An indispensable condition for the successful operation of an enterprise in the market is the active implementation of a set of measures to create and strengthen competitive advantages. One of the determining factors for obtaining competitive advantages is active investment activity. Through the implementation of innovative projects, expansion of the scale of activities, organization of new production facilities in places with more accessible raw materials and close to consumers, modernization and technical re-equipment of existing equipment, it is possible to significantly increase the efficiency of the enterprise.

In the domestic literature of the Soviet period, investments were considered mainly from the point of view of capital investments, and therefore the category "investment" was essentially identified with the category "investment". With the beginning of market reforms in our country, the point of view on the content of the category "investment" began to change, which was reflected in the current legislation. Thus, in the legislation of the Russian Federation, investments are defined as “cash, targeted bank deposits, shares, shares and other securities, technologies, machinery, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values ​​invested in objects of entrepreneurial and other types of activity in order to make a profit (income) and achieve a positive social effect.

The following features of investments, which are the most significant, can be distinguished:

The potential ability of investments to generate income;

The investment process, as a rule, is associated with the transformation of a part of the accumulated capital into alternative types of assets of an economic entity (enterprise);

In the process of investment, a variety of investment resources are used, which are characterized by demand, supply and price;

Purposeful nature of capital investment in any tangible and intangible objects (instruments);

The presence of an investment period (this period is always individual and it is illegal to determine it in advance);

Investments are made by persons, called investors, who pursue their individual goals, not always related to the extraction of direct economic benefits;

The presence of the risk of investing capital, which means that the achievement of investment objectives is probabilistic.

Thus, under investments we will understand a purposeful investment for a certain period of capital in all its forms in various objects (instruments) to achieve the individual goals of investors.

Investment activities- investment and implementation of practical actions in order to make a profit or achieve another beneficial effect.

When developing investment projects, the following forms of investment:

Cash and cash equivalents (target deposits, current assets, shares and shares in authorized capital, securities);

Buildings, structures, machines, equipment, measuring and testing equipment, equipment, tools, any other property used in production or having liquidity;

Property rights, usually valued in monetary terms (production secrets, licenses for the transfer of industrial property rights, patents for inventions, designs, trademarks and trade names, product and technology certificates, land use rights, etc.).

Differ capital investment, which ensure the creation and reproduction of fixed and circulating assets, and portfolio investment- placement of funds in financial assets of other enterprises.

Capital-forming investments (costs) are defined as the amount of funds necessary for the construction, expansion, reconstruction or technical re-equipment of an enterprise, equipping it with equipment, as well as the costs of preparing capital construction and increasing working capital necessary for the normal functioning of the enterprise.

Along with the above classification, defined by the Guidelines, there are other approaches to the classification of investments in the economic literature. For example, investments are recommended to be divided into financial, real (direct) and intellectual.

financial investments represent investments in stocks, bonds and other securities issued by private companies or the state.

Real investment- investments of a private firm or the state in the production of any product, the provision of any services, investments in fixed or working capital.

Smart investment - investments in research and development research, licenses, know-how, etc.

Real investment consists of two parts. The first part represents investments in fixed capital, i.e. new construction, expansion, reconstruction and technical re-equipment of the enterprise, the acquisition of newly produced capital goods such as production equipment, personal computers, industrial buildings (capital investments). The second part is investment in inventories, which is the accumulation of stocks of raw materials to be used in the production process or unsold goods. Commercial inventories are considered to be an integral part of the total stock of capital in the economic system. They are needed, like capital, in the form of equipment and buildings for industrial purposes.

Capital investments- investments in fixed capital, including the costs of new construction, reconstruction and technical re-equipment of existing enterprises, the acquisition of fixed assets, design and survey work and other costs.

Financial investments are either speculative or focused on long-term investments. Forms of financial investments are investments in equity and debt securities, as well as bank deposits.

Speculative financial investments are focused on obtaining the desired investment income by the investor in a specific period of time. Financial investments focused on long-term investments, as a rule, pursue the strategic goals of the investor, are associated with participation in the management of the object in which capital is invested.

The most common in investment practice is the classification of capital investments by types of reproduction of fixed assets. Let us briefly characterize each group of this classification.

1. Capital investment to replace depreciated fixed assets. As you know, over time, fixed assets physically wear out at different rates, which affects the qualitative and quantitative results of the company's current activities (labor productivity decreases, equipment downtime increases, the volume and quality of products, works and services decreases). In order to maintain at least the initial level of capacity of an existing enterprise, it is necessary to periodically invest in modernization, medium-term and overhaul of equipment, reconstruction of production, and replacement of physically unusable fixed assets.

2.Investments in the replacement of existing, but obsolete equipment. As a result of the successful implementation of this kind of projects, company managers can achieve a significant reduction in labor and material costs associated with the production of specific products by replacing old equipment with modern high-performance counterparts. Like the previous group of investments, investments in the replacement of obsolete equipment inherently have a low degree of risk, but require specialists in marketing, production and financial management to more thoroughly justify the technical and economic feasibility of specific investment options.

3. Investments in the expansion of existing production or the market for previously manufactured products. Managers' efforts to increase the output and/or market share of an existing product through purposeful investment is a more difficult task. These projects require comprehensive marketing research. The significant probability of making mistakes in the pre-investment stage of project development significantly increases the uncertainty of obtaining acceptable results in the future. The decision to accept projects included in this classification group (unlike those previously considered) is entirely within the competence of the investment approval committee, which consists of representatives of the company's top management.

4. Investments in the development of new products (goods) and the development of new markets. As a rule, these projects are more risk-prone and are characterized by a strategic (long-term) focus on their decisions. The development and research of marketing, technical, socio-economic and environmental conditions for the implementation of such large-scale projects will require large expenditures for the qualitative conduct of the pre-investment and investment stages of the project.

5. Investments in equipment related to environmental protection and personnel safety. By their economic nature, these projects most often do not have clearly defined results in terms of cost, and decisions on their implementation are made on the basis of an analysis of the cost-benefit ratio. In this regard, the generalizing indicators of long-term investments traditionally used for economic justification can hardly be used in the analysis and evaluation of the effectiveness of these projects. In fairness, it should be noted that the leaders of the vast majority of companies are in no hurry to spend money on their implementation. Thanks to state regulation of issues related to environmental protection, as well as agreements on compliance with safe working conditions signed between companies and trade unions, such projects can be implemented in practice.

6. Other investment projects. This last group of investments includes projects not included in the previous five groups. The most common example is capital investment in the purchase of furniture, office equipment, luxury cars for top managers, as well as the construction of holiday homes, kindergartens and other social facilities.

Subject of investment- an organization that uses investments for the development of its production, the introduction and release of new products or other similar purposes.

Under investment objects understand:

Enterprises, buildings, structures under construction, reconstructed or expanded, intended for the production of new goods and services;

Complexes of objects under construction and reconstructed, focused on solving one problem (program); in this case, the object of investment is understood as a program of the federal, regional or other level;

Production of new products, services on existing production facilities within existing industries and organizations.

The main subjects of investment activity are investors, customers, contractors and users of facilities.

Investor is an entity that invests its own, borrowed or borrowed funds, ensuring their intended use. Customer - this is an entity directly implementing the project, carrying out all the necessary actions for this within the rights granted by the investor. The functions of the customer can be performed directly by the investor.

Users of investment objects any legal and natural persons, as well as state and municipal enterprises, for which an object of investment activity is being created and the right to use which is enshrined in an agreement with the investor, can act. The investment agreement defines the relationship between the owners or owners of funds invested in business objects, their interaction in the process of implementing the investment project, as well as in the distribution of income from the subsequent useful use of the investment project.

The investor has the right to independently determine the volume, nature of investments, control their intended use, own, use and dispose of the results of the investment project.

Sources of investment can be:

1. Own financial resources- profit, accumulated depreciation, amounts paid by insurance authorities in the form of compensation for damage, other types of assets - fixed assets, land, industrial property and involved funds- funds from the sale of shares, charitable and other contributions, funds allocated by higher holding and joint-stock companies, industrial and financial groups on a gratuitous basis.

2. Appropriations from the federal, regional and local budgets, entrepreneurship support funds provided free of charge.

3. Foreign investment- financial or other participation in the authorized capital of joint ventures, as well as direct investments (in cash) of international organizations and financial institutions, states, enterprises and organizations of various forms of ownership and individuals.

4. Borrowed funds- loans provided by the state on a repayable basis, loans from foreign investors, bond loans, loans from banks and other institutional investors (investment funds and companies, insurance companies, pension funds), promissory notes and other funds.

The first three groups of sources form the equity capital of the investee. Amounts attracted from these sources from outside are non-refundable. The fourth group of sources forms the borrowed capital of the investment subject. These funds must be repaid on pre-agreed terms (within a set time frame and with payment of interest for use). The entities that provided funds through these channels, as a rule, do not participate in the income from the use of the investment project.

Investment risk analysis

The concept and main stages of the analysis of investment projects

An investment project is understood as a project in which the directions and methods of investing funds for the purpose of making a profit are determined. Investment projects can be classified according to various criteria, including the timing of implementation, scale, business areas, complexity, etc.

In terms of implementation, short-term (1-3 years), medium-term (3-5 years) and long-term (over 5 years) projects are distinguished. It should be recalled that when classifying by the terms of assets, short-term assets include assets with a useful life of up to a year.

The scale distinguishes between small, medium and large investment projects. This classification is very conditional, since the size of the project can only be determined in comparison with other projects.

According to the areas of investment of funds, projects are distinguished as innovative, economic and social projects. Innovation projects include projects involving the development and implementation of a new product, technology or management system.

By complexity, mono-projects are distinguished, which are separate projects; multi-projects, consisting of several mono-projects, and mega-projects, including mono- and multi-projects.

The main goal of an investment project is usually reflected in its name. At the same time, any investment project is a tree of goals, which include the desire of the investor to achieve certain results in a timely manner at the lowest possible cost. Achieving certain results refers to the main ones, and the timing and costs are subordinate goals. The goals set in the project may change during the life of the project. Investment analysis begins with the choice of the most profitable investment option. Investments are recognized as appropriate if the return and profitability from investments in this object exceed the profitability and profitability from investments in other objects. The next step in the analysis is to compare the level of profitability of the selected project with the level of inflation. The project is accepted if the return on investment exceeds the rate of inflation. The effectiveness of the investment project is determined by comparing the return on assets with the bank interest rate on borrowed funds.

As mentioned above, the implementation of even short-term investment projects ranges from one to three years, which means long-term operations for the balance sheet. Therefore, financing of investment projects should be carried out by attracting long-term sources (own capital and long-term borrowed capital). Short- and medium-term projects with increased risk should be financed from equity, and long-term projects - by attracting long-term loans or placing loans. To finance investments in fixed assets, cheaper sources should be used, such as own funds, credit leases (leasing).

In addition to the choice of suitable sources of funding, another important issue is the timing of project revenues and liabilities. Cash receipts must precede payments.

The process of making investment decisions is reduced to evaluating the effectiveness of investments. The main issue in this case is the assessment of the probability of return on investment, which is carried out on the basis of the cash flow indicator generated by the project. The amount of cash flow is brought to the present time using discounting, resulting in a measure of the present value of the cash flow. The objectivity of assessing the effectiveness of investments largely depends on the correct choice of the interest rate used as part of the discount factor when calculating the present value of the cash flow. As a basis, you can choose various indicators of profitability, including the average rate of return on bank deposits and loans; investor's individual rate of return; rate of return on alternative investments. The amount of the bet can be determined taking into account:

1) the average market rate of return;

2) an indicator of inflation rates;

3) the level of investment risk;

4) project implementation period.

The higher the values ​​of the listed indicators, the higher the value of the interest rate. Since the interest rate characterizing the profitability of the investment project is shown as part of the discount factor, it is called the discount rate, or the discount rate. With regard to evaluating the effectiveness of investment projects in the domestic literature, there are: a commercial discount rate, a project participant's discount rate, a social and budgetary discount rate.

The commercial discount rate is a rate that characterizes the commercial efficiency of an investment project. It is based on the average return on alternative investments of funds.

The discount rate of a project participant is a rate that characterizes the effectiveness of participation in the project. Its size is determined taking into account the interests of all project participants. The discount rate of the project participant, in the absence of other options, can be based on the commercial discount rate

The social (public) discount rate is a rate that characterizes the society's requirements for the efficiency of projects implemented in the economy by private investors.

The budget discount rate is a rate that characterizes the effectiveness of projects (programs of socio-economic development) financed from budget funds.

Methods for evaluating the effectiveness of investment projects

The main criteria for evaluating investment projects are profitability, profitability and payback. In foreign practice, five main methods are used to evaluate the effectiveness of investment projects:

1) methods based on discounting, allowing to calculate the following indicators:

Net present value (net present value) (NPV);

Return on investment index (PI);

Internal rate of return on investment (IRR);

2) methods based on accounting estimates, allowing to calculate the following indicators:

Payback period of the project (RR);

Investment Effectiveness Ratio (ARR).

In Russian practice, the following methods are used to evaluate the effectiveness of investment projects.

1. The net present value method determines the net income from the project, which is the difference between the sum of the discounted cash flows generated by the project and the total investment.

Net present value = present value of cash flows from the project - total investment.

The application of this method allows obtaining the most accurate results if the discount rate fluctuations during the project implementation period are insignificant. A similar method in Western practice is called the method of calculating the net present value (or net present value) (Net present value - NPV), which refers to the difference between the total amount of discounted future cash flows generated by this project, and the total amount of investment (invest cost - 1C).

where

ΣFV n is the total amount of future income from the project;

r - profitability of the project, the annual percentage of return acceptable and possible for the investor can be equal to the cost of attracted sources of project financing;

IC - the amount of investment.

2. The method of calculating the profitability index allows you to determine the income per unit of costs. It is believed that the results of applying this method refine the results of applying the net present value method. The profitability ratio is the ratio of the present value of the cash flows generated by the project to the total initial investment. A similar method in Western practice is called the method of calculating the return on investment index (profitability index - PI).

The formula for calculating the return on investment index is as follows:

3. The method of calculating the internal rate of return of the project (or the marginal efficiency of capital) allows you to determine the maximum possible level of capital costs associated with the project. The internal rate of return is the rate of return at which the net present value of the cash flows from the project is zero. If the cost of funding sources exceeds the internal rate of return, the project will be unprofitable, and vice versa, if the internal rate of return exceeds the cost of funding sources, the project will be profitable. In the Russian practice of financial analysis, the internal rate of return is calculated as the ratio of the net present value to the present value of the initial investment.

Internal rate of return = (net present value / present value of initial investment) 100%

A similar method in Western practice is called the method of calculating the rate of return on investment (internal rate of return, internal rate of return - IRR) and is used for two purposes:

1) determination of the acceptable level of interest expenses in case of project financing at the expense of attracted funds;

2) confirmation of the project evaluation obtained as a result of using the methods for calculating the net present value (NPV) and the return on investment index (PI).

The rate of return on investment (IRR) is understood as such a value of return (r), at which the net present value (NPV), which is a function of (r), is zero.

IRR = r for which NPV(f(r)) = 0.

The formula for calculating the rate of return on investment (IRR) is as follows:

It follows from the formula that in order to obtain the IRR, it is necessary to pre-calculate the net present value at different values ​​of the interest rate.

4. The modified method for calculating the internal rate of return allows you to get more accurate results. In calculating net present value, cash flows are discounted at a rate equal to the weighted average cost of capital advanced.

Internal rate of return = (net present value calculated using a discount rate equal to the weighted average cost of capital advanced) 100% / (amount of initial investment).

5. Method for calculating the payback period of investments. The payback period is understood as the period after which the total amount of income from the project will become equal to the total amount of invested funds. The point in time at which the total amount of income becomes equal to the total amount of the initial investment is called the break-even point in financial management. Cash receipts after the break-even point is not taken into account. Projects with equal payback periods are recognized as equivalent. This method also allows you to determine the level of project liquidity and investment risk. The shorter the payback period, the greater the liquidity, and vice versa, the longer the payback period, the less liquidity. The higher the liquidity, the lower the risk, and vice versa, the lower the liquidity, the higher the risk associated with the project.

In Russian practice, depending on the method of determining the amount of cash flows generated by the project and the amount of initial investment, three calculation options are used:

1) a method based on accounting estimates;

2) discount method;

3) discount method using the average cash flow.

In the first case, a period is determined after which the amount of cash flows generated by the project will become equal to the amount of invested funds. This adds up the undiscounted cash flows and compares them to the undiscounted value of the initial investment.

In the second case, a period is determined after which the amount of discounted cash flows generated by the project will become equal to the discounted value of the initial investment. This method allows you to take into account the possibility of reinvestment (re-investment) of income from the project.

In the third case, the payback period of investments is determined by the ratio of the present value of the initial investment to the average value of the discounted cash flow in a given period.

A similar method in Western practice is called the payback period method (PP) and allows you to determine the period during which the amount of undiscounted projected cash receipts will become equal to the total amount of expenses associated with this project. The formula for calculating the payback period of investments (PP) is as follows:

The payback period of investments is calculated:

1) in the case of an even distribution of the proceeds from the project over the years - by dividing the total costs by the amount of annual income;

2) in case of uneven distribution of project revenues over years - by direct calculation of the number of years during which the amount of income will exceed the amount of expenses.

6. The simple (accounting) rate of return method is used to evaluate the effectiveness of projects with short payback periods. A simple rate of return is understood as the ratio of net profit received as a result of the implementation of an investment project to the invested funds (investments). In Western practice, a similar method is called the method of calculating the investment efficiency ratio (accounting rate of return - ARR).

The formula for calculating a simple accounting rate of return is as follows:

Project profitability = (net profit + depreciation charges generated by the project / cost of investment) 100%

The formula for calculating the investment efficiency ratio (ARR) is as follows:

where

ARR - investment efficiency ratio;

PN is the average annual profit from investing money in this project;

IC - the amount of money invested in this project (the amount of investment);

RV - the value of the liquidation (residual) value of assets, i.e. value of assets at the end of their useful lives.

As follows from the above formulas, in Russian practice, to calculate the rate of return on investment, the ratio of the amount of net profit and depreciation deductions made during the project implementation period to the invested funds is used; in Western practice - the ratio of net profit to 1 / 2 of the difference between investments and the liquidation value of assets. Thus, Russian practice does not take into account income from the liquidation of assets whose useful life has ended.

Investment project sensitivity analysis

During the project implementation period, the main indicators characterizing its effectiveness (profitability, profitability and payback) are exposed to various time-varying (varying) factors that can be divided into two groups:

1) factors, the influence of which can be changed by making management decisions, including:

Necessary investments in non-current assets;

Need for working capital;

Costs included in the cost of production;

Sale prices and sales prices;

Sales volumes;

Interest rate on attracted bank loans;

2) factors, the influence of which cannot be changed by making managerial decisions, including the values ​​of the main macroeconomic indicators: inflation rates, the value of the exchange rate of the national currency, the level of taxation, the discount rate.

Even at the planning stage, it is necessary to identify factors that may affect project performance and determine the degree of possible impact. After identifying the factors, it is necessary to determine their base values, the deviations from which will be compared with the deviations of the values ​​of the main project indicators, as well as the base values ​​of the project performance indicators.

The project sensitivity indicator is the ratio of the percentage change in the selected performance indicator (relative to its base value) to the change by one percent in the value of the influencing factor.

Project sensitivity analysis helps to identify the factors that have the strongest impact on the main financial indicators of the project and thereby increase investment risk. Based on the results of the sensitivity analysis of the project, the enterprise can develop the most effective strategy for its implementation.

Investment risk analysis

Analysis of investment risks is an integral part of the analysis of the entire investment project. Risk is the likelihood of an adverse event occurring. Investment risk is understood as the probability of such an event occurring, in which the implementation of an investment project may be in jeopardy. Investment risks can be caused by both external and internal factors, and therefore they can be classified both by economic nature and by the possibility of reduction using various methods.

As a result of the classification by economic entity, which involves the identification of risks by sources of occurrence, two groups can be distinguished:

1) investment risks caused by external (exogenous) factors;

2) investment risks caused by internal (endogenous) factors.

External factors (reasons) are associated with the processes taking place in the socio-economic system and have a constant (systematic) impact on investment. Risks caused by external factors are usually called systemic or systematic. Such risks cannot be mitigated by diversifying investment targets.

Internal factors (reasons) reflect the quality of the enterprise management system and its general, including financial, condition. Risks caused by internal factors are usually called non-systemic or non-systematic. Unlike risks caused by external (objective) reasons, non-systemic risks can be reduced by diversifying investment objects.

Risks caused by both external and internal factors lead to the same result - financial losses, which can be expressed as:

1) in shortfall in receiving the planned income;

2) failure to receive the planned income;

3) in the non-return of part or all of the invested funds (direct loss).

Investment risks are directly related to the return on investment: the higher the return, the higher the risk, and vice versa, the lower the return, the lower the risk.

The expert method (method of expert assessments) involves risk assessment by a specialist based on his knowledge, experience in the market and intuition. At the same time, predicted indicators of return on investment assets are used as a risk measure, including variation - the difference between its maximum and minimum values.

The statistical method involves the measurement of risks using indicators calculated on the basis of the predicted values ​​of the return on investment objects, including the range of variation, standard deviation and coefficient of variation.

Information source Website: http://finance-place.ru/finansovjy-analiz/investicionnje-proekty.html

For every solid corporation, the main goal will always be to increase income through capital investment. Before proceeding with the investment, management needs to determine the financial base of the company, the amount of possible investments, as well as the economic feasibility of participating in the proposed project. Therefore, it is very important to correctly use the collected information and further analyze investment projects to monitor and control the investment management process. This is the only way to achieve a high return on investment.

What is investment analysis

To make it easier to understand the intricacies of investing, you must first know the basic definition.

So, the complex application of methods and techniques for assessing the economic feasibility of financing any projects that investors rely on to make the right decision is called investment analysis.

The process of such an analysis is always dynamic and has two directions: subject and temporal. The subject carries out analysis in order to determine the basic investment decisions, taking into account various factors.

These factors include:

• economic environment;
• goals and objectives set for investment;
• environmental Safety;
• the significance and impact of the project on the social infrastructure of the region;
• determining the presence of financial risks;
• investors' plans for financing, organization, marketing, etc.

The above aspects are worked out during the preparation of the project itself, and then, during the analysis, they are taken into account for decision-making and corrective actions.

In the temporary direction, work is considered that starts from the moment the idea arises and lasts throughout the life of the project, because it ensures its continuous development, so that upon its completion, investors receive a profit not lower than the expected level.

Functions

The main functions of investment analysis are:

1. Creation of an authorized organization that will collect information and coordinate the process of implementing the goals of the investment project.
2. In order to make a choice of the most suitable investment systems, the organization makes a decision based on preliminary analyzes, taking into account alternative options, and determines the sequence of necessary activities.
3. Timely identification and resolution of technology, financing, environmental or social issues that may arise during the implementation of the project.

Tasks

The analysis of investment activity is aimed at finding solutions to the following problems:

• a comprehensive assessment of the necessary conditions for investment;
• justification of prices for the necessary activities and the choice of a source of financing;
• precise definition of external and internal objective and subjective aspects that may lead to negative changes in the results of investment;
• comparison of losses acceptable to investors from possible risks with expected returns;
• mandatory final monitoring of the project to introduce measures that improve the results of further investment.

Goals

The investment analysis of an enterprise aims to accurately find the possible result from the implementation of investment projects with the obligatory compilation of a list of all expenses that formed the project. After all, they play a key role in the formation of value.

Investment analysis methods

Now we need to consider in detail how exactly investors increase their capital.

An analysis of investment attractiveness is necessary for corporate leaders to provide reliable information about the objects in which they plan to invest. Since there are so many ways to host these events, it's best to consider each option in detail according to their popularity and frequency of use.

If a corporation wants to acquire shares in other companies, then the following investment analysis methods will be used:

1. The replacement cost analysis takes into account the capital construction of a facility from scratch at current prices, but discounts (most often 10-20%) from the cost of a new one are applied to estimate the cost of the current enterprise.
2. Relative analysis of a takeover transaction, when one corporation buys another company, taking into account the book value of assets and share prices.
3. Comparative analysis of companies - the process of comparing the economic performance of one company with similar enterprises.
4. Discount cash flow analysis is a company valuation procedure that determines the estimated income from the acquisition of securities that confirm ownership of a part of the company.

Retrospective analysis

This type of analysis can be used when past data on price fluctuations have already been analyzed in order to determine the causes of fluctuations and their consequences for the performance of an investment project.

Valuation of shareholdings

Sometimes a situation arises that the shares of the company that the corporation is going to take over are not traded on the stock exchange. Then they perform a financial investment analysis, or rather, use the information from the reports of the accounting department of the company of interest and, if possible, the reports from the accounting department of firms in the same industry, but so that their shares are quoted on the stock market. The indicators of stock quotes of the above-mentioned companies are necessarily taken into account.

Factor analysis

To cope with the tasks and achieve the right solution, experts use mathematical algorithms in combination with logical thinking and intuition. To make it convenient to conduct an investment analysis of an enterprise and to more easily assess the risks to the value of an investment project, managers compile a questionnaire that has a universal form.

After careful processing of the information received and solving numerous optimization tasks, experts directly identify and evaluate specific types of financial risks of the project, and also draw up the necessary list of measures to minimize possible losses and adjust the structure of the investment portfolio.

It was in the process of research in the field of forecasting that most of the methods of expert assessments were developed. The most famous among them are the Delphi method and the method of working with scoring matrices, which are folded due to the use of linear weighting factors in each individual case. However, there always remains one main problem that is very difficult to deal with: each of the investment analysis experts speaks on the basis of their personal experience, so all decisions made are rather subjective.

Similar shortcomings are encountered in the method of pairwise comparisons. To begin with, they formulate the criteria, and then give them a certain weight of influence on the investment project, so that in the future it would be possible to streamline all the important factors of financial risks.

The main goal of any enterprise, as you know, is to obtain economic benefits, as well as building up its potential through investments.

Each of the investment decisions must necessarily be based on a reliable assessment of the company's own financial position and the feasibility of its participation in investment companies, the assessment of sources of financing and the volume of investments, as well as forecasting future capital injections from these.

The information base is necessary here to make the main decision to join one of the investment projects, and finally, regular monitoring of the implementation of this project is carried out through investment analysis, which is an integral part of the entire investment management process.

What is investment analysis, and what tasks and goals does it pursue?

Investment analysis - they call a certain set of practical and methodological methods and techniques for assessing the feasibility of investing in any projects that investors should take into account when making an effective and correct decision.

Techniques and methods that are used in investment analysis, these are tools that deeply explore the processes and phenomena of the investment sphere, and also formulate recommendations and conclusions based on them.

The applied methods and procedures of this analysis, aimed at identifying alternative ways to solve investment and design problems, identifying the scale of uncertainty for all indicators, as well as their real comparison according to various performance criteria.

As a rule, only a small part of investments does not give the planned and expected result, and this happens for reasons beyond the control of the investor.

A large number of investment projects that turned out to be practically unprofitable could not be allowed to be implemented if, before investing money, the necessary analysis was carried out.

It turns out that carrying out such an analysis only contributes to an increase in efficiency in time.

It should be noted that the entire investment analysis is a dynamic process, occurring in two planes - subject and time. The subject plane here implies the implementation of the analysis and development of the base in versatile content aspects.

These aspects include:

• economic environment,
• the correctness of the problem statement and the purpose of investment,
• financial, organizational, marketing and production plans of investors,
• availability of the technical base of our investment project,
• environmental Safety,
• its social importance
• organizing the management of this project,
• his financial viability,
• presence/absence
• as well as the general sensitivity of this project to a change in some individual (significant) factors.

In addition, it is necessary to assess the capabilities of the participants in such a project, as well as the personal and business qualities of its managers. All of the above should be developed at the stage of preparation of initial investment projects, considered during their analysis and taken into account when making a decision on the need for investment.

In the temporal plane, work is being carried out that continuously ensures the development of an investment project, starting from the emergence of the idea of ​​investing directly to its completion and profit.

Investment level analysis - master class

Investment Analysis Functions

The functions of investment analysis include:

development (creation) of an ordered structure that collects data and ensures effective coordination of activities in the course of implementation; regulation of the decision-making process, based on analyzes of alternative options and moreover, prioritization of all necessary activities and selection of optimal technologies for investment; a clear definition of social, environmental, technological, financial and organizational problems that may emerge at various stages of the formation of our investment project; all possible assistance in making an appropriate decision on the expediency of using investment resources for the future.

Investment analysis - investment objects

As a rule, investment analysis has its own objects, which are differentiated depending on the type of future investment, i.e. financial or capital. In addition, the objects of capital investment, in turn, can also differ in nature. For example, the typical objects of capital investment include the costs of equipment, buildings, land, etc.

But in addition to the costs of all kinds of acquisitions, enterprises need to make many other costs that give profit not immediately, but after a certain (sometimes very long) period of time.

Such costs include, for example:

• investments in the improvement of manufactured products,
• in all kinds of research
• promotion of your product,
• training,
• reorganization, etc.

Thus, the objects of analysis of capital investments are individual projects or their combinations, not excluding investments in reconstructed, under construction or expanding enterprises (companies), as well as buildings and all kinds of structures, in other words, fixed assets.

When analyzing financial investments, various organizational, legal and financial aspects act as the analyzed objects, for example, Central Bank bills, government obligations, corporate bonds and shares, etc. Financial investments pursue their tasks and goals, aimed at making a profit from dividends or exchange rate differences.

Analysis of both capital and financial types of investments (interrelated economic phenomena) are combined into a common investment, final process. The similarity of the available information databases of analyzes, their types, users of analytical information, the main approaches in methodology and organization, combine these two directions into a common concept in understanding the content and essence of this analysis as a whole.

Investment analysis - subjects of investment

Investment analysis also presupposes the presence of subjects, i.e. users of analytical information who are somehow interested in positive results, as well as in the overall achievements of all investment activities. First of all, these include owners, management, employees, buyers, suppliers, creditors and the state (statistical, tax, and other bodies that analyze information in pursuit of their interests).

Tasks in investment analysis

The main tasks of investment analysis include:

• a comprehensive assessment of the availability and needs of the required / existing investment conditions;
• justification for the choice of their source of financing, and most importantly - prices;
• identification of a number of factors: firstly, external, secondly, internal, subjective or objective, which may affect the deviation from previously planned investment results;
• making optimal investment decisions for all, which would strengthen the competitiveness of the company and be consistent with its strategic and tactical goals;
• determination of all possible risks and profitability acceptable for the investors themselves;
• conducting post-investment monitoring and drawing up the necessary recommendations regarding the improvement of quantitative and, most importantly, qualitative results of the investment process.

Goals of investment analysis

So, the main goal of any type of investment analysis, is a clear definition of the value of investment, i.e. result, after its implementation, which can be represented as the difference between the change in certain benefits that are received from investing during the implementation of investment projects and the formation during this of the total expenditure volumes carried out within the framework of current projects.

Even with the most favorable characteristics of any investment project, it will not be accepted for implementation if the investment analysis reveals that it cannot provide a return on the funds invested by investors, a profit that ensures an investment return that will not be lower than the level desired by investors, as well as a return on investment in terms acceptable to investors.

Revealing the reality and ways to achieve the necessary investment results, these are the general GOALS and TASKS of our investment analysis.

Investment analysis

theoretical foundations and economic nature of the main

"investment" and "investment activity"

D. S. BOLDYREV,

Postgraduate Student, Department of Economic Analysis and Audit E-mail: [email protected] en Voronezh State University

The article reveals the theoretical foundations of investment analysis, namely, the content analysis of its central category - "investment" is carried out. The experience of research by foreign and domestic scientists is considered, the characteristic features and features of each direction are highlighted. The article also raises the problem of mixing the concepts of investment and investment.

Key words: investments, investment, investment activity, capital investments, conceptual apparatus.

The economic nature of the category "investment" consists in mediating the relations that arise between the participants in the investment process regarding the formation and use of investment resources in order to expand and improve production. Therefore, investments as an economic category perform a number of important functions, without which the development of the economy is impossible. At the macro level, investments are the basis for accelerating scientific and technological progress, improving the quality and ensuring the competitiveness of domestic products, restructuring the economy and balanced development of all its sectors, creating the necessary raw material base for industry, developing the social sphere, and protecting the environment.

environment, etc. Investments at the micro level play an exceptionally important role. They are necessary to ensure the normal functioning of the enterprise, a stable financial condition and maximization of the profit of an economic entity. Without investment, it is impossible to ensure the competitiveness of manufactured goods and services, to overcome the consequences of obsolescence and depreciation of fixed assets, to acquire securities and invest in the assets of other enterprises, to implement environmental protection measures, etc. .

The history of the formation of investment activity in the Soviet Union cannot boast of having the same extensive experience as in foreign economic sciences. This is due to the denial of market relations for 70 years, although they are the theoretical basis of the general investment theory. Within the framework of a centrally planned economy, the term "investment" was not used, and it was always about capital investments, that is, about the costs directed to the reproduction of fixed assets, their increase and improvement. Investments meant a long-term investment of capital in various sectors of the economy, in other words, investments were identified with capital investments.

Let's analyze the investment category and define its relationship with two other categories - investment and investment activity. Let us turn to the regulations that reveal these categories. In accordance with the Federal Law of February 25, 1999 No. E9-FZ “On investment activities in the Russian Federation carried out in the form of capital investments”, investment activity is the investment and implementation of practical actions in order to make a profit and (or) achieve another beneficial effect . In turn, investments are cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect .

This definition is quite broad and does not reflect the entire range of investment goals as a separate economic process. Investment is a diverse process, which is divided according to the source of investment. The law does not provide such a classification; only capital investments are indicated as a separate type of investment. Nevertheless, capital investments are investments in fixed capital (fixed assets), including the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, tools, inventory, design and survey and other costs.

In domestic accounting, investments are disclosed more fully. According to the Accounting Regulations for Long-Term Investments, investments are the costs of creating, increasing in size, and also acquiring non-current non-current assets of long-term use (over one year) that are not intended for sale, with the exception of long-term financial investments in government securities, securities and authorized capital of other companies. Long-term investments are related to the following projects:

The implementation of capital construction in the form of new construction, as well as reconstruction, expansion and technical re-equipment (hereinafter referred to as construction) of existing enterprises and non-production facilities

ry. These works (except for new construction) lead to a change in the nature of the objects on which they are carried out, and the costs incurred in this case are not the costs of the reporting period for their maintenance;

Acquisition of buildings, structures, equipment, vehicles and other separate objects (or parts thereof) of fixed assets;

Acquisition of land plots and nature management facilities;

Acquisition and creation of intangible assets.

However, the Regulation on Accounting for Long-Term Investments has its shortcomings that complicate the definition and accounting of investments. The concept of investment is also limited to capital investment in fixed assets, namely the construction or purchase of new means of production. This category is disclosed in detail, and this type of investment, as investment in intangible assets, is not given enough attention. At the same time, the category of investments in the authorized capital of other organizations is generally taken out of the definition. With regard to intangible assets, the regulation provides only their possible example: “patents, licenses, software products, land use rights, natural resources, research and development, design and survey work, etc.”. This type of investment is described in the Accounting Regulation "Accounting for the costs of research, development and technological work" PBU 17/02. It fully defines the subject, composition, recognition procedure, term and procedure for accounting for the allocation of costs for these types of work. The category of direct investments (financial investments for extracting operating profit) is actually excluded from this provision and is hardly mentioned in the Accounting Regulation “Accounting for financial investments” PBU 19/02. This leads to the dissolution of the concept of direct financial investment (as a separate category) in the category of portfolio investment and implies only the receipt of speculative income. All this limits the very capacious and multi-level concept of long-term investments only to capital investments, while separating investments in intangible assets and direct investments as a type of long-term investments.

Moreover, if guided by the Accounting Regulations for Long-Term Investments, then all investment costs should be taken into account in the line "Capital investments". At the same time, the Accounting Regulation “Accounting for research, development and technological work” PBU 17/02 states that these types of work should simply be taken into account in the first part of the balance sheet “Non-current assets”. Thus, there is a risk of duplication of accounting for intangible assets in two different lines of the balance sheet. Also, this accounting uncertainty can complicate an objective assessment of an investment project. All this indicates the imperfection of the definition of investment activity as a separate economic process, limiting it only to capital investments in fixed assets.

In foreign practice, the category of investments is revealed in a qualitatively different understanding and at a deeper level. The main reason for this is many years of experience both in improving the regulatory sources of accounting for investment activity, and in general in the development of capitalist relations and the formation of a free competition market. In international financial reporting standards (IFRS) there is a definition of only investment activity (IAS 7 “Cash Flow Statement”): “acquisition and disposal of long-term assets and other investments that are not related to cash equivalents”. Such an interpretation seems scarce and, apparently, is given due to the need to clarify one of the sections of the cash flow statement. And although the standards do not contain a direct definition, the very concept of investment is often used both in the names of the standards and in their content. For example, the purpose of IAS 16 Property, Plant and Equipment is “to define the accounting treatment for property, plant and equipment so that users of financial statements can obtain information about an entity's investment in property, plant and equipment and about changes in the composition of such investments”. And standards IAS 28 "Investments in Associates" and IAS 32 "Financial Instruments: Presentation of Information" provide a detailed description of direct and portfolio investments, respectively. The importance of the investment category for IFRS is also confirmed by the fact that they have a separate

investment property standard (IAS 40), which reveals the aspect of displaying information about investment property. It defines investment property as property (land or a building, or part of a building, or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, but not for use in the production or supply of goods, provision of services, for administrative purposes and not for sale in the ordinary course of business.

In a critical analysis of the concepts of investment activity, it is impossible to confine oneself only to information from regulatory documents. Therefore, a content analysis of the works of domestic and foreign scientists-experts in the field of accounting and economic analysis was carried out.

In the course of studying the works of domestic authors, it was found that the definition of "investment" does not yet have a single standardized definition. According to the author, one of the reasons for this phenomenon may be the lack of many years of experience in the study of investments and related aspects. The reason for this was the complete denial of the very category of investment in the period of the Soviet economy. According to the author of the work, in the Soviet scientific literature, investments were defined as an element of bourgeois economic science, and in practice, until 1991, the concept of “capital investments” similar to investments in terms of economic content was used.

For economists brought up in the Soviet canons of political economy, it was difficult to look at this category in a new way. As a result, some authors literally define investments, just as in PBU, and the rest of the majority develop their own definitions of investments, but at the same time limit them to capital investments. So, in the work, investments are defined as follows: “Probably, investments are long-term investments of capital in various sectors of the economy in order to increase and preserve them, as well as to achieve positive social, political and other interests of society. Investment activity should be understood as practically any form of capital investment. The paper gives a definition that is virtually identical to the definition given in

PBU, but the author still makes a reservation: “in accounting practice, the concept of “capital investments” is usually used in the narrow sense of the word (costs for the production of fixed assets), in the broad sense of the word, capital investments (investments in capital) are understood as investments of an organization in any types of non-current assets, i.e., in long-term financial investments.

There are also opposite cases of defining this category, when economists give definitions of investment in a broad sense, without clarifying criteria, thereby blurring the very concept. In the book, the author defines investments as "the expenditure of funds aimed at the reproduction of capital, its maintenance and expansion." According to this definition, only cash is involved in the investment process, and material, human, intellectual and administrative costs are completely excluded. The authors of the work offer a slightly different, but still similar definition of investment: "long-term capital investment in industry and other sectors of the economy to make a profit." With the same success, such a definition could be suitable for long-term lending. In the two definitions given, the key phrases are "reproduction of capital, its maintenance and expansion" and "profit making". It is worth noting that this is not always the purpose of investing. This profit orientation is found among many reputable scientists. So, I. A. Blank adheres to a profitable orientation in the definition of investments: “investments are the investment of capital in monetary, tangible and intangible forms in objects of entrepreneurial activity in order to obtain current income or ensure an increase in its value in the future period” .

At the same time, there are definitions that eliminate all of the above shortcomings: taking into account the forms of investment, the complexity of types of costs and the multivariance of the effects received from investments. As an example, we can cite the definition given in the work: “Investment is understood as a set of costs realized in the form of a targeted investment of capital for a certain period in various industries and sectors of the economy, in objects of entrepreneurial and other activities for profit (income)

and achieving both the individual goals of investors and the positive social impact”. Almost identical interpretation is used by the author of the work. Not far from it is the definition of D. A. Endovitsky: “Long-term investment is a set of physical, intangible and financial assets directly invested for a period of more than one year in objects of entrepreneurial or other activity, as well as in the labor resources associated with this process in order to obtaining an economic benefit, social or environmental effect". Comparing these definitions, the latter can be called more specific due to the fact that it establishes the term of investment and the types of capital invested. Separate consideration deserves another definition by I. A. Blank, similar to both listed and at the same time radically different from the one given by him three years earlier: “Investment of an enterprise is an investment of capital in all its forms in various objects (instruments) of its economic activity for the purpose of making a profit, as well as achieving another economic or non-economic effect, the implementation of which is based on market principles and is associated with time, risk and liquidity factors. In the new interpretation, the author, in addition to eliminating these shortcomings, also highlights the features that characterize this category: “time, risk and liquidity factors”. This can also be seen at work. Only in it the defining features are taken out of the scope of the definition:

Implementation of investments by persons (investors) who have their own goals, which do not always coincide with the general economic benefit;

The potential ability of investments to generate income;

A certain period of investment (always individual);

Purposeful nature of capital investment in objects and investment instruments;

The use of different investment resources, characterized by demand, supply and price, in the process of investment;

The presence of the risk of investing capital.

The similarity of all four contents in their

basis and the absence of shortcomings in them, visible from other authors, allows us to perceive such an interpretation as the most popular in modern domestic investment theory.

Also in the scientific literature, the definition under study is met with the ultimate degree of specification: “Long-term investments are associated with the implementation of capital construction in the form of new construction, as well as the reconstruction, expansion and technical re-equipment of existing enterprises and non-production facilities; acquisition of buildings, structures, equipment, vehicles and other separate objects (or parts thereof) of fixed assets; acquisition and creation of intangible assets; implementation of long-term financial investments in order to improve the skills and develop the abilities of employees (intellectual investments)” . It is interesting to note that intellectual investments are included in the definition, which emphasizes that investments are not just capital investments in the expansion of fixed assets, but a more complex system of various types of investments.

Content analysis of foreign literature showed a special commitment of a number of scientists to the interpretation of investments from the standpoint of the Keynesian model of "consumption - savings - investment". This once again confirmed the historical gap between domestic and foreign researchers of investment theory. Back in 1971, the French scientist P. Masse, based on the Keynesian model, gave a general descriptive definition of this category: "Investment is an act of exchanging today's satisfaction of a certain need for the expectation of satisfying it in the future with the help of investment goods." In a similar way, investments are interpreted in the work: "... the flow of expenses intended for the production of goods, and not for direct consumption." In the Oxford Dictionary, the definition of investment is already ranked by form, but also continues to be based on the ideas of the American economist: “The acquisition of means of production, such as machinery and equipment, for an enterprise in order to produce goods for future consumption. Usually such an acquisition is referred to as a capital investment” and “Acquisition of assets such as securities, works of art, deposits in banks or building societies, etc., primarily for the purpose of obtaining a financial return in the form of profit or capital increase. This type of financial investment is a store of value.

Analyzing the works of modern American financiers, we can confidently state that the content of investments also goes back to the ideas of D. M. Keynes. According to B. Feibel, “investment is the initial deprivation of something that we can evaluate in exchange for the expected benefits from getting back more than what we originally invested. The difference between invested and received is profit; we invest for the purpose of making a profit.” W. Sharp adheres to the same position: “Refusal of a certain value at the moment for a (possibly indefinite) value in the future” . All these definitions are united by their pronounced academic and theoretical nature and the emphasis on the fundamental feature of investment - the rejection of current consumption in favor of saving and, thereby, greater consumption in the future.

It is worth noting that foreign authors use the terms “value”, “something subject to evaluation” to disclose the object of investment, while domestic authors use the concepts “total cost”, “total of material, financial, human resources”, “total assets”. Perhaps this can be explained by the existence of semantic differences in understanding the very definition of investment between the two cultures. Due to the Soviet legacy, the domestic interpretation of the concept is more focused on capital investments. A diametrically opposite situation has developed in Western countries.

The formation of Western investment theory was based on the development of methods for analyzing financial instruments and their markets (Fig. 1). The active development of stock markets, the emergence of new financial products and the internationalization of capital - all this was a catalyst for the development of the analysis of direct and portfolio investments. The statement about the presence of a correlation between the predominance of one or another type of investment and the level of development of the state economy can be found in the work: “In primitive economies, the bulk of investment is real, while in the modern economy, most of the investment is represented by financial investment.”

As a result, many modern Western interpretations of the category under study are guided by

The introduction of the fair

cost

E Petere - The Formation of Chaos Theory

Yu.Fama - formation of the hypothesis of efficient markets /

W. Sharp - creation / SARM models / ""

F. Modigliani and M. Merton - creation of the WACC model

G. Markowitz - portfolio theory

D. Williams - the basis of fundamental analysis and BSR,.-

I. Fischer - creating an interest rate and net..■■ "present value.---""" F.Kh. Knight - analysis of the influence of the external environment - ...- - "dy on economic.--""" systems ...-"

1952 1958 1964 1970

Rice. 1. Formation of investment theory as a separate field of science

financial sector of the economy. Thus, in the course of the analysis of the conceptual apparatus, such extremes were encountered: “investment is the current diversion of funds in dollar terms for a certain period of time in order to obtain future income that compensates for this diversion of funds, the expected inflation rate and the level of uncertainty in receiving these payments” . A similar definition can be found in the work: "Investment is a way of investing capital, which is supposed to ensure the preservation or increase in the value of capital and (or) bring a positive amount of income."

However, in the foreign interpretation of investments, there are definitions that take into account capital investments. The methodology for assessing the effectiveness of investments, developed within the framework of the United Nations Industrial Development Organization, understands them as

“the long-term investment of economic resources with the aim of creating and generating future benefits. The main aspect of this investment is the transformation of liquidity - the investor's own and borrowed funds - into productive assets, represented by investments in fixed capital and net working capital, as well as the creation of new liquidity when using these assets. The authors note that the term "benefit" in the definition is used to show that the goals of investment are not limited to generating net income.

The authors of the work give a definition focused on the real sector of the economy: "Investments are the costs of production and accumulation of means of production and an increase in inventories." In turn, R. Dornbusch and S. Fischer deliberately give investments a limited meaning, endowing them with a situational characteristic.

rum: “First of all, in all sections of our book, investment is understood as adding to the physical stock of capital. In the sense in which we use the term, investments do not include, for example, purchases of bonds or purchases of shares in General Motors. In practice, investments include the construction of housing, the installation of equipment, the construction of factories, offices and the increase in the firm's inventory. Such assumptions can be confusing.

The content analysis carried out showed that not only domestic, but also Western literature suffers from the ambiguity of interpretations of the investment category. At the same time, the distinctive features of each of them are indicated, the basic principles by which definitions are formed are identified. In addition to this, historical reasons were established that influenced the emergence of discrepancies in theoretical studies of investments by foreign and domestic authors. Also, during the study of domestic sources, some confusion was found in the definition and differentiation of the terms "investment" and "investment". When analyzing the collected information, it was noticed that in all books only one of the two definitions is given (see table).

At first it seemed that this was one category with two synonymous meanings. However, the subsequent semantic analysis of these definitions showed that each of them has individual features. Thus, the very word "investment" implies the description of a single static object. It is more inherent in such dictionary attributes as “a set of costs”, “all types of property and intellectual values”, “economic resources”, etc. In turn, the word “investment” with its whole essence appeals to some kind of action. It reflects not the subject of investments, but the process of their investment and implementation, and is more consistent with the following

definitions: “long-term investment of capital”, “current diversion of funds”, “act of exchange”, “acquisition of means of production”, etc. In foreign practice, due to the peculiarities of the English language, there are no such controversial points - both definitions are denoted by the word investment. The differences are related to the so-called translation difficulties.

Thus, it is necessary to distinguish between the categories of investment and investment. Secondly, when developing new definitions of these categories, it is important to be aware of the prevailing features of each of them: investing highlights the process, action; investments reveal objectivity, inner essence. Non-compliance with these rules in the interpretation of investments is unacceptable, as it can lead to cognitive dissonance in the cognitive activity of scientists who base their work on these categories. Unfortunately, in many of the definitions given, such non-compliance is common practice.

The following definitions of these categories can be proposed.

Investments are a set of material, financial, intellectual and other types of values ​​aimed at creating, acquiring or improving long-term assets, the use of which in the future should lead to a one-time or periodic profit, the achievement of a positive economic or non-economic effect.

Investing is a dynamic process of diverting own or borrowed capital from its current consumption in the form of investment costs for the purpose of its future possible return in excess of the initial one, or in the form of another beneficial effect both for the company and for society as a whole.

The first definition describes the subject of investments and at the same time contains all their essential attributes: universality of forms, complex

Definitions of the terms "investment" and "investment"

Term Definition

Investments Investments are all types of property and intellectual values ​​that are invested in objects of entrepreneurial and other types of activity, as a result of which profit (income) is formed or a social effect is achieved

Investment Investment is understood as a set of costs realized in the form of a purposeful investment of capital for a certain period in various industries and sectors of the economy, in objects of entrepreneurial and other types of activity in order to obtain profit (income) and achieve both the individual goals of investors and a positive social effect

clarity of types of costs, multivariate effects and the presence of uncertainty in achieving these effects. The second definition raises the phenomenon itself to the first place, focuses on the Keynesian idea: the rejection of current consumption in favor of saving and subsequent greater consumption.

Investments are the subject of investment, and investment is the process of this investment, but when interacting, these two categories form only a one-time act of investment, while investment is a continuous and complex process in an enterprise. A sign of consistency and purposefulness is given to them by the third category - "investment activity" (Fig. 2).

Investment activity is a separate type of economic activity of a commercial enterprise, which is directly responsible for the development and practical implementation of the investment process. According to the author, investment activity is a sphere of economic activity of companies aimed at their long-term development, within which systematic planning takes place,

The present

Accounting Financial activity ^ Investment activity

organization and management of the process of investing free own or borrowed capital in various objects of entrepreneurial and other activities in order to create assets, make a profit or achieve another beneficial effect.

The phrase “aimed at long-term development” used in the definition emphasizes that investment activity is positioned not as a set of one-time investment projects, but as a full-fledged and separate economic activity along with accounting and financial activities. And, if accounting in its broadest sense has a pronounced retrospective orientation (accounting for information only about the organization's business transactions that have already taken place), and financial activity, based on this information, analyzes and monitors the current state of the enterprise, then investment activity is strictly focused on the future strategic enterprise development (Fig. 3).

Compared with operating and financial activities, investment has a number of characteristic features:

It is the main tool for the strategic development of the enterprise. For the successful implementation of investment activities, a preliminary analysis of the current state of the company, its environment, and economic development trends is required. Based on this analysis, the concept of the general development of the company is formed, the future state of the company is idealized, and a system of goals is built to achieve this state. Thanks to this, the top management of the company receives the necessary information about the strategic development of the company;

It has an indirect nature of participation in the generation of cash flows. Although investing activities do not have a stable positive cash flow, they are a catalyst for higher operating cash flows in the long term. Its participation is always indirect in the process of generating profits, but it is extremely necessary;

a high degree of presence

Rice. 3. Temporal orientation of investment activity

tviya uncertainty at all

levels. The other two types of economic activity of the company also have uncertainty. However, if operating activities plan future sales for the next year, and financial activities draw up annual income and expense budgets and cash flow budgets, then the investment activity forecasting horizon can be up to 15 years. At the level of implementation of individual investments, the presence of uncertainties is much less, but the scale of costs and their sensitivity to these uncertainties can lead to catastrophic consequences for the company;

Cyclic activity. Compared to financial and operating activities, investment activities have a more pronounced cyclical nature. This is due to the need to find investment resources, fluctuations in the investment market and significant costs associated with the implementation of investment activities. So, in a period of recession and economic downturn, for its own survival, the company will completely stop investment activities, activate financial activities and adapt the operating one to the needs of the shrinking consumer market;

High degree of influence of the time factor. Due to the large amount of costs, the presence of uncertainty factors, the scale of hotel projects, the need for thorough preliminary research, investment activity requires a significant amount of time. As a result, there is a significant lag between outflows and inflows of cash.

As a result, a content analysis of the key definitions of investment was carried out, characteristic features of domestic and foreign interpretations were identified, and a line was drawn between the concepts of investment and investment. The study also allows us to draw the following conclusion: a full understanding of investments as a separate economic category, as well as the definition of their main features and identification among other systems of a commercial organization is possible only when they are comprehensively considered with the categories of investment and investment activity.

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