Investment attractiveness of an organization example. Investment attractiveness

An enterprise can carry out a number of activities to increase its investment attractiveness (better compliance with investor requirements). The main activities in this regard could be:

· development of a long-term development strategy;

· business planning;

· legal examination and bringing of title documents in accordance with the law;

· creating a credit history;

· carrying out reform (restructuring) measures.

To determine what measures are needed for a particular enterprise to increase investment attractiveness, it is advisable to analyze the existing situation (diagnostics of the state of the enterprise). This analysis allows:

· identify the strengths of the company's activities;

· identify risks and weaknesses in the current state of the company, including from the investor’s point of view;

During the diagnostic process, various areas of the enterprise’s activities are considered: sales, production, finance, management. The area of activity of the enterprise that is associated with the greatest risks and has the largest number of weaknesses is identified, and measures are taken to improve the situation in the identified areas.

Separately, it is worth noting the legal examination of the enterprise - the investment object. The areas of examination when assessing the investment attractiveness of an enterprise are:

· ownership rights to land plots and other property;

· rights of shareholders and powers of enterprise management bodies described in the constituent documents;

· legal purity and correctness of accounting of rights to the company's securities.

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a master development plan, which is usually developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. Strategy allows an enterprise to plan for shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the enterprise’s vision of its long-term prospects and the adequacy of the enterprise’s management to the operating conditions of the enterprise (both internal and external).

Having a long-term development strategy, the company moves on to developing a business plan. The business plan examines in detail all aspects of the activity, substantiates the volume of necessary investments and the financing scheme, and the results of investments for the enterprise. The cash flow plan, calculated in the business plan, allows you to assess the ability of the enterprise to return the borrowed funds to the investor from the group of creditors and pay interest. For investor-owners, a business plan is the basis for assessing the value of an enterprise and, accordingly, assessing the value of capital invested in the enterprise and justifying its development potential.

For all groups of investors, the credit history of an enterprise is of great importance, since it allows one to judge the enterprise’s experience in absorbing external investments and fulfilling obligations to creditors and investor-owners. In this regard, it is possible to carry out activities to create such a story. For example, an enterprise may issue and repay a bond issue for a relatively small amount with a short maturity. After repaying the loan, the company will move to a qualitatively different level in the eyes of investors, as a creditor capable of fulfilling its obligations in a timely manner. In the future, the enterprise will be able to attract both borrowed funds in the form of subsequent bond issues and direct investments on more favorable terms.

One of the most difficult measures to increase the investment attractiveness of an enterprise is reform (restructuring). A complete reform program includes a set of measures to comprehensively bring the company’s activities into line with existing market conditions and the developed strategy for its development. Restructuring can be carried out in several directions:

1. Reform of share capital.

This area includes measures to optimize the capital structure: fragmentation, consolidation of shares, all forms of reorganization of a joint-stock company described in the Law on Joint-Stock Companies. The result of such actions is to increase the manageability of a company or group of companies.

2. Changes in organizational structure and management methods.

This direction of reform is aimed at improving management processes that provide the basic functions of an effectively operating enterprise, and the organizational structures of the enterprise, which must comply with new management processes.

3. Asset reform.

Within the framework of asset restructuring, we can distinguish the restructuring of the property complex and the restructuring of current assets. This direction of restructuring involves any change in the structure of its assets in connection with the sale of redundant, non-core and acquisition of necessary assets, optimization of the composition of financial investments, inventories, and receivables.

4. Reform of production.

This direction of restructuring is aimed at improving the production systems of enterprises. The goal in this case may be to increase the efficiency of production of goods and services; increasing their competitiveness, expanding their range or repurposing.

Comprehensive enterprise restructuring includes a combination of activities related to several of the areas listed above.

An enterprise can formulate a program of measures to increase investment attractiveness, based on its individual characteristics and the current situation in the capital markets. The implementation of such a program allows us to speed up the attraction of financial resources and reduce their cost. It should also be noted that the measures described above do not require significant material costs, but the result of their implementation, in addition to the own growth of investor interest in the company, is also an increase in the efficiency of its work.

Conclusion

In this work, I examined the essence of the category “investment attractiveness”. There are several interpretations of this definition, but, summarizing them, we can formulate the following definition of the investment attractiveness of an enterprise - this is a system of economic relations between business entities regarding the effective development of a business and maintaining its competitiveness. Based on the accumulated domestic and foreign experience, it has been proven that the investment attractiveness of enterprises is the main mechanism for attracting investment into the economy.

Investment attractiveness depends on external (level of development of the region and industry, location of the enterprise) and internal (activities within the enterprise) factors.

One of the main factors of the investment attractiveness of an enterprise is investment risks (risk of lost profits, risk of decreased profitability, risk of direct financial losses).

Also, factors influencing investment attractiveness are divided into: production and technological; resource; institutional; regulatory; infrastructure; business reputation and others.

Investment attractiveness from the point of view of an individual investor can be determined by a different set of factors that are most important in choosing a particular investment object.

In the current economic conditions, several approaches to assessing the investment attractiveness of enterprises have emerged. The first is based on indicators of the financial and economic activities of the enterprise. The second approach uses the concept of investment potential, investment risk and methods for evaluating investment projects. The third approach is based on assessing the value of the enterprise. Each method has its own advantages and disadvantages, and the more approaches and methods are used in the assessment process, the greater the likelihood that the final value will be an objective reflection of the investment attractiveness of the enterprise.

The paper provides an algorithm for monitoring the investment attractiveness of an enterprise.

An analysis of the financial and economic activities of the enterprise was carried out using the example of OAO LUKOIL, one of the largest oil and gas companies. The main performance indicators of the enterprise for the period under review (2006-2008) increased. Thus, net profit for this period increased by 22.2%. The value of assets and liabilities of the balance sheet (balance sheet currency) also increased by 48.1% and amounted to USD 71,461 million in 2008. The company's balance sheet is not completely liquid. The enterprise is recognized as financially stable, the financial stress ratio is insignificant. A positive increase in funds turnover indicators indicates their effective use in the enterprise. Profitability indicators over the past year have decreased slightly, which was likely caused by the negative impact of the current economic situation

OAO No. LUKOIL has sufficient investment attractiveness, which is confirmed by a number of factors.

Ways to increase the investment attractiveness of the enterprise have been identified. Among them are the following: development of a long-term development strategy, as well as a business plan; conducting legal due diligence; creating a positive credit history; carrying out measures to reform or restructure the enterprise. The enterprise creates a program of measures to increase investment attractiveness, based on individual characteristics and the current situation in the capital markets.

Bibliography

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4. Valinurova L.S. Investment activity management. – M.: KNORUS, 2005. – 384 p.

5. Vakhrin P.I. Investments: Textbook. - M.: Publishing and trading corporation "Dashkov and Co", 2002. - 384 p.

6. Guskova T.N. Assessment of investment attractiveness of objects using statistical methods. M.: GASBU, 1999. – 278 p.

7. Igonina L.L. Investments: Textbook / Ed. K.V. Baldina. - M.: Publishing and trading corporation "Dashkov and Co", 2006. - 288 p.

8. Katasonov V.Yu. Investment potential of the economy: mechanisms of formation and use. – M.: “Ankil”, 2005. – 328 p.

9. Kiseleva N.V. Investment activity: textbook. – M.: KNORUS, 2005. – 432 p.

10. Comprehensive assessment of the investment attractiveness of enterprises / Tryasitsina N.Yu. // Economic analysis. – 2006. - No. 18 – 5 p.

11. Krylov E.N., Vlasova V.M., Egorova M.G. Analysis of the financial condition and investment attractiveness of the enterprise. M.: Finance and Statistics, 2003. 192 p.

12. Margolin A.M. Investments6 Textbook. – M.: Publishing house RAGS, 2006. – 464 p.

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15. Information sites:

Application

For the development of any organization, capital from external sources is required. interested in making a profit and increasing it. They take into account and try in every possible way to avoid losses and for this they evaluate the effectiveness of investing in an existing project.

Investment attractiveness of the enterprise

The investment attractiveness of an enterprise is a set of characteristics that show how effective it is to invest money in the further development of the enterprise. The predominant indicator is the factor of obtaining a stable income over a long period.

Today, many companies are in fierce competition to obtain additional capital for the development of a future project. Basically, they invest money in a project that is carefully designed; the investor can clearly see the picture of income after implementation. Therefore, it is worth developing a report with financial indicators, where you can see the nuances.

Assessment of the investment attractiveness of an enterprise is carried out by calculating the economic condition of the enterprise using financial indicators. These indicators include:

liquidity - shows how quickly a company can turn its assets into cash when necessary;
property status - reflects the share of current and non-current assets in the total property of the enterprise;
business activity - the indicator characterizes all financial processes in the enterprise, on which the profit of the enterprise in turn depends;
financial dependence - shows the dependence of the enterprise on external sources of financing and whether it is possible to operate without additional funds;
profitability - reflects the efficiency of the enterprise's use of its financial capabilities.

It is worth remembering that the assessment of investment attractiveness includes indicators of resource availability, product profitability, number of personnel, level of production capacity utilization, depreciation of fixed assets, availability of fixed and production assets, and others.

Methods for assessing the investment attractiveness of an enterprise

Economists argue that there is no single method for determining the investment attractiveness of an enterprise. Each project requires an individual method followed by an analysis of investment attractiveness. Assessment is possible using different methods, which are based on the use of suitable indicators and analyzed factors. This article provides a comparative analysis of different types of assessment.

How to attract investors

If an enterprise needs additional funds, then management must take measures to increase the investment attractiveness of the enterprise.

There is practically no organization that does not need additional external capital. As is already known, investments help production grow, increase competitive advantages over other enterprises, profits increase, new technologies are introduced to improve production or. There are many advantages, but the main task lies in attracting funds.

There are a large number of ways to attract, but this does not mean the effectiveness of attraction. An ideal option would be to sell one business to open a new and potentially effective business.

First, you should sell the existing option at the highest possible cost. The development of the future project depends on the sale. As practice shows, such investors are people who want to invest their money in a profitable business, some of them have extensive experience behind them. In such cases, profit maximization will most likely be observed.

In cases of global capital shortage, you can resort to direct investment. In turn, this method is divided into:

investments from financial investors;
strategic type of investment.

The essence of the first is the possibility for an investor to acquire a small part of the shares (but not a controlling interest) with subsequent sale after 2-5 years; it is also possible to place shares on the securities market, where there is a large circle of investors.

The investor's main income will come from selling shares, and in turn, the investment attractiveness of the organization will increase. This option will suit both the investor and the manager.

Strategic investing is based on the investor acquiring a large block of shares for a long time, where the investor becomes another of the owners of the company. The main goal of a strategic investor is to purchase an existing company or merge with his company. This option saves in crisis situations, but it takes away the owner’s powers and the company becomes financially dependent on other sources of financing.

Investing in the form of borrowed funds

The enterprise does not want outsiders to interfere in its management; in this case, there are bank loans, leasing, and borrowing funds from legal entities and individuals.

This investment policy of an enterprise is expressed using the example of modern business development, when entrepreneurs have a unique mindset, but do not have funds. In such cases, they resort to a bank loan. In European countries, you can get a loan for business development at minimal interest rates, but in our country, on the contrary, they inflate the interest rate.

The terms of financing by investors range from one month to many years. In any case, the investor is interested in receiving interest from the use of his capital. The option is attractive and is available to many organizations, but the lender still requires fulfillment of obligations to pay interest and principal.

To increase the investment attractiveness of an enterprise, a number of measures can be taken:

any enterprise that seeks to develop, first of all, draws up long-term strategies that can be guided in the future;
is definitely required, where the goals and ways to achieve profit maximization will be clearly expressed;
there must be documentation of a legal examination in accordance with legislative norms;
the company must create a credit history for itself (this is very easy to do by applying for a small loan from banking institutions and returning it in a short period of time);
putting in order documents on the ownership of certain land plots and the company as a whole;
ensure that the rights of shareholders and the powers of owners are spelled out in the charter documents of the enterprise;

After identifying and collecting the entire package of documents, it is worth paying great attention to the production process of the organization. Management personnel - chief technologist, engineer, sales manager, economist-analyst, HR manager - can handle this better. They are required to identify the strengths and weaknesses that prevent the enterprise from developing rationally, to identify and eliminate bottlenecks. It is necessary to carefully work with risks, determine their threat level, and find ways to weaken or eliminate them altogether.

Upon completion of all activities, it is required to show the investor that the enterprise has ways to improve the functioning of the enterprise.

In conclusion, we can say that the investment attractiveness of an enterprise depends on rational management. In order to obtain capital, maximum effort is required.

UDC 658.5:330.3a

V.D. Lavrenko INVESTMENT ATTRACTIVENESS

AND WAYS TO INCREASE IT

Annotation. To successfully compete, companies are forced to constantly develop, master new technologies, and expand their areas of activity, which is almost impossible to do without attracting investments. This article describes the main activities and approaches, the purpose of which is to increase the investment attractiveness of the enterprise.

Key words: investments, investor, investment attractiveness, analysis of enterprise activities.

Victor Lavrenko INVESTMENT POTENTIAL AND WAYS OF ITS IMPROVEMENT

Annotation. To conduct a successful competition, companies are forced to constantly evolve, develop new technologies, to expand the scope of activities that are nearly impossible to implement without investment. The article describes the major activities and approaches to increase investment potential of the company.

Keywords: investments, investor, investment potential, company activities analysis.

Almost any line of business nowadays is characterized by a high level of competition. To compete successfully, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, a moment periodically comes when the company's management understands that further development is impossible without an influx of investment. Attracting investment to a company gives it additional competitive advantages and, often, the opportunity for further development. The main and most general goal of attracting investment is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds should be an increase in the value of the company and other indicators of its activity.

There are the following main types of financing of an enterprise from external sources: investment in equity capital, provision of borrowed funds. The investment attractiveness of an enterprise for investors is determined by the level of income that an investor can receive on invested funds. However, there is a risk of non-return of capital and non-receipt of return on invested capital. In accordance with these criteria, investors determine the requirements for enterprises when investing. Obviously, the main requirement for investor-creditors is confirmation of the enterprise's ability to fulfill obligations to repay capital and pay interest, and for investors participating in the business, confirmation of the ability to absorb the investment and increase the value of the investor's shareholding.

The main measures to increase the investment attractiveness of the enterprise are:

Development of a long-term development strategy;

Business planning;

Legal examination and bringing legal documents into compliance with the law;

Creating a credit history;

Carrying out reform (restructuring) measures.

To determine which activities are necessary for an enterprise to increase its investment attractiveness, it is advisable to analyze the existing situation. This analysis allows:

Determine the strengths of the company's activities;

Identify risks and weaknesses in the current state of the company, including from the investor’s point of view;

During the diagnostic process, various directions (aspects) of the enterprise’s activities are considered: sales, production, finance, management. The area of activity of the enterprise that is associated with the greatest risks and has the largest number of weaknesses is identified, and measures are taken to improve the situation in the identified areas.

Separately, it is worth noting the legal examination of the enterprise - the investment object. The areas of examination when assessing the investment attractiveness of an enterprise are:

Ownership rights to land plots and other property;

The rights of shareholders and the powers of the management bodies of the enterprise described in the constituent documents;

Legal purity and correctness of accounting of rights to the company's securities.

Based on the results of the examination, inconsistencies in these areas with modern legislative norms are identified. Eliminating these inconsistencies is an extremely important step, since when analyzing a company, any investor attaches great importance to a legal audit. Thus, for a lender, an important stage in the process of negotiations with an enterprise is confirmation of ownership rights to the property provided as collateral. For direct investors purchasing blocks of shares in an enterprise, an important point is the rights of shareholders and other aspects of corporate governance, which directly affect their ability to control how the invested funds are spent.

Conducting an analysis of the state of the enterprise is the basis for developing a development strategy. The strategy describes the main goals of both the enterprise as a whole and functional areas of activity. The main target quantitative and qualitative indicators are determined. Strategy allows an enterprise to plan for shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the company's vision of its long-term prospects. Obviously, having a clear strategy is of greatest importance for investors interested in the long-term development of the enterprise and directly involved in the business.

For all groups of investors, the credit history of an enterprise is of great importance, since it allows one to judge the enterprise’s experience in absorbing external investments and fulfilling obligations to creditors and investor-owners. In this regard, it is possible to carry out activities to create such a story. For example, an enterprise may issue and repay a bond issue for a relatively small amount with a short maturity. After repaying the loan, the company will move to a qualitatively different level in the eyes of investors as a creditor capable of fulfilling its obligations in a timely manner. In the future, the enterprise will be able to attract both borrowed funds in the form of subsequent bond issues and direct investments on more favorable terms.

One of the most difficult measures to increase the investment attractiveness of an enterprise is reform (restructuring). The full reform program includes a set of measures to comprehensively bring the company’s activities in accordance with changing market conditions and the developed strategy for its development. Restructuring can be carried out in several directions.

Reform of share capital. This area includes measures to optimize the capital structure - fragmentation, consolidation of shares, all forms of reorganization of a joint stock company described in the Law on Joint Stock Companies. The result of such actions is to increase the manageability of a company or group of companies.

Changing the organizational structure and management methods. This direction of reform is aimed at improving management processes that provide the basic functions of an effectively operating enterprise, and the organizational structures of the enterprise, which must comply with new management processes. Restructuring of enterprise management systems and organizational structure may include:

Separation of some business areas into separate legal entities, formation of holdings, and other forms of changing the organizational structure;

Finding and eliminating unnecessary links in management;

Introduction to management processes and related organizational structures of missing links;

Establishing information flows in terms of management information;

Carrying out other related activities.

Asset reform. As part of asset restructuring, we can distinguish the restructuring of the property complex, the restructuring of long-term financial investments and the restructuring of current assets. This direction of enterprise restructuring involves any change in the structure of its assets in connection with the sale of redundant, non-core and acquisition of necessary assets, optimization of the composition of financial investments (short-term and long-term), inventories, and accounts receivable.

Reforming production. This direction of restructuring is aimed at improving the production systems of enterprises. The goal in this case may be to increase the efficiency of production of goods and services; increasing their competitiveness, expanding their range or repurposing. Production restructuring may include the following activities:

Discontinuation of unprofitable products from production, if there are no feasible investment projects to reduce costs, increase the competitiveness of products, etc.;

Expanding the production and sales of profitable products;

Development of new commercially promising products or services;

Other events.

Comprehensive enterprise restructuring includes a combination of activities related to several of the areas listed above.

It is worth mentioning separately the situation when the goal of increasing investment attractiveness is to sell the enterprise. This process is called pre-sale preparation and is aimed at increasing investment attractiveness and at the same time increasing its value for potential buyers. In general, pre-sale preparation involves the following activities:

Analysis of the industry in which the enterprise operates, as well as the industries that are consumers and suppliers for it. The purpose of the analysis is to identify companies and associations occupying leading or close to leading positions. At the same time, information about consolidation processes, mergers and acquisitions in the analyzed industries is monitored;

Assessing the value of a business, identifying the main factors influencing the cost. Determining the key characteristics of the company that are attractive to target groups of investors. Depending on the specific situation, such characteristics may include access to certain resources, new technologies, an extensive sales network, high potential profitability subject to significant capital investments, etc.;

Carrying out activities aimed at increasing the investment attractiveness of the company. At this stage, all of the above activities can be carried out; the required set of them and the sequence of implementation depend on the desired timing of preparing the enterprise for sale and the initial presence of investor interest in the enterprise;

Preparation of an information memorandum to present the company to investors, posting press releases in information services, interaction with investment institutions operating in the mergers/acquisitions market and investors directly;

Conducting negotiations with investors - potential buyers of the company and implementing the transaction.

Thus, preparing an enterprise for attracting investment or for sale is a fairly clearly defined, albeit complex process. An enterprise can formulate a program of measures to increase investment attractiveness, based on its individual characteristics and the current situation in the capital markets. The implementation of such a program allows us to speed up the attraction of financial resources and reduce their cost. It should be noted that the possible measures described above do not require significant material costs, but the result of their implementation, in addition to the actual growth of investor interest in the company, is also an increase in the efficiency of its work.

Bibliography

1. Igoshin N.V. Investments. Organization, management, financing: textbook. / N.V. Igoshin. - M., 2012.

2. Rimmer M.I. Economic assessment of investments: textbook. for universities / M.I. Rimmer. - M., 2014.

3. Chernov V.A. Investment analysis: textbook. allowance / V.A. Chernov. - M., 2012.

An enterprise can carry out a number of activities to increase its investment attractiveness (better compliance with investor requirements). The main activities in this regard could be:

development of long-term development strategy;

business planning;

legal examination and bringing title documents in accordance with the law;

creating a credit history;

carrying out reform (restructuring) measures.

identify the strengths of the company’s activities;

identify risks and weaknesses in the current state of the company, including from the investor’s point of view;

Separately, it is worth noting the legal examination of the enterprise - the investment object. The areas of examination when assessing the investment attractiveness of an enterprise are:

ownership rights to land plots and other property;

the rights of shareholders and the powers of the management bodies of the enterprise described in the constituent documents;

legal purity and correctness of accounting of rights to the company’s securities.

1. Reform of share capital.

This area includes measures to optimize the capital structure - fragmentation, consolidation of shares, all forms of reorganization of a joint stock company described in the Law on Joint Stock Companies. The result of such actions is to increase the manageability of a company or group of companies.

2. Changes in organizational structure and management methods.

3. Asset reform.

4. Reform of production.

Comprehensive enterprise restructuring includes a combination of activities related to several of the areas listed above.

Ministry of General and Vocational Education

Russian Federation

Humanitarian University

Faculty of Commerce

Analysis of the investment attractiveness of enterprises by industry. Ways to improve it.

Course work

5th year student

Palabugin Alexander Igorevich

Specialty – “Finance and Credit”

Scientific director

A.V.Malyshev

Ekaterinburg

Introduction……………………………………………………………………………………3

Investments in the macroeconomic environment……………………………………………………4

1. Interrelation of investments with macroeconomic processes………………………….4

2. Investment activity as one of the main factors of economic growth......12

3. Analysis of world practice in solving problems of investment activity…………….22

Methodology for identifying ways to increase investment activity in the industrial complex……………………………………………………………………………………..27

1. Classification of factors determining the investment situation………………...27

2. Methods for diagnosing the state of industrial complexes, used to study investment activity in the industrial complex………………………………….35

Analysis of investment attractiveness of enterprises…………………………………45

2. Assessment of the investment potential of industry enterprises……………………………..63

3. Ways to increase the investment attractiveness of enterprises……………………67

Conclusion…………………………………………………………………………………..70

List of sources and literature used……………………………………………………….71

Introduction

The object of research in this work is various methodological techniques for diagnosing the functioning of industry complexes, and also considers the concept of “investment attractiveness”. Based on this concept, the main facts influencing the investment process in the country are outlined. Various classifications of industry complexes are given.

The work provides an analysis of the world practice of increasing investment attractiveness, and proposes a methodology for assessing the investment attractiveness of enterprises.

Based on the proposed methodology, an analysis of the investment attractiveness of non-ferrous metallurgy enterprises is made.

The work gives a forecast for the development of the investment process and substantiates recommendations in the field of public policy in the field of investment stimulation.

Investments in the macroeconomic environment.

1 . The relationship between investment and macroeconomic processes.

The term "investment" has several meanings. It means the purchase of shares, bonds with the expectation of certain financial results; it also denotes real assets that are required for the production and sale of a certain product. In general, investments provide the mechanism necessary to finance the growth and development of a country's economy.

For strategic investors, an investment is a way of investing capital that should ensure preservation or growth and (or) bring a positive amount of income.

From a macroeconomic perspective, investing is the use of money to make more money, to generate income or achieve capital gains, or both.

In the broadest sense of the word, “investing” means parting with money today in order to receive more in the future. Two direct factors are usually associated with this process - time and risk. You have to give money now and in a certain amount. The reward arrives later, if at all, and its value is unknown in advance. In some cases, time will be a critical factor (for example, for government securities). In other situations, the main concern is risk (particularly for options to purchase common shares). In some cases, two factors are significant at once - time and risk (for example, for ordinary shares).

There are two types of investments - real and financial. Real investment usually involves investment in some type of tangible asset, such as land, equipment, or plant. Financial investments are contracts written on paper, such as common stocks and bonds. In primitive economies, the bulk of investment is made up of real investments, while in modern economies the majority of investment is represented by financial investments. Typically, the two forms are complementary, not competitive.

Currently, the modern world lives in times of new, difficult to predict trends. The speed and depth of the changes taking place refute all predictions made earlier. As a result, it is becoming increasingly difficult to grasp the impact of macroeconomic processes on investment, both nationally and regionally. Therefore, according to the author, the term “investment” in the modern interpretation of this concept cannot be considered without taking into account the above components.

The most striking example of the combination and interaction of investment with globalization and informatization is the Internet system. Since its inception 25 years ago, the Internet has doubled in size every year. Today, over 700 million people are connected to the Internet, and by 2010 the number of users of electronic networks will increase to 2 billion people, which will account for 30% of the world's population. The system would not have arisen without significant initial investments in human capital.

Also, modern economic science cannot yet accurately explain the causes of economic growth. However, among economists, two approaches to this problem have been formed: “formalistic” and “human”.

Supporters of the 1st approach gravitate towards formal methods and formal conclusions. Answering the question about the nature of economic growth, they will point to the need to increase consumer demand, a very high correlation with the influx of external money, and the most experienced in mathematics will mention the multiplier.

Supporters of the 2nd are representatives of non-English-speaking European science. They also do not disdain formal research procedures, but in their conclusions they gravitate more towards the “human” essence of economic phenomena.

The most prominent representative of this school was the German researcher Joseph Schumpeter. His theory of economic recovery, which explains periods of recovery by an increase in the number of innovations, was also at first glance technocratic. First of all, technical innovations were called innovations - the more of them, the more reasons for updating production. But Schumpeter did not mean only this. He understood innovation as any attempt by an entrepreneur to change something in the usual course of economic life - to manage differently, to work in a different market, to use new technology. He believed that the essence of entrepreneurial activity is not the production of things (this is done by any hired worker with the appropriate education), but the production of new ideas and solutions. He argued that in the absence of new solutions, even an economy organized in the most perfect way will not be able to regularly move into a state of recovery. In other words, he argued that material wealth is born through the efforts of entrepreneurial will, and not at all from abstract flows of capital.

One of the significant problems for the Russian economy is the relationship between investment and macroeconomic processes at the regional level. There are a huge number of macroeconomic problems affecting the region's investment market. The main ones are the following:

1. Speed and quality of institutional changes, i.e. changes in economic relations between participants in economic life, in the quality and completeness of their legal registration, in the behavior of enterprises and citizens, including in the level of their compliance with legal norms;

2. The existence of obstacles to the formation of a strong economic space, including barriers to inter-sectoral and inter-regional flow of goods, capital and labor, unsettled inter-budgetary relations;

3. Low quality of management, technical and technological backwardness, and a high degree of physical wear and tear of the production apparatus of most enterprises, their slow adaptation to the new economic environment;

4. Ineffective structure of savings, low completeness of transformation of savings into investments, as well as a small volume of investments directed to the technical re-equipment of the economy and to improving the organization of production and management;

5. Low level of investment in fixed assets and human capital;

6. High cost of the national economy;

7. Low level of payment discipline and tax collection, the existence of a significant number of non-viable enterprises in the economy;

8. Inefficient structure of exports and imports, significant dependence on world market conditions for a number of product items, capital flight abroad, the existing practice of monopolistic behavior of foreign manufacturers in the domestic market, the persistence of discriminatory conditions for Russian exporters in world markets;

9. Export of the results of promising R&D and competitive technologies, often carried out illegally or on conditions that are unfair for Russia;

11. High differentiation of the population by income level, a significant proportion of the population with incomes below the subsistence level, the existence of pockets of high local concentrations of unemployment, and the persistence of socio-political instability.

12. Rarely used, both at the industry level and at the level of consulting and marketing monitoring enterprises when assessing the effectiveness of investments and their structure;

13. Development of policy in the field of the degree of influence and role of the state in deepening the interaction between investments and macroeconomic processes at the regional level.

Also, when analyzing investment processes at the regional level, it is necessary to take into account the specifics of the structural economy in these territories, which consists in the fact that, firstly, their starting point is the economic structure that has developed mainly under the conditions of the planning and distribution system and isolation from the world market, suffering from deep deformations, low competitiveness of most manufactured products, and a high level of monopolization of production and circulation.

Secondly, in these conditions, the action of market forces themselves can lead to the formation of a flawed structure of the economy, characterized by a consumer nature, and therefore a low level of accumulation and investment, as well as a predominance in the production and export of raw materials and energy, primary resources with the decline of the manufacturing industry , which would mean Russia’s loss of position among developed industrial countries. Currently, such trends have emerged quite clearly.

Thirdly, structural restructuring is unfolding against the backdrop of high criminalization of the economy, including the credit and financial sphere. This could complicate the economic recovery process, since those industries that are relied upon to bring the economy out of the crisis are criminalized.

Along with a reduction in interest rates (to the level of 10-12%), the following institutional conditions are necessary to achieve the effect of investment growth:

1. Effective functioning of the banking complex;

2. Readiness of enterprises to effectively use investments;

3. Protection of property rights.

The relative reduction of the consolidated budget deficit, the stabilization of the exchange rate and the general improvement of the economic situation in Russia should lead to radical changes in the structure of assets accumulated by investors. Investments in the real sector will come to the fore due to their high profitability and payback.

Investments in government securities and foreign currency, speculation in the stock market will become less profitable and their share in gross capital formation will decrease. Thus, the prerequisites for economic growth will be created, the basis of which will be investments in the real sector.

State socio-economic policy should contribute to changing structural relationships in the real sector of the economy in four interrelated directions:

1. improvement of the organizational and management structure in the real sector of the economy, due to the need to improve the quality of management at all levels of management, involving reform of enterprises and the public sector of the economy;

2. improvement of the technological structure of material production based on the replacement of outdated technologies and fixed assets with modern ones, which implies a significant change in the pace and proportions of the investment process;

3. change in the structure of production, suggesting an increase in the share of highly processed products;

4. development of economic infrastructure, including such important sectors as transport and communications.

Taking into account the current state of industry and the content of the new stage of transformation, the main goal of industrial policy is defined as increasing the efficiency and competitiveness of Russian industry in the foreign and domestic markets, and moving on this basis to a stage of recovery.

In the coming years, Russia's industrial strategy will be aimed at achieving a new technological milestone. At the same time, the ratio of advanced frontiers to initial capabilities will vary significantly across industry groups.

1. Export-capable industries - it is advisable to attract strategic investors. Due to the long period of implementation of projects, the most important element of industrial policy in these industries is the creation of a stable legal and tax regime that guarantees no deterioration of the initially established investment conditions.

2. Industries that have great scientific and technical potential and are capable of creating competitive products in a short time - given the insignificance of available financial resources, the scope of direct government funding will be limited to priority projects. The main means of implementing industrial policy in these sectors will be: financing of work on patenting and certification of export goods; providing guarantees for lending to export contracts; provision of government orders for individual R&D.

3. Industries that provide socially significant needs, as well as those characterized by a significant technological lag - the main methods of industrial policy for these industries: protective import tariffs and certification of imported products within the limits allowed by international standards, consistently reduced over the time necessary to achieve acceptable standards quality and cost level. Particularly favorable conditions for foreign investment should be created in these industries, especially those that bring with them new technologies and management experience.

One of the main aspects of industrial policy is the development of a methodology for defining and identifying depressed areas. The Sverdlovsk region, according to the author, is just that.

The main features of problem regions are:

1. A particular crisis in the manifestation of any major problem, the unresolution of which creates a threat to the socio-economic situation of the country, can lead to political instability, cause a catastrophic state of the natural environment, etc.;

2. Availability of resource potential, the use of which is extremely necessary to solve the most important socio-economic problems of the country;

3. The special significance of the economic-geographical, geopolitical position or natural complex of the region, which necessitates the implementation of special measures of state regulation at the level of federal authorities;

4. Lack of the region’s own resources required to solve emerging problems of federal or regional significance, which presupposes the mandatory direct or indirect participation of the state in providing material and organizational assistance to the region;

5. The feasibility of using a program-targeted approach, special forms of program implementation and formalizing the status of a problem region as an object of state regulation.

There are two main groups among depressed regions:

¨ “pre-reform” depressed regions, the decline in development of which began even before 1992 and their situation worsened during the reform process;

¨ “new” depressed regions, which previously had a stable level of development, but in recent years (mainly due to changes in the market for their products and conditions for entering the market) have found themselves in a state of stagnation and cannot get out of it on their own. These may include regions that found themselves in distress due to the collapse of the USSR, when, along with economic ones, technological ties for the supply of raw materials and the sale of finished products were immediately “broken.”

Taxa of 4 levels can be distinguished as depressed and retarded:

1. regional - parts of territories, regions, republics within Russia, autonomous districts (lower administrative regions or groups thereof, individual cities);

2. subjects of the federation (within existing borders);

3. zonal (interregional) - border adjacent areas of neighboring subjects of the federation, considered as a single depressed or backward region, a set of subjects of the federation that, under certain conditions, act as a single depressed region;

4. local (local). This applies mainly to internal problems of capital cities, regional, regional and republican centers and other local problems of federal subjects concentrated in narrow spatial areas

One of the characteristic features of Russia is that the country is distinguished by a differentiation of regional conditions unprecedented in the practice of developed countries. For the investor, in this case, the choice of investment region is of primary importance. The mechanism for selecting an industry is generally standard in nature, although it is significantly modified due to the transitional nature of the Russian economy, which determines the extremely high importance of the subjective factor of management quality. There are known prosperous and rapidly developing enterprises belonging to obviously “failing” industries, and stagnating companies that seem doomed to prosperity due to their industry affiliation.

The mechanism for choosing a region - an investment object - is practically absent. The relevance of this problem back in 1994 turned it into a kind of “Fermat’s Last Theorem” of Russian consulting thought, however, the successes achieved in this direction are, unfortunately, of a very partial nature.

The reasons for this are the variability and instability of the Russian economy, and the lack of information about it, which significantly limits the possibility of using traditional methods based on accounting and comparison of risks.

In the conditions of transition economies like Russia, methods of “following the investor”, based on an analysis of the mass behavior of already functioning investors, seem more promising. It expresses the entire complex of investment conditions in the most generalized and accessible form for analysis, providing information necessary and sufficient to assess the conditions of their activities. Without trying to foresee the future, but only generalizing what has already happened, the analyst is freed from the need to take into account and compare the smallest and, in some cases, a priori non-quantifiable risk factors. He gets the opportunity to judge them by the mass behavior of investors who fully take these factors into account. At the same time, the specific motivations for their actions are not of independent interest and are, in fact, redundant information.

In the most concise form, the ideology of “following the investor” can be formulated as follows: “the more investments, the better the investment climate, the higher the investment attractiveness.” Naturally, it is necessary to take into account not only the volume of investments, which reflects the level of development of the investment infrastructure and indirectly indicates their reliability, but also the dynamics, which reflects the level of their efficiency.

2. Investment activity as one of the main factors of economic growth

The problem of investment activity is one of the key ones in developing policies aimed at ensuring the stability of economic growth. The volume of real resources for investment at each specific period of state development depends decisively on what priorities are included in the distribution of the gross national product - consumption or accumulation.

When addressing issues of increasing investment activity, the most difficult task is to justify the goals and means of investment policy with reference to a differentiated approach in sectors of the national economy that differ in the level of government intervention in establishing equilibrium in the relevant commodity and capital markets. In accordance with this structural-selective approach, we will highlight the following sectors: liberalized (i.e., large business, covering the construction materials industry, food industry, road transport and other industries), primary industries and main infrastructure (or zones of natural monopolies), agricultural, potentially competitive (mainly defense industries), depressed (coal industry, a significant part of the forestry industry, partly shipbuilding, petrochemicals, etc.), small business.

The main approach to implementing investment policy in the liberalized sector is to stimulate investment in other areas of the economy, which will impact the state of the sector through intersectoral connections. In other words, the mechanism of intersectoral interactions plays a major role in stimulating investment activity here.

As the analysis shows, the greatest opportunities for economic growth in liberalized industries, in particular in the building materials and chemical industries, are due to reduced costs of energy resources, transport and other production services. Already in the near future, the unfavorable situation with the consumption of primary resources can be improved with government intervention. Without directing capital investments directly into a liberalized industry, the state can stimulate, by providing financial incentives (tax credits, reduced income taxes, etc.), investments related to the introduction of resource-saving technologies in this sector. Among the priority measures of investment policy, we highlight direct government participation in infrastructure projects of national economic importance and their financial incentives by providing tax breaks or tax credits. The effect of the implementation of such projects will be reflected in a significant reduction in production costs in the liberalized sector. A particular but very important example is investment in upgrading core telephone networks. It is the unsatisfactory condition of the latter in most large cities that hinders the spread of modern types of communications.

In the medium term, sustainable investment growth based on inter-industry interactions is real. Then, increasing investment in civil engineering and other end-use segments will be associated with an increase in investment demand in the construction materials industry, which, in turn, is associated with increased investment in a number of liberalized sectors of the processing industry (in particular, pulp and paper, electrical engineering). The possibilities of such development are confirmed by the expected financial efficiency of capital, which develops under the influence of the considered structural regulators. Only with the sustainable self-development of the liberalized sector and the formation of a full-fledged capital market in it can the effect of increasing private investment, caused by an increase in output, be realized.

In the future, with the successful restructuring of production and expansion of the boundaries of the liberalized sector, we will achieve a multiplicative effect of increased investment demand on economic growth. This implies a long-term increase in capital productivity. However, this effect will be limited. The increase in demand in this sector is constrained by import substitution of consumer goods, strong competition from foreign manufacturers in the markets for industrial goods, further deterioration in the extraction and processing of primary resources, and increasing environmental costs. Only in certain market segments is accelerated growth possible, significantly exceeding it in other production sectors.

Currently, government intervention in investing in primary industries and main infrastructure, where the main part is the natural monopoly zone, is very important. In the fuel and energy complex, for example, capital investments are directed mainly at an extensive increase in the extraction and processing of primary resources for their further export. The solution to the strategic task - achieving the competitiveness of domestic raw materials on the world market - both in terms of quality and cost characteristics is actually relegated to the background. This is evidenced by data on specific investment projects in the fuel and energy sector, mainly developed under the auspices of foreign investors.

If the anticipatory maneuver is implemented, the state will take primary responsibility for capital investments in primary industries and main infrastructure. Its participation in project financing can be carried out on a parity basis with other interested partners, primarily commercial banks, with government guarantees of return on private investment. As a result, there will be a significant financial gain for private investors from state participation in relatively low-income but necessary investment projects for resource conservation, infrastructure creation, etc.

An important addition to direct government participation in back-end investments are decisions to regulate foreign investment. In the near future, it is impossible to overcome the technological gap in the raw materials sector, mainly on the basis of domestic technologies - too much time has been lost. The widespread attraction of foreign capital associated with the introduction and replication of advanced technologies on mutually beneficial terms will help increase the efficiency of resource consumption. In turn, such an investment “breakthrough” is achievable by creating organizational and legal conditions that correspond to the modern capital market. This refers to legal acts regulating the distribution of income between domestic and foreign partners, the division of production, as well as legislation on ownership of land (subsoil) and its long-term lease.

Taking into account the predicted global economic trends, it is necessary to widely provide long-term concessions for the development of natural resource deposits. As a result, significant budget revenues will become one of the main sources of replenishment of centralized investment funds.

An investment “breakthrough” in the sector under consideration and the bringing of domestic prices for primary resources closer to world prices will help the formation of sustainable capital formation. The latter is very close to the traditional accelerator model, in which the size of net investment is determined by the increase in production, including exports. In the long term, a positive scenario for the structural transformation of the economy corresponds to a model in which the expected future expanded increase in exports and domestic consumption of primary resources, as well as main infrastructure, is associated with a relatively low increase in capital investment. At the same time, the emerging opportunities for long-term profitable projects on the basis of property rights will provide a stable basis for successful capital formation, the effectiveness of which, taking into account the time factor, meets the highest international standards.

The limited investment in a potentially competitive sector is manifested in the absence of sources of self-financing, with the huge debt of many enterprises, including high-tech ones, and the extremely weak activity of commercial banks. In turn, the demand for products from this sector is limited. This is due to too high costs, wasteful consumption of primary resources - a legacy of the former military-industrial complex, and the slow reorientation of many conversion enterprises to meet market demand.

The depressed sector occupies a special position in investment policy. Due to the extremely unfavorable situation in these industries, the state, albeit with the help of external loans, is forced to take on the so-called “rehabilitation” costs associated with capacity reduction. Along with limited centralized investment, financial revenues from the sale of excess equipment are needed. In relation to bankrupt enterprises, it is necessary to legally establish reorganization procedures.

It is important to combine financially insolvent enterprises into holding companies, regardless of their form of ownership. In addition to maintaining production activity, these companies recycle equipment and eliminate ineffective production processes in accordance with developed programs. The latter outline recycling volumes for specific periods, as well as preferential loans and contracts offered by the state.

Of course, the investment will not fully pay off. But their maximum effect is justified given the reduction in government price subsidies and other costs.

In a small business, investments in high-performance equipment (mini-bakeries, mini-factories, etc.) quickly pay off (within 1.5 - 2 years). However, in general, the investment climate is unfavorable for long-term investments. Attracting them to small businesses depends on the formation of economic relations in the regions. In fact, normal infrastructure is required for the development of regional markets, where small businesses play a leading role. Practice shows that investments in infrastructure are associated with capital costs for the creation of legal services, retraining of personnel, reform of regional government bodies, etc. And here it is necessary to finance significant capital investments, which is possible only with state participation.

In general, if we summarize the materials on the topic of increasing investment activity, we can draw the following several conclusions:

Firstly, this is a reform of enterprises, providing for: a transition to accounting standards accepted in world practice; assessment of fixed production assets in accordance with their real market value; significant improvement in corporate governance; a strict and formalized separation of the rights and responsibilities of the manager, on the one hand, and the rights and responsibilities of the owner, on the other. Strengthening the legal framework and expanding the practice of applying the mechanism for reorganization and bankruptcy of insolvent enterprises will also help strengthen the role of the owner and the responsibility of the manager, and identify effective directions for production development.

Secondly, property insurance (primarily by large enterprises), which is still in its infancy in our country. As a result, for example, all taxpayers in Russia paid for the fire at KamAZ. Among other things, the development of property insurance is hampered by the weakness of Russian insurance companies and restrictions on the attribution of insurance costs to the cost of production.

Thirdly, the development of infrastructure, forms and methods of attracting population savings into the investment sphere. To achieve this, the system of mutual investment and pension funds should become widespread. Foreign experience shows that they invest 2/3 of their funds in securities, and 1/3 in investment projects. Even the most pessimistic estimates of this potential are in the range of 40 trillion. rubles At the same time, neither the enterprises themselves, nor banks, nor investment companies seek to accumulate funds from the population for investment purposes.

Fourthly, mortgage. Now it is extremely necessary to actively promote the establishment of an all-Russian system of residential mortgage lending, the formation of a secondary market for mortgage loans in order to attract long-term extra-budgetary financial resources to the field of bank lending. Here, the adoption of a normal land code and the legalization of the land market are of particular importance. This will give a powerful impetus to lending to rural borrowers secured by their main asset – land.

Unfortunately, in our country the fundamental difference in the management of commercial and industrial capital, which requires different business qualities from a merchant and an industrial investor, is not yet fully realized. Today in Russia there are few professional managers for managing industrial capital, and a businessman invests in industry only if he has a universal set of personal qualities, as well as management techniques and methods, which can occur as an exception.

We must also not forget about the third party involved in the investment process - these are commercial banks. A possible way to stimulate the investment activity of banks is to use very tough competition between banks, in particular, between large banks with branches in the regions and local independent, relatively small banks. The strength of the former is the ability to use, if necessary, funds accumulated throughout the country to implement large projects, as well as the ability to attract the necessary specialists to evaluate these projects; the weak side is the completely natural fear of local authorities and enterprises that the funds accumulated by regional branches are mainly “pumped out” from the region to the center; In addition, the banking staff of the branches themselves, as a rule, are still inexperienced and do not have the necessary qualifications. The strength of local banks is the presence of experienced employees who have completed the school of the State Bank of the USSR; the presence of strong ties with local authorities and heads of state and privatized enterprises, as well as the real purpose of the accumulated funds mainly for intra-regional purposes.

By supporting such competition, the authorities and the Central Bank could stimulate the allocation of funds for industrial investment, because The outcome of competition largely depends on the position of government agencies.

The problem of state investment policy in depressed regions stands apart. It should be carried out in conjunction with other anti-crisis measures of general economic importance (general improvement of the economic situation on their territory, creation of stable preconditions for the effective functioning of the market mechanism, provision of conditions for the formation of progressive territorial and sectoral proportions). This will create the prerequisites for the normal functioning of their economies in the future.

From the point of view of organizational measures, here government authorities need:

Firstly, the establishment of a special investment regime for depressed regions is the most important condition for the general improvement of the economy and the creation of a favorable investment climate, but it must certainly be based on the accepted concept of market reforms in Russia as a whole and have the goal not only of rehabilitating such regions, but also eliminating deep-seated crises phenomena in their economy.

Secondly, with an acute shortage of budget funds at various levels, a payment crisis, inflation and social tension in society, the allocation of centralized capital investments to depressed regions cannot be aimed at achieving a purely commercial effect. It is necessary to advance them according to the principle of targeted financing with a significant limitation of unnecessary redistribution financial processes, strict adherence to predetermined regional and sectoral priorities, taking into account, among other things, the degree of depression of the regions, the level of their readiness to carry out comprehensive measures to improve the reproduction processes of fixed assets.

Thirdly, measures of state regulation of investment activity in depressed regions should not only be aimed at stimulating the influx of capital, but also, if necessary, limit this process, which first of all implies a radical improvement of the budget mechanism.

Fourthly, the use of alternative sources of financing capital investments should be actively supported and stimulated at the state level by providing benefits and preferences. These measures must be strictly controlled by federal and, especially, regional authorities.

Fifthly, the revival of investment activity in depressed regions directly depends on the institutions of market infrastructure. Stimulating their development in such regions, the influence of the state on certain areas of their interests will improve the effectiveness of regulation of investment activities, will be an additional factor in the formation of sources of financing for capital investments, and an important condition for the formation of a qualitatively new system for managing reproductive processes at the regional level.

When building a regional mechanism for state regulation of investment processes, the following aspects must always be taken into account: measures of direct impact (financial, administrative, etc.); investment guarantees; Information Support.

Paradoxically, the second aspect of activity is currently of primary importance. With imperfect tax and general financial systems, individuals and foreign investors are ready to invest their funds in investment projects if there are government guarantees, including those from local government bodies. Moreover, interest rates on invested funds in this case decrease sharply. International credit systems and the largest international banks also operate taking into account government guarantees. The system of state guarantees is capable of ensuring the implementation of projects of various sizes, but, above all, of course, large ones. To provide such guarantees, two conditions are required first of all - the availability of complete information about alternative projects and a reserve (collateral) fund that provides these guarantees. It is currently very difficult to obtain such information. Previously existing developed systems of state planning bodies, CSTI, etc. practically destroyed, and new ones have not been created. Therefore, it is necessary to form regional information centers and link them with all-Russian centers.

Based on the functioning of the corresponding information center, it is possible to draw up an investment map of the region and corresponding regional investment programs. Such programs and the mechanism for their implementation should be developed by regional investment committees, which have already been created in a number of areas. Moreover, it is important that this mechanism includes not only local tax policy, state guarantees, licensing, etc., but also methods of direct control at the initial stage of implementation of particularly important social and economic programs.

Local government bodies need to develop their own methodology for monitoring the activities of large commercial organizations based on direct entry into management bodies with the rights of a founder. First of all, this applies to such large entities as financial industrial groups. Of these, groups engaged in housing construction stand out.

Constant interaction between the local administration and regional enterprises on the issue of regulating their investment activities also involves the use of the stock market, primarily the secondary securities market, where capital flows as a result of structural changes. This type of government activity is relatively new in the world economy, so its specific forms must be tested. But it is obvious that the interests of the state at the local level can be represented by various state investment companies, just as the Central Bank and its regional departments represent these interests in the government securities market.

Naturally, at the regional level, one such investment company is sufficient. However, in this case, it will be necessary to categorically abandon the idea of creating a parallel unified state depository system proposed and implemented in some regions of the country. In this case, the state simultaneously performs the functions of both depository and investor. Such a combination is impractical due to the possibility of using confidential (unequally accessible) information for commercial purposes. The presence of several depositories in the region will create real competition between them, which will help improve the quality of relevant depository services.

One of the many factors influencing investment activity in the region is the presence of special economic zones. The classification of SEZ (special economic zone) can be carried out according to four main criteria;

1. by the nature of the activity or functional purpose;

2. by the degree of integration into the global and national economy;

3. by industry;

4. by the nature of the property.

Based on the nature of the activity and functional purpose, four main types can be distinguished: free trade zones; export production zones; scientific and industrial parks; offshore centers.

In Russia, free economic zones, unfortunately, do not yet fulfill their main role - centers of dynamic economic growth that give impetus to the development of other territories. Russia has declared 11 regions with a total area of over 1 million square meters as free economic zones. km., which amounted to 7% of the total area of the Russian Federation and exceeded the territory of 300 SEZs operating throughout the world.

Foreign capital has not become a catalyst for growth even in those SEZs, regions and regions of Russia where its concentration is especially high. Currently, a more active influx and efficient use of foreign capital, as well as curbing the “flight” of domestic capital, is hampered by a number of factors that together form the investment climate in the country.

The main limiting factor is the lack of stability, taking into account international practice, the legal framework regulating the activities of foreign and domestic capital.

Both Russian and foreign investors are concerned about the rise in social tension, since social stability is an important factor in the investment climate.

The dynamics of outflow and inflow of investments are negatively affected by undeveloped infrastructure, including communications, telecommunications systems, transport and the hotel industry. That is, the absence of conditions familiar to most civilized businessmen.

Many large investors, realistically aware of all the negative consequences of Russia's regional disintegration, have a negative attitude towards separatist sentiments. A very negative factor influencing the investment climate is corruption, which has affected many parts of Russia’s foreign economic relations.

In general, assessing the investment climate in Russia according to international standards, using such criteria as political and social stability, the dynamism of economic growth, the degree of liberalization of foreign economic activity, the presence of a developed industrial infrastructure, a banking system and a telecommunications system, the presence of a market for relatively cheap skilled labor and etc., it can be stated that in almost all these parameters Russia today is inferior to most countries in the world.

A radical change in the investment climate in Russia as a whole in the near future seems very problematic. But for limited areas within the country, this task seems feasible. SEZs could well become such territories. They can become unique “points of growth.” However, in Russia there is virtually no comprehensive scientific concept for the creation and development of SEZs.

At the current stage, the most optimal form of SEZ for Russia could be industrial zones, in which it is advisable to develop import-substituting production. As the domestic market becomes saturated, these zones will be repurposed to produce products aimed at the world market.

For Russia, with its limited scientific and technical potential, scientific and industrial parks should become one of the priority forms of development of SEZs. Every year, dozens of discoveries and tens of thousands of inventions are registered in Russia, which cannot find practical application.

Despite a number of serious environmental problems, Russia remains the least polluted territory by world standards. This situation gives Russia a real chance to become a world leader in the development of ecological and economic regions based on the principles of sustainability, combining a reasonable attitude towards production, consumption and the environment.

3. Analysis of world practice in solving problems of investment activity.

An analysis of world practice shows that direct state support for the level and intensity of investment processes in the economy, considered as a decisive condition for its structural restructuring, brings concrete results in the form of achieving and maintaining stable rates of economic growth.

This is most clearly seen in the example of the countries of Southeast Asia, especially those that today occupy leading positions in the world economy. In general, individual countries in the region are characterized by different approaches to choosing policies in the field of direct lending to the national economy. Direct credit support for industries and sectors of the economy, the structural restructuring of which was recognized as national priorities, was typical for many countries in the first stages of reform.

Moreover, among these countries there were those whose economies were developing rapidly (the Republic of Korea, Singapore, Malaysia, Thailand), as well as those that had achieved less progress in this area (the Philippines, India, Pakistan).

Thus, in Malaysia in 1980, direct loans accounted for about 30% of bank investments. In the Republic of Korea, 221 programs of direct credit support for individual economic entities have been developed. In the Philippines, 49 such programs were developed for agriculture and 12 for industry. In Pakistan, 70% of loans issued by national banks were targeted.

At the same time, as the experience of countries in this region shows, policies aimed at reducing direct credit support from central banks are not always a factor in accelerating the economic development of the country.

Japan and Korea in the first stages of their development, as well as China in recent years, have actively used programs of direct credit support for certain industries and sectors of the economy. Currently, they have achieved the highest rates of economic growth. For comparison, it should be noted that in the Philippines, where the financial system is significantly liberalized and the scope of direct government support with financial resources is extremely limited, the economic development process is less successful.

In this context, the measures currently taken by the Japanese government to support the development of the national economy also attract attention.

In the period from 1992 to 1994. In Japan, six major projects were developed and largely implemented to stimulate the acceleration of economic development, primarily by increasing business activity in its public sector. The basis for the practical implementation of these projects was the funds allocated for state and municipal capital investments, as well as government loans, which could not but affect the increase in the budget deficit. Moreover, the next decision of the Government adopted in September 1995 to allocate funds in the amount of 14.22 trillion to stimulate the economy. yen, or about $135 billion, is not only unprecedented in its scale, but is also accompanied by measures such as reducing the discount rate, providing various benefits and other forms of financial support for investment projects.

At the same time, the criteria for such centralized and direct support are the focus of projects on stimulating the expansion of domestic demand, promoting structural reforms in the national economy, stimulating targeted imports and foreign investment in the Japanese economy, as well as the development of promising production technologies, investing funds in which, at the first stage, high degree of risk for financial institutions.

According to Western experts, the implementation of this package of measures will lead to an increase in domestic demand by 6.9 trillion. yen, which in turn will be quantitatively expressed in an increase of 1.3% in GDP.

A characteristic trend in Western countries over the past two decades has been the increasing role and responsibility of regions in making and implementing investment decisions.

Foreign experience shows that the success of implementing investment programs and projects is associated with finding flexible ratios for the participation of private, mixed and public organizations in them. In many ways, success is facilitated by the system of so-called coordination management, which provides for the coordination of actions of all project participants.

Thus, the functions of the state include facilitating the coordination of the management of the regional program and the creation of an effective mechanism for its implementation. This includes:

The governments of many countries are pursuing an active regional investment policy, including support for the development of underdeveloped and depressed regions, but the center of gravity of this policy is moving to the level of local authorities.

The role of regions in the investment policy for the development of urban and rural areas especially strengthened in the 70-80s due to the legislative granting of broad powers to them. The goal of regional investment policy is to attract the attention of large corporations and other private entrepreneurs to this territory with the help of various benefits.

The government provides assistance to firms building in the region with legal protection, tax incentives and preferential tariffs for transport and energy. In some cases, direct budget financing of the project is provided. As a rule, the state invests large sums in social and industrial infrastructure, the creation of which precedes the implementation of a large regional project.

For the first time in the United States, the trend of accelerated infrastructure development appeared during the development of Alaska; now this has become a common practice in many other countries when implementing large regional projects and reconstructing urban and rural areas.

In the UK in the 80s, three similar state corporations were created, subordinate to the Ministry of Trade and Industry. They have a network of regional organizations that distribute land plots among private firms participating in the regional project, prepare areas for construction and create utilities.

In the United States, for example, such bonds are issued by state and local (city and rural) governments, as well as their agencies and departments.

The attractiveness of municipal bonds for investors is that the income from them is generally not subject to federal taxes. Moreover, for residents (residents of a state), bonds issued by state governments or municipalities within them are exempt from state and local taxes.

In general, legislative and financial-economic incentives in the regional investment policy of Western countries contributed to the rise of depressed regions, the multifunctional development of urban and rural areas, the reconstruction and modernization of large cities, and the solution of socio-economic and environmental problems. Foreign experience in stimulating and regulating capital investment at the regional level may be useful for Russia now.

One of the most important macroeconomic processes, closely intertwined with investment (namely, large capital investments in the initial period), is the structural transformation of industry. But the structural restructuring of industry in developed capitalist countries was preceded by a preparatory period, during which the sub-sectors, enterprises and productions that were to be phased out in the first place were determined. They were classified as structurally depressed. In particular, special attention was paid to curtailing environmentally harmful, labor-intensive, and resource-intensive industries. The duration of the preparatory period depends on the scale of the country's industrial potential, its current state and the depth of the structural crisis. The traditions of structural transformations of industry in a particular country are also important. For example, in the USA and Japan these processes took place much faster than in Western Europe.

Large-scale technical re-equipment in the USA, Japan, Great Britain and Germany was accompanied by the massive liquidation of outdated, unpromising enterprises and production. For example, in the United States in 1981, dozens of enterprises in the automotive, iron and steel and textile industries were closed for refurbishment or liquidated. Thus, from 1980 to 1985 alone, 250 textile enterprises were closed. In the US steel industry, from 1978 to 1987, 700 factories, workshops, and sites were liquidated, and the machine fleet in the metalworking industries was reduced by 25%.

Similar processes took place in Japan. For industries that do not correspond to global trends in scientific and technological progress, the state has determined specific guidelines for curtailing production. Capacity reductions were carried out in accordance with special government five-year programs adopted under the emergency laws of 1978 and 1988, which applied to 14 industries (“Special Emergency Law on Structurally Depressed Industries” and “Temporary Law for the Structural Restructuring of Certain Industries”). The elimination of obsolete equipment in structurally depressed industries has reached enormous proportions. In the aluminum industry alone, it accounted for about 2/3 of the cost of all equipment.

In Great Britain, Margaret Thatcher's government relied on promoting the orderly winding down and reorganization of old sub-sectors and the development of new ones. State assistance was provided exclusively for modernization, reduction of old capacities, and expansion of the competitive environment.

In Germany, structural transformations of industry were carried out through deconcentration and dediversification of enterprises. Outdated industries in entire territorial districts were liquidated.

In general, government investment policy in developed countries over the past 20 years has been aimed at structural restructuring of the economy based on resource-saving and latest technologies, widespread computerization, as well as new management systems, including increasing the role and responsibility of regional authorities. Local authorities play an important role in regional planning and zoning, environmental policy and management of investment programs. It is they who determine the social aspect of territorial programs, draw up (with the help of scientific institutions) demographic forecasts of the regions, develop plans for creating jobs and the necessary social and industrial infrastructure, and also deal with issues of attracting contractors, designers, investors and business partners (sponsors).

Methodology for identifying ways to increase investment activity in the industrial complex.

1. Classification of factors determining the investment situation.

The real investment climate is a system of socio-economic relations that are formed under the influence of a wide range of interrelated processes at the macro-, micro- and actual territorial levels of management in the industrial complex, creating the prerequisites for the emergence of sustainable investment motivations.

It is necessary to select a range of indicators that will classify the factors that determine the investment situation and, due to their specificity, will be distinguished by either sufficient constancy or a constant tendency to change. Such an approach is realistic when a certain stability of the general economic situation is achieved both in the country as a whole and at the level of individual territories of the region. In the context of the ongoing economic crisis, extreme instability, and most importantly, the unpredictability of the macroeconomic situation, when most of the qualitative characteristics of socio-economic development at the regional level not only vary over a wide range, but are also influenced by multidirectional trends, assessment of the prospects for the formation of the investment climate based on the analysis and generalization of indicators that are the same for each territory of the region becomes difficult and distorted to such an extent that it becomes practically useless. In addition, none of the investment indicators, or even their totality, provide grounds for a final conclusion about the state of the investment climate in the region as a whole, since they are formed to a large extent under the influence of the development features of individual industries and therefore reflect the patterns of development of their dynamics and, consequently, the formation of a sectoral rather than a territorial climate.

So, the methodological aspect of classifying the factors that determine the investment situation in the industrial complex is to substantiate such approaches that will ensure that both purely sectoral and territorial changes are taken into account, as well as their mutual influence. At the same time, it is necessary to keep in mind both the traditional factors that determine the course of the investment process, and the actual consequences of market reform of the entire system of economic relations in the region as a whole, and not just in the investment sphere.

In the literature, the economic state of an object is usually described using a system of indicators. Deviation from the normal state is determined by measuring the values of indicators and determining their deviations from certain standards or standards. Therefore, the task of assessing the investment potential of a region is, in essence, to determine an appropriate set of indicators and establish reference values.

The formation of a set of indicators depends on:

1. from objects of comparison. The state of industries in the sphere of material and intangible production is described by various groups of indicators, since the targets of such analysis are different. Diagnostics of the state of basic industrial complexes currently places the problem of attracting investment in industry in the first place. For industries of the consumer complex (light, food, infrastructure), along with investments, the problems of competitiveness of their products in the domestic and foreign markets of goods and services are no less important.

2. from the norm criterion. The concept of norm can be characterized by an indicator described:

2.1. arithmetic mean for the set of objects of analysis;

2.2. the value most often found in a given population (mode);

2.3. the median value of this indicator for all objects of analysis (median);

2.4. the maximum value of the indicator from the studied set of analysis objects.

3. from the uniqueness of the object of analysis. For example, industrial sectors of the economic complex of the Urals associated with the processing of unique mineral resources may claim an atypical paradigm of economic behavior, which also affects the choice of a system of indicators.

As an analysis of domestic and foreign literature has shown, the state of industry complexes can be described by several dozen (or maybe more) groups of indicators that take into account the influence of both internal (intra-industry) and external (economic and legal environment) factors of economic growth.

In the world literature, to determine the investment attractiveness of territories, a number of indicators are used as the main parameters: the level of balance of the industrial complex, the intensity of performing basic functions, the regional multiplier, etc. Information and analogue databases serve as sources of information for calculating these indicators. For example, the Annual Statistical Map of the United States is mainly used to compare the competitive advantages of territories.

Recently, materials devoted to integral qualitative indicators that evaluate the objects under study have begun to appear in the domestic economic literature. For example, the “market reaction” of a territory to ongoing reforms. The fundamental feature of this concept is that it can be used to characterize the degree of adaptation of the territory’s economy to new conditions, including from the point of view of capital reproduction.

Currently, it is almost impossible to describe the market reaction quantitatively, but it is quite possible, based on expert approaches, to evaluate it from a qualitative perspective and use it as a fundamental criterion when ranking regions. As a result, it will be possible to avoid the use of many indicators that are not always reliable and limit the number of formed groups of regions as much as possible.

Market reaction can be determined by the presence of a number of elements. For ease of use when ranking regions, they can be grouped as follows:

1. The starting conditions for regions to enter the market characterize the objective and subjective prerequisites that have developed at the beginning of the reforms, facilitating or hindering transformation processes. These conditions include:

1.1. availability of export potential (resources traded on the world market);

1.2. territorial remoteness and transport development

1.3. intellectual and innovative potential (including unclaimed) and its compliance with the development goals of the region;

1.4. the level of development of the social sphere and the region’s potential for its improvement in order to ensure normal reproduction of labor resources;

1.5. the state of production potential and the current level of investment activity (volume of investment and qualitative characteristics of investment activity);

2. Assessing the strategy and tactics of reforms at the regional level, highlighting areas of special federal support for individual regions, is impossible without studying the following most important parameters:

2.1. features of reforming the regional economy;

2.2. the dynamics of market transformations, including those that develop under the influence of both the starting conditions for entering the market and the creation of an environment for favorable reforms;

2.3. the practice of centralized investment assistance and the system of state investment priorities as the basis for market support for regions from the center, accelerating (slowing down) the pace of market transformations;

2.4. the political and economic situation in the regions and its impact on the implementation of the reform strategy;

3. The effectiveness of reforms and the degree of adaptation of regions to market relations determine their place in the market space, the level of readiness for market transformations and the prospects for changes in the investment climate. In this case, it is necessary to take into account the following factors: transformation of forms of ownership and their impact on the investment climate; trends in the formation and development of the budget system, finances of business entities, as well as financial markets; the propensity of producers to renew fixed capital, the degree and effectiveness of regulation of the factors determining it at the federal and regional levels; attractiveness of the region for independent, including foreign investors; the impact of the process of reforming federal relations on the course of socio-economic transformations in the regions, highlighting the investment sphere itself.

Another point of view is to consider the type of territorial reproduction as a kind of general criterion of the investment climate, while, as the authors of this concept believe, they receive a constructive basis for identifying the main factors of the investment climate and the mechanisms for managing them required for the development of public investment policy.

The most typical types of reproduction at the territorial level are:

1. The expanded type of reproduction, naturally, always indicates a favorable investment climate;

2. Tapering during structural restructuring. It is much more difficult to clearly assess the investment climate in this type. It is quite likely that the reduction in production is temporary. This is possible when new sectors (industries), which are not yet comparable in scale to long-functioning ones, already have better indicators in terms of productivity, resource efficiency, and growth rates.

3. The degradation type is characterized by the “eating up” of fixed assets in existing sectors of the regional economy without the creation of new sectors. At the same time, the emerging investment resources in the region, as a rule, are extremely insignificant, or the competitiveness of the region’s economy in the Russian capital market is low, which encourages financial resources to flow to other regions of the country or enter world markets. It is clear that under these conditions, the existing resource potential in the region loses its economic value due to the low (comparative) efficiency of its use, instability of socio-political factors, etc. This type of reproduction obviously indicates an unfavorable investment climate in the region.

It should also be taken into account that almost all territories of the Ural region are already traditionally classified as depressed, therefore, when ranking objects according to the degree of their depression, one should take into account not only the current level of socio-economic development, but also the most important retrospective characteristics, for example, the starting conditions for entering the market, which determine possibilities and pace of adaptation to the market environment. Equally important are objective regional prerequisites (geopolitical location, resource potential, transport development, etc.), which accelerate or slow down this process. This will make it possible to identify truly needy territories, the depressed state of which was initially predetermined by the insufficient development of productive forces, and territorial entities, whose plight is a consequence of shortcomings in the policy of market reforms that can be overcome without additional government costs.

When developing economic policy, it is currently not sufficiently taken into account that investment activity depends not only on the volume of finance, but also on the interest of producers in improving production potential. The need to update fixed assets, determined by the most important market factors, is the main condition for the effective use of funds.

The establishment of a special investment regime for depressed territories requires mandatory consideration of the priority of development of individual industries (and even enterprises), the characteristics of the reproductive processes occurring in their territories, readiness to update production potential and, finally, the effectiveness of the expected costs in long-term development. Otherwise, such a regime will only provoke additional demand for investment products and, as a consequence, a further investment increase in prices for them. In addition, with inflation and price “lawlessness”, methods of financial and, above all, tax influence generally become practically ineffective.

However, due to the fact that the level of statistical processing in Russia differs significantly from UN standards and, taking into account the variety of indicators that determine the investment situation of the territory and the characteristics of the Ural region, the author proposes to classify them as follows:

1. Economic;

2. Financial and industrial with an industry division within the territory;

3. Factors determining the level of business infrastructure;

4. Social;

5. Ecological;

Let's look at them in more detail:

1. Economic:

1.1. The starting conditions for territories to enter the market, which characterize the objective and subjective prerequisites that have developed at the beginning of the reforms, facilitating or hindering transformation processes.

1.2. Capital intensity - Change in production capacity depending on investments of the previous year

1.3. Economic activity (demand for products) - Dependence of demand for the complex’s products on investment

1.4. Instability of economic growth in output - Considering the impact of explosive instability rather than economic fluctuations; and delays in implementation on the investment mechanism

1.5. Temporal dynamics of production development - Characteristics of consumption of sales volumes in industry complexes (when, how much, what was consumed, produced, sold)

1.6. Supply of savings - Dependence of production volumes on supply of savings and investment demand

1.7. Parameters of technical progress - Tracking economic development fluctuations

1.8. Consumption - Inter-industry consumption (according to the inter-industry balance) and the population's needs for industry products

1.9. Foreign trade - Dependence of exports and imports on production volumes

1.10. Inflation - Comparison of price growth with decline makes it possible to classify industry complexes according to the degree of resistance to crisis situations;

1.11. Investment risk as a set of conditions that determine the probability of loss of investments or income from them includes both institutional, political, environmental conditions for the activities of investors, and factors of economic conditions (production efficiency, rate of return, discount interest rates, credit opportunities, fiscal regimes ), including stock market conditions.

2. Financial and industrial with an industry division within the territory:

2.1. Volume of products sold per person;

2.2. Net debt;

2.3. Fund turnover;

2.4. Profit growth rate;

2.5. Rates of decline or growth in industrial output volumes;

2.6. Profit/fixed assets;

2.7. Number of employees.

3. Factors determining the level of business infrastructure:

3.1. Level of use of leasing in the territory's industry;

3.2. Volume of long-term investments of commercial banks;

3.3. The volume of financial resources invested in innovation;

3.4. System of state-commercial guarantees;

3.5. Insurance of the investment process with state support

3.6. Availability of infrastructure for the development of intra- and interregional connections;

4. Social:

4.1. Compliance of the regional level and lifestyle of the population with state or other standards;

4.2. The level of stability of the socio-political and national-ethnic situation in the region.

4.3. Share of poor and rich, with definition of threshold levels;

4.4. Provision of social facilities (libraries, clubs, hotels, etc.);

4.5. The share of certain segments of the population to the total population (in this case this will be an attempt to assess the intellectual level of the territory);

4.6. Average monthly salary of one worker;

4.7. Expenses for payment of services and purchase of goods;

4.8. Unemployment rate;

4.9. Increase in savings in deposits and securities (including shares);

4.10. Cash income per capita;

4.11. Cost of a set of 19 basic food products;

4.12. Share of expenses in cash income of the population, %:

4.12.1. for the purchase of goods;

4.12.2. to pay for services;

4.13. accumulation of household savings in deposits and securities (including shares);

4.14. Losses due to strikes (persons - days)

4.15. Total infectious diseases;

4.16. Number of registered crimes.

5. Environmental:

5.1. Radiation pollution;

5.2. Air pollution level (divided into main pollutants)

5.3. Land reclamation costs;

5.4. The level of water pollution is the main parameter: the content of dissolved oxygen in water;

5.5. Recycling of waste;

5.6. Recycling and reuse of water in industrial water consumption;

5.7. Level of use of environmental equipment (% ratio of equipment with environmental protection devices).

5.8. Use of environmentally friendly materials and technologies (primarily non-waste);

5.9. The degree of compliance of industrial facilities with environmental requirements laid down in the legislation of the Russian Federation;

In the long-term development of the economy of any territory, the main task of the authorities becomes a fairly clear vision of new, non-traditional ways of developing each sector of the economy, finding new forms of their interaction, and this should be helped by a thoughtful ranking of objects when carrying out forecast planning.

2. Methods for diagnosing the state of industrial complexes of territories, used to study investment activity in the industrial complex.

Today, the problem of diagnostics in economics is very relevant, i.e. the ability to determine the economic condition of an object in various ways in order to have a clear idea of its investment potential. The concept of diagnostics in economics is understood as determining the economic state of an object.

The whole variety of factors and conditions that determine the investment climate at the territory level, used in diagnostics, can be divided into 2 groups:

national, including a specifically implemented economic model for reforming the country, institutional and socio-political factors and conditions on a national scale, a developed and legitimate legislative framework, the competitiveness of the state in the international capital market, etc.;
regional - social, economic, tax-fiscal, socio-political, environmental, ethnocultural, legal factors operating within the boundaries of territorial entities of various ranks: large economic regions, macro-regions, federal subjects, lower administrative-territorial entities, etc.

Currently, a comparative assessment of the investment climate is carried out at the state, zonal or regional levels. In the first case, the objects of analysis are individual states, in the second - large economic regions or macro-regions that unite the subjects of the federation within the framework of interregional associations of economic interaction, in the third - administrative-territorial entities of the rank of the subject of the federation, which are considered as a “point” with some averaged characteristics.

If for a macro analysis of the investment attractiveness of territories, averaging is acceptable, then from the point of view of making investment decisions regarding a specific project, it is also necessary to take into account the “microclimate”, which plays an important role.

When assessing the microclimate of an area, various localized factors are taken into account.

In world practice, diagnostics of industry complexes is carried out using several methods based on the use of various groups of indicators.

The whole variety of methods for diagnosing industrial complexes of territories can be divided into three large groups:

1. Methods of factor analysis;

2. Methods of expert assessments;

3. Mathematical methods.

Factor analysis is necessary when the researcher is dealing with a huge number of different kinds of indicators. The essence of the method is to compile larger groups consisting of indicators that are similar in meaning and called factors. Further work is carried out not with each indicator separately, but with an enlarged group - a factor.

In Western European countries, factor analysis methods have long been used to identify depressed and backward regions. In particular, the long-term practice of these countries shows that initially the main criterion for classifying a region as a problem region was the high level of unemployment in it. The unemployment indicator, and now one of the main ones, is to some extent synthetic. But usually “problematic” is determined by a whole complex of socio-economic and environmental indicators. Some of them characterize the quality of life of the population, others – the level of economic development of the economy.

At the present stage of research, when diagnosing industry complexes of individual territories, not only strictly formatted algorithms of quantitative methods for obtaining solutions should be used, but methods of qualitative analysis for constructing variant scenarios. From this point of view, one of the most promising is the method of expert assessments. Its main advantage over economic and mathematical modeling is its relative simplicity, and also the fact that an expert can use not only information based on statistical time indicators, but also irregular, one-time information of a purely qualitative nature. Expert methods are used, as a rule, when the choice, justification and assessment of the consequences of decisions cannot be made on the basis of accurate calculations. Increasing the validity of recommended activities requires a comprehensive analysis, based both on establishing the quantitative characteristics of the phenomenon being studied, and on reasoned judgments of managers and specialists familiar with the state of affairs and development prospects in various areas of practical activity. The principle of the method is as follows: industries are first analyzed factor by factor. Then, for each factor, a justification for the basis of comparison is given (the average value is displayed, or the most frequently occurring in the aggregate, or the median value), it is taken as one. The remaining values are also converted into coefficients depending on the specific value and standard value. The complexity of this method of analysis lies in the subjectivity of establishing criterion-based normative indicators and the weighting of weights by factors. The described method allows us to determine the rating of industrial complexes of territories in terms of investment attractiveness.

Among the many varieties of expert methods (for example, analytical, in the form of a report; collective survey - “gathering” of experts, “brainstorming”, or “managed collective generation of ideas”, etc.) to form scenarios for the development of regional economies, we chose the “Delphi” method "in combination with the Interview method.

The Delphi method is considered one of the most qualified methods of expert assessment. It is characterized by a group response obtained by processing individual questionnaires using statistical methods, and reflects the generalized opinion of the examination participants. This allows you to take advantage of many of the benefits of both individual and group interviews. The individual judgment of each specialist is revealed in an environment that excludes direct debate and the direct influence of the opinions of other experts. In the process of processing the received individual opinions through appropriate coefficients, the competence and weight of the opinion of each specialist is taken into account.

The “Delphic procedure” makes it possible to significantly remove undesirable psychological aspects associated with considerations of prestige, tendentiousness, and pressure from authorities. The disadvantage of the method is that it does not allow different opinions to be brought together in a dispute and thereby stimulate the “generation” of ideas that arise through personal contact. In addition, conducting an examination using the Delphi method requires a significant amount of time.

As for the competence of experts, there are two possible approaches: the option of equal competence and the option of self-assessment, when an expert evaluates his competence on each issue.

According to the second option, the conclusions and assessments of each expert when drawing up a collective opinion are weighed according to the competence coefficients indicated by them.

One of the striking practical examples of the use of expert methods is the experience of the United States, where an annual statistical map is compiled reflecting the investment attractiveness of individual territories, which provides comparative data for all states in the form of four generalized indices: economic efficiency, business viability, development potential of territories and conditions tax and fiscal policy. Among the economic efficiency indices for assessing a territory, the first place goes to indicators of employment, income level, and poverty level. Among the environmental parameters, emissions of harmful substances into the atmosphere and the level of their neutralization are important. Social conditions are primarily tracked through indicators of childhood health and well-being. The business viability of the territory is visible both through the volume of investment and the diversity of the economic structure, as well as the pace of the emergence and closure of enterprises. This group of indicators also includes indicators characterizing the development of the trade sector. Of particular importance for comparing territories are the following two sections of the map, which allow one to assess growth potential (human and technological resources, development of local infrastructure, financial capabilities of territories) and tax and fiscal conditions. The final link is the parameters of regional policy in terms of the territory’s responsibility for obligations, the characteristics of the territory’s strategic development plan, and the availability of control over its implementation.

In Russian conditions, the direct use of American experience is difficult for the following reasons: Russian statistics do not have the entire set of necessary information to compile such maps. Some information is missing or insufficiently detailed, poorly comparable, sometimes carries a completely different semantic connotation; the map describes the statistics of the business process in the territory, and to attract investors its dynamics are needed; the factors that are most significant for attracting investors, such as natural raw materials and production potential, are not considered at all in the map.

Taking into account the above, we can recommend that local authorities develop a business forecast instead of a master plan for the development of the territory. It seems that a business forecast of the socio-economic development of a territory will also take into account such an important factor in the methodology of comparative studies of the evolution of regions as time. It is usually taken into account through the same characteristics for all compared territories, when the same date or time period is taken. The disadvantage of this approach is that it comes into conflict with the very definition of the region as an integral system consisting of the interaction of various forces. Instead, the “inclined sector approach”, widely tested in world practice, can be proposed. At the same time, the phenomenon of “cyclic resonance” was revealed - the intensification of various interaction characteristics, consistently increasing over time (this conclusion was based on tracking the behavior of the correlation coefficient). The formation of a time lag of initial indicators can be legitimately carried out, focusing on the discount principles of economic procedures.

The “following the leader” method can be called quite specific. Since different industries have different capital intensity, comparing them by volume of capital investment seems completely unacceptable.

The thesis that higher capital intensity automatically means a higher investment attractiveness of the industry is not entirely plausible, despite the fairly frequent and significant coincidence of the two indicators for specific industries and individual investment projects.

Thus, a fundamental drawback is revealed in the very idea of comparing the investment attractiveness of territories without comparing specific industries whose enterprises are located on the territory of the latter: the concentration in different territories of production with different capital intensity quite significantly distorts their impact on the final indicator of comparative investment attractiveness. A territory with a predominance, for example, of the fuel industry will always seem from this point of view more preferable than a territory with a predominance of, for example, the food industry, even if the main part of the fuel industry is the completely unpromising coal mining, and the main part of the food industry is the production of popular semi-finished products.

It is important to take into account that due to significant territorial differentiation, which qualitatively exceeds sectoral differentiation, comparison of territories only based on the dynamics of capital investment is fundamentally impossible. An attempt of this kind will inevitably create the illusion of high investment attractiveness of undeveloped territories, even minimal one-time investments in which, carried out recently, are tens of times higher than the traditional level of investment in them.

Therefore, when comparing the investment attractiveness of territories, we are forced to accept the error introduced by the uneven distribution of industries in them with different capital intensity, as less than the high territorial differentiation in general.

Sectoral differentiation is an order of magnitude smaller than territorial differentiation, and it is this qualitative difference that allows, when comparing the investment attractiveness of sectors of the national economy, to rely only on the dynamics of capital investments made in them. The error introduced by changes in the price structure of investment goods consumed by various industries appears to be negligible.

Thus, a comparison of the investment attractiveness of industries should be based only on indicators of the dynamics of capital investments without taking into account indicators of their volume. This method is very often used when analyzing portfolio investments at the territorial level and forming industry preferences among strategic investors in the field of securities.

As for mathematical methods, in the 60s they were dominant in the field of assessing the effectiveness of capital investments. The main methods of this group include correlation and dispersion analyses, methods of optimization and mathematical modeling, and various methods of input-output balance. Currently, they are used in conjunction with qualitative methods.

By investment attractiveness we mean a set of criteria that encourage an investor to have a preference for investing capital in a given industry.

Next, the question arises: who in today’s conditions actually performs the function of an investor? The problem is that previously this role was played in the singular by the state, which in fact was the investor who dictated financial policy to society. Today, when there are a great many investors, and their funds are extremely limited, methodological problems arise with assessing the state of development of industry complexes, taking into account market indicators characterizing the state of supply and demand for the products of the complex.

But first, let us dwell on those market conditions that determine the potential interest of investors in financial investments in domestic industry.

Let us classify industry markets. In the world economy, several classifications of industrial complexes are known, aimed at assessing the comparative capabilities of industries.

American classification of industrial complexes:

In the West, most methods divide industry complexes into 4 groups.

Each industry quadrant is characterized by its own industry characteristics:

“Cash cows” are industries that produce highly profitable products, are at the maturity stage, and have constant, sustainable sales. Emerging new industries have good growth prospects and require appropriate resources for their implementation.
“Stars” are industries that still produce products in small volumes. In the future, “Stars” will be relegated to the category of “Cash Cows,” but today significant investments are required for their development, since they are in a growth stage.
“Problem children” are former stars. They are at the stage of market saturation. You can decide on fundamentally new types of production, or stop investing in these industries altogether, sharply reduce production output and transfer capital to the first or second quadrants.
“Dogs” (dead weight) are industries characterized by low productivity and profitability. They are at the stage of decline and money from these industries must be urgently “transferred” to others.

There are many varieties of this model. But everyone recognizes that at the stage of economic crisis there are no industries that belong to the “Stars” group. This, in fact, is one of the reasons for the decline in the domestic investment process: functioning industries can no longer ensure high rates of economic development; the new ones themselves still require government support. The task of the state at this stage is to create incentives to facilitate the transfer of capital from stagnating industries to promising ones that need resources to realize growth opportunities. Another task is to contribute to the improvement of the economy in those sectors on which new industries rely in their development.

For the crisis stage of the life cycle of the technological structure in which the country's economy arrives, it is important to analyze the sustainability of industry complexes from the perspective of assessing the possibilities of their survival in the future. Such an analysis involves identifying depressed, crisis and stable industries. There are several approaches to this classification of industry complexes.

The EEC gives its classification:

A depressed industry is an industry that has unclear prospects, is in a state of stagnation and is close to zero in terms of development rates. Its income is much lower than the industry average.
A crisis industry is an industry characterized by a sharp drop in production volumes
A stable industry is an industry whose economic situation is quite stable and has prospects for growth above the industry average.

Naturally, there are also domestic classifications. They are similar to American and other foreign models. For example, 4 categories of industries are introduced that characterize the phases of the life cycle of a technological structure:

An emerging industry is an industry where the main products and technologies are still in the process of laboratory research or pilot production, and therefore investments in an industry at this stage are characterized by increased financial risk and are less preferable from the position of an ordinary investor.
Growing industries include industries where products will be in rapid demand in the future.
The stage of stable development of the industry is characterized by stable operation of the enterprise and the level of profitability is equal to the average in the country's economy.
Fading industries are those that produce outdated products and operate on outdated technology.

In my opinion, the following classification is closest to Russian conditions - all industries are divided into 5 groups:

A crisis industry is an industry characterized by a sharp drop in production volumes;
A depressed industry is an industry that has unclear development prospects and is in a state of stagnation. The pace of development and income in it are close to zero;
A stable industry is an industry that has sustainable and promising growth, which should be above the national average;
A promising industry is, first of all, an industry that has development potential and has investments under clear, targeted comprehensive programs. It is also characterized by a small volume of production (i.e. it is currently in its infancy stage), but in the near future it may have the greatest effect from investing money
The industry that is in the growth stage currently has the highest profitability. Enterprises in the industry operate at full capacity and have no problems selling their products. In the economy of a country at the stage of crisis, they usually do not exist.

The disadvantage of all of the above classifications is the use of a different set of indicators to characterize the stability of industry complexes to crisis phenomena. Analysis of the situation in industry complexes at the regional level predetermines the need to compare the capabilities of industries, which forces us to recognize the most acceptable classification, which is based on the parameters of a decline in production volumes and rising prices. According to this classification, crisis industries are characterized by a sharp decline in production with a large increase in prices; depressive - a sharp decrease in production with a slight increase in prices; stable – a slight increase in prices and a slight decrease in production; growing – an increase in production volumes at stable or gradually increasing prices; promising - small volume and slow growth of production and very expensive products due to their novelty.

The use of the price factor for analysis leads to the identification of a group of inflationary industries, which are characterized by a significant increase in prices with a slight decline in production.

Based on the studied literature and available statistical information, as well as the indicators set out in paragraph 2.1, I propose the following scheme for diagnosing industry complexes of individual territories to obtain ratings of investment attractiveness of both administrative districts and industry complexes within them, taking into account economic, social and environmental factors.

Scheme of application of methods:

Correlation analysis
Factor analysis
Expert assessment method
Analysis of variance

Thanks to their use, we move from a large number of initial signs to a limited group of independent indicators by which we can monitor. This set of methods allows you to:

1. consider an arbitrarily large set of initial indicators;

2. carry out mathematically rigorous processing of information, which makes it possible to avoid subjectivity in analysis;

3. consider many options for approaches, often reflecting not only different points of view of scientific research, but also the changing positions of government agencies over time.

Analysis of the investment attractiveness of enterprises.

Without setting myself the task of determining the most accurate diagnostic method, I considered several options that characterize approaches to this problem.

The initial base was formed from indicators of the dynamic series, starting from the base year 1990 and ending with 2001 in comparable prices of the final year. The volumes of production of enterprises, the number of employed personnel, financial results, data on product exports, average monthly wages of personnel and other indicators were considered. Along with this, the initial base also included calculated indicators: the average annual growth rate of production volumes, the share of manufactured products exported outside the Russian Federation, the average annual rate of change in the number of employed personnel, the average annual rate of change in average monthly wages, as well as data on production profitability and labor productivity .

To test the hypotheses, the non-ferrous metallurgy industry was chosen.

For each enterprise from the table, the indicators specified in paragraph 2.1 concerning economic, financial and industrial factors were calculated. And the factors that determine the level of business infrastructure, social and environmental factors, which are essentially background, were calculated for the entire district. From the original database, thanks to the use of correlation analysis methods, highly correlated features were excluded, and the database began to include certain features for each object.

At the second stage, the resulting database was analyzed by factor analysis methods in order to establish general patterns that determine the essence of the phenomenon being studied and replacing a group of correlated indicators with a calculated synthetic value for each factor.

At the third stage, the received data was interpreted - the investment potential of the industry was assessed, and recommendations were made to increase the investment attractiveness of the enterprises included in it.

Table 1

Starting conditions for a territory to enter the market

Territory name

Area, thousand sq. km.

Population, million people

Investments in fixed assets, billion rubles.

Volume of foreign trade, billion dollars

Sverdlovsk region

Kurgan region

Tyumen region

Khanty-Mansiysk Autonomous Okrug

Yamalo-Nenets Autonomous Okrug

Chelyabinsk region

Table 1 shows data characterizing the starting conditions for the territories of the Ural Federal District to enter the market. They characterize the objective and subjective prerequisites that existed at the beginning of the reforms. These prerequisites contribute to, or, conversely, hinder transformation processes.

The uneven development of territories is noteworthy. If we attribute investments in fixed capital to the population of the corresponding subject of the federation, then we will see that for the two leaders (Sverdlovsk region and Yamalo-Nenets Autonomous Okrug) this figure is approximately three times higher than for other subjects.

table 2

Profitability level of non-ferrous metallurgy

Profitability level as a percentage of cost

Depreciation of fixed assets

Rate of return to capital in shares

Table 2 shows data characterizing the efficiency of using fixed assets, as well as the reasons for this inefficiency.

It is noteworthy that over the decade of reforms, the depreciation of fixed assets has increased 3 times. This illustrates a rather alarming situation in the industry. The progressive degradation of fixed assets is not compensated by capital investments, which leads to a rapid increase in technological backwardness in almost all sectors of the national economy.

It should also be taken into account that a chronic shortage of working capital leads to a redistribution of depreciation charges for current needs, primarily for wages, and their actual withdrawal from investment activities.

The modern reproductive structure essentially excludes the possibility of self-financing the development of the most important national economic complexes. As a result, the Russian economy continues to remain subsidized.

Table 3

Dynamics of production in sub-sectors of non-ferrous metallurgy as a percentage of the previous year

Aluminum

Alumina

Primary aluminum, including silumin

Copper

Copper in concentrate

Refined copper

Nickel - cobalt

Tungsten

molybdenum

Molybdenum concentrate

Molybdenum metal

Tungsten metal

Tin

Tin in concentrate

Tin, including secondary

Lead-zinc

Lead in concentrate

Lead, including secondary

Zinc in concentrate

Electrode

Carbon anode mass

Industry of hard alloys, refractory and heat-resistant metals

Hard tungsten alloys

cobalt

Hard titanium alloys

tungsten

Other sub-sectors

Table 3 shows the dynamics of production in the sub-sectors of non-ferrous metallurgy over the past 10 years.

Noteworthy is the weak correlation between the output of individual sub-sectors. From this we can conclude that with difficulty, but non-ferrous metallurgy enterprises are entering the market. This follows from the fact that product output depends to a greater extent on the situation on world markets than on macroeconomic processes occurring in the Russian economy.

Table 4

Dynamics of exports of non-ferrous metals

Aluminum, thousand tons

Nickel, thousand tons

Copper, thousand tons

The data in Table 4 further convinces us of the conclusion that there is a statistically significant relationship between the position of non-ferrous metallurgy enterprises and the demand of world markets for metal, which in turn determines price dynamics and, as a consequence, exports.

Table 5

Dynamics of unprofitable non-ferrous metallurgy enterprises

Number of unprofitable enterprises as a percentage of the total number of enterprises

The data in Table 5 forces us to look at the problem from a different angle. The following circumstances must be taken seriously.

Firstly, the regulating market, which establishes certain inter-industry proportions of reproduction, is an attribute of exclusively self-reproducing systems, those that are capable of independently functioning and expanding it without interaction with other systems. Outside the framework of self-reproducing systems, market regulation is impossible.

Secondly, market self-regulation of the economy is possible only under conditions of private ownership of the means of production. The mixed type of ownership that currently dominates the Russian economy is not capable of providing a prudent, economic approach to production, is not suitable for the existence of private initiative, and is not able to generate a sufficiently strong interest in the best use of resources. Under these conditions, proper competition between producers cannot arise, and the law of value is powerless to bring production up to objectively determined standards.

Thirdly, market self-regulation is inherent exclusively in self-developing systems. It cannot exist outside such systems. It should be borne in mind that a self-developing system cannot arise from a system that is not self-developing. No system controlled from the outside can itself become a system controlled from within. Self-developing systems emerge only from self-developing systems.

Fourthly, the regulating market assumes free pricing for all goods, including labor. Free pricing is carried out in the course of free competition between free commodity producers for profit. Reacting in a timely manner to price fluctuations, private producers maintain the production structure at the appropriate level. Prices are the main, and perhaps the only lever for market regulation of intersectoral proportions of reproduction. Any violation of them disorganizes the entire regulatory system.

Fifthly, the market regulation mechanism must be based on a sufficiently reliable convertible currency. Otherwise, it gives rise to disproportions and distortions.

Sixth, the law of value (the principle of distribution according to efficiency) in the world capitalist market applies unevenly to different countries. He generously encourages the advanced countries, making their economy the most profitable, and severely punishes the rest.

Thus, we can conclude that market mechanisms in non-ferrous metallurgy have not yet been fully launched, which causes a situation in which, despite a slight decline in production volumes, a significant part of the region’s enterprises are economically ineffective and bring losses to their shareholders.

Table 6

Dynamics of the effective lending rate

Rate of return in %

Discount rate at the end of the year in %

Effective lending rate for the real sector

Table 6 provides an explanation for the persistent shortage of investment resources in the industry. Over a longer period of time, the effective rate on loans exceeded the real return on investment in capital assets of industry enterprises.

Table 7

Financial indicators of non-ferrous metallurgy enterprises

Index

Volume of products sold in billion dollars

Net debt in billions of dollars.

Funds turnover in days

Profit growth rate in %

Rate of decline in industrial output volumes in shares

Profit / fixed assets in %

Number of employees, thousand people

The most important conclusion that I would like to draw from Table 7 is a 2-fold increase in output per worker in the industry. This shows that, despite all the difficulties, reforms are taking place, and enterprises are forced to reduce costs while operating in an international competitive market. However, output per worker at industry enterprises is still 3-4 times lower than similar indicators, for example, in Chilean companies.

Table 8

Business infrastructure level

Volume of investments financed through leasing, %

Share of long-term (more than 1 year) loans from commercial banks in %

Volume of financial resources invested in innovation as a percentage of sales

Table 8 shows the factors that determine the level of business infrastructure. Noteworthy is the reduction in the volume of long-term bank lending and the development of leasing schemes.

Table 9

Socio-ecological factors

Index

Share of people with incomes above $1,000 per month, %

Proportion of people with incomes below $100 per month

Share of people with higher education, %

Average monthly salary, in dollars

Share of expenses for essential goods and services, in %

Registered unemployment rate, %

Losses due to strikes, million dollars

Total infectious diseases, million people/days

Number of registered crimes, thousand.

Air pollution level, million tons

Costs for land reclamation, million dollars.

Level of water pollution, million tons

Waste recycling rate, %

Level of use of environmental protection equipment, %

Number of industrial facilities that do not comply with Russian environmental standards

Table 9 shows generalized socio-economic factors that have a direct impact on the investment potential of enterprises in the industry, but are outside the sphere of influence.

Table 10

Financial and economic indicators of leading non-ferrous metallurgy enterprises for 2001.

Company name

Volume of sales

Growth rate

Sales volume ($)

Balance sheet profit

Profit after tax

Profitability

Number of employees

Labor productivity

million dollars

thousand rubles/person

RAO Norilsk Nickel

Siberian-Ural Aluminum Company

Krasnoyarsk Aluminum Plant

Bratsk Aluminum Plant

Siberian aluminum

VSMPO-Avisma Group

Achinsk Alumina Refinery

Chelyabinsk Electrolytic Zinc Plant

Sredneuralsk Copper Smelter

Uchalinsky GOK

Omolon Gold Mining Company

Kamensk-Ural Metallurgical Plant

Kyshtym Copper Electrolyte Plant

Gaisky GOK

Priargunskoye Mining and Chemical Production Association

Stupino Metallurgical Plant

Sevuralboxytruda

Volgograd Aluminum Plant

Table 10 shows the financial and economic indicators of the leading enterprises in the industry for 2001. Enterprises are ranked by volume of product sales.

Subsequently, I selected 10 leading enterprises in the industry for this indicator, on the basis of which all further calculations were performed.

8 indicators were selected for which statistical data is available for all enterprises in the sample, and which, in my opinion, determine their investment potential.

2. Assessment of the investment potential of industry enterprises.

1. Relative profitability - the ratio of profitability on sold products to profitability on produced ones. The higher this indicator, the fewer problems enterprises have with sales.

2. Depreciation of fixed assets. The higher this indicator, the more the company requires investment to replace worn-out equipment.

3. Rate of price growth – rate of growth of prices for industry products. All other things being equal, the higher the price index, the higher the demand for the industry's products.

4. Salary level. The higher the indicator, the more opportunities the enterprise has to attract qualified labor.

5. Net debt - the ratio of overdue accounts payable and receivable. This indicator reflects the potential creditworthiness of the enterprise.

6. The rate of decline is the ratio of manufactured products in 2001 to the level of 1990.

7. Exportability – the share of exports in manufactured products.

8. Load level – equipment load level. The index allows you to assess the ability of an enterprise to increase production in a short time under favorable conditions.

The above indicators were calculated for the 10 leading enterprises in the industry in terms of production volume. Subsequently, they were compared with the average indicators for the industry over the last 11 years for which the researcher has data. As a result, a rating of the investment attractiveness of non-ferrous metallurgy enterprises was compiled.

Table 11

Investment attractiveness of non-ferrous metallurgy enterprises

Company

Relative profitability

Depreciation of fixed assets

Price growth rate

Salary level

Net debt

Decline rate

Exportability

Congestion level

Industry average

Norilsk Nickel

Siberian aluminum

Novokuznetsk Aluminum Plant

Company

Relative profitability

Depreciation of fixed assets

Price growth rate

Salary level

Net debt

Decline rate

Exportability

Congestion level

Norilsk Nickel

electrocopper

Siberian aluminum

Bratsk Aluminum Plant

Novokuznetsk Aluminum Plant

Oskol Electrometallurgical Plant

Tables 11 and 12 present the results of calculations according to the above methodology.

Table 11 calculates the industry average values of the selected indicators and the corresponding indicator values of the 10 leading enterprises in the industry.

In Table 12, enterprises are ranked by investment attractiveness. Rating methodology:

1. The corresponding indicator of the enterprise was related to the industry average.

2. The results of this operation were added up, and, depending on the economic meaning, direct or inverse values were taken.

3. The company with the highest amount received a rating of 1, etc.

Noteworthy is the fact that the investment attractiveness of an enterprise is strongly correlated with the level of its export capacity and the level of wages of employees. The reasons for this are easily explained. Foreign partners, as a rule, pay more, and, what is much more important, they have stricter payment discipline. The same strict correlation of the indicator of depreciation of fixed assets is not observed, however, enterprises at the top of the rating have this indicator close to the industry average.

It is much more difficult to explain the lack of any statistically significant relationship between the relative profitability indicator and the final rating. According to the researcher, the answer may lie in the imperfection of the Russian accounting system, which distorts the real results of the financial and economic activities of enterprises.

3. Ways to increase the investment attractiveness of enterprises.

Non-ferrous metallurgy, like most industrial enterprises in the Russian Federation, is going through hard times. The threatening wear and tear of fixed assets, aging personnel, and the lack of an adequate management system are just a few of the factors that hinder the investment process in Russia.

Can the state do something in this situation? It cannot, but it simply must. In my opinion, the priority measures to increase the investment attractiveness of the industrial complex are:

1. ensuring legal regulation, formalizing contractual relations with municipal and regional organizations to delegate responsibility to them, including in the field of zonal planning;

2. creating conditions for combining financial and material resources, establishing priorities for tax regulation (preferential lending, etc.);

3. determination of the forms of responsibility of local authorities for the implementation of the project and possible negative consequences (violation of the ecological environment, zonal land planning, etc.);

4. ensuring communication with the public through the media to widely demonstrate the proposed project in order to attract public organizations and the population to participate in deciding on the feasibility of its implementation.

In addition, there is a need for direct government support for the level and intensity of investment processes in the economy, direct credit support for industries and sectors of the economy, the structural restructuring of which is recognized as a national priority.

It is necessary to develop several large projects to stimulate the acceleration of economic development, primarily by increasing business activity in its public sector. The basis for the practical implementation of these projects should be funds allocated for state and municipal capital investments.

At the same time, the criteria for such centralized and direct support are the focus of projects on stimulating the expansion of domestic demand, promoting structural reforms in the national economy, stimulating targeted imports and foreign investment in the economy, as well as the development of promising production technologies, investments in which at the first stage bear a high degree of risk for financial institutions.

It is necessary to increase the role and responsibility of regions in making and implementing investment decisions. The government should pursue a more active regional investment policy, including support for the development of underdeveloped and depressed regions. At the same time, the center of gravity of this policy is moving to the level of local authorities. The goal of regional investment policy is to attract the attention of large corporations and other private entrepreneurs to this territory with the help of various benefits.

The government needs to assist firms building in the region with legal protection, the use of tax incentives and preferential tariffs for transport and energy.

One of the important sources of construction financing at the regional level is the issue of municipal bonds.

The problem of decentralization of investment policy is relevant due to the fact that in such a vast country as Russia, there are significant differences between the subjects of the Federation in the entire set of factors that determine the economic and investment situation. Therefore, legislative consolidation of the rights and responsibilities of federal, regional and local authorities, the creation of appropriate mechanisms for stimulating investment are necessary conditions for the self-development of territories.

One of the most important macroeconomic processes, closely intertwined with investment (namely, large capital investments in the initial period), is the structural transformation of industry.

In general, the state investment policy in the country should be aimed at structural restructuring of the economy based on resource-saving and latest technologies, widespread computerization, as well as new management systems, including increasing the role and responsibility of regional authorities. Local authorities need to play an important role in regional planning and zoning, environmental policy and management of investment programs. It is they who determine the social aspect of territorial programs, draw up (with the help of scientific institutions) demographic forecasts of the regions, develop plans for creating jobs and the necessary social and industrial infrastructure, and also deal with issues of attracting contractors, designers, investors and business partners (sponsors).

Conclusion

The arguments presented in this course work are the initial stage in the development of this topic. Therefore, the very concept of “investment attractiveness” needs methodological expansion.

Comparison of the possibility of enterprises functioning using any of the methods is based on the establishment of a regulatory framework for comparisons. The arithmetic mean, median, extreme or frequently occurring indicators are used as such indicators. It is also possible to construct indicators of an ideal industry (taking the best values as a standard). A comparison of actual indicators with normative ones allows one to track the ratings of enterprises based on the indicators being studied.

Reducing the state of the industry complex to a single quantitative assessment is possible using the scoring method.

It should be emphasized that in conditions of instability and persistent inflation, the time aspect remains the main one in the investment process. Its essence is that investors in this environment will not invest in medium- and long-term projects, and, unfortunately, will direct their efforts into the area of short-term investments, which are very often purely speculative in nature.

But, despite this, the development of a set of issues on investment attractiveness is of increasing importance, since the effectiveness of investments in market conditions depends on this.

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