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Real people, real events When, during the constellation, we are faced with the dynamics of death, then are we talking about real people, former family members of the client, or are we referring to the part of his psyche that stores the memory of these people? This question also applies to

Evgeny Smirnov

Bsadsensedinamick

# Investments

The essence and forms of real investments

In Russia, the most popular areas for real investment are mining, oil refining and food processing.

Navigating the article

• Types of real investments, classification, example
• Forms of real investments and features of their management
• Risk management in real investing
• Investments in the real sector of the economy, assets and business
• Investment projects for a portfolio of real investments
• Leasing as a method of financing real investments
• Methods for assessing the effectiveness of real investments

A person far from the world of finance and business has a very vague idea of \u200b\u200bwhat investment is. Usually, by this concept, people mean financial investments in the purchase of various securities, the Forex market or the purchase of real estate. But besides financial investments, there are also investments in the real sector, or, as they are also called, - real investment.

Financial investments are usually understood as investments of money capital in various financial instruments - stocks, bonds, commodity futures, etc. In fact, this is the purchase of speculative assets with the aim of their further resale at a more favorable price. What investments are called real?

Real investments are investments in the real sector of the economy, that is, in production and the service sector, in the creation of tangible and intangible values. If we look at investments from the point of view of macroeconomics, then these are investments in the general improvement of the material well-being of society.

Thus, real investments are investments in maintaining the economic complex, as well as in its modernization and expansion. In this case, investments can be directed to the acquisition or creation of both tangible and intangible assets (intellectual property - production licenses, works of art, software, etc.).

Real investment is, in most cases, financing large, expensive projects. If, when making financial investments, it is possible to buy securities in small lots for literally several thousand or even several hundred dollars, in the real sector any investments are almost always quite large sums.

For this reason, real investors are either wealthy individuals or legal entities with large capital. Only they are wealthy enough to provide financing for projects for the construction, modernization and expansion of industrial complexes of various sizes.

Types of real investments, classification, example

Real investments are more diverse than financial investments, since they are applicable to all types of economic commercial activities... And these are dozens of sectors of the economy and thousands different types activities, in each of which there may be several areas for investment.

In general, all types of real investments can be divided into two main groups:

1. Material investments. They represent investments in the creation or acquisition of material objects. The classification of this type of investment covers such types of costs as the purchase or creation of real estate, production and auxiliary equipment, engineering communications, transport infrastructure, etc.
2. Intangible investments. This is an investment in the intangible sphere, which is important for maintaining economic activity... An example of this is investment in advertising that promotes better sales of goods, the purchase of a license to use other people's technologies in production, the cost of staff training, etc.

It is noteworthy that some categories of investments are, as a rule, formalized in the form of current production costs of the enterprise, and not capital investments. This is due to the peculiarities of their financing through regular contributions, and not one-time costs. This is the case with advertising, the use of other people's technologies (license rent) and software.

Real investments include the following investments:

• purchase of equipment;
• purchase of land , including mineral deposits;
• purchase or construction of buildings and structures;
• investments in production modernization;
• expenses for structural reorganization of the enterprise;
• purchase or creation of trademarks, brands;
• purchase of patents and licenses;
• research funding;
• training and retraining of personnel.

To some extent, the concept of real investment also includes investments in purchase of bonds or shares of the enterprise, if their resale to third parties is not provided, and the proceeds are used to expand or modernize production.

Real investments are in many ways more profitable than financial investments. Although they do not always provide a higher level of profitability in comparison with financial ones, they are less risky. First, they are less prone to short-term market fluctuations. Secondly, objects of real investment have their own value, which allows them to be sold if necessary, and thereby return most of the investments.

While financial investments allow the investor to make money solely on market fluctuations, real investments are focused on making a profit by producing additional material and intangible benefits.

Real investments are always closely related to a specific production. If when buying shares the investor is only interested in the prospect of their rise in price, then for investments in the expansion or modernization of production, many additional factors are of great importance. All problems become important to the investor production process, which ultimately affect the increase in production volumes and profit from product sales.

For these reasons, a person who wants to invest in investments and make real money should be closely associated with the management of the enterprise. An investor needs not only to understand exactly where his money will go, but also to be able to influence this process. Thus, a real investor almost always takes part in the management of the enterprise to one degree or another. He is either initially the owner or receives a voting block in exchange for his investment.

Forms of real investments and features of their management

There are various ways to invest in the real sector of the economy. These methods represent separate forms of attachments.

The most understandable and visual option is to purchase manufacturing enterprise... Although, in principle, a wealthy individual can purchase a small workshop, shop or other economic complex, in practice it is more common for one enterprise (or its tangible assets) to be acquired by another, larger enterprise.

An important aspect of this form of investment is that it is not a separate property that is purchased, but an entire economic complex, fully or partially ready for production or provision of commercial services... This way of investing is well suited for seasoned entrepreneurs who can save time and effort by restoring a purchased business instead of starting one from scratch.

Further, we should mention such a form of investment as the purchase of individual tangible assets - buildings, land plots, machine tools, transport, etc. They resort to it in cases where it is impractical to acquire a ready-made economic complex. For example, a factory needs 100 new machines. Obviously, buying another factory just for this equipment is foolish. You just need to contact the manufacturer of this type of machine and buy the required number of machines.

Another popular form of real investment is the construction of new buildings, engineering facilities and communications, transport and industrial infrastructure. This form demanded in cases when the company needs new buildings, facilities and communications, but is unable to purchase them. For example, an agricultural enterprise needs its own grain storage. And if in principle there is no such object in the district, then it is impossible to buy it. Similarly, you cannot buy a road between two production workshops on your own territory, you can only build it.

The main forms of real investment also include reconstruction and modernization. This is a special form of real investment, which is to some extent an alternative to expanding the enterprise. In this case, the goal is not to increase the number of fixed assets, but to improve them or replace them with more advanced ones that are suitable for modern technical realities. While increased production is often the result of this type of investment, the main objective still is to reduce production costs by optimizing production processes and reducing the cost of raw materials, personnel and energy resources.

Constant modernization is the only kind of real investment that no enterprise can do without. Even if we are talking about a small family cafe in a provincial town, where, in principle, there are no prospects for expanding the business, constant technical re-equipment is still necessary both in the kitchen and in the trading floor.

Finally, there is also such a form of investment as the purchase or creation of intangible assets. As mentioned above, this includes technical patents, trade marks, production licenses, software and much more.

Risk management in real investing

Analysis and management of risks when making real investments is one of the main tasks of an investor. While investments in the real economy are considered more reliable compared to the financial sector, risks still exist. This is an objective phenomenon that exists both at the industry level and at the level of an individual enterprise. The peculiarities of their management is a separate science.

When implementing any investment project, you need to consider possible risks the fact that investments will not be able to recoup themselves for reasons that have arisen at the macroeconomic and local levels. For any investment project, an assessment of the degree of risk is made, taking into account its specifics, and possible ways and features of their management are provided. The following types of risks are distinguished:

1. The risk of insolvency. This implies the possibility that during the implementation of the project the investor will run out of money and the project will be disrupted, and the investments already made are lost.
2. Design risk. The risk of significant errors in the business plan or technical design that could greatly affect the profitability or even the ability to carry out the original project.
3. Execution risk. Unskilled performers can disrupt all the original plans, doing the work poorly, prolonging it too long or excessively increasing costs.
4. Marketing risk. The possibility that consumer demand for the product for which the project is being created will be lower than expected.
5. Inflationary risk. As a result of inflation, the costs of implementing the project will greatly increase, or the final real profit will be less than the real costs.
6. Tax risk. The possibility of new taxes or increases in existing ones, which will call into question the economic feasibility of the project.
7. Structural operational risk. During the operation of an already implemented project, the current operating costs may increase by different reasons and reduce its profitability.

And these are just some of the most common problems that have to be considered when conducting risk analysis and management.

Various classification methods can be applied to investment objects. They are distinguished by the following characteristics:

• scale;
• focus of the project;
• the nature and content of the investment cycle;
• the nature of the state's participation in the project;
• investment efficiency.

The most typical objects for which real funds can be directed within the framework of an investment project are land plots, buildings, production equipment, utilities, etc. More specific objects for this kind of investment include scientific and technical research, development of new improved products and services, advertising, expansion of the sales network, reorganization of the company, personnel training.

Investments in the real sector of the economy, assets and business

The key feature of investments in real business in comparison with investments in financial assets is a direct connection with the real sector of the economy. While speculation in securities is only remotely related to the production process itself, every penny of real investment directly affects the production of goods and services.

It is noteworthy that a financial investor may not understand at all how the company whose shares he bought works. For him, only the general financial results of the enterprise, as well as the state and prospects of the sector of the economy in which it operates, matter. For a real investor, absolutely all aspects are important, up to territorial localization production workshops and middle-aged employees.

Thus, to make a real investment, you need to be a real professional and expert in the industry in which you are investing. Or you need to hire such experts as consultants.

Also, the investor has to take into account that investments in real assets have extremely low liquidity. It is difficult (and often completely impossible) to convert them back into financial resources, which almost excludes the possibility of speculative disposal of them. For this reason, real investments are always made for the long term.

From a macroeconomic point of view, real investment is the only source of real economic growth. Speculation in securities can enrich specific individuals, but the overall increase in production in the country can only be ensured by investments in the real sector of the economy - in the construction of buildings, production of goods and services.

Investment projects for a portfolio of real investments

The real investment portfolio is a collection of several investment projects in the real sector of the economy, subordinate to certain tasks and goals. Theoretically, such a portfolio can be owned by a private investor investing his capital in various enterprises in order to minimize risks while maintaining high rates of return on investment.

Nevertheless, in practice, a portfolio of real investments is, as a rule, a set of investment projects implemented at a specific enterprise in order to increase production volumes, reduce production costs and expand the distribution network.

Any real investment portfolio is characterized by extremely low liquidity. Often it represents zero value as a speculative asset and is only able to bring profit to the investor himself in the medium and long term. This is due to the fact that the only way to make a profit from these investments is the production and sale of products (services) of the enterprise in which the funds were invested.

The real investment portfolio is very difficult to manage and is directly related to the management of the enterprise itself. For this reason, either the owner of the company (an individual or other legal entity) or the company itself is often the real investor.

Within one enterprise, a portfolio of real investments is formed from investment projects based on a general development strategy this entity management. Accordingly, profit from these investments is directly tied to increasing production volumes, reducing costs and expanding the client base.

As an example of such an investment portfolio, let's take a small agricultural enterprise on the verge of large-scale expansion. The owners and management decide to implement several projects at once:

• purchase new tractors;
• purchase additional land plots for new crops;
• build a livestock complex;
• hire and train additional staff.

Each item on this list is a real investment project that can be financed both from the operating profit of the enterprise and from funds raised from outside through the issuance mechanism stocks and bonds , or for credit funds. Well, all these projects together are combined into a single portfolio, which is at the same time overall strategy development of this company.

Leasing as a method of financing real investments

Leasing as a method of financing long-term investment projects is an excellent alternative tool for raising funds. In conditions of stagnation of the economy with high inflation and high rates on bank loans, leasing allows you to successfully implement expensive investment projects with a long payback period. How it works?

Inflation can eat up all the profits from long-term investments, so a third-party investor is not interested in a real investment project for a long term. If the enterprise does not have enough of its own working capital for such a project, he only has a bank loan. But due to high interest rates, investments in real assets can be unprofitable.

Leasing becomes a way out of the situation. Third party investor acquires related property (e.g. industrial machines) and rents them out industrial enterprise... As a result, the investor earns a rental income that covers the inflation rate, and at the same time remains the owner of the property that can be sold at the expiration of the lease agreement.

In turn, the company receives for use the property it needs, the rent of which is covered from the profit generated by this property. Moreover, the cost of rent is lower than payments on a bank loan.

It should also be noted one more fundamental point regarding this source of investment financing. A bank loan can only be taken from the bank of the country in which the company is located. The law prohibits direct loans from foreign banks with lower interest rates. But a lease agreement can be concluded with non-residents, that is, you can rent property from companies and individuals registered in another country.

By the way, the decisive prerequisite for the influx of real foreign investment is just the high cost of bank loans in our country. Foreign investors willingly join leasing schemes that are safe enough and at the same time provide all parties with excellent conditions for making a profit.

Methods for assessing the effectiveness of real investments

The criteria that substantiate the feasibility of real investments are divided into two main categories - the assessment of profitability and the assessment of risk.

When assessing the expected return on real investments, the main method of analysis is the development of a feasibility study (FS). This is a document that reflects rough aggregated calculations of all key performance indicators, as well as costs and revenues.

An important element in calculating investment efficiency is the preparation of a business plan. Moreover, at each stage of the project implementation, such a plan is drawn up anew. That is, first a preliminary business plan is developed, then the current plan in the process of project implementation and the final plan at the beginning of the operation of an already implemented project.

Key methods for assessing the effectiveness of investments in terms of profitability are based on the calculation of the following indicators:

• profitability index;
• payback period;
• net present value;
• internal rate of return on investments.

By comparing different projects according to these indicators, the investor chooses the most suitable and profitable one in order to implement it in the first place.

As for the assessment of risks in the implementation of real investment projects, then it also occurs through a comparison of the main indicators of profitability. To do this, select the indicators of production, financing and product sales within the project, and simulate their changes to assess the sensitivity and vulnerability of the project to such changes.

In terms of risk, the analysis of investment performance boils down to drawing up three business plans:

• pessimistic;
• optimistic;

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The basis of the company's investment activity is real investment. In most enterprises, this investment is in modern conditions the only direction of investment activity. This determines the high role of real investment management in the system of enterprise investment activities.

Real investment is characterized by a number of features, the main of which are:

• 1. Real investment is the main form of strategy implementation economic development enterprises. The main goal of this development is ensured by the implementation of highly effective real investment projects, and the process itself strategic development the enterprise is nothing more than a set of these investment projects implemented in time. It is this form of investment that allows the company to successfully penetrate new product and regional markets, to ensure a constant increase in its market value.
• 2. Real investment is in close relationship with the operating activities of the enterprise. The tasks of increasing the volume of production and sales of products, expanding the range of manufactured products and improving their quality, reducing current operating costs are solved, as a rule, as a result of real investment. In turn, the parameters of the future operational process, the potential for an increase in the volume of its operational activities, largely depend on the real investment projects implemented by the enterprise.
• 3. Real investments provide, as a rule, a higher level of profitability in comparison with financial investments. This ability to generate large profit margins is one of the incentives for business activities in the real sector of the economy.
• 4. Realized real investments provide the company with a stable net cash flow. This net cash flow is formed at the expense of depreciation deductions from fixed assets and intangible assets, even in those periods when the operation of the implemented investment projects does not bring profit to the company.
• 5. Real investments are subject to high level the risk of obsolescence. This risk accompanies investment activity both at the stage of implementation of real investment projects and at the stage of their post-investment operation. Rapid technological progress has formed a tendency to increase the level of this risk in the process of real investment.
• 6. Real investments have a high degree of anti-inflationary protection. Experience shows that in an inflationary economy, the growth rates of prices for many objects of real investment not only correspond, but in many cases even outstrip the growth rates of inflation, realizing the excitement inflationary demand of entrepreneurs for materialized objects of business activity.
• 7. Real investments are the least liquid. This is due to the narrowly targeted orientation of most forms of these investments, which practically have no alternative economic use in unfinished form. In this regard, compensate financially incorrect management decisionsassociated with the beginning of real investment is extremely difficult.

Real investments are carried out by enterprises in various forms, the main of which are.

• 1. Acquisition of integral property complexes. It is an investment operation of large enterprises that provides sectoral, commodity or regional diversification of their activities.
• 2. New construction. It is an investment operation associated with the construction of a new facility with a complete technological cycle according to an individually developed or typical project in specially designated areas. The enterprise resorts to new construction with a radical increase in the volume of its operating activities in the coming period, its industry, product or regional diversification (creation of branches, subsidiaries, etc.).
• 3. Re-profiling. It is an investment operation that provides a complete change of production technology for the release of new products.
• 4. Reconstruction. It is an investment operation associated with a significant transformation of the entire 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 in order to radically increase its production capacity, a significant improvement in the quality of products, the introduction of resource-saving technologies, etc. In the process of reconstruction, expansion of individual industrial buildings and premises may be carried out (if a new technological equipment cannot be placed in existing premises); construction of new buildings and structures for the same purpose instead of those liquidated on the territory of the existing enterprise, the further operation of which, for technological or economic reasons, is recognized as inexpedient.
• 5. Modernization. It is an investment operation associated with the improvement and bringing the active part of production fixed assets to a state corresponding to the modern level of technological processes, through structural changes in the main fleet of machines, mechanisms and equipment used by the enterprise in the process of operating activities.
• 6. Update certain types equipment. It is an investment operation associated with the replacement (due to physical wear and tear) or addition (due to an increase in the volume of activity or the need to increase labor productivity) of the existing equipment park with certain new types of equipment that do not change the general scheme of implementation. technological process... Renovation of certain types of equipment characterizes mainly the process of simple reproduction of the active part of production fixed assets.
• 7. Innovative investment in intangible assets. It is an investment transaction aimed at using new scientific and technological knowledge in the operational and other activities of the enterprise in order to achieve commercial success. Innovative investments in intangible assets are carried out in two main forms: a) through the acquisition of finished scientific and technical products and other rights (acquisition of patents for scientific discoveries, inventions, industrial designs and trademarks; acquisition of know-how; acquisition of licenses for franchising, etc.); b) through the development of new scientific and technical products (both within the framework of the enterprise itself and by its order by the relevant engineering firms). Implementation of innovative investment in intangible assets can significantly increase the technological potential of an enterprise in all areas of its economic activity.
• 8. Investing the increment in inventories of tangible current assets. It is an investment operation aimed at expanding the volume of the used operating current assets of the enterprise, thereby ensuring the necessary proportionality (balance) in the development of non-current and circulating operating assets as a result of investment activities. The need for this form of investment is due to the fact that any expansion of production potential, provided by the previously considered forms of real investment, determines the possibility of producing an additional volume of products. However, this possibility can be realized only with a corresponding expansion of the volume of use of tangible current assets of certain types (stocks of raw materials, materials, semi-finished products, low-value and wearing items, etc.).

All of these forms of real investment can be reduced to three main areas: capital investment or capital investments (first six forms); innovative investment (seventh form) and investment of an increase in current assets (eighth form).

The choice of specific forms of real investment of an enterprise is determined by the tasks of sectoral, commodity and regional diversification of its activities (aimed at expanding the volume of operating income), the possibilities of introducing new resource and labor-saving technologies (aimed at reducing the level of operating costs), as well as the potential for the formation of investment resources (capital in monetary and other forms involved in making investments in real investment objects).