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MANAGEMENT SYSTEM INVESTMENT THE ACTIVITIES OF THE COMPANY
Abstract
The article considers a real investment, which forms the basis of investment activity of the enterprise, identified the basic elements and conceptual bases of management of investment activity at the enterprise. The use of the proposed framework in practice, will allow enterprises to create balanced structure of own sources of financing of investment activities, determine their overall value and justify the economic efficiency of their use.
Keywords
real investment, financial investment, investment project, investment, management, investment process, investment portfolio, business plan
AUTHOR Oksana Kolomyts
PhD in Sociology, Associate Professor, Kuban State Technological University Krasnodar, Russia oksana.kolomytz@yandex.ru
Real investment for most enterprises in modern conditions is the base of investment activities. Realization of real investment is characterized by several features, among which are the following [3].
First, real investments directly connected with the principal activity of the company, expansion of assortment of production, increase its quality through the introduction of achievements of scientific-technical progress that leads to the interconnectedness of production activity and investment processes.
Second, real investments are exposed to greater economic risk than financial, which confirms their ability to provide higher margin.
Thirdly, real investments are less liquid than financial, due to the narrow target of most investments in real production, often do not have alternative economic use. In this regard, errors in the decision on the implementation of the real investment is extremely difficult to compensate.
Note that real investments are made in a variety of forms: capital investment, investment in the growth of the current assets, investment in intangible assets. In turn, capital expenditures are also in various forms, primarily in the form of new construction, modernization, reconstruction, technical re-equipment, as well as the acquisition of integral property complexes [4].
The acquisition of integral property complexes is the prerogative of the largest companies, usually associated with aggressive policies aimed at rising its impact on
individual markets. This form of investment is widely used in modern conditions of Russia's major companies willing to create a technologically closed production and commercial structures, ranging from the production of materials and components to production and sales of finished products. Provided the form of real investment provides the growth of the total value of the assets of the enterprise-investor due to the growth of financial opportunities, potential joint use of the system of sales, lowering production costs [2]. Most forms and types of real investment, excluding investment in current assets, update some equipment, mechanisms, are implemented as real investment projects with the appropriate business plans. In business-plans of investment projects along with the traditional sections work on it and present the issues of minimizing the extent of investment risks, as well as the provision of the necessary degree of liquidity of real investment.
With views of the life cycle of businesses, goals and direction of their actions real investments is divided into primary, extensive and reinvestment. Initial investment (net investment) are investments aimed at the establishment of a company, object. While investors are investing money used for the construction or purchase of buildings, installation of equipment and acquisition, creation of necessary financial reserves, the formation of working capital.
Extensive investments are like investing in the expansion of existing businesses, increase their productive capacity, including assuming the expansion of the scope of activities.
Reinvestments related to the process of reproduction of fixed assets in existing enterprises. Company with available funds (profit allocated for the development of production and depreciation), spend them on:
- replacement of physically worn and morally obsolete equipment, outdated technological processes with new ones;
- improving the efficiency of production, its rationalization;
- changes in the structure of manufactured products and rendered services;
- diversification of production, which resulted in changing not only the range of products, but sometimes the profile of the enterprise;
- the survival of the enterprise in the fierce competition in the market (research and development activities, the development of efficient technologies, advertising).
Real investment is the basis of the company's investment activities. Currently this type of investment is essential for most businesses, since the management of real investments in the system of investment activity is carried out at a higher level and minimizes investment risk [1].
Based on this, highlight the basic elements of the management system of investment activity at the enterprise (figure 1).
The subject of management of investment activity of enterprises - business entities performing control of the reproduction process
Object management - the process of reproduction in General, various types of investment relations, including the behavior of economic entities, connected with the formation of the investment resources for the reproduction of fixed assets: their technical re-equipment or modernization
Management tools - direct, administratively limiting the process of reproduction of fixed assets, and indirect, giving the conditions to achieve the targets of investment planning
The ultimate goal of management - the relation between investment capacity and the actual amount of depreciation Fund and the determination of economically justified cash flow to Fund capital development of the economic entity in the planned (projected) period
FIGURE 1. BASIC ELEMENTS OF CONTROL SYSTEM OF INVESTMENT ACTIVITY
AT THE ENTERPRISE
Capital investment decisions have a long period of time between the implementation of the investment costs and the benefits they derive.
The concept of corporate governance of the investment activities of the company are presented in figure 2.
From the perspective of enterprise management of investment processes is seen as the optimization of the investment portfolio, the complicated effect of mutual influence of qualitative and quantitative factors of economic activity of economic entity [5]. For increase of efficiency of functioning of economic entities it is necessary to introduce scientifically justified and feasible from a practical point of view of the system of management of investment activity, mitigating the risks arising from investment activities.
Peculiar character of investment decisions is determined by the fact that:
- after making the investments, i.e. investments in capital assets of the enterprise, they are connected and can't quickly make a profit; changing the nature of investment in this type of property of the enterprise financial resources. The solidity of the costs is distinctive from other types of cost form of participation in the production process, that is a distraction on a long term large sums of money;
- the investment must generate income throughout the period of operation of acquired capital assets, and the investor has the right to calculate such rate of return, which would be comparable to that which he would have received by investing these funds in alternative areas;
- at the end of the period of operation of fixed assets or will have some salvage value, or will have no value at all.
The use of the proposed framework in practice, will allow enterprises to create balanced structure of own sources of financing of investment activities, determine their overall value and justify the economic efficiency of their use.
Management of nvestmErl activity of the enterprise integration oro-cess which consists in 1he sequencing of nvestmerl activities in acccrdarce wti- app ¡cable investment lavi-s aid the development strategy of ar economic subject, aimirg at the optimisation c-"own scltcbs of firancirg the nscncducticr of feed capital in the cjrrent period and in the future.
ne ai^i was to crgarizE a system cf real nvestmert to resci the maximal -Irancial result a: minir-jm cost
Fjncticrs:
- determination of nvestmert stpstegy
- coordination ard actual operating systems taking intc accojnt the decision of nvestmert problems-;
- ^ronito'ing of legislation. control of correctness of ca cjla:ion of depreciation and use cf profts
The process of organizing induces:
- are- inninary analysis of ¡nvas:meTt activity of the enterprise
- s:udy of the currert corditicr of the nxec assets and identifying promisirg directions for their cevelopment:
- jsb tie rncst favorable depneciaticr r-etnccs
fb'ethcdclogica SLoport: the coefficient and statistical methods (fadot, incex, irtegrsl), economic-malhematical models [methods cf programming: linear ncnlirear method of Eell man)
-33E-
F'inciples:
- optima ity
- efficiency;
- payback:
-accounting and in_"crmaticral suppon -1 -
I Stages:
- organizational: assess tie financial capat- lities, :he choice of investment pel cy
analysis: cho ce of assets assessmerl of efficiency of investments;
- deveopr^ent of i nvestmen: strategy: the ¡nvestmert decisior:
- mpleinsmalion oHhe investment project managing the implemertation cf investment decisiors
FIGURE 2. CONCEPTUAL FRAMEWORK OF MANAGEMENT OF INVESTMENT ACTIVITY
AT THE ENTERPRISE
REFERENCES
1. Barkalov S. A., Bakunts O. N., Gureeva I. V., Kolpachev V. N., Russman I. B. Optimization models of distribution of investments in the enterprise by type of activity. - M.: IE RAS, 2002.
2. Daskovsky V. B., Kisselev V. B. About the crisis of the process of reproduction of fixed assets and economic activities in the Russian economy // Investments in Russia. - 2009. - No. 1.
3. Lakhmetkin N. And. The investment strategy of the enterprise. - M.: KNORUS, 2006. - 184 p.
4. Popov M. N., O. N. Kolomyts. Investments: textbook. / M.N. Popov, O.N. Kolomyts. - Stavropol: SSAU "AGRUS", 2015. - 108 p.
5. Investment management: a tutorial (workshop) [Electronic resource]: teaching electronic publishing (manual) / V.V. Prokhorova, O.N. Kolomyts. - Electron. Dan. (7 MB). - Maikop: Elite, 2015. - doi: 10.18411/2015-12-007.
CURRENT AND HISTORICAL DELINEATION OF THE MARITIME TERRITORIES
IN THE WESTERN ARCTIC
Abstract
The article considers theoretical issues delimitation of marine areas in the Western Arctic.
Keywords
Arctic zone of Russia, Russian-Norwegian relations, international law, Concept of Sustainable Development of the Russian Federation
AUTHORS
Tatyana Kapelko
PhD in Jurisprudence, Associate Professor Department of Civil and Corporation Law Murmansk State Technical University Murmansk, Russia kapelko@yandex.ru
Andrey Tumanov
PhD in Philosophy, Associate Professor Department of Criminal Law and Criminology Murmansk State Technical University Murmansk, Russia sir.tumanov2015@yandex.ru
The modern territory of the Arctic zone of Russia according to various estimates ranging from 2.5 to 3.3 million sq. km. This habitat resides just under 2 million people (during the years of post-Soviet economic and political crisis, the local population has decreased by about 15%). Ever since the formation and development of the economy and state geopolitical and geostrategic interests of Russia has always been directed to the North, starting with trips to the ancient Pomors Grumant (Svalbard) and the beginning and continuation of the development of the Northern Sea Route and the continental Arctic shelf. The direction of the development of Russia, too, is directed to the North, which at 10 million people occupies 2/3 of the country and gives up to 60% of its foreign exchange earnings.
In accordance with Art. 1 of the Federal Law "On the State Border of the Russian Federation" is considered to be the state boundary line and the line passing through the vertical surface, which defines the limits of the national territory (land, water, subsoil and air space), spatial limit of the national sovereignty. The law "On State Border" confirms that the establishment of the state border and its mode is made on a contractual basis with the neighboring countries and taking into account the positions of the contracting parties mutually agreed, as well as federal laws. So, between the Russian Federation and Norway land border territorial issues are regulated by the signed
