to the results of reassessment of assets, due to emission income; Valuation received by the enterprise);
· Reserve capital - a reserve fund created from net profit; Foundation for consumption (also from net profit), etc. See Form No. 1 Accounting Balance.
Equity = The result in the section of the balance "Capital and Reserves".
The organization's own capital consists of several components. Share capital is the amount own capital The enterprises originally invested in the formation of assets to start committing economic activities. The size of this capital is determined by the charter and constituent documents. For companies of individual organizational and legal forms, the minimum amount of authorized capital is regulated at the legislative level.
Additional capital consists of additional unpaid and paid capital and other additional capital. Additional paid capital is an emission income of the enterprise, which is ensured by the difference between the implementation and the nominal value of the shares. The source of additional paid capital may be the sale of a part of the company's assets for the price, which exceeds them balance value. Unpaid capital is considered part of the capital that has not yet paid to shareholders who acquire shares. Other additional capital is called the amount of accommodation of non-current assets, the price of assets, which is freely received by the enterprise from other individuals and legal entities.
Reserve products are part of its own capital, which is intended for internal insurance of its activities. The size of the backup capital of the part is determined by the constituent documents, and its formation is carried out at the expense of deductions from the profit of the enterprise. Undestributed profits It acts a peculiar form of reserve and is part of the profit of the company obtained in the preceding period and not used by personnel and owners for consumption. These funds are intended for reinvesting in the development of the enterprise. Capital withdrawn is the cost of shares that the company bought in order to cancel.
5. Investment control.
(English. Investment Management) - 1) Control over the effective use of invested funds. Functions IK Carries out a number of bodies and committees of the Government of the Russian Federation (see the control of the Government of the Russian Federation). An example is the Ministry of Economic Development and Trade of Russia, one of the main functions of the K-PHO is to implement and control the implementation of investment projects using centralized capital investments. In order to improve the efficiency of the investment process, creating conditions for the wide attraction of FI-NASS. resources, incl. From foreign investors, and to ensure the structural restructuring of the economy, on the initiative of the Ministry of Economics of the Russian Federation, a Russian financial corporation has been established - state. Enterprise that implements priority investment projects and performing functions IK The control and regulation of the securities market, as well as the control over the activities of its professional participants, is carried out by the Federal Commission for the Securities Market - the federal executive body. It organizes its activities on a collegial basis, assigns inspectors to control the work of the stock exchanges and inspection of investment institutions and recalls their licenses in case of disorders; 2) control over the activities of specialized investment funds of privatization and controlling these funds with mandatory procedure Determining the rationale for the suspension or restoration of action, as well as the response issued by the license. Activity specializer. Investment funds of privatization and the management of these funds are monitored by the Ministry of Property Relations of the Russian Federation (earlier the ministry state property Russia) and regional property management committees. IK It is carried out by studying (analysis) of documents submitted in the prescribed manner, as well as published (distributed) in the media of information on a licensee (an investment fund, which has a license for the right to activities) or by conducting an audit of its activities. IK held by the Commission formed by the licensing authority. The work as part of the Commission may involve employees of the central bodies of the federal execution, authorities, authorities will perform, the authorities of the subjects of the Federation, execute, local governments, employees of other pr-tries, institutions and organizational organizations in coordination with their leaders. Result IK There may be a suspension (recovery) of licenses.
As part of the investment management mechanism, an important role is assigned to systems and methods of internal investment control.
Internal investment control is an enterprise-organized by the process of verification and ensure the implementation of all management decisions in the field of investment activities in order to implement the investment strategy.
The main functions investment Controlling are:
- observation of the implementation of the implementation investment Tasks set system planned indicators and standards;
- measurement of the degree of deviation of actual results investment activities from envisaged;
- diagnosis based on the deviations of serious deterioration in investment positions of the enterprise and a significant reduction in the pace of its development;
- development of operational management decisions on normalization investment activities of the enterprise in accordance with the conditions provided for and indicators;
- adjustment if necessary for individual purposes and indicators investment Activities in connection with the change of external investment Environments, conjuncture investment Market I. domestic Conditions.
6. Investment planning.
Investment planning is to draw up forecasts of the most effective investment of financial resources in land, industrial equipment, buildings, natural resources, product development, securities and other assets.
Investment planning is a strategic and one of the most difficult enterprise management tasks. In this process, it is important to take into account all aspects economic activity Companies starting from ambient, inflation indicators, tax conditions, states and prospects for the development of the market, the presence of production facilities, material resources and ending with the project financing strategy.
The main tasks of investment planning are:
Investment planning - The process of developing a system of plans, planned (regulatory) tasks and indicators that ensure the development of the enterprise using the necessary investment resources and contribute to improving the effectiveness of its investment activities.
Investment planning in the enterprise consists of three essential stages:
1) forecasting investment activities
- related to the development of a common investment strategy and investment policy of the enterprise.
2) current investment planning
- carried out in relationship with the process of planning the operating and financial activities of the enterprise, is designed, as a rule, for the period up to one year and allows:
identify all forms of investment activity of the enterprise and sources of its financing;
form the structure of income and costs of the enterprise;
Provide financial sustainability and the constant solvency of the enterprise;
To predetermine the increase and structure of the company's assets at the end of the planned period.
The company develops several types of current investment plans:
- the plan of the total investment activity in the context of individual forms of real and financial investment.
The plan for income and investment costs reflects all costs associated with real investments and the increase in the volume of long-term financial investments.
- Plan of receipt and consumption of funds in the process of investment activity characterizes the results of predicting cash flows from investment activities and ensures a clear interrelation of funds for cash flow, their spending in the planning period and the amount of net cash flow on investment activities at the end of the period.
- The balance sheet reflects the results of predicting the composition of assets and the structure of the use of financial funds of the enterprise. When developing a balance sheet, use the enlarged scheme of enterprise balance articles.
3) operational investment planning
- A set of measures for the effective placement of financial resources among alternative investment options. The planning horizon does not exceed 12 months. In the process of operational planning, an investment budget of the enterprise is being developed. It reflects the volume and composition of all expenses related to investment activities, provides coverage of these expenses in investment resources from various sources and determines the amount of funding necessary to implement specific forms and investment options in the enterprise.
A special form of operational investment planning is the payment calendar. It is being developed as an enterprise as a whole, detailing the current plan for the receipt and consumption of funds for investment activities and in certain types of cash flow (tax payment calendar on investment activities; payment calendar on calculations with suppliers, etc.). The payment calendar is usually drawn up for a planned month, with a breakdown of tasks in decades, weeks and days.
7. Subjects and investment objects
Investor, customers, work performers, business and individuals, foreign and domestic, individual, collective and institutional investors, foreign and domestic, individual, collective and institutional investors, investment institutions, professional participants in the securities market, other states, and Also international organizations. Investors can be public and private, individual and collective. There are also the following types of investors: conservative, aggressive and moderate.
Investor-conservative - a person who limits investment risks A certain amount of attachments usually carry out for a long time, focuses on a stable, continuous flow of income from investment. For aggressive type, it is characterized by limiting the timing of investment, maximizing investment yields, higher investment risks. A moderate investor, like an aggressive investor, is also focused on income, but avoids high-profile, speculative sources of its receipt and strict time frame of investments. Institutional investors are also allocated. it financial intermediaries, the main function of which is to invest in financial assets and financial instruments.
What are real and financial investments? What attachments relate to real investments? What forms are gross investment?
Hello everybody! With you in touch Denis Kudarin!
Statistics testifies - 60% of the richest people of the planet earned their millions due to successful investment. If the entrepreneur does not invest in new projects and directions, it is waiting for stagnation and regression. He is crushed competitors and ignore consumers. His business picks up on the root.
Investment theory reads: if you did not bought, you sold. This means that if you did not invest money today in business development, tomorrow you will lose them. The most promising financial instrument for entrepreneurs is a real investment. I will tell about them in the new article.
Without the end, the review of the most reliable companies in Russia, providing assistance in real investment, plus advice, how to avoid basic risks when investing.
Forward, friends!
1. What is real investment
Free money companies that dust on bank accounts, these are lost profits.
First, they are eaten by inflation, which in Russia is an average of 12-15% per year. Secondly, an enterprise that does not invest in its own development, is doomed to the inevitable lag from more raft and enterprising competitors.
Conclusion: Finance needs to be invest. The most profitable direction of such investments is real investment.
The economic concept of "real investment" does not mean that there is an investment "unreal." Just a scientific classification on facilities of the facilities are subdivided by deposits for real and financial. Financial is investment in securities for the purpose of their subsequent implementation.
- Cash investments in assets directly related to the production of goods and services for subsequent profit extraction. Real contributions are aimed at multiplying the company's fixed assets, as well as their reorganization, restructuring and modernization.
Typical example
The company "Russian Potato", which produces chips, wishes to increase the volume of production of main products. For this purpose, the company purchases new generation equipment in Germany, which will increase the annual number of goods of the product 5-10 times.
This is a direct (it's real) investment in production, which is subject to a competent marketing plan and the presence of market prospects - guarantees the company increasing profits.
Real investments are engaged in enterprises of large, medium, sometimes small businesses, state organizations, less often investment funds. Private investors almost do not make such investments. Not because they do not want - just the volume of investment is too large for one person.
Real investments imply operations with millions and billion turns aimed at extracting relevant profits in the long run.
There are many forms of real investment:
- buying holistic property complexes - factories, factories, shops, agricultural farms;
- construction of new facilities;
- opening of branches, regional offices, subsidiaries;
- reconstruction for the purpose of cardinal transformation of production based on innovative technological developments;
- modernization of the current enterprise is a radical update of the enterprise's production assets;
- investments in intangible assets - promising startups, new brands, inventions and patents;
- acquisition of a new business;
- buying deposits for the extraction of natural fossils;
- investments in scientific developments and research.
Since investments are always associated with risk, investment is possible only after a comprehensive study and accounting of all factors that may affect future profits.
The real investment differ from financial
In comparison with financial investments, the real estimation has a higher yield and resistance to market fluctuations. Promotions and bonds bring 15-25% of profit per year with a good situation, and real production facilities pay off by 100% or even more.
Therefore, the risks of such investments are lower - since the money is invested mainly into material instruments. The same equipment or construction objects can always be sold. However, in comparison with securities, the liquidity of such objects will, of course below.
Another difference of direct investments from the financial is that the first is real investments in the country's economy, creating a gross product. Ultimately, such investments lead to improving the welfare of the population, an increase in the number of jobs and other positive effects.
For this reason, the state contributes to real investments and welcomes them every way. The real investor is the owner who came for a long time: to work and develop production. Financial investor is essentially stock speculatorwhich earns on fluctuations in the securities market. Financial investments do nothing and do not carry direct benefit for the economy.
Henry Ford said: "Old people always advise to be saving and save money. As for me, I have not saved a cent, putting all the free funds in the development of your business until 40 years.
What sources you can finance real investment - 3 main sources
Where to take money for all these economically appropriate and, of course, the necessary and useful things?
There are 3 types of sources of investment.
1) Own money
Returning finance companies are formed due to profits and depreciation of the main assets. Those money that does not go on salary to employees, tax deductions, production service and other urgent needs, are invested in the development and growth of production.
Such is an economic law. Free money must create other money. It is like in physics - the body, while it moves, can not fall.
2) borrowed sources
There is not enough of his funds - loans are involved. Banks willingly provide enterprises large loans to expand and modernize the existing business.
And if the startups and novice entrepreneurs at financial institutions, rather alert, more wary than benevolent, then existing enterprises credit organizations Almost always give green light.
3. How to manage real investments - 7 main stages
Real investment management is a science in combination with experience, sober calculation, forecasting and intuition of a businessman. Decisions to invest the company's assets are rarely accepted by the company's head alone, even if he is Henry Ford.
To attract funds, it is necessary to substantiate the need to invest, develop a phased plan, keep a constant monitoring of the project.
Stage 1. Analysis of financing
An assessment of investment undertaking implies a preliminary study of the market situation and other economic parameters. It is impossible, for example, begin to release a new product category without having studied the market demand for it.
Example
Construction firm in the midst economic crisis Decides to enjoy the expansion of production and opens up new units in several cities of the middle strip of Russia. The company builds apartments for improved planning and relevant value.
Meanwhile, no one is in a hurry to acquire the erected objects due to reducing financial resources from average buyers. Investments "hang" for an indefinable time, when they pay off, it is not known to anyone.
Stage 2. Determination of financing forms
Each market participant independently defines the tools and forms of investment. For large production facilities, the main directions are the expansion and construction of new objects.
For enterprises that occupy a local business niche, the most optimal option is upgrading and / or automation of production in order to reduce costs.
Stage 3. Clarification of the full amount of real investment
Money, as you know, love the score. Investments - especially. All solid enterprises have financial departments that are engaged in economic calculations.
If there is no such department in the company - it is worth inviting third-party consultants from a reputable consulting company. About what is, on our site there is a detailed article.
Stage 4. Selection of specific investment projects
Investment projects choose depending on the purpose of investments and the specifics of the Company's activities. Each direction has its own economic expediency, its implementation and payback period.
Investment project is not abstraction.
This is a document in which the following indicators necessarily indicate:
- purpose and investment timing;
- the main idea of \u200b\u200bthe project;
- parameters;
- the amount of resources required for implementation;
- calculation of performance indicators.
The development of the project instruct people with experience and appropriate education.
Stage 5. Evaluation of the effectiveness of projects
Evaluate the effectiveness will help guidelines and calculated technologies that work professionals.
The investment costs and resources necessary for their implementation, as well as the amount and terms of the planned profits are taken into account. On their basis, an indicator of efficiency is displayed.
Stage 6. Formation of a real investment program
Further stage - Development of a specific real investment program. Need to be step by step algorithm Implementation of the investment project and estimate the costs at each stage.
Stage 7. Control of the implementation of the investment program
Competent monitoring of the investment program is the basis of success. Real investments, in contrast to financial, require an investor direct participation in the process. This is no longer passive income, but quite active.
To manage the project, you need time. A responsible person will have to negotiate, control the implementation of the project on the ground, to ensure that money does not strateg. It will not be boring - these are not bank deposits and not investing in stock.
In addition, in the process of execution investment tasks It is necessary to manage the work of the personnel - after all, new equipment and new objects will be mounted people, not mechanisms.
4. Professional Assistance in Real Investment - Overview of Top 3 Services
If the company's management cannot be managed by investment projects on their own, they may delegate the task of professional performers.
There are firms that will help dispose of free means of competently and guaranteed profit.
Our expert review presents the most competent investment profile firms. These companies operate with private and corporate depositors and will necessarily insure customer deposits.
1) Invest Project
The Invest Project Financial Analytical Center operates in the investment market since 2010. During this time, the company was able to achieve the status of the leading institutions in Russia in the field of finance and lending. The yield on key investment projects is up to 70% per annum. The minimum amount of investments is 50,000 rubles. This means that individual entrepreneurs and individuals with a small amount of initial capital can take advantage of the company's services.
Interest from income is charged monthly. The main areas of investment - construction, transport, agriculture, tourist and trading services. Employees of the company will help customers to form an investment portfolio and help with obtaining a loan.
2) FMC.
The company specializes in financial investments. The company's activities are counseling and real assistance to citizens and legal entities on favorable cash investments. FMC's customers are always aware of what you can earn right now. The revenues received from income are successfully progressing further - placed in real instruments - production, business expansion.
The main disposal of the interests of the company is direct investment in real estate. E3 Investment is a professional investment operator in construction and ready-made objects for beginners and experienced depositors. For 7 years of work, the company has already helped earn its customers more than 150 million rubles.
Each asset is protected by three types of insurance. Free consultations on the most profitable and safe investment of financial assets are available to users.
5. What are the risks of real investment projects - a review of basic risks
Real investments are conjugate with many risks that cannot be taken into account at the investment plan development stage.
Knowing the main risks, you can control them.
1) financial risk
This species is associated with a shortage of investment resources that are necessary to implement the project into reality, late flow of money from borrowed sources, increased costs at the implementation stage.
How to avoid: Count the volume of investments with accuracy to the ruble.
2) the risk of insolvency
The level of liquidity of current assets is inclined to reduce. As a result, the investment project arises an imbalance in time between positive and negative financial flows.
Real investments play a crucial role in the development of the economy, largely solving socially significant tasks of the state. What are their specificity? What are the species of real investment?
Definition
Real investment is a concept that can be disclosed through the following basic definitions:
- Real investments are financial investments in the material assets of the enterprise (buildings, industrial funds, raw materials, materials).
- Real investments - entrepreneurial (investment) activities related to the real sector of the economy (sector, where the actual value added is created by labor - an opposed speculative sector).
At the same time, real investments include in this case not only investments in production, but also those investments that are aimed at maintaining the activities of the service sector (which, like the goods, form an additional value on the fact of sale to the consumer).
But what's the point similar classification Real investment? What is the meaning, in particular, the separation of investment in material assets from those related to intangible assets (technological developments, knowledge, intellectual property products), which in many cases are no less important for business?
What is the value of real assets of the enterprise?
Objects of real investment in the enterprise are considered as assets, as a rule, having a relatively stable market value and at the same time liquidity. If necessary, the company can be calculated with such assets with counterparties, make them down in pledge when lending to alternative needs (carry out conversion). Thus, real assets - not counting their direct destination (for example, related to the production of goods) simultaneously can perform calculated and backup functions for the enterprise.
In turn, those assets that do not relate to real, in many cases do not have stable liquidity. It is peculiar to lose relevance, if we are talking about knowledge, technologies, and, as a result, lose cost. They are not always in demand outside the enterprise, and therefore may have limited liquidity.
Thus, assets not relating to real is extremely difficult to use in settlement and reserve purposes. And this is despite the fact that their role in the capitalization of the enterprise can be more important than in the case of real assets.
As a rule, it is thanks to competitive knowledge and technologies, and not a production base, an enterprise becomes the market leader. In many cases, the sale of knowledge or technology brings more profits than the implementation of the goods produced by the company.
Not always the condition for the emergence of assets that do not relate to real, there will be a business entity of real assets (although in many cases it is). Technology and knowledge can appear outside production processes (for example - when an engineer or developer accidentally make an important discovery not at work, but at home or on vacation).
But all these circumstances do not completely affect the utility and indispensability of real assets for business. They must be in the enterprise, and, moreover, they need to competently manage.
Consider what methods for this.
How to manage real assets in the enterprise?
Management of real investments in material assets in the enterprise - a procedure that is directed primarily:
1. To maintain the cost and liquidity of assets.
Any material assets are told, wear out and, as a result, lose their market value. The task of managing such assets - the general director of the enterprise, manager or group of responsible persons is to find the optimal balance between assets:
- for which the long-term preservation of liquidity has been typical (such assets include real estate, many types of communication infrastructure);
- necessary for a particular enterprise in terms of their application in business processes (these may be production funds, materials).
Ideally, the second should most of the extent correspond to the properties of the first (or vice versa).
Of course, depending on the specific business model and other factors (for example, a market situation, currency exchange rate), an investment may be a priority or in the first or second type of assets. At the same time, after some time, the situation may change diametrically oppositely, and the task of the assets of the assets is that such trends are tracking.
2. To reduce enterprise expenses related to the provision of a business entity by liquid and necessary assets.
Such expenses may be related:
- with pay for third-party services when buying and selling assets (for example, dealer services, intermediaries);
- with transportation of purchased assets;
- with the payment of an asset tax (for example, if it is represented by the vehicle, real estate, fixed assets);
- with costs for maintenance and storage of assets.
3. To improve the efficiency of using real assets.
Apart from the estimated and reserve function, the real assets in a certain way are involved in production in order to form an additional cost of products and services. The more effectively their use, the more competitive business model of the enterprise. Efficiency here can be evaluated by different criteria - for example:
- the ratio of the degree of wear and the number of products issued using an asset (if it is presented production Fund);
- the ratio of expenses for the content of the asset and the magnitude of the added product, which is formed using this asset;
- the level of labor productivity using the asset.
Of course, this is not an exhaustive list of activities of the head of the enterprise or another employee responsible for management of assets.
However, the specified components of the management of real assets are those without which in most cases it is not necessary. Errors in solving problems associated with the management of such assets in the enterprise are most critical.
Investments in the real sector: What are their economic meaning?
Now about the second type of real investment - those are sent to real sector State economy. It is noteworthy that their role is very similar to the one that characterize investments in real assets of the enterprise. This is expressed in that:
- The real sector of the economy in practice is essentially based on real assets of enterprises. Factories, bridges, roads, buildings - real assets without which industrial enterprises are the basis of the real sector, cannot function. At the same time, the real sector is also intangible assets. Their role in the scale of the economy of the region or the country as a whole can be extremely significant. The state economy based on obsolete technologies and knowledge, even if there is opportunities to invest in significant volumes of material assets, will be less competitive in comparison with the advanced technological economy, which at less costs will be able to form a comparable, and even more voluminous surplus product.
- The real sector of the economy is the one that is capable of bringing the most stable liquidity (to form a tax base, to form an extension product that forms the country's GDP). For the real sector, in contrast to speculative associated with purchase and sale of securities and stock trading, sharp drawdowns are not characterized in production indicators (of course, while maintaining a stable situation on the market, but if it is not so, then they are trying to find everything Industries).
- The real sector produces products that can be exported to be a product (and, accordingly, perform the calculated and backup function, as in the case of real assets of the enterprise). The export of claimed services and knowledge - which, in turn, belong to intangible assets.
That is, if there is a developed real sector, the state will always be that selling in the international market (or what can be paid for imported goods and services). At the same time, a similar sale and sale mechanism - if external factors do not determine other, as a rule, to stabilization (since the partners are installed between partners economic ties). For the speculative sector, such stability is usually not characteristic. A foreign investor may, invested in the securities of the company on the stock exchange, as a result of which their price grows sharply, after a while, withdraw all its capital - after which the value of the firm's shares will fall. Subsequently, such an enterprise will be much more difficult to attract speculative capital.
Due to the three indicated reasons, the role of the real sector for the economy is difficult to overestimate. Modern states put in priority the development of the relevant segments - despite the fact that they may seem less profitable in comparison with speculative segments.
The relative stability of the real sector allows the state to rely on it (not counting the taxation of taxes from enterprises related to Him) in solving various social tasks. The factory, successfully published for solvent markets, as a rule, becomes a reliable employer in the region and facilitates the state to implement social support measures against citizens who have the opportunity to get a job on production.
Therefore, in the interests of the state, to ensure stable investment in the real sector, develop it, to promote effective management of such investments (or to participate in the management of them directly). Let's explore how and by whom it can be carried out.
Who and why manages investments in the real sector?
It is legitimate to talk about several levels of investment management in the real sector of the economy:
1. International.
Here we are talking about making decisions on investing in the segments of national economies by heads of states (or governments) during various international meetings, summits, collaboration in interstate associations.
In this case, solutions can be made:
- on the division of the functions of states in implementing a project in the real sector (for example, if one country finances the project, and the other is performed);
- on the establishment of mutual responsibility for the implementation of the project;
- on the distribution of additional cost formed on the production base of the joint project.
2. Government (general security).
Here, key decisions take the government of the country - the authorities that are accountable to all the business entities in the jurisdiction.
Such decisions may be related:
- with the direction of budget funds into the real sector;
- with the regulation of the tax burden on the real sector;
- with the implementation of protectionism policies and other measures state support real sector enterprises.
3. Regional and municipal.
Here, regional or local authorities are played by the main role, but their decisions concern only those business entities that are located in a particular region or the municipality. Types of solutions In this case, it may be the same as they characterize the activities of state bodies on the general telectral level (unless, of course, no disadvantage or, on the contrary, an overly large amount of the authority of the region or the municipality).
4. Corporate (local).
At this level, political factors minimize are minimized and generally related tasks come to the fore, which, as a rule, are reduced to the effective management of precisely actual assets.
Of course, if a specific investment project is carried out at the expense of the budget, then before the state body that allocated the necessary funds, the enterprise that manages assets will be reported in the prescribed manner. But if the company is private, then it will be chasing only those that reflect the position of the owner. It does not always coincide with the position of the state or the authority at the region or municipality.
Thus, the real sector at the corporate level is, in fact, in its pure formation of real assets (and, accordingly, investing in them). Here, the interpretations considered by us by us are the concept of "real assets", in fact, denote the same thing.
Real investment - investment in material and intangible real assets.
Due to real investments, the main and working capital of the enterprise is formed.
Tangible assets - Funds embodied in new production buildings and facilities, machines, component products, finished products.
TO non-material Assets include patents, licenses, trademarks.
Financial investments - investment in various financial instruments.
Such instruments include savings accounts and deposits, deposit and savings certificates, bills, government securities, promotions, bonds, etc. Financial instruments can be sold and bought on the primary and secondary markets.
As a rule, it is not always possible to carry out a clear boundary between real and financial investments. By purchasing, for example, shares on the primary RCB, the investor finances the real investment project, which creates a new enterprise or is being upgraded by the acting. This investor becomes a co-owner of the issuer. Investments of such an investor are called real. If the investor wants to get his money back, he sells shares, for example, on the secondary RCB. In addition, the buyer of a small stake in the secondary market also becomes co-owner of the enterprise. Investments of this buyer are called financial.How to distinguish between these investors? Accepted such investors to distinguish each other by the volume of the shareholder and the opportunity to influence the enterprise management process. Investments are considered real If they control at least 10% of share capital. This, as a rule, makes it possible to affect the enterprise management process. The purchase of the same shares on the secondary market is mainly less than 10%, and this does not give the right to influence the management process.
Consider direct and indirect investments. In the process direct investment Investor contribution vaet.funds in the project. When investor.acquires Pai FIF, then carries out indirect investment. The specific direction of investment in this case is determined by the Fund's specialists.
Stages of a real investment project
The implementation of the real investment project takes three stages:
- preinvestment;
- investment;
- Operating.
IN pre-essence The stage includes an analysis of investment opportunities, the development of a preliminary and final technical and economic justification (business plan), the development of an investment report.
Analysis investment opportunities It is carried out in order to identify the possibility of further continuation of the project work. In the process of preliminary analysis, identify:
- the presence of financial, labor and natural resources necessary for the implementation of the project;
- future demand for the developed product;
- the possibility of environmental pollution;
- links with other industries;
- investment climate.
Research of investment opportunities are based on general estimates. A detailed analysis is postponed to later stages. Cost data is taken from similar implemented projects.
A preliminary feasibility study is recognized in a more detailed stage compared with the analysis of investment opportunities. Identification and analysis of possible alternatives are carried out at this stage. Alternatively, for example, consider:
- sources of supply of raw materials, components, materials;
- location of the investment object;
- Types of costs and overhead;
- methods of remuneration, types of vocational training;
- Project implementation schedules.
The feasibility study (business plan) is considered the main document of the investment project. It contains basic technical and economic characteristics, in particular the project implementation plan, as well as commercial, technical, financial, economic and environmental prerequisites for this project. There is also a final assessment of investment and production costs, calculations of financial and economic profitability.
The preliminary and final technical and economic rationale is similar in content, but the latter is performed with higher accuracy, so much more expensive.
The development of a feasibility study is beginning only when the necessary financial resources for the project implementation are revealed. Otherwise, the funds spent on its development may be in vain. Therefore, possible sources and form financing forms should be defined at an earlier stage.
The report on investment opportunities in brief form provides results for analyzing technical, commercial, managerial, organizational, financial, economic aspects.
The investment stage is devoted to the creation of an object. At this stage, the facility is made, commissioned and prepared for operation.
Often the investor does not want to spend too much time and means for the development of a detailed business plan. In this case, malfunctions may occur in the construction and commissioning of the investment object, which will lead to a significant rise in the cost of the project. Therefore, the cost of creating a good business plan usually reappear repeatedly.
The operational stage includes:
- Acceptance and start of the enterprise;
- production and profit production;
- Replacing equipment, expansion, innovation.
Investments - funds (cash, securities, other property, including property rights having monetary evaluation) Invest in the objects of entrepreneurial and (or) other activities in order to obtain profits and (or) achieve other useful effects.
Capital investments - investments in fixed capital (fixed assets), including the cost of new construction, expansion, reconstruction and technical re-equipment existing enterprises, purchase of cars, equipment, tools, inventory, design and survey work (PIR), etc. costs.
Investment activity is the investment investment process, or investment, as well as a set of practical actions to implement investments, namely purposefully implemented by the process of finding the necessary investment resources, the choice of effective objects (tools) of investment, the formation of a balanced parameters of the investment program (investment portfolio) and ensuring its implementation.
Investment activities include the following stages (according to h):
1. Analysis of various projects (tools);
2. The choice of the project (tool) and the development of an investment plan;
3. Determination of funding sources;
4. investment;
5. Project control (monitoring) (tools);
6. Getting the effect.
Directions of investment activity:
1. Formation of production potential (organization of new industries, creation of enterprises, buying equipment, etc.);
2. Optimization of the structure of assets (acquisition or implementation (liquidation) of assets of the enterprise).
3. Ensuring the growth of the market value of the enterprise (if the enterprise is considered as a totality of assets; investment in projects or financial instruments in order to obtain additional income, growth value of assets)
4. Ensuring simple and expanded production (replacement of physically and morally worn-out equipment to a new similar or improved);
5. Implementation of innovative policies (implementation of technological progress results)
6. Social development personnel;
7. Environmental activities (acquisition of sewage treatment plants, etc.).
8. Other.
Investment activities of enterprises are aimed at improving the efficiency of operating activities in the future. Firstly, by ensuring an increase in operating income by increasing the volume of production and sales activities (investing in new production, the expansion of the current markets in the development of new markets by opening branches); Secondly, by ensuring the reduction of specific operating costs (timely replacement of physically worn-out equipment, updating the morally outdated OS and NMA facilities, the introduction of new technologies).
In the process of investment activities, investment profits are formed with some delay: the consistent proceeding of the processes of investment and profit; Parallel and interval.
Subjects of investment activities are
Investors (investment activities),
Customers;
Performers
Users of investment objects;
Providers of logistical resources;
Buyers;
Creditors;
Other legal entities: insurance companies, mediation organizations, financial and credit institutions (including banks), etc.
At the same time in the subjects of investment activities M.B. both physical and legal entities, incl. Foreign, as well as states and international organizations.
The main subject of the ID is an investor who invests in the form of its own, borrowed or attracted funds in the form of investment and ensures their targeted use.
As investors can perform
Authorities authorized to manage state and municipal property and property rights;
Domestic individuals and legal entities, entrepreneurial associations and other legal entities;
Foreign individuals and legal entities, states and international organizations.
Subjects ID is entitled to combine the functions of two or more participants. It is allowed to combine funds by investors for joint investment. Investors can act as depositors, customers, lenders, buyers.
The activities of the participants of the IDC regulated by the legislation of the Russian Federation, international agreements and regulatory documents. The state guarantees investment protection, including foreign ones regardless of ownership.
Production investments provide for the availability of an investment project.
The concept of "project" combines a variety of activities characterized by a number of signs:
2. Coordinated implementation of interrelated actions;
3. Restriction in time.
The project is one-time, non-cyclic activity, in contrast to the manufacturing system. The term "project" is understood in two senses:
1. As documentation is a set of documents containing the formulation of the purpose of the upcoming activities and the definition of a set of actions aimed at achieving it.
2. As activity - a set of actions (works, services, acquisitions, management decisions and operations) aimed at achieving a formulated goal and implying investment, i.e. investment.
Almost any project requires investing, or investment.
Investment project - a substantiation of economic feasibility, volume and timing of the implementation of capital investments. Always generated by some project.
The investment project involves participating in its implementation of various legal entities and individuals.
Objects of investment activities are newly created or upgraded funds and working capital in all sectors and spheres of national economy, securities, targeted cash contributions, Scientific and technical products, other property facilities, as well as property rights and intellectual property rights.
In accordance with the objects of investments in commercial practice, it is customary to distinguish between the following main types of investments (Fig. 1).
Figure 1 - Classification of investments in attachment objects
Investment B. physical assets (in real assets) or so-called real investment - in fixed assets (buildings, structures, gear stations, working and power machines and equipment, measuring and regulating devices and devices, computer equipment, vehicles, tools, manufacturing and economic equipment, land plots, objects of environmental management, etc.) and circulating funds (in material and industrial reserves);
Investment in cash assets (monetary assets - rights to receive money from other individuals and legal entities, for example, deposits, bonds, stocks; investments in securities are called portfolio or financial investments),
Investments in intangible assets (in intellectual property objects). Non-material assets include a) the exceptional right of the patent holder for the invention, industrial sample, useful model; b) exceptional copyright on computer programs, database (if a program for computer and database is expressed in material carriers, then they relate to material objects); c) property right on the topology of integrated circuits; d) the exclusive right of the owner on the trademark and the service sign, the name of the place of origin of the goods; e) business reputation organization, organizational expenses (related to education legal entity and recognized as part of the contribution to the authorized capital.
The classification of investments in economic scientifically literature is carried out on various reasons.
1. Depending on the object of capital investment object, it is customary to distinguish between the following types of investment:
1.1. Real (capital-forming or straight) investments - investments in real assets, i.e. in the creation of new, reconstruction or technical re-equipment of existing enterprises, industries, technological lines, various objects of industrial and socially servicing in order to qualitative and quantify the main funds of industrial and non-productive purposes as an indispensable conditions for the growth of profitability and profitability of enterprises, firms, national economy in Overall, the level of social security and maintenance of the population.
1.2. Investments in intangible acts in the acquisition of property rights (estimated by cash equivalent) to land, land, other property; licenses for the transfer of industrial property rights, secrets of production, patents for inventions, certificates of new technologies, useful models and industrial designs, trademarks, branded names, certificates for products and production technology.
1.3. Financial investments - investment in various financial instruments (assets), among which the most significant share is occupied by investment in securities. In turn, financial investments are divided into
Investments in securities - state and corporate;
Investments in bank deposits and certificates
In addition, financial investments can be divided as follows:
- Direct Financial Investments - These are monetary investments in the authorized capital of the economic entity, shares of the joint stock company, carried out in the aim of obtaining income in the form of dividends, and in order to obtain rights to participate in the management of property of the joint-stock company. Controlling call direct investments providing possession control package stocks, then there are more than half of the company's voting shares, while investments providing ownership of a smaller number of shares are called uncontrollable.
- Portfolio investment. Investment portfolio represents a set of different kinds investment assets, investments carried out by one depositor in order to minimize the risk. The portfolio can include shares of different companies, bonds, deposit certificates, mortgage certificates, other investment values. The formation of the composition of the investment portfolio is based on the so-called "portfoliah considerations" in the form of the desires of the investment investment to combine the required level of reliability of investments (minimizing risk), profitability (profitability) and the liquidity of securities (the possibility of their rapid transformation into money). Person investing in the company, bank, joint-stock companyIt should take into account the principle of lever-leverage (from the English - a means of exposure), characterized by the relationship between its own and borrowed funds of the company. The lower the leverage, the more dangerous investment in the company. In relation to the investment portfolio, financial leverage characterizes the relationship between the investment in securities with a fixed and non-income percentage. Investment depositors If you wish to reduce the risk of an investment portfolio seek to increase the share of securities with a fixed income percentage.
Investment project
Investment project - an economic or social project based on investments; The rationale for the economic feasibility, the volume and timing of the implementation of direct investment in a specific object, which includes design and estimate documentation developed in accordance with the current standards.
Investment project - a substantiation of economic feasibility, volumes and timing of the implementation of capital investments, and projects are needed - estimated documentation, as well as a description of practical actions to implement investments. Sometimes for convenience, the concept of a business plan is distinguished to designate justification, while the project itself is called an "investment project".
The investment project is a program of events with which effective capital investments are carried out to profit. The manifold of investment objects is quite large. They differ in duration and volume of financial resources, scales, etc.
However, each investment project consists of four identical elements: 1) the estimated period - the project implementation period; 2) net investments - cost volume; 3) cash flow - net cash flow from activities; 4) liquidation cost - request and capital extraction at the end of the term economic Life investment.
Methods for assessing investment projects: the current profit (NPV) method, the method of calculating the profitability index (PI), the method of calculating the internal rate of profit (IRR), the payback period (PP) method, method of calculating investment efficiency coefficients (ARR).
Clean current value (net present value) (eng. Net Present Value., adopted by interior practice analysis of investment projects Reduction - NPV (ChDD)) - this is the amount of discounted payment flow values \u200b\u200bgiven to today. The indicator NPV is a difference between all the money tributaries and outflows given to the current time (the moment of assessing the investment project). It shows the amount of funds that the investor expects to receive from the project, after the monetary tributaries permanently accumulate, and periodic cash outflows associated with the coexistence of the project. Since cash payments are estimated at the time of their temporal value of Irisk, NPV can be interpreted as the cost added by the project. It can also be interpreted as a total profit of the investor. In favor of such an interpretation, it is said that the attitude of the corresponded investment costs is called the aggregate value of the discounted investment costs (Eng. Profitability Index or abbreviated PI).
In other words, for CF payment stream (Cash Flow), where CF T. - Payment through t. years ( t. = 1,...,N.) and initial investment IC (Invested Capital) in the amount IC. = − CF. 0 Clean discounted income NPVcalculated by the formula:
where i. - discount rate.
In a generalized version, investments should also be discounted, since in real projects are not at least (in the zero period), but stretched for several periods. CalcutchDD is the standard method for assessing the effectiveness of the investment project and shows an assessment of the effect of the investment given to the present time taking into account the different temporal value of money. If the ChDD is greater than 0, then the investment is cost-effective, and if the ChDD is less than 0, then investment is economically unprofitable (ie, an alternate project, the yield of which is adopted as the Raving Discontinuation requires smaller investments to obtain a similar income flow).
With the help of ChDD, it is also possible to evaluate the comparative effectiveness of alternative investments (the original initial investment is more beneficial to the project with the greatest ChDD). But still, the growing analysis is more applicable are relative indicators. With regard to the channel of investment projects, the internal rate of profitability is such an indicator.
In contrast to the discounted value indicator, when calculating the net discounted, an initial investment is income. Therefore, the formula for pure discounted income is distinguished by the defaults of the discounted value by the magnitude of the initial investment. IC. = − CF. 0 .
Investment Profitability Index (PROFITABILITY INDEX, PI) is the ratio of the amount of discounted return flow elements to the initial investment. The criterion takes into account the temporal value of funds. This method is essentially a consequence of the NPV calculation method. The profitability index (PI) also provides for a comparison of the discounted elements of the return flow with the initial investment, but in the form of a difference, but the relationship. The calculation, therefore, is conducted according to the formula (under the conditions of the above designations)
 |
The amount compared with the 1C investment is the total amount of income generated by the project and discounted by the time of investing in the project. Application logic is obvious: (a) If PI\u003e 1, the project should be taken; (b) if pi< 1 то проект следует отвергнуть; (в) если PI = 1 то проект не является ни прибыльным, ни убыточным.
Unlike the net discounted cost (NPV), the profitability index is the relative indicator; It characterizes the level of income on-unit costs, i.e. the effectiveness of investments. The greater the value of this indicator, the higher the return of each ruble invested in the project. Due to this criterion, the Poicer is convenient when choosing one project from alternatives having about the same values \u200b\u200bof NPV (in particular, if two projects have the same values \u200b\u200bofNPV, but the different volumes of the required investment are obvious that it is more profitable that of them that provides greater effective investments) or When the investment portfolio is recruited in order to maximize the total value of NPV. This criterion is preferable when the portfolio of investment projects is recruited in the event of a limit on the volume of sources of financing. The sequence of actions in this case is as follows: (1) Independent projects are organized as descending Ri, (2) The portfolio consistently includes projects with the highest PI values; (3) confirms the optimality of the obtained portfolio (from the position of maximizing the aggregate NPV).
Method for calculating the rate of profitability of investments (internal profit rate) (Internal Rate of Return - IRR)
This method is used in two purposes:
1) determining the permissible level of interest in the case of financing the project due to the funds raised;
2) confirmation of the evaluation of projects obtained as a result of using the methods for calculating the net current cost (NPV) and an investment profitability index (PI).
Under the rate of profitability of investments (IRR) it is understood as the value of the yield (R), in which the net current value (NPV), which is function from (R), is zero.
IRR \u003d R, at which NPV (F (R)) \u003d 0
IRR shows the maximum permissible level of interest expenses related to the financing of this project. For example, if the project is assumed to be fully financed at the expense of the bank loan, then the calculation of IRR will determine the upper border of banking interest rate, the excess of which will make it unprofitable. If the company uses several sources of financing, then the IRR comparison with their value will make it possible to decide on the project. The cost of several sources of financing of the project is calculated by the formula of a suspended arithmetic average and is called the cost of capital, or at the cost of advanced capital (COST OF CAPITAL - SS).
IRR\u003e SS, the project should be adopted;
IRR \u003d SS, the project is neither profitable, nor unprofitable;
Irr.< СС, проект следует отвергнуть.
The calculation of the IRR indicator is based on the use of the method of consecutive iterations. Under iteration (from lat. Iteatio - repetition) means the result of the re-use of any mathematical operation, such as the formation of a new function. In this case, the value calculated in the previous step in the next step becomes its argument.
The calculation of the IRR indicator in this case will include two stages:
1) calculation of the indicator at extreme values \u200b\u200bof normal returns (R1< r2);
2) Calculation of an indicator with the values \u200b\u200bof normal yields close to the indicator obtained as a result of previous calculations.
The extreme values \u200b\u200bof profitability are chosen in such a way that NPV \u003d F (R) in the interval (R1, R2) has changed its value from the plus to minus or vice versa.
The formula for calculating the rate of profitability of investment (IRR) has the following form:
It follows from the formula that to obtain an IRR indicator it is necessary to pre-calculate the indicator of the net current value at different interest rates.
The relationship of methods for assessing investment projects based on discounting:
if NPV\u003e 0, then pi\u003e 1 and irr\u003e ss;
if npv \u003d 0, then pi \u003d 1 and irr \u003d ss;
if NPV.< 0, то РI < 1 и IRR < СС.
Payback period (Payback Period RR) is one of the most frequently used indicators for analyzing investment projects. Sometimes it is called "discounted payback period of investment", which is incorrect, since no time is discounted (or at all any temporal value), and cash flow components. When using this method under the payback period of PP, it is necessary to understand the time interval from the beginning of the project to such a moment, in which the total (accumulated one) discounted income generated during this time an investment project becomes equal to the value of investments. In other words, at the moment (when the project paid off and the welfare of the investor began to grow) the net current value is zero. Thus, to determine the payback period of investments it is necessary to solve the equation with one unknown relative to the value of PP:
M)
