Classification of investments. The essence of investments, their main classifications and structure

By the volume of required investments;

By goals;

By type of relationship between investment projects;

By type of cash flows generated by the investment project;

By project class;

According to the duration of the project;

According to the complexity of the project;

According to the state of the investment project;

By the scale of investments and the impact of their consequences;

Based on the result of using the results of scientific and technical developments.

Investment projects can be classified on various grounds.

Some well-known experts (Idrisov A.B., Sheremet V.V., Katasonov V.Yu., etc.) classified investment projects only according to several criteria and did not provide a graphical representation. Using the known elements of systematization and supplementing them, we present a diagram of the characteristics of dividing investment projects into groups (see Figure 1.).

By volume of required investments

Projects Division according to the volume of required investments is quite subjective in nature and largely depends on the size and financial capabilities of the investor and the investee. The subjectivity of this classification element can be somewhat reduced when moving on to assessing the share of investments in the revenue or profit of an enterprise, in the country’s GDP or the GRP of the region.

By purpose

Projects can also be classified according to goals , which are set during their implementation. These goals can be different and are not necessarily related to direct profit. There may be IPRs themselves that are unprofitable in the economic sense, but bring indirect income by gaining stability in the supply of materials, entering new markets for raw materials and products, social effect, reducing costs for other projects, improving the environment, increasing product safety, etc. .. Such IPRs require non-formalized criteria for their assessment.

By type of relationship between investment projects

Particularly important in the analysis of investment projects is the identification of the types of their relationships.

IPRs are independent, if the decision to accept one does not affect the decision to accept the other. According to the author, it is wrong to talk about the absolute independence of investment projects, since each of them affects several areas, which, in turn, involve other projects. In addition, there is a diversion of resources from one area to another.

Figure 1 - Types of classification of investment projects

Alternative or mutually exclusive projects are IPRs that cannot be implemented simultaneously, i.e. acceptance of one automatically leads to rejection of others.

The division of projects into independent and alternative ones is of particular importance when assembling an investment portfolio under conditions of restrictions on the total volume of capital investments.


If the upper limit of capital investments is an uncertain value, depending on various factors, for example, the amount of profit of the current and future periods, then it is necessary to rank independent investment projects according to their priority. This is especially related to the formation of enterprise strategy.

Related projects complementarity relations , if the adoption of a new IPR contributes to the growth of income for others. Identifying such relationships involves looking at projects holistically rather than in isolation. This is of particular importance when the acceptance of the project according to the selected criterion is not obvious and additional criteria are needed, incl. presence and degree of complementarity.

Projects related substitution relations , if the adoption of a new IPR leads to a slight decrease in income from existing IPRs. For example, the introduction of a tire repair area at an existing tire plant.

By type of cash flow generated by the project

The stream is called ordinary , if it consists of an initial investment (one-time or distributed) and subsequent cash inflows. Flow extraordinary , if cash inflows alternate in any sequence with their outflows. Isolating the type of flow is important when choosing an investment evaluation criterion, because not all criteria are suitable for assessing extraordinary flows.

By project type

Project type- division into the main areas of activity in which the project is being implemented: research, technical, technological, organizational (managerial), economic, social, educational, mixed. By type, projects can also be divided into innovative and non-innovative.

By project class

The division of projects by their classes involves the distribution of projects by composition, structure and subject area into:

- mono-projects- these are individual projects of different types, types and scales;

- megaproject- targeted programs for the development of regions and industries, including a number of single- and multi-projects;

- modular (complete block) project- a method of solving project management problems, in which most of the future object is manufactured not at the site of future operation, but “off-site” - in factory or semi-factory conditions;

- a joint project- several participants (international - several countries, interregional, interorganizational).

By project duration

It is universal to divide investment projects into duration of the project. However, the characteristics of projects on this basis are also not without subjectivity. For different industries, enterprises and organizations in different conditions, the concept of duration may be different.

The very concept of project duration can have three levels:

1) the period from the beginning to the end of the investment (“bringing the enterprise to its design capacity”);

2) the period from the start of investment until the return on investment;

3) the period for obtaining an economic or social effect (until the end of the operation of the investment object), i.e. project life cycle period.

When assessing the duration of a project, the second level is usually used, highlighting: short-term project (up to 3 years); medium-term (3-5 years); long-term (over 5 years).

According to the complexity of the project

It is also advisable to subdivide investment projects by complexity of the project - simple, complex, very complex, which is useful, for example, when monitoring projects. Of course, this classification feature is also subjective in nature and can be used to compare projects carried out by one investor or on one investment object.

According to the status of the investment project

Projects also differ in the status of the IPR:

1. An idea in the “embryo” - one idea, without enterprise and leadership.

2. New enterprise - the enterprise is ready to start work immediately, there is a management team and the market has been identified.

3. An existing enterprise with a developed idea, but the idea is not yet profitable.

4. Expansion of an existing profitable enterprise.

5. Reorganization of an enterprise without a change of management (for example, the absorption of this enterprise by a large company).

6. Reorganization of the enterprise with subsequent change of management.

7. Investment in an unprofitable enterprise to turn it into a profitable one.

The possibility of risk in the listed cases is high when investing in the “embryo” (No. 1), and decreases, reaching a minimum when investing in the expansion of a profitable enterprise (No. 4); then it increases sharply during the transition to reorganization with a change of management (No. 6) and again reaches a maximum when investing in an unprofitable enterprise (No. 7).

By the scale of investments and the impact of their consequences

It is advisable to classify investment projects also by the scale of investments and the impact of their consequences .

Investment project global scale affects the situation in several countries (primarily the implementation of large infrastructure, energy projects, etc.).

If the project has an impact on the internal socio-economic, political or environmental situation in individual country, then it can be attributed to large-scale project .

If the influence spreads only to region of a particular country , investment project can rightfully be called regional .

If the investment project covers a separate branch of the national economy , then it is classified as industry .

Investment project limited by limits cities, is, accordingly, urban .

Local project does not have a significant impact on the economic, political, social, environmental, demographic situation of the country, region, city (modernization of enterprises).

Based on the result of using the results of scientific and technical developments

Considering the fundamental importance of innovation at the present stage, it is proposed to classify projects on the use of the results of scientific and technical developments when implementing an investment project.

According to this classification criterion, projects can be divided into:

1) Traditional (conservative) projects(usually in the industrial sector), the goal of which is to make a profit as a result of organizing or increasing the efficiency of production and sales channels for products (standard or with improved characteristics). Conservative projects are usually associated with support for some idea in the field of simple reproduction. The result A conservative traditional project is the organization of serial production and sales of products at an existing or new enterprise.

2) Innovative (risky) projects can be aimed at creating new products or technologies that provide high profits; Moreover, they are relatively independent, i.e. are not “tied” to a specific industrial enterprise. The result The risky project is an organized marketing program, effective sales and high profits.

3) Research projects- have the goal of obtaining scientific and practical results, which can subsequently be used to create new products or technologies, and promote existing ones to the market. This subtype of projects also involves the use of non-traditional technologies (information, computer, production) in various fields.

Research projects can be divided according to the degree of innovation and knowledge intensity of the project - into projects with a high share of the innovative component, knowledge-intensive and standard projects (without the use of improvement elements). Purpose scientific project, unlike others, is not to obtain an economic effect, but to create conditions for intensive technological development in various fields of science and industry. The obtained results of the work stimulate the process of scientific and technological development or ensure a transition to a higher level of technology.

From characterizing the economic essence of investments, let us move on to considering the main forms of their implementation.

An analysis of economic literature has made it possible to identify a fairly large number of approaches to the classification of investment forms, both at the macro and micro levels.

Let's look at the main ones.

Figure 2.1 shows the classification of investment forms according to the system of national accounts (hereinafter SNA) and the developments of the State Statistics Committee of the Russian Federation created on their basis.

Rice. 2.1. Classification of investments according to SNA

According to this classification, the following types of investments are distinguished.

1) Capital-forming investments, ensuring the creation and reproduction of funds. They involve investing capital directly in means of production and consumer goods. In other words, capital-forming investments represent the investment of capital in fixed assets and in the increase in inventories.

Capital-forming investments include:

Investments in fixed assets or, in other words, capital investments;

Major repair costs;

Investments in the acquisition of land plots and environmental management facilities;

Investments in intangible assets such as patents, licenses, research and development, etc.;

Investments in replenishment of working capital reserves.

At the same time, capital investments, which represent fixed assets, characterize the volume and structure of capital-forming investments. Capital investments should include the following types of costs:

For new construction;

For reconstruction;

For expansion and technical re-equipment;

For housing and cultural construction.

2) Under financial investments refers to investing in financial assets such as shares, bonds and other securities, as well as hoardings and bank deposits.

3) As can be seen from Fig. 2.1, the system of national accounts identifies in a separate group intellectual investments. These include investments in personnel training, transfer of experience, licenses, know-how, scientific developments, etc.

The classification presented above is limited to one classification feature - investment objects, while the most comprehensive classification of investments is carried out in the work I.A. Blanka.

Figure 2.2 shows the classification of investments according to individual characteristics.

Rice. 2.2. Classification of forms of investment according to individual characteristics

According to Fig. 2.2 investments are classified as follows:

1. By investment objects

Under real investments understand investing in real assets – both tangible and intangible. Financial investments represent investments in various financial instruments, among which securities occupy a significant share.

2. There are direct and indirect investments.

Direct investments– this is the direct participation of the investor in the selection of investment objects and investment of funds. Under indirect investments refers to investment mediated by other persons (intermediaries).

3. By investment period distinguish between short-term and long-term investments.

Under short-term investments means investments of capital for a period of no more than one year. Long-term investments– is an investment of capital for a period of more than one year. In the practice of large investment companies, long-term investments are detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

4. By forms of ownership investors are divided into private, state, foreign and joint investments.

Private investment– investments made by citizens, as well as enterprises of non-state forms of ownership. TO public investment include investments made by central and local authorities and management, as well as state-owned enterprises and institutions at the expense of their own borrowed funds. Under foreign investment refers to investments made by foreign citizens, legal entities and states and entities of a given country. Joint investments is a combination of two or more of the above forms of investment.

5. By regional basis allocate investments domestically and abroad.

The above classification of investments reflects their most essential features and, if necessary, can be expanded depending on business or research purposes.

V.V. Bocharov gives the following classification of investment forms:

1. By investment objects distinguish between real and financial investments.

Real investment(capital investment) – advance of money into tangible and intangible assets (innovation). Capital investments are classified:

By industry structure (industry, transport, agriculture, etc.);

Reproduction structure (new construction, expansion, reconstruction and expansion of existing enterprises);

Technological structure (construction and installation work, purchase of equipment, other capital costs).

Financial investments– investing in securities: equity (shares) and debt (bonds).

2. By nature of participation in investment– direct and indirect investments.

Direct investments involve the direct participation of the investor in choosing an object for investment. Indirect Investments are carried out through financial intermediaries - commercial banks, investment companies and funds, etc. The latter accumulate and place the collected funds at their discretion, ensuring their effective use.

3. By investment period investments are divided into short-term (for a period of up to 1 year) and long-term (for a period of over 1 year). The latter of them serve as a source of capital reproduction.

4. By form of ownership investments are divided into private, public, joint and foreign.

Private investment express the investment of funds in objects of entrepreneurial activity of legal entities of non-state forms of ownership, as well as citizens. Public investment characterize the investment of capital of state unitary and municipal enterprises, as well as funds from the federal and regional budgets and extra-budgetary funds.

5. By regional basis investments are divided into investments within the country and abroad.

6. By level of investment risk The following types of investments are distinguished:

- risk-free investment— investing in such investment objects for which there is no real risk of loss of expected income or capital and real profit is practically guaranteed;

- low risk investments— investment of capital in objects whose risk is below the average market level;

- medium-risk investments— investing capital in objects whose risk corresponds to the average market level;

- high-risk investments— investing in such objects, the level of risk for which is usually higher than the market average;

- speculative investment- investing capital in the most risky assets (for example, in shares of young companies), where maximum income is expected.

As you can see, V.V.


Bocharov expanded the classification of I.A. Form, adding an additional classification feature - the level of investment risk.

The scientific literature provides other classifications of investments. So, V.M. Juha identifies the following characteristics of investment classification.

The first classification feature he identifies is investment ownership forms within which they are carried out, and ultimate investment goals.

Figure 2.3 shows the classification of investments in terms of their focus and effectiveness.

Rice. 2.3. Classification of investments by types of ownership and by ultimate investment goals (V.M. Dzhukha)

The next classification feature identified by V.M. Juha are market areas, on which investments appear, and attachment objects.

As shown in Figure 2.4, depending on the investment objects and market areas, the author distinguishes between portfolio and real investments (capital investments).

At the same time, under portfolio investments means investing in stock market instruments and other financial assets, such as insurance policies, shares in the authorized capital of unincorporated enterprises, target deposits, collateral, etc. Moreover, the investment of such funds must meet at least two requirements:

Profitability (provide high current income or rapid growth of invested funds);

Reliability (liquidity and inflation protection).

Rice. 2.4. Classification of investments by market areas and investment objects (V.M. Dzhukha)

TO real, or capital-forming, investments include all expenses aimed at construction, expansion, reconstruction (modernization) and equipping investment objects, as well as expenses for the preparation of capital construction and the increase in working capital necessary for the normal functioning of the enterprise.

The last sign of investment classification V.M. Juha highlights ensuring the investment process. This classification is presented in Figures 2.5 and 2.6.

Rice. 2.5. Classification of own investments (V.M. Dzhukha)

Rice. 2.6. Classification of external investments (V.M. Dzhukha)

It should be noted that the author identifies in a separate group foreign investment, defining them as a special form of investment. They can be used as an external source of financing and take three main forms:

- straight;

- portfolio;

- targeted loans at the enterprise level.

1) for its intended purpose:

Production investments, the objects of which are production assets;

Non-productive investments - reproduction of fixed assets for non-productive purposes (social and cultural objects, etc.);

2) by direction of use:

New construction;

Reconstruction;

Technical re-equipment;

Expansion of existing enterprises;

3) by funding sources:

Centralized, carried out at the expense of the state and trust funds of line ministries and departments;

Decentralized (own and borrowed) - created at the enterprise level through depreciation charges, a production development fund, lease payments and bank loans;

4) according to the structure of the consisting elements:

Construction;

Drilling;

Installation work;

Equipment;

Tools and equipment;

Other capital investments.

Classification given by V.M. Jukha, the most complete, as it includes almost all classification criteria. The exception is the classification of investments according to the level of investment risk.

All previously given classifications of investments must be supplemented with a classification of investments at the enterprise level, shown in Figure 2.7.

Rice. 2.7. Classification of investments at the enterprise level

According to Figure 2.7, from the point of view of the enterprise and depending on the investment objects, investments can be divided into two groups: real And financial. At the same time, real investments express capital investments in tangible assets, and financial investments in intangible ones.

In its turn, real investment presented in two forms:

1) investments in production development, represented by costs:

For reconstruction and technical re-equipment;

To expand production;

For the release of new products;

To modernize products and develop new resources.

2) investments in the development of the non-production sector, including the following types of costs:

For housing construction;

For the construction of sports and recreational facilities;

To improve working conditions and increase the level of technical safety.

Financial investments or, as they are also called, portfolio investments, can be divided into the acquisition of securities and investments in the assets of other enterprises. Investments in the acquisition of securities represent investments in shares and bonds of other commercial organizations, as well as financing of other types of securities aimed at obtaining certain benefits. Investments in the assets of other enterprises are investments in the assets of manufacturing enterprises, investments in the assets of financial institutions, as well as investments in the assets of other commercial organizations.

The main difference between this classification and those previously discussed is that it gives a real idea of ​​the purposes for which enterprises can direct investments. In other words, this classification characterizes the investment portfolio of an enterprise. Optimizing this portfolio to minimize risk and maximize economic benefits is one of the most important problems in an enterprise.

Rice. 2.8. Investment classification

Analysis of the above classifications of investments made it possible to formulate a classification of investments presented in Figure 2.8, according to which it is advisable to identify eight main characteristics of the classification:

1) form of ownership of investment resources;

2) level of investment risk;

3) the nature of participation in the investment process;

4) investment period;

5) regional feature;

6) objects of investment and use at the enterprise level;

7) sources of financing;

8) economic goals.

This classification, shown in Fig. 2.8, most fully reflects all forms of investment activity carried out by individual economic units.

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

Table 4.1

Classification of investments according to various criteria 1

Classification

investment

By organizational form

Investment project: involves, firstly, a specific, completed object of investment activity and, secondly, the implementation, as a rule, of one form of investment.

Investment portfolio of a business entity: includes various forms of investment by one investor

By objects of investment activity

Long-term real investments (capital investments) in the creation and reproduction of fixed assets, in tangible and intangible assets.

Short-term investments in working capital (inventories, securities, etc.). Financial investments in government and corporate securities, bank deposits, etc.

By type of ownership of investment resources

Private investment. Public investment. Foreign investment. Joint investments

By the nature of participation in investment

Direct investment directly into a tangible object. The investor participates in choosing an investment object and investing funds. Such investments may include actual investments.

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

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

End of table. 4.1

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

Rice. 4.2.

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

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

Financial investments occur when funds are tied up in forms such as bank deposits, bonds, investment certificates, shares in real estate funds and participation shares. They are either speculative or oriented towards long-term investments.

Real investments mean investments in real assets - both tangible and intangible (thus, investments in scientific and technological progress are called innovative investments).

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

Real investments are divided into the following groups:

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

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

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

Through investment activity, the ability of an economic entity to generate flows of economic benefits is first ensured and then maintained throughout the entire active period. In this regard, the following classification of investments can be made (Fig. 4.3).

The activity of any enterprise begins with investments in creation. In this case, we can talk about creating a new or a branch of an existing enterprise. Current investments include current and major repairs, as well as investments to replace worn-out and obsolete equipment. Replacement investments take place in the classical form, when existing means of production are replaced by identical objects. Often replacement occurs with improved means of production. In this case, replacement investments are simultaneously investments to rationalize and (or) expand production.

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

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

Security investments are activities designed to eliminate or prepare for hazards to a business. Examples of such activities are the acquisition of shares in enterprises providing raw materials, participation in research and development, advertising, training and retraining of personnel.

Investments are classified by type:

Direct directly into a material object. Investor at

This participates in the selection of an investment object and the investment of funds.


Rice. 4.3.

Such investments may include real and intellectual investments;

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

The following forms of real investment are distinguished.

  • 1. The acquisition of entire property complexes is an investment operation of large enterprises to ensure industry, product or regional diversification of their activities. In this case, as a rule, a “synergy effect” is ensured, which consists in an increase in the total value of the assets of both enterprises due to the possibilities for more efficient use of the general financial potential, the complementarity of technologies and the range of products, the possibility of reducing the level of operating costs, and the joint use of a sales network at different regional markets and other similar factors. As Russian experience shows, the acquisition of entire property complexes, including abroad, occurs quite often in the activities of large companies associated with the fuel and energy complex.
  • 2. New construction - an investment operation for the construction of a new facility with a completed technological cycle according to an individually developed or standard project in areas specially designated for these purposes. New construction is resorted to when there is a dramatic increase in the volume of operating activities in the coming period, its industry, product or regional diversification (the creation of branches, subsidiaries, etc.).

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

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

In terms of direction of action, investments can be divided into investments:

  • on the basis of a project (initial investment), or net investment made upon the founding or purchase of an enterprise;
  • to expand the project (extensive investments) aimed at increasing production potential.

Reinvestment is the binding of newly available funds through

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

  • for replacement, as a result of which existing objects are replaced with new ones;
  • rationalization aimed at modernizing technological equipment or processes;
  • diversification associated with changing the product range, creating new types of products and organizing new sales markets;
  • change in the graduation program (proportional composition of the graduation program);
  • ensuring the survival of the enterprise in the long term, directed towards R&D, personnel training, advertising, environmental protection.

Gross investments consist of net investments and reinvestments 1.

In the domestic economic literature, there are several approaches to the classification of investments.

Let's consider the classification of investments in accordance with the following generally accepted set of classification criteria:

  • investment object;
  • area of ​​investment;
  • form of ownership of the investment;
  • nature of participation in investment;
  • investment period;
  • regional nature of the investment.

Based on "investment object" The following types of investments are distinguished.

  • 1. Real (capital-forming) investments(they are also sometimes called production or material), which include:
    • investments in fixed assets;
    • investments in inventories.

Real investments mean investments in real assets, both tangible and intangible (sometimes investments in intangible assets associated with scientific and technological progress are characterized as innovative investments).

Real investments are made in the form of capital investments. Investments in real projects are a time-consuming process. Therefore, when assessing them, it is necessary to take into account:

  • riskiness of projects - the longer the payback period, the higher the investment risk;
  • time value of money, since over time money loses its value due to inflation;
  • the attractiveness of the project compared to other capital investment options from the point of view of maximizing income and increasing the market value of the company's shares with a minimum level of risk, since this is the determining goal for the investor.

Using these rules in practice, an investor can make an informed decision that meets his strategic goals.

  • 2. Financial investments- This:
    • savings bank deposits;
    • bonds;
    • stock;
    • money;
    • deposits.

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

The separation of real and financial investments is the main feature of the classification. According to some authors, in primitive economies the bulk of investments are real, while in modern economies the majority of investments are represented by financial investments.

The high development of financial investment institutions significantly contributes to the growth of real investments. Thus, it can be concluded that the two forms are complementary and not competitive. An example of such a relationship in the real estate sector is the financing of housing construction for rental purposes.

  • 3. Intelligent Investments include:
    • investments in scientific developments;
    • investments in specialist training;
    • investments in the social sphere.

According to the second sign "investment area" investments are classified depending on the field of activity into which they are directed. So, for example, for a construction organization carrying out capital construction, the following areas of investment can be distinguished:

  • supply, those. provision of construction materials, equipment, transport, semi-finished products;
  • production, those. directly carrying out construction work;
  • sales, those. sale of construction products either in the form of sale of relevant buildings, structures, living space, or in the form of lease, etc.

According to the third sign "investment ownership form" stand out:

  • public investment, carried out by state authorities at various levels at the expense of relevant budgets, extra-budgetary funds and borrowed funds, as well as implemented by state-owned enterprises and enterprises with state participation at the expense of their own and borrowed funds;
  • foreign investment– investments made by foreign legal entities and individuals, as well as directly by foreign states and international organizations;
  • private investment– carried out by private individuals and non-state owned enterprises;
  • joint investments– carried out jointly by domestic and foreign investors.

Based on "nature of participation in investment" distinguish between direct participation in investment and indirect participation in investment.

Under direct participation in investment means the direct participation of the investor in the selection of investment objects and investment of funds. Direct investment is carried out mainly by trained investors who have fairly accurate information about the investment object and are well acquainted with the investment mechanism.

Under indirect participation in investment means investment mediated by other persons (investment or other financial intermediaries). Not all investors have sufficient qualifications to effectively select investment objects and subsequently manage them. In this case, they purchase securities issued by investment and other financial intermediaries (for example, investment certificates of investment funds and investment companies), and place the latest investment funds collected in this way at their own discretion - they select the most effective investment objects, participate in their management, and The proceeds are then distributed among their clients.

Based on "investment period" distinguish between short-term and long-term investments.

Under short-term investments usually mean investments of capital for a period of no more than one year (for example, short-term deposits, purchase of short-term savings certificates, etc.).

Under long-term investments are usually understood as investments of capital for a period of more than one year. This criterion is accepted in accounting practice, but, as experience shows, it requires further detail. In the practice of large investment companies, long-term investments are detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

The last sign "regional nature of investments" suggests their classification into three groups:

  • investments abroad– investing in investment objects located outside the state borders of a given country;
  • domestic investment– investing in facilities located on the territory of a given country;
  • regional investments– investing funds within a specific region of the country.

Such a classification, while making it possible to identify the main areas of investment activity, nevertheless does not take into account a number of specific features of the investment process that have a significant impact on the assessment process. Additional characteristics can be used to classify investments:

  • use of limited resources in the investment process - land, capital resources and personnel;
  • scale of investment – ​​investments in small, medium and large projects;
  • degree of exposure to other investments - independent investments; investments requiring accompanying investments; investments sensitive to competing investment decisions;
  • the form of obtaining the effect, which depends on the investment goals;
  • the functional activity with which the investment is most closely related;
  • industry classification;
  • investment risk;
  • degree of mandatory implementation – mandatory, not absolutely mandatory, optional.

The most widespread classification of investments in the Russian economy is direct, portfolio and other.

Direct investments– is an investment in a given enterprise, the volume of which is at least 10% of the share capital of this enterprise. Portfolio investment– is an investment in the securities of a given enterprise, the volume of which is less than 10% of the share capital. Other investments– these are investments not related to the enterprise (investment of capital in GKOs, OFZs, etc.).

Another classification of investments is given in the book by L. J. Gitman and M. D. Jonk: “Investment is a way of investing capital, which should ensure the preservation or increase in the value of capital and (or) bring a positive amount of income. Direct investment is a form of investment , which gives the investor direct ownership of a security or property. For example, when an investor buys a stock, bond, security, or piece of land to store the value of money or to earn income, he is making a direct investment. An indirect investment is an investment in a portfolio. In other words, a collection of securities or assets. For example, an investor may buy a share of a mutual fund that is a diversified collection of securities issued by different firms. By making this purchase, the investor will not have a claim on the assets of a single company, but an interest in the portfolio." .

  • Blank I.A. Investment management. Kyiv, 1995. P. 18.
  • See for example: Sharp U., Alexander G., Bailey J. Investments: per. from English M.: INFRA-M, 1999. P. 1.
  • Getman L.J., Jonk M.D. Fundamentals of investing. M.: Delo, 1997.

Investments are made in various forms that require certain systematization. In economic theory and practice, investments are classified according to the following main characteristics.

By attachment objects capital investments are divided into real and financial.

Real(capital-forming) investments characterize capital investments in the creation and reproduction of fixed assets, the acquisition of land plots, forests, lakes and environmental management facilities, in intangible assets (innovations), the increase in inventories and other objects related to the economic activities of enterprises. In recent years, individual economists have identified innovative (intellectual) investments as an independent group.

Real investments provide an increment (increase) in the real capital of a company or an individual business entity (increase in fixed and short-term assets, intangible assets).

Financial(portfolio) investments are investments in various financial instruments, mainly in securities, precious metals, and foreign currency. They can be either an additional source of raising funds for investments (for example, when placing shares and long-term bonds), or the subject of an exchange game on the stock market.

By purposes of investing real capital investments are distinguished:

strategic- are sent by investors to create new enterprises, new production facilities, and acquire property complexes in another field of activity;

basic e - investments in the modernization and expansion of existing enterprises, the creation of new production facilities in the same field of activity;

current- are allocated to replace equipment and other fixed assets, major repairs, and replenishment of short-term assets.

By the nature of participation in investment distinguish between direct and indirect investments.

Direct investments provide for the direct participation of the investor in choosing an investment object and investing funds. As a rule, such investors know well the object they are interested in and the investment mechanisms. Direct investments are directed to the creation and increase of real assets of “one’s own” enterprise or to the authorized funds of other legal entities. In the latter case, the investor's strategic goal may be to acquire a controlling stake and form a closed technological or commercial chain. In this case, he invests in enterprises that supply raw materials, materials, semi-finished products or in enterprises that provide sales of finished products. The purpose of investment may also be the acquisition of one enterprise by another or their merger.

Indirect investments are made through financial intermediaries: investment companies and funds, commercial banks, etc. They accumulate the funds of individual investors, invest them in what they consider to be effective investment objects, manage them, and then distribute the income received among their clients - investors.

By investment period distinguish short-term and long-term investments.

Based on the form of ownership of investors investments are distinguished:

state- they are carried out at the expense of the republican and local budgets, state target budget funds and state extra-budgetary funds, as well as state enterprises;

private, which are produced by non-state owned entities and individuals. In developed economies, private investment accounts for the bulk of investment.

foreign- characterize foreign investments ­ legal entities and individuals, international organizations in the recipient country;

joint- this is the total capital investment of the resident ­ comrades and non-residents.

By level of investment risk The following types of investments are distinguished:

Risk-free investments. These include investments for which there is no real risk of loss of invested capital and the receipt of the expected income is practically guaranteed.

Low risk investments characterize the investment of capital in investment objects, the risk of which is significantly lower than the market average.

Medium risk investments are investments of capital into objects whose risk level corresponds to the market average.

High risk investments are characterized by a high degree of risk and high profitability, significantly exceeding the market average. This also includes venture investments directed into new areas of activity associated with high risk (for example, shares of young innovative companies), for which very high income and a quick return on investment are expected.

By regional basis distinguish between investments within the country (national) and outside it (foreign or outside shnie). The latter also includes the purchase by residents of the Republic of Belarus of various financial instruments of other states: shares, bonds, etc. In the host country, outward investment is foreign.

By the nature of the use of capital In the investment process, primary (starting) investments, reinvestments and disinvestments are distinguished.

Primary investments are investments of capital formed for the first time by an investor at the expense of own, attracted and borrowed funds for investment purposes (for example, for the implementation of a project, the purchase of an enterprise, unfinished construction projects).

Reinvestment represent repeated additional investments for investment purposes of income received from previously made investments.

Disinvestment- this is the release of previously invested capital from the investment process without its subsequent use for investment purposes (for example, during the liquidation of an enterprise with foreign capital).

Investments may be classified by industry: investments in industry, agriculture, construction, etc.

In the economic literature there is a classification of investments according to other criteria.



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