Essence, types and goals of investment policy

Investment policy - a set of actions of agents of reproductive activity to ensure the conditions for the reproduction of capital resources in the region.

The essence of investment policy is to ensure the reproduction of fixed assets of production and non-production industries, their expansion and modernization.

The nature of investment policy is determined by the degree of state intervention in economic processes, the degree of linkage of this policy with other state institutions, which include tax, financial and credit, licensing and pricing policies, income and employment policies, attracting foreign investment, the legal field and the general administrative structure. The depreciation policy is included in the general investment policy. Depreciation policy, in turn, should be linked to tax policy. In countries of a developed market type, with a general increase in the level of corporate income taxes, as a rule, in the phase economic crisis accelerated depreciation methods are encouraged and incentives are introduced for investment loans. In this case, accelerated depreciation applies only to new equipment.

By availability and the nature of the legal framework one can single out formalized and non-formalized state investment policy. Wherein formalized investment policy means the presence of a coherent legal framework that regulates the main parameters of the investment process, such as taxes, prices, income, tariff system, equipment depreciation periods and methods of accounting for fixed assets. As a rule, it is characterized by a high degree of state participation in the economy. Non-formalized investment policy characterized by a relatively low share of public investment (up to 30%), a large amount of private capital (up to 80% of all economic entities and industrial production volumes), free movement of capital abroad and from abroad, and most importantly, an unsystematized legal framework.

By form of government the following types of investment policy can be distinguished: liberal and centralized. Liberal type of investment policy predominantly economic methods of state regulation of investment processes, a developed vertical system of investors (the state - financial institutions - businessmen - small investors), as well as a variety of sources of investment (private, public, attracted, etc.), developed financial infrastructure. The role of the state is to establish the "rules of the game" in the relationship "investor - state", which allows the economic system to self-regulate and develop relatively freely. This type of investment policy is opposed centralized investment policy, the main feature of which is the use of predominantly rigid administrative methods of management. Sources of investment in this case are formed through the accumulation of resources by various government agencies, long-term forecasting is carried out centrally, and the general legal field strictly regulates the development of the investment process. The participation of the stock market in investment process purely nominal.

Based on these criteria, the modern regional investment policy pursued by most regions of Russia can be assessed as formalized and centralized. The role of state intervention is significant both in terms of the volume of investments it controls and in terms of the degree of regulation of this process. The funds of the state investment budget amounted to slightly more than 60%. Any decision regarding the attraction of large loans by state or commercial enterprises is somehow controlled by government departments.

Currently, there is a gradual transition from the formalized centralized type of state investment policy to its formalized liberal type.

Investment process in regions Russian Federation have the following features.

Decentralization of the investment process. There are at least two directions of this process: the federal center - the region; regional government - regional industrial and financial institutions. In the first case, there is a transfer of centralized management functions in favor of regional power structures, while the federal sources of investment are depleted. At present, the federal government does not implement a comprehensive investment policy in any region of Russia, so all investment flows are formed at the local level. In the second case, the economic policy of regional power structures leads to a gradual reduction in the volume of public investment, an increase in the number of privatized enterprises and the loss of some of their own control and management functions in the field of reproduction. The share of direct public investment in gross capital investments is insignificant. Consequently, the modern investment process in the region is characterized by a reduction in the share of public investment while maintaining state control over the overwhelming volume of capital investments.

Transition to predominantly economic methods impact. The state is losing its functions as the main planning and distributing institution and is acquiring other roles that were not previously inherent to it: the owner, an equal participant, an equity partner, a financial agent, a guarantor and a creditor.

To establish fundamentally different relationships in the sphere of reproduction, a sufficiently long period of time is needed. Like any other developed system, the economy is characterized by inertia, so the process of transformation meets the resistance of the old management model. New forms of state influence on the investment process in the regions of the country include: the formation of the investment budget as a key element of state planning, long-term state lending, state guarantees and regulation of the activities of joint-stock enterprises through the management of state-owned shares. There are significant reserves in the introduction of new forms of state management of the investment process and the improvement of existing ones. Thus, the mechanisms of state participation are practically not involved, the stock market is sluggishly stimulated, there is no clear system of incentives and preferences for domestic investors. Therefore, at the moment, the process of changing the control system is accompanied by a drop in the controllability of the system.

The emergence of new participants in the investment process. The controllability of the investment process is also affected by its structural development, which is characterized by the emergence of a large number of new entities. Primitive Vos System industrial relations"state-industrial enterprise" develops into a branched structure of participants in the investment process. Changes in quantitative and qualitative parameters, on the one hand, complicate the implementation of investment policy, on the other hand, allow the state to transfer part of its investment obligations and interests to other participants.

V present time investment design acts as the main means of implementing the investment policy of the region.

A “project” is a set of actions (works, services, acquisitions, management operations and decisions) aimed at achieving a stated goal. The development of an investment project involves justifying the economic feasibility, volume and timing of investments, as well as a description of practical steps for their implementation.

Investment projects can be classified as follows (Table 7.1).

In accordance with this classification, investment projects of a regional scale include such projects, the implementation of which primarily affects the economic, social and environmental situation in the region.

The objectives of the investment policy of the region. In the implementation of its own investment policy, each region of Russia can pursue a variety of goals. the main problem lies in the fact that local investment aspirations should not contradict the attitudes of both internal regional

classifying sign	classification	Main purpose classification
By type of activity	Technical, organizational, economic, social, mixed	Specificity of the project analysis aspect
By structure	Monoproject, multiproject, megaproject	The complexity of the hierarchical structure of project management
To size	Small, medium, large, extra large	Detail level of information
Scale	Interstate, international, national, interregional, regional, intersectoral, industry, corporate projects of one enterprise	Specificity of development and project management
By duration	Short-term, medium-term long-term	Structuring life cycle project
By complexity	Simple, complex, very complex	The specificity of the project management process
By the nature of the subject area	Investment, innovative, research, educational, mixed	Specifics of the project life cycle and benefit accounting
On the basis of implementation	1. Implemented to an operating enterprise 2. Creates a new enterprise	Proper Calculation and Comparison of Incremental Income and Cost Streams
Mixed - by dominant sign	a) small; b) megaprojects; c) short-term; d) mono- and multi-projects	The specifics of using standard procedures for project management and control

economic policy and the global goal economic development country.

Goals of the current investment policy for most regions currently are: restructuring of the regional economy; achieving economic independence and ensuring economic security region; rationalization of the distribution of productive forces in the region and strengthening of its own industrial base (primarily export-oriented industries, production of energy resources, food products); prioritization investment projects based on the interests of the regional economic complex.

Development of sound investment policy of the region for the future stems from the global target setting for the development of this region. Most regions of the country (especially national entities) set as their strategic goal the creation of structurally and technologically advanced economy with a stable type of reproduction. In accordance with this, the principles of the investment policy of the region are determined.

For most regions of Russia, the problem of developing and implementing an industrial policy that would be aimed at more efficient development is currently relevant. real sector, allocation of priority areas of industrial growth, activation of investments in them of investment and financial resources.

Industrial policy of the region should include three blocks: policies for renewal and modernization of productive forces; financial and credit policy of joint participation; innovation policy. The main task of the first block is the strengthening and development of the industry of the region, a kind of consolidation of existing positions. The second block should be aimed primarily at more efficient use of traditional sources of production investment, as well as at attracting new financial resources. The task of the third block is a qualitative renewal of the industrial base based on the introduction of new resource-saving and effective technologies to industry.

Innovative nature of investments. One of the most important requirements of our time is the innovative nature of the development of the regional economy.

Innovation is becoming essential condition economic recovery of the country. Ensuring the necessary level of innovation activity in the regional economy is the key economic problem the success of its development.

At the same time, innovative activity in the Russian economy is still quite low, which is caused by the poor development of organizational and economic models of economic agents.

The innovation policy consists in anticipating changes in the production function of an economic entity and developing solutions that ensure sustainable development. The innovative strategy of the region is formed on the basis of the target economic settings adopted by enterprises for the long term. An innovative strategy, based on strategic marketing, should be ahead of market demand and, to a certain extent, shape it in the future.

The mechanism for the effective implementation of innovative projects includes:

development of a project implementation strategy;
creation of a special business shell;
formation of an innovative climate at the enterprise;
project promotion strategy and its active marketing;
new ways of project financing;
control and monitoring.

Principles formation of sound regional investment policy are: efficiency, structural balance, focus, national significance.

1. Focus on effective investment. Investments directed to the economy of the region should be profitable under conditions limited by the goals of each specific project, the period of its implementation, and the resources attracted for it. It is advisable to invest in projects whose effectiveness has been confirmed in advance, the payback period is short, and the implementation conditions do not have additional risks. Therefore, investments should be directed primarily to the creation of new non-capital-intensive or strategically important industries focused on specific domestic and foreign markets, or the reconstruction and modernization of the traditional industrial base. Financing and support of hopelessly unprofitable enterprises should be abandoned, as well as the creation of new industries whose products will be uncompetitive in comparison with similar imported goods or resources.
2. The desire to achieve structural balance. In the regional economy, investment flows have certain structural limitations. Each structural ratio needs to establish some limiting levels of development or current state. Limit values should be established in a balanced way, depending on the tactical conditions for the implementation of a particular stage of the program and the possibility of state intervention in solving these problems, since such ratios can be deliberately manipulated.
3. Purposeful investment. The necessity of this principle is connected with the limited investment resources. Investments should be directed to the implementation of a finite number of projects that have a specific rationale and practical benefits.
4. nationwide significance. The implementation of an investment policy in the regions (especially in the national republics) does not imply the implementation of one or another national ideology, it accumulates the materialization of the corporate, group and private interests of the parties, only indirectly representing the realization of the interests of society as a whole. This is her vulnerability. The interests of various groups intersect and often hinder the development of the economy. Therefore, the main conditions for the implementation of investment policy should be the concentration and general orientation of the financial and other interests of the main subjects of the investment process, their responsibility in making decisions and implementing certain programs. The formation of such an approach should be undertaken by the state bodies of the region.

The current state of the domestic economy requires the implementation of structural changes aimed at the formation of competitive production based on innovation. Particularly relevant are the development and implementation of mechanisms for active public policy in the investment sphere, as well as flexible and modifiable interaction of market structures and state regulation.

The practical achievement of the goals of the investment policy of the region is associated with the creation and maintenance of the effective functioning of the mechanism for its implementation. It is worth noting that a number of authors in scientific papers, considering the issues of investment activity management, mainly focus on the methods by which this type of activity can be influenced, while bypassing the content and structure of such a category as "investment policy implementation mechanism".

In modern encyclopedic publications, the concept of "mechanism" is interpreted as follows:

internal structure, system of something;
a set and sequence of states, stages of processes that make up a phenomenon.

The selected characteristics inherent in this category make it possible to reveal the features and supplement the content of this concept in relation to the investment process. We emphasize that the mechanism (including economic, economic) is the result of purposeful activity and is a certain set of institutions, norms, rules that ensure the formation of given phenomena under certain conditions.

In accordance with the accepted general scheme for constructing the regulatory mechanism, the model representation of the mechanism under study includes the following elements:

the subject is the driving force, meaningfully launching the given mechanism;
goals - programmable desired results of the mechanism;
methods - tools, methods and technologies for the processes of achieving the goals;
form - organizational and legal design of methodological support;
means - a set of types and sources of resources used to achieve the goals;
objects - business entities, economic environment.

There are different points of view on the structure of the mechanism for implementing regional policy, however, there are no fundamental differences between them. Thus, the policy mechanism includes public institutions that implement specific activities within the framework of the goal, as well as the resources allocated to achieve the goals.

Methodological approaches to the formation and implementation of the regional investment policy, ensuring the implementation of an independent, own policy at the regional level.

Regional investment policy is a system of measures implemented by regional authorities and administrations to attract and rationally use investment resources of all forms of ownership with the aim of sustainable and socially oriented development of the region.

The system of formation and implementation of the regional investment policy should be a structure of three interconnected and interdependent blocks.

The first block is the main factors on which the content of the regional investment policy and, accordingly, the mechanism for its implementation will depend. These include: 1) the investment climate in the region; 2) indicators of the formation of the investment potential of the region; 3) the level of investment risks; 4) factors of internal and external influence. The former are mainly associated with objectively determined regional features of the economy, which in turn are determined by a complex of natural-geographical, historical, demographic and other factors. Factors of external influence are associated with the influence of the conditions of activity determined by federal legislation and the nationwide economic and investment policy.

The second block directly represents the stages of formation of the investment policy: 1) determination of the goals and main priorities of the investment policy; 2) formation of a regional investment program; 3) development of the principles of the mechanism for the implementation of the regional investment policy. The goals and priorities of the regional investment policy depend on the goals and objectives of the general socio-economic policy of a particular region.

The third block of the investment policy implementation mechanism should consist of the means by which the objectives of such a policy are to be achieved. The fundamentals of this block are a set of applied management methods (economic, administrative, socio-psychological) and a system for ensuring its operation (legal, organizational, informational).

The essence of the mechanism for the implementation of investment policy is manifested in the targeted impact of all structures regional government on all participants in the investment process in the interests of achieving the goals of the socio-economic development of the region. The formation and implementation of a regional investment policy is a complex multi-stage task, each of the stages of which requires separate study and constant adaptation to the changing conditions for the functioning of the socio-economic system of the region.

The dynamism of the investment process determines the availability of flexible forms of its organization and management, which, in turn, requires a comprehensive regulation of its main stages with a focus on final results, since in the process of implementation investment activity all its participants use a combination of different methods with a corresponding variety of forms, incentives and restrictions. All this, of course, reflects the complexity of both the investment process itself and the mechanism for implementing the investment policy, the essence of which (we emphasize once again) is the targeted impact of regional authorities and management on the development of the investment process in the direction set by the strategic documents of the socio-economic development of the region. Based on such an understanding of the essence of the mechanism under consideration, it can be noted that the investment policy is part of the regional socio-economic policy, so its implementation should be aimed at achieving the goals of a socio-economically developed region.

Under the mechanism for the implementation of the regional investment policy, it is necessary to understand the totality of methods and systems that ensure their operation, with the help of which government bodies influence the participants in the investment process in order to solve the priority tasks of the socio-economic development of the region.

The main objectives of the functioning of the mechanism under consideration include:

mobilization of investment resources in the region;
formation of investment flows and their direction to sectors and branches of the economy, where the greatest efficiency from investments is ensured;
improving the efficiency of investment use;
increasing investment activity in the region.

The functions that this mechanism is designed to perform are:

in streamlining the reproduction process through the formation of a favorable investment environment and an appropriate system of state regulation;
implementation of the investment potential of the territory;
formation of a motivational mechanism for the investment process;
in reducing the possible or expected contradictions of the economic interests of the participating entities.

The content of the mechanism for the implementation of investment policy in the region, which, in their opinion, can be characterized as a process of concentration and mobilization of investment resources, organization of control over their effective use, development of regulatory influences aimed at strengthening positive trends in the investment sphere and weakening negative ones.

Such an understanding of the content of the mechanism under study makes it possible to single out its main structural components in the form of separate blocks, each of which has an independent content and meaning, realized in various forms and using various methods.

It follows that “a feature of the mechanism for implementing the regional investment policy is its focus on reconciling the interests of all parties involved”, therefore, an important place in the structure of the mechanism under consideration is occupied by the motivational block, which ensures the interaction of participants in the investment process not only among themselves, but also with the external environment. At the same time, it was emphasized that a conflict of interests is possible, therefore it is especially important to establish the full range of driving motives.

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INTRODUCTION………………………………………………………………………..3

1 THEORETICAL ASPECTS OF THE DEVELOPMENT OF INVESTMENT ACTIVITIES……………………………………………………………………….6

1.1 The concept of investments and their economic essence…………….......6

1.2 Regional investment activity: essence, forms of direction………………………………………………………………………....14

1.3 Mechanism for the implementation of regional investment policy……..23

2 ANALYSIS OF THE DEVELOPMENT OF INVESTMENT ACTIVITIES IN THE STAVROPOL REGION…………………………………………………………30

2.1 General characteristics of investment opportunities………………...30

2.2 Analysis of investments in fixed assets…………………………………….36

2.3 Foreign investment in the economic activity of the Stavropol Territory…………………………………………………………...46

3 IMPROVEMENT OF MECHANISMS FOR FORMING REGIONAL INVESTMENT POLICY……………………..55

3.1 Mechanism for substantiating and selecting priorities for investment activities in the region……………………………………………………………….55

3.2 Development of the program “Creation of a favorable climate for attracting investments to the economy of the region”…………………………………..62

3.3 Activation of investment and innovation activities in the Stavropol Territory……………………………………………………………………………………70

CONCLUSION………………………………………………………………….78

LIST OF USED LITERATURE……………………………..81

INTRODUCTION

Relevance of the research topic. The study of the problems of investing in the economy has always been in the center of attention of economic science. This is due to the fact that investments affect the deepest foundations of economic activity, determining the process economic growth generally. In modern conditions, they are the most important means of ensuring the conditions for overcoming the current economic crisis, structural changes in the national economy, ensuring technical progress, increasing quality indicators economic activity at the micro and macro levels. Activation of the investment process is one of the most effective mechanisms of social and economic transformations.

Relevant in the late XX - early XXI century. is an in-depth theoretical study of market forms and mechanisms of investment activity at the micro and macro levels. An important problem is the theoretical substantiation of the criteria for the effectiveness of investment costs, the relationship and interdependence of capital investments and structural changes in the economy, the determination of priorities in the sectoral structure of investments, as well as within the main economic spheres: the main production (production proper), production and social infrastructures. Currently, the Russian economy is still in a state of transition from planned to market. This complex process is implemented in a certain time and requires acceptance a large number investment decisions. The protracted investment crisis has affected almost all regions of the country, including the Stavropol Territory. However, the investment process in the Stavropol Territory has its own specific features.

The region has favorable conditions for a significant inflow of investment. Nevertheless, despite the obvious attractiveness of the region, the inflow of investments is not enough to develop the unique potential. Investors do not dare to invest their capital in production, considering investments too risky and not profitable enough.

The object of the research is the investment policy in the region.

The subject of the research is the mechanisms of investment policy formation.

A lot of scientific works of domestic authors are devoted to the study of problems in the formation of mechanisms of regional investment policy, such as: Martynov A.S., Voznesenskaya N.N., Igoshin N.V., Sergeev I.V. etc.

In the course of the work, the following research methods were used: system analysis, graphic modeling, abstract-logical, comparative and economic-statistical.

When writing the work, the information and empirical base was used: legislative acts and government decrees; statistical data; scientific literature; methodical literature.

The purpose of the final qualification work is to study the mechanisms of formation of the regional investment policy. To achieve this goal, it is necessary to solve the following main tasks:

To study the theoretical aspects of the development of investment activity;

Analyze the development of investment activity in the Stavropol Territory;

To identify a system for improving the mechanisms for the formation of a regional investment policy.

Structure thesis. The work consists of an introduction, three chapters, a conclusion and a list of references.

The first chapter "Theoretical aspects of the development of investment activity" discusses the basic concepts of investment and their economic essence; theoretical aspects of regional investment activity: essence, forms of direction; as well as the main mechanism for the implementation of regional investment policy

The second chapter "Analysis of the development of investment activity in the Stavropol Territory" gives a general description of the investment opportunities of the Stavropol Territory; analysis of investments in fixed assets; and foreign investment in the economic activity of the Stavropol Territory.

The third chapter "Improving the mechanisms for the formation of regional investment policy" shows ways to improve the mechanisms for substantiating and choosing priorities for investment activities and enhancing investment and innovation activities in the Stavropol Territory.

In conclusion, the main results of the study are summarized, conclusions and suggestions are formulated.

1 THEORETICAL ASPECTS OF THE DEVELOPMENT OF INVESTMENT ACTIVITIES

1.1 The concept of investments and their economic essence

Dynamic investment is a common measure of the development of investment processes. It is by their volume, direction and structure that one can judge the results of the ongoing economic policy of the state in the field of ensuring sustainable development of the economy and carrying out structural changes in the economic basis of the country.

In the conditions of modern Russia, the need for an influx of new investments is due to the need to solve both current, everyday tasks related to the need to support economic development according to the scheme of expanded reproduction within the given economic model, and emergency tasks arising from the inevitable need to eliminate the threat of an acute crisis associated with the massive failure of the Russian fleet of machinery and equipment that have long served their operational life, but continue to work almost in emergency mode. The urgent challenges also include the need to find investment to meet the strategic challenges of urgent economic reform and structural adjustment aimed at achieving such a competitiveness of the Russian economy that would allow it to catch up with the rapidly moving forward. the developed countries and would not let it finally turn into a third-rate power, living according to an unpredictable political, economic and social development scenario.

In the Russian economy, there are various modifications of the definitions of the concept of investment, reflecting the plurality of approaches to understanding them. economic essence. To a large extent, this is due to economic evolution, the specifics of specific stages of historical and economic development, the dominant forms and methods of management.

Until the 1980s, the term investment was practically not used in domestic economic literature to analyze the processes of socialist reproduction; its main area of application was translations of works by foreign authors and studies in the field of capitalist economics. The basic concept of investment activity was the concept of capital investments.

In the subsequent period, the term investment became more widespread in scientific circulation, began to be used in government and normative documents. However, for the most part investments were identified with capital investments. Investments (capital investments) were considered in two aspects: as a process that reflects the movement of value during the reproduction of fixed assets, and as economic category- a system of economic relations associated with the movement of value advanced to fixed assets from the moment of mobilization of funds to the moment of their reimbursement.

With the development of market relations in the Russian economy, the interpretation of the investment category is being revised in accordance with the new conditions. The characteristic features of the market approach to understanding the essence of investments are:

The connection of investments with the receipt of income as a motive for investment activity;

Consideration of investments in the unity of two sides: resources (capital values) and investments (costs);

Analysis of investments not in statics, but in dynamics, which allows you to combine resources, investments and return on investment as a motive for this association within the investment category;

Inclusion in the composition of investment objects of any investments that give an economic (social) effect.

The market approach to the analysis of the essence, forms and principles of investment activity is reflected in the definition of the term investment in Russian legislation. In accordance with the Law of the Russian Federation "On investment activity in the RSFSR" dated June 6, 1991 - one of the first market-oriented laws - investments are all types of property and intellectual values invested in business objects and other types of activities, as a result of which profit is generated ( income) or a social effect is achieved.

A wording similar in meaning is contained in the new Law “On investment activity in the Russian Federation carried out in the form of capital investments” dated February 25, 1999, with the adoption of which the previous legislative act became invalid. Investments are defined in it as cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.

The new legislative document, which, unlike the previous one, has a more specific focus (the sphere of capital investments), clarifies the concept of not only investments, but also capital investments, which are considered as a form of investment, which is an investment in fixed capital (fixed assets), including costs for new construction, expansion, reconstruction and technical re-equipment of existing enterprises, purchase of machinery, equipment, tools, inventory, design and survey work and other costs.

Investments (from Latin investre - to clothe) - long-term investments of public or private capital in one's own country or abroad with the aim of generating income in enterprises of various industries, entrepreneurial projects, socio-economic programs, innovative projects. They give a return after a significant period of time after the investment. Distinguish the following types investments: public, formed from funds state budget, from public financial sources; foreign - invested by foreign investors, other states, foreign banks, companies, entrepreneurs; private, formed from the funds of private, corporate enterprises and organizations, citizens, including both own and borrowed funds. There are also production investments directed to new construction, reconstruction, expansion and technical re-equipment of existing enterprises, and intellectual investments invested in the creation of an intellectual, spiritual product; controlling, direct investments, providing the ownership of more than 50% of the voting shares of another company, and non-controlling, ensuring the ownership of less than 50% of the voting shares of another company.

The movement of investments includes two main stages. The content of the first stage of investment resources - investment of funds is the actual investment activity. The second stage is the investment of funds - the result of the investment involves the payback of the costs incurred and the receipt of income as a result of the use of investments. It characterizes the relationship and interdependence of two necessary elements of any type of economic activity: costs and their returns.

On the one hand, economic activity is associated with the investment of funds, on the other hand, the expediency of these investments is determined by their return. Without income (effect) there is no motivation for investment activity, the investment of investment resources is carried out in order to increase the advanced value. Therefore, investment activity as a whole can be defined as the unity of the processes of investing resources and generating income in the future.

Investment activity is a necessary condition for the individual circulation of funds of an economic entity.

The movement of investments, during which they successively go through all phases of reproduction from the moment of mobilization of investment resources to the receipt of income (effect) and reimbursement of invested funds, acts as a circulation of investments and constitutes the investment cycle.

The main subjects of investment activity are investors and users of investment objects. A characteristic feature of investors is the refusal to immediately consume existing funds in favor of meeting their own needs in the future at a new, higher level.

In accordance with the Law "On investment activity in the Russian Federation, carried out in the form of capital investments", participants in investment activity are investors, customers, contractors, users of objects of investment activity, and other persons. By Russian legislation they can be business entities, banking and non-banking financial and credit institutions, intermediary organizations, investment exchanges, citizens of the Russian Federation, foreign legal entities and individuals, states and international organizations.

Investors can be depositors, buyers, customers, creditors and other participants in investment activities.

Users of investment activity objects are legal entities, individuals, state and municipal authorities, foreign states, international associations and organizations using investment activity objects.

Subjects of investment activity can act both as investors and as users of objects of investment activity, as well as combine the functions of other participants in this activity. If the investor and the user of objects of investment activity are different entities, then the relationship between them is formalized by an investment agreement. On a contractual (contractual) basis, investors can attract legal and individuals necessary for investment placement. Investors carry out an independent choice of investment objects, determine the directions, volumes and effectiveness of investments, control their intended use. Being the owners of investment resources, they have the right to own, dispose of and use the objects and results of investment activities, to reinvest.

Considered from the side of the object, investments are of a dual nature. On the one hand, they act as investment resources, reflecting the amount of unused income for consumption; on the other hand, investments are investments (costs) in objects of business or other activities that determine the increase in value capital property.

As part of resources, i.e. property and intellectual values invested in objects of business and other activities, the following groups of investments can be distinguished:

Cash and financial instruments(target bank deposits, shares, shares and other securities);

Material assets (buildings, structures, equipment and other movable and immovable property);

Property, intellectual and other rights having a monetary value (intangible assets).

It follows from this that investments considered in the resource aspect can exist in monetary, material forms, as well as in the form of property rights and other values. At the same time, regardless of the form that investment resources take, they are unified in their economic essence and represent income accumulated for the purpose of accumulation.

Investments play a significant role in the functioning and development of the economy, so the investment climate is crucial for attracting investment. The problems of investment and the creation of a favorable investment climate in the Russian economy remain very important and a priority. Almost all its spheres and industries are in dire need of a huge amount of investment resources. In assessing the investment climate in Russia, the Western perception of Russia as a corrupt, criminalized, institutionally and technically backward country continues to play a decisive role.

The investment climate is a very complex and multidimensional concept. As a rule, the investment climate is understood as a generalizing characteristic of the totality of social, economic, organizational, legal, political and other conditions that determine the attractiveness and expediency of investing in the economy of a country (region).

Investment climate assessment involves taking into account:

Economic conditions (the state of the macroeconomic environment, the dynamics of GDP, national income, industrial output, inflation, the development of high-tech industries, the situation in the labor market, the situation in the monetary, financial, budgetary, tax, currency systems, etc.);

State investment policy (the degree of state support for foreign investment, the possibility of nationalization of foreign property, participation in international treaties compliance with agreements, the continuity of political power, the stability of state institutions and the effectiveness of their activities, etc.);

The regulatory framework for investment activities (the status of regulatory documents and the procedure for their adjustment, parameters for the input and output of investments from the country, tax, currency and customs regimes, the procedure for creating, registering, operating, reporting, merging and liquidating firms, measures of regulation and control over their activities, dispute resolution);

Informational, statistical material on the state of various factors that determine the investment climate.

Evaluation of various components of the investment climate allows you to determine the level of investment risk, the feasibility and attractiveness of investments.

At present, the investment climate in Russia requires the improvement of legislation regulating the investment regime, primarily in the energy sector, and the improvement of the taxation system for domestic and foreign investors.

Thus, the efficiency of the use of investments is important for the economy: an increase in the scale of investment without reaching a certain level of its efficiency does not lead to stable economic growth, and a radical improvement in the investment climate in Russia creates conditions for the intensification of domestic investment, for the return of “fluent” capital to the country and use them for investment purposes.

1.2 Regional investment activity: essence, forms of direction

Among economists, in relation to the category of investment activity, the reproduction approach of K. Marx is most often used. On this basis, investment activity is defined as a continuous process of transition from the form of existing opportunities to the form of their substantive implementation and vice versa. Investment activity always proceeds on the basis of previously created objective prerequisites and certain economic relations. Being integral part processes of economic growth of economic systems, it is subject to the same laws of economic theory.

In accordance with the law of the Russian Federation "On investment activity in the RSFSR" (Article 1, clause 2), investment activity is an investment and a set of practical actions for their implementation. Although investment is the basis of investment activity, it cannot be used to fully characterize it. Investing, along with managing the return on investment, is one of the stages of investment activity. Investments are a dynamic category and their essence is shown as the main link in the process of investment activity or in the investment process.

The definition of investment activity as an investment and a set of practical actions for their implementation makes it possible to distinguish three stages in the investment process - the pre-investment stage, the stage of investment implementation, and the stage of evaluating the results of investment.

The pre-investment stage includes, at a minimum, studying the investment climate, developing a strategic action program, as well as drafting tactical marketing options; establishing and developing the necessary business contacts with firms and organizations that make up the business infrastructure of the region, commercial banks, potential competitors and commercial partners, relevant executive authorities in connection with the registration required documents, including project documentation, carrying out the required expertise, etc. Then, the previously accumulated (due to various sources - own, borrowed, borrowed funds) resources are immediately or gradually converted into investments (expenses) in objects of investment activity. Subsequently, in the process of production, these investments give an increase in capital values, characterizing the implementation of investments, this increase in capital values, in turn, leads to the emergence of a new use value and income or other effect from investment. Practical activity for the implementation of a sequence of interactions and relationships in the preparation of the implementation and the implementation of investments itself is investment activity.

A characteristic of investment activity is usually given based on indicators in terms of volume, structure and dynamics of investment. This list of indicators does not seem to be sufficient. It is also necessary to take into account the scale of participation of economic entities and other operators of investment activities. Based on data published by the State Statistics Committee of the Russian Federation, the number of investors represented by legal entities in Russia in 2002 was at least 2-3 million.

The qualitative characteristics of participants in investment activity is heterogeneous. Entrepreneurial structures differ in their origin, financial and economic condition and the correspondence of the goals of their actions to the national interests. In reforming Russia, the process of formation of an array of "conscientious" business structures, i.e., those whose goals and interests do not contradict the state ones, is undoubtedly gaining momentum. At the same time, in the course of privatization, state and municipal property was appropriated, which has now become the object of encroachment by persons drawn into the orbit of economic crime. According to various expert estimates, criminal gangs control about half of commercial banks, at least 60% of state-owned and 40% of private enterprises. Up to 80% of voting shares passed into the hands of criminal capital through the collection of tribute from commercial structures in the form of shares. Up to 50% of "income" is spent on the maintenance of officials supporting criminal gangs. The production of the "shadow sector" of the economy is estimated at about 27% country's GDP, while for the countries of the world, these estimates suggest its optimal value is 5-10% of GDP. It should be recognized that the assessments of the financial solvency of enterprises are not very comforting.

An additional idea about the participants in investment activity is provided by data that testify to the deepening of the process of capital consolidation in Russia. To date, more than half of the volume of industrial production in Russia falls on the 200 largest companies and enterprises. This business group acts as the most active investors. According to Expert magazine, in 2001 alone, their total capitalization grew by 60% from $62.5 billion to $105 billion. This is almost 1/2 of the organization's total financial investments in the main sectors of the economy in Russia. The largest Russian companies form the backbone of the corporate bond market. In 2001, they accounted for about 70% of all placed bond issues and more than 60% of the turnover of secondary exchange trades. Most of the emissions in this sector are of an investment nature.

A feature of the investment sphere in Russia is present stage is the extremely low efficiency of the investment transformation of the savings of the population. Analysis Russian experience in this issue in the 1990s shows that in the course of reforming the economy, important macroeconomic patterns were not taken into account, and markets and people's savings were underestimated in solving investment and other socio-economic problems.

Investment activity in Russia is largely related to the role played by foreign investment (direct, portfolio and, especially, other, ie, mainly credit resources). The number of successful foreign investors is determined as a small figure - no more than 10 thousand. However, among them, the main players are the world's largest transnational corporations - 90 out of 100 named lacquer by the international organization UNCTAD. These 90 corporations are estimated to account for almost 40% of Russia's total foreign investment. The role of this group of TNCs is growing against the background of the above-mentioned process of deepening the consolidation of Russian capital. The beginning of the new century is marked by a growing number of examples of investment cooperation between TNCs and Russian largest companies.

In most states, commercial banks are known as the most active participants in investment activities. Usually, the total volume of loans to the real sector of the economy is comparable to the size of the gross domestic product. In Russian conditions, the share of all banking assets no more than one third of GDP. As for loans, their share in the total volume of investments in fixed assets is less than 5%. To invest in fixed assets, Russian companies are forced to turn to foreign banks. The difference in rates is not one or two percent, but one and a half to two times higher. At the same time, foreign banks do not yet require the transfer of clients' turnovers to themselves. However, but projected growth credit interest in Russia it is determined by 10-15%. The prospects for bonded loans are favorable (their holders are mostly the same banks).

The active role in investment activity belongs to the state. It, represented by its institutions, is entrusted with the functions of state regulation of the investment process, the implementation of budget investments and assistance measures.

A prominent place in the investment sector of entrepreneurial activity is occupied by various associations of entrepreneurs, some other entrepreneurial structures, including Insurance companies, various funds and other organizations that provide investors with infrastructure support.

Investment activity at the stage of pre-investment activities is usually concentrated in the centers of concentration of financial and commercial capital, in particular stock exchanges, investment funds and financial companies, as well as headquarters and representative offices of industrial corporations, infrastructure support organizations. The role and positions of the centers of investment activity that have developed in the world are quite stable. The emergence of new centers of this kind is a rare phenomenon, which, as a rule, takes many decades. At the stage of implementation of investment decisions, the geographical location of investment activity, as a process, is devoid of any clearly defined development trends and has a subordinate character, that is, it depends on the location and development of productive forces in specific regions within the boundaries of a particular state. This applies to investment-related activities.

financial investments are implemented mainly in the above-mentioned centers of investment activity, both domestic and foreign. In countries where the market valuable papers has not received sufficient development, the centers of pre-investment activity tend to be located in the administrative-territorial capitals, that is, where government agencies responsible for the regulation of investments and the implementation of those from budgetary sources of funding. In the same centers, business structures are concentrated that provide investors with the required services: banking and settlement, auditing, consulting, legal, etc. Capitals in countries with economies in transition are becoming the place of origin and development of national and regional securities markets. The higher the importance of the central government in making investment decisions, the greater the concentration of pre-investment activities in the capital cities of the country.

Investment activity can be manifested in the form of cooperation between economic entities in the field of investment. The essence of this manifestation lies in their long-term interaction, carried out on a contractual basis, regardless of the nature of the activity and forms of ownership, with the aim of jointly obtaining profit or other effect from the investment resources consumed during the implementation of the investment project. The more significant the place occupied by such cooperation in the overall complex of components of investment activity, the higher its effectiveness may be.

As attention was paid to this when classifying investments, their interaction by type is distinguished by differentiation and integration, although the movement of each type of investment occurs separately. However, these movements are interdependent and closely intertwined. The same situation develops in relation to investment activity. This movement only at first glance seems chaotic. In fact, it is subject to certain laws and occurs in a certain system, which Tumusov F.S. defines the investment market as the combined ability of all investors to provide financing and materialization of objects under construction and reconstruction for various purposes with optimal payback periods for invested funds and the availability of competitions in the implementation of projects.

In the context of the transition to market economy the economic space of the state and each of its regions turns out to be a system of interconnected markets, and this fully applies to the investment sphere. It is legitimate to consider the system of investment markets as the most important institutional form of investment activity in the region. It finds its concrete embodiment in the form of the following main backbone segments:

Market of material and intellectual resources
investments of another process, including building and construction materials, technical and technological equipment, know-how, etc.;

Market of contract works;

The market for long-term financial resources used in the investment process.

Regional investment activity should be understood as a system of measures and a mechanism for their implementation aimed at stimulating investment activity and creating a favorable investment climate in the region.

Regional features of investment activity substantiate the important task of providing new effective conditions for the investment growth of the regional economy. It is necessary to take into account the influence of a complex of factors in the development of markets for investment resources, motivational factors in the behavior of investors, state budgetary and investment policy. The need to intensify the investment activity of the region takes the first place, taking into account the totality of the investment interests of all regional entities and the strategic goals of socio-economic development.

Obviously, before the regional economics the task is to scientifically substantiate the formation of new conditions for increasing investment activity in the region through improving the system of regulation of investment activity, analyzing the factors of investor activity, developing a motivational mechanism for the investment market, and targeting an increase in investment volumes with the direction of resources to priority areas of the economy.

The degree of maturity of regional investment markets in the Russian Federation varies. But in general, given the transition period, they have the following common feature: in most regions, such markets are "closed", i.e. investment activity in a certain part is realized in the form of counter-trade of sub-supplies, the "open" functioning of the regional market of means of production (through exchange trading, investment auctions, etc.) is not typical. It is important to note that the construction contracting market is tightly tied to the system of investment markets in the region, although there is a tendency for foreign contractors to invade local investment markets .

Insufficient maturity of market relations is manifested in the nature of the process of formation of regional markets for long-term financial and credit resources. In the pre-reform period, this problem did not appear on a regional scale. The concept of free financial resources in reforming countries was at first more than conditional. The habit of receiving state gratuitous capital investments dominated. The use of credit resources for a long time remained unusual. The lending infrastructure still leaves much to be desired.

It is impossible not to note the consistent strengthening of the role of regional securities markets operating within the framework of regional stock exchanges, as well as through the channels of over-the-counter circulation of securities. At the same time, regional stock markets are much weaker than the capital ones.

The development of regional stock markets goes in several directions:

Improving the infrastructure of the market - the development and strengthening of investment institutions, the accumulation of capital by them, the improvement of information flows, the improvement of the structure of the market;

Development of new stock instruments, introduction into circulation of bonds, promissory notes of commercial banks and firms, shares of traditional and new elements, derivative instruments, etc.

Of considerable importance was the process of independent entry of a number of Russian regions and especially companies into the world arena as borrowers of credit resources, as well as participants in foreign markets for debt obligations and chain corporate securities.

An analysis of investment markets allows us to dwell in more detail on issues related to the essence, forms and directions of regional investment activity. During the Soviet Union, no importance was attached to investment activities within the region. In the studies of that period, the concept of "regional investment activity" practically did not occur. This state of affairs persists to the present, although this is hardly correct. This concept, like “regional investment”, has every reason to be considered important, since an assessment of the scale of the dynamics and directions of investment activity in the region allows you to more fully determine the prospects for its development, or rather solve the problems of the investment sphere on the interregional and national aspects.

Investment activities can be carried out by both economic entities registered in the region where the investment project is located, and entities from other regions, as well as foreign countries. In the process of pre-investment activities and in the course of the implementation of investment projects, within their competence, the executive authorities of the region, especially the region where the investment project is located, and, if required, the relevant executive authorities of the federal level take part.

At the same time, the goals and functions of economic entities and executive authorities are not the same both in terms of qualitative characteristics and in the temporal mode of their manifestation. In this regard, for each of the investment projects implemented in the territory of a particular region in the form of a regional investment, expressed in a plurality of types, functions and structural contents, a complex system of cause-and-effect relationships arises, which does not exist “by itself”, but is organic. part of the business activity not only of the region, but also of the country as a whole, and in some cases of the corresponding foreign state or group of countries - the place of origin of investments.

Thus, investment activity on a specific regional investment project can go far beyond the borders of the region, without ceasing to be regional.

1.3 Mechanism for the implementation of the regional investment policy

The current state of the domestic economy requires the implementation of structural changes aimed at the formation of competitive production based on innovation. Particularly relevant are the development and implementation of mechanisms for an active state policy in the investment sphere, as well as flexible and modifiable interaction between market structures and state regulation.

The practical achievement of the goals of the investment policy of the region is associated with the creation and maintenance of the effective functioning of the mechanism for its implementation. However, we note that the authors of a number of scientific papers, considering the issues of investment activity management, usually focus on the methods by which this type of activity can be influenced, while bypassing the content and structure of such a category as “investment policy implementation mechanism”.

Modern encyclopedic publications interpret the concept of "mechanism" as follows:

Internal arrangement, system of something;

The totality and sequence of states, stages of processes that make up any phenomenon.

In accordance with the accepted general scheme for constructing the regulatory mechanism, the model representation of the mechanism we are studying includes the following elements:

The subject is the driving force that meaningfully sets the mechanism in motion;

Goals - programmable desired results of the mechanism;

Methods - tools, methods and technologies for the processes of achieving the goals;

Form - organizational and legal design of methodological support;

Means - a set of types and sources of resources used to achieve the goals;

Objects - business entities, economic environment.

There are different points of view on the structure of the mechanism for implementing regional policy, but there are no fundamental differences between them. Thus, the policy mechanism includes public institutions that implement specific activities within the framework of the goal, as well as the resources allocated to achieve the goals.

Methodological approaches to the formation and implementation of the regional investment policy, ensuring the implementation of an independent, own policy at the regional level.

The system of formation and implementation of the regional investment policy should be a structure of three interconnected and interdependent blocks.

The purposeful impact of regional governance structures on all participants in the investment process in order to achieve the intended goals of the socio-economic development of the region is the essence of the mechanism for implementing investment policy.

The mechanism of regional industrial policy is understood as a system of legal, organizational and economic measures that contribute to the formation of competitive production and increase its efficiency. The dynamism of the investment process determines the availability of flexible forms of its organization and management, which, in turn, requires a comprehensive regulation of its main stages with a focus on final results. In the process of implementing investment activities, all its participants use a combination of various methods with a corresponding variety of forms, incentives and restrictions. All this, of course, reflects the complexity of both the investment process itself and the mechanism for implementing the investment policy, the essence of which is the targeted impact of regional authorities and management on the development of the investment process in the direction set by the strategic documents of the socio-economic development of the region. Based on such an understanding of the essence of the mechanism under consideration, it can be emphasized that the investment policy is part of the regional socio-economic policy, so its implementation should be aimed at achieving the goals of a socio-economically developed region.

The main objectives of the functioning of the mechanism under consideration include:

o mobilization of investment resources in the region;

o formation of investment flows and their direction to sectors and branches of the economy, where the greatest efficiency from investments is ensured;

o improving the efficiency of investment use;

o increasing investment activity in the region.

The functions that this mechanism is designed to perform are:

In streamlining the reproduction process through the formation of a favorable investment environment and an appropriate system of state regulation;

Implementation of the investment potential of the territory;

Formation of the motivational mechanism of the investment process;

In reducing the possible or expected contradictions of the economic interests of the participating entities.

Figure 1 - Structure of the investment policy implementation mechanism

Thus, a feature of the mechanism for the implementation of regional investment policy is its focus on reconciling the interests of all parties involved”, therefore, an important place in the structure of the mechanism under consideration is occupied by a motivational block that ensures the interaction of participants in the investment process not only among themselves, but also with the external environment. In a general view, the interests of the participants in the investment process in the region are presented. At the same time, it was noted that there may be a conflict of interests, so it is important to establish the full range of driving motives.

2 ANALYSIS OF THE DEVELOPMENT OF INVESTMENT ACTIVITIES IN THE STAVROPOL REGION

2.1 General characteristics of investment opportunities

To give general characteristics investment opportunities, it is necessary to consider the investment features of the Stavropol Territory:

Profitable geographical position, proximity to capacious sales markets;

Resource potential and cheap energy carriers, providing a profitable and efficient business in the production of goods of daily and regular demand;

Developed transport communications, industrial infrastructure, reliable communications;

Legislation that provides investors with a preferential tax regime, the sale of land plots, guaranteeing the rights of investors, protecting their property and income;

Unique and comfortable conditions for recreation, tourism and treatment;

Organizational and financial support for investment projects, business security guarantees from the executive authorities;

Highly qualified labor resources;

Restructuring of management systems, assets, debts in investment-attractive industries.

One of the areas of investment potential is small business. Small business over the past decade has become an integral part of the economy of the Stavropol Territory. In 2005, about 10,000 small enterprises were steadily operating in the cities and towns of the region. Small business has become an alternative and a counterbalance to large and medium-sized enterprises in various sectors of the region's economy. For many settlements of the region, entrepreneurship turned out to be practically the only way to provide employment for the population. Over the past two years, small businesses in the Stavropol Territory have been developing steadily. As of July 1, 2006, the share of small business workers in the total number of people employed in the branches of the regional economy was 10.5 percent; against 10.2 percent for the corresponding period last year. According to preliminary estimates, in the first half of 2006 small businesses produced goods and services to the amount of 7.9 billion rubles, which is 7.3 percent more in comparable prices than in the corresponding period of 2006. There was an increase in the contribution of small businesses to replenish the budgets of all levels. According to the administrations of cities and districts of the region, the share of small businesses in the total volume of tax revenues increased from 9.8 percent in the first half of 2005 to 10.8 percent in the same period of 2006. The production potential of small businesses is being increased; since the beginning of 2003, small enterprises of the region have invested 39.1 million rubles in fixed assets, while compensation of interest for the use of investment funds in the amount of 2.9 million rubles has been made as state support.

Figure 2 - Reserves of solid minerals, mln. meters, 2006

Nonmetallic materials. Stocks of non-metallic materials in the Stavropol Territory meet all the needs of the building materials industry and allow them to be exported to other regions.

Thermal waters. There are three main deposits of thermal energy waters on the territory of the region: Kazminskoe, Nizhne-Zelenchukskoe and Tersko-Galyugaevskoe. The depth of productive formations along them ranges from 2100-2750 meters. The debit of wells is from 300 to 1800 cubic meters. meters / day, with a water temperature at the wellhead of 55-115 C. Economic development is carried out only at one field.

Mineral water. The Stavropol Territory is rich in mineral water resources and could become the main supplier of world-famous mineral waters: "Narzan", "Essentuki". With total reserves of mineral waters prepared for industrial development in the amount of 13482 cubic meters. meters / day, currently used about 19 percent. The capacity of the second largest Nagutskoye deposit is 7766 cubic meters. meters / day, including those prepared for industrial development - 3024 cubic meters. meters/day. There are other sources of mineral waters on the territory of the region. The industrial processing of these resources can become a source of dynamic economic growth due to the growing sales market.

Energy. The most powerful Stavropol State District Power Plant (2400 MW) in the North Caucasus is located in the region. The second largest is Nevinnomysskaya GRES (1340 MW). In addition, there is a cascade of Kuban HPPs with an installed capacity of 465 MW, consisting of seven hydroelectric power stations.

Consequently, the total capacity of electrical energy sources located on the territory of the region exceeds 4 thousand MW, they are capable of generating more than 25 billion kWh of electricity per year. The region's own needs for this type of energy do not exceed 12 billion kW/h.

Industrial complex. In terms of output, the leading place (more than 60%) is occupied by enterprises of chemistry and petrochemistry, electric power, fuel and Food Industry.

Figure 3 - Distribution of investments by type of economic activity 2004-2006

Looking at Figure 3, we can draw the following conclusions that since 2004. to 2006 there was a decline in the volume of investments in the development of the transport structure and communications, in the production and distribution of electricity, gas and water. It should also be noted that investment in chemical production and the production of other non-metallic mineral products has sharply increased. The share of investments in processing industries increased in 2006 and amounted to 23.0 percent against 14.4 percent in 2005. In the structure of manufacturing industries, the share of investments in chemical production more than tripled over three years, and in the production of other non-metallic mineral products, the share of investments almost doubled. The growth in the share of investments is also observed in agriculture, mining, wholesale and retail trade, real estate transactions, rental and provision of services.

The volume of investments in fixed assets for 7 months of 2007 amounted to (estimated) 14.9 billion rubles, or 17.6% more than in the corresponding period last year. The growth rate of investments is practically close to the average level for the Russian Federation. Such a dynamic increase in investments in the region was facilitated by a significant expansion of the investment activities of Stavropol Brewery OJSC, Stavropol (16.2 times), Nevinnomyssk Oil Extraction Plant CJSC and Nevinnomyssky Azot OJSC, Nevinnomyssk (9.5 times and 1.8 times, respectively), OAO Concern Citron, Shpakovsky District (8.8 times).

Figure 4 - The structure of the industrial production of the region, 2006,%

One of the leading industries of the region is food and processing. These are large meat processing plants, canning, oil extraction, dairy and butter and cheese plants, bakeries, enterprises for the production and bottling of wines, cognacs, vodka products, mineral and carbonated waters.

Agriculture. For many years Agriculture was and remains the main branch of the economy of the region. In the Russian Federation, the Stavropol Territory continues to be the fourth region in terms of agricultural production.

In the region, the processes of reorganization of enterprises of the agro-industrial complex are continuing on the basis of models tested by practice and the freedom to choose forms of management. The process of desocialization of state land through registration of land shares is almost completed. The main part of the agricultural and processing enterprises of the region acquired new organizational and legal forms. The share of the public sector in the agricultural economy is 4 percent.

Figure 5 - Area of agricultural land in the Stavropol Territory, 2006 (thousand hectares)

The main directions in the development of the agro-industrial complex are: integration and cooperation in their various forms: concerns, agro-combines, agricultural firms, wholesale food markets and other formations for the production, processing, storage and trade of agricultural products and food.

Thus, having analyzed the general characteristics of the investment opportunities of the Stavropol Territory, we come to the following conclusion that the region has a great investment potential that needs to be developed.

2.2 Analysis of investment in fixed assets

In 2006, 41.6 billion rubles of investments in fixed assets were used for the development of the economy and social sphere of the region, according to the operational statistical reports of enterprises and organizations, which is 18.4% more than in 2005. Significantly expanded investment activities in the city of Mineralnye Vody - 3.7 times (especially in CJSC "Kavminsteklo" - 8.5 times), in Arzgirsky district - 2.1 times (LLC "Agricultural enterprise" Serafimovsky "- 4, 4 times), in Budennovsk - 1.8 times (LLC Stavrolen - 1.9 times), in Nevinnomyssk - 1.6 times (OJSC Nevinnomyssky Azot - 2.6 times). The dynamics of investments in fixed assets in 2006 is shown in Table 1.

Table 1 - Dynamics of investments in fixed capital in 2006, million rubles.

In the specific structure of investments in fixed assets in 2006, the costs for the construction of buildings (except residential) and structures, the purchase of machinery, equipment, and vehicles prevailed. This can be seen from Table 2 below.

(in actual prices; million rubles)

1997	1998	1999	2000	2001	2002	2003	2004	2005
Investments in fixed assets - total, billion rubles.	4.0	4.2	7.1	15.9	16.6	19.5	22.3	24.7	28.7	11.1
of them:
for enterprises and organizations (excluding small businesses) bln. rub.	3.1	2.8	5.2	13.5	12.5	14.1	16.4	17.9	23.1
including:
own funds	1598.3	1344.0	1973.4	3623.4	5561.2	5258.9	7170.8	9120.6	8586.4	4076.4
involved funds	1549.9	1433.8	3239.4	9894.4	6972.7	8876.3	9230.8	8764.1	14527.5	4654.5

The main indicators characterizing the investment activities of enterprises and organizations (excluding small businesses) are reflected in the following table 3:

Table 3 - Main indicators of investment activity, mln. rub.

The structure of investments in fixed capital by sources of financing is shown in the following table:

Table 4 - The structure of investments in fixed assets by sources of financing (as a percentage of the total)

By enterprises and organizations (excluding small businesses)	2002	2003	2004	2005
own funds	37.2	43.7	51.0	37.1	46.7
involved funds	62.8	56.3	49.0	62.9	53.3
of them:
bank loans	3.5	9.4	10.2	5.2	9.7
budget resources	12.1	15.2	12.9	19.4	15.0
including through:
federal budget	6.8	8.4	6.5	10.0	10.4
budgets of subjects of the federation and local budgets	5.3	6.8	6.4	9.4	4.6
	0.3	0.3	0.2	0.3	0.2
others	34.8	29.3	22.1	31.2	13.2

From table 4, we see that only in 2004. the volume of investments in enterprises and organizations (excluding small businesses) amounted to 51% own funds. Basically, investments for development come from budgetary funds.

Financial investments of organizations (excluding small businesses) in 2006 amounted to 9.6 billion rubles, of which more than half (52.9%) accounted for long-term financial investments in other organizations. The structure of financial investments of organizations in 2006 is characterized by the following data:

Table 5 - Structure of financial investments

		Accumulated at the end of 2006
million rubles	in % of the total	million rubles	in % of the total
Financial investments of organizations	9638.5	100.0	15179.3	100.0
including:
long-term financial investments	5095.6	52.9	6671.8	44.0
including:
	187.8	2.0	379.6	2.5
of which subsidiaries and dependents	164.4	1.7	196.5	1.3
	-	-	1.2	0.01
granted loans	4331.8	44.9	5665.9	37.4
other long-term financial investments	576.0	6.0	625.1	4.1
short-term financial investments	4542.9	47.1	8507.5	56.0
including:
in shares and shares of other organizations	327.3	3.4	316.2	2.1
of which subsidiaries and dependents	-	-	-	-
into bonds and other debt instruments	264.4	2.7	49.6	0.3
granted loans	3259.9	33.8	3874.6	25.5
other short-term financial investments	691.3	7.2	4267.1	28.1

Investment in non-financial assets(without investment in the growth of stocks of material working capital, excluding small business entities and parameters of informal activity) amounted to 30.2 billion rubles in 2006, of which 99.1% accounted for investments in fixed assets (in 2005 - 99.8%). The structure of investments in non-financial assets of organizations in 2006 is presented by the following data:

Table 6 - Investments in non-financial assets, 2006

Among the sources of financing investments in fixed capital, 54.6% were funds raised by enterprises for investment purposes, of which 18.7% came from budget funds, 16.3% from other sources, and 11% from borrowed funds from other organizations. Enterprises used 13.6 billion rubles of their own funds, or 45.4% of all investments in fixed assets against 37.1% in 2005. The share of profit remaining at the disposal of the organization increased from 13% in 2005 to 16.2% in 2006, depreciation - from 21.3% to 25.1%, respectively.

The structure of investments in fixed capital by sources of financing in 2006 is given below:

Table 7 - Investments in fixed capital by sources of financing in 2006

Million rubles	In % of total
Investments in fixed capital (excluding small businesses and parameters of informal activity) - total	29962.8	100.0	100.0
including:
own funds	13615.7	45.4	37.1
of them:
profit remaining at the disposal of organizations	4862.4	16.2	13.0
depreciation	7530.3	25.1	21.3
involved funds	16347.1	54.6	62.9
including:
bank loans	2444.5	8.2	5.2
borrowed funds from other organizations	3300.7	11.0	6.8
budget resources	5592.8	18.7	19.4
including:
from the federal budget	3449.6	11.5	10.0
from the budgets of the subjects of the Federation	1786.0	6.0	8.7
extrabudgetary funds	109.4	0.4	0.3
others	4899.7	16.3	31.2
of which funds of higher organizations	2002.7	6.7	23.8
funds received for equity participation in construction (organizations and the population)

Almost three quarters of investments in fixed assets were distributed among four aggregated types of economic activity: manufacturing, transport and communications - 23% each, agriculture - 13.1%, real estate transactions - 12.8%. Among the funds used for the development of manufacturing industries, a large share is occupied by investments in chemical production - 57.3%, as well as in the production of building, roofing materials and structures - 20.6%, in the production of food products, including drinks, and tobacco - 13.5%, in the production of electrical equipment - 5.0%. There are no investments in wood processing and production of wood products.

The distribution of investments in fixed capital aimed at developing the economy by type of economic activity (excluding small businesses and parameters of informal activity) in 2006 was as follows:

Table 8 - Investments in fixed capital by type of economic activity (excluding small businesses and parameters of informal activity) in 2006

Million rub.	As a percentage of:		For reference: 2005 in % of the total
Million rub.	2005	total	For reference: 2005 in % of the total
Total	29962.8	117.1	100.0	100.0
agriculture, hunting and forestry	3923.2	at 1.5 r.	13.1	10.5
fishing, fish farming	0.8	42.2	0.0	0.0
mining	1222.3	at 1.5 r.	4.1	3.2
manufacturing industries	6885.0	at 1.9 p.	23.0	14.4
production and distribution of electricity, gas and water	1722.2	66.2	5.7	10.0
building	693.4	at 1.6 p.	2.3	1.6
wholesale and retail trade; auto repair Vehicle, motorcycles, household and personal items	975.0	at 2.2 p.	3.3	1.7
hotels and restaurants	14.1	49.4	0.0	0.1
transport and communications	6882.4	84.3	23.0	32.1
financial activities	307.0	86.2	1.0	1.4
real estate transactions, rent and provision of services	3835.9	128.6	12.8	11.5
public administration and military security; compulsory social security	619.7	99.8	2.1	2.4
education	598.2	117.6	2.0	1.9
health and social services	1804.7	97.7	6.0	7.2
provision of other communal, social and personal services	478.9	95.8	1.6	1.9

In addition, the expenses of organizations (excluding small businesses) for the acquisition of fixed assets used by other organizations and construction in progress in 2006 amounted to 1,328.5 million rubles. (in 2005 - 1647.4 million rubles).

A survey of the investment activity of 176 organizations of industrial types of activity, conducted as of October 10, 2006, showed that 54% of organizations were investing in fixed assets (in 2005 - 51%). Of the total number of surveyed large and medium-sized enterprises, 81% were engaged in investment activities (in 2005 - 85%), among small businesses - only 15% (in 2005 - 8%).

The main purpose of investing in fixed capital in 2006, as before, was to replace worn-out machinery and equipment, this was indicated by 29% of respondents (in 2005 - 35%). Investments in order to increase production capacity with the same product range were made by 18% of organizations, and with the expansion of the product range - only 14% of organizations. Goals related to increasing production efficiency (introduction of new production technologies, reducing production costs, saving energy resources) were pursued by 7-14% of organizations.

Based on the goals, most of the investments in fixed capital in 2006 were directed to the purchase of machinery, equipment and vehicles, as indicated by 66% of the heads of organizations, with the main purchases of electronic computers and vehicles. New machines and equipment of domestic production were purchased by 52% of organizations, imported equipment - every sixth organization. In the secondary market, 23% of organizations bought domestic equipment, 7% - imported. Every fourth organization carried out the reconstruction and modernization of fixed assets, every sixth organization purchased machinery, equipment and vehicles under financial leasing. The average age of machinery and equipment by the end of 2006 was 12.2 years, the bulk of machinery and equipment (30%) was purchased by organizations 15-20 years ago.

The main factors holding back the investment activity of organizations in 2006 are the lack of own financial resources (56% of the heads of organizations indicated this) and a high percentage of commercial loans (28%).

In the coming year 2007, 43% of the heads of organizations plan to increase the volume of investments in fixed capital, and only 9% plan to reduce their volume.

Buildings financed from the federal budget. In accordance with the Federal Targeted Investment Program for 2006, the region provided for the allocation of state investments (according to the list of the Ministry of Economic Development of Russia) for the construction of 101 construction sites, including 52 social complex facilities, 35 agro-industrial complex.

In 2006, 12 facilities were put into operation, 4 of them ahead of schedule: the dormitory building and the catering unit of the complex of the Kumagorsk hospital in the Mineralovodsky district with an area of 2.3 thousand square meters were reconstructed. meters, the Tashlinsky siphon on the Pravo-Egorlyksky Canal with a length of 0.2 km, the Shirokiy inter-farm distributor for watering the lands of the SEC Ovoshchevod of the Mineralovodsky District for 139 hectares, the building of the Prosecutor's Office of Zelenokumsk with an area of 0.7 thousand square meters was purchased. meters. The second launch complex schools for 1296 students in the city of Pyatigorsk, a therapeutic swimming pool with an area of 1.55 thousand square meters. meters in the Kislovodsk Federal State Institution "Sanatorium" Kavkaz ", an inter-sanatorium medical and diagnostic center on the basis of the medical building of the sanatorium" Mountain air "with an area of 4.2 thousand square meters. meters, an aqueduct on Gorkaya Balka through the Tersko-Kuma canal with a capacity of 7 m / s, a low-pressure gas pipeline in Iskra, Budennovsky district, 2.1 km long. The distribution networks of the Ipatovsky group water pipeline with a length of 14.45 km were expanded and the water supply networks were reconstructed in the village of. Podluzhny in the Izobilnensky district with a length of 0.5 km, a fire truck was purchased in st. Essentuki in the administration of the Predgorny district.

Of the 47 construction projects that were supposed to be put into operation in the fourth quarter of 2006, 36 were not commissioned. The percentage of technical readiness of the largest construction projects was at the following sites: hospitals in Kursavka, Andropov District" - 99.0%, "Children's polyclinic in Georgievsk for 380 visits per shift" - 93.1%, "School for 900 students in Ipatovo" - 63.8%, "Reconstruction and expansion of the center Rospotrebnadzor in Stavropol” – 58.9%.

Under the subprogram "Fulfillment of state obligations to provide housing for categories of citizens established by federal legislation", which is part of the federal target program "Housing", for citizens dismissed from military service, from internal affairs bodies, and persons equated to them, in 2006 in region purchased 126 apartments with total area 7.3 thousand sq. meters. The amount of gratuitous subsidies paid for purchased housing amounted to 109.1 million rubles.

In 2006, the commissioning of residential buildings with a total area of 763.2 thousand square meters. meters amounted to 103.4% of the annual volume provided for in 2006 by the schedule for the implementation in the region of the priority National project "Affordable and comfortable housing for Russian citizens."

Thus, investments in fixed assets are dominated by the costs of construction of buildings (except residential) and structures, the purchase of machinery, equipment, vehicles, financial investments of organizations (excluding small businesses) fall on long-term financial assets. And the main purpose of investing is to replace worn-out machinery and equipment.

2.3 Foreign investment in the economic activity of the Stavropol Territory

When a foreign investor makes a decision to invest in a particular region, the determining factor is the investment climate; it is a complex concept. A favorable investment climate presupposes reasonable and profitable terms for entrepreneurship: approximation of legal regulation to international standards, development of contract law, preferential taxation and more.

Foreign investors prefer regions whose government demonstrates a real interest in attracting foreign investment through: willingness to make contacts and sociable behavior; assistance schemes (development grants, tax incentives, information and consulting support); flexible behavior, willingness to compromise on important issues.

In the 90s. publications appeared on the prospects for foreign investment in regional economic complexes. However, as practice has shown, in contrast to Poland, Hungary, the Baltic countries and other states, the share of foreign investment in their total volume does not exceed 3%, and in depressed regions - 1%. At the same time, capital was invested mainly in the import of equipment, rather than technologies for organizing production in Russia.

From the very beginning, stimulating the process of attracting foreign investment in the Russian economy was seen as one of the most important areas of ongoing economic reforms in our country. It was assumed that foreign investment should ensure the deployment of the production of competitive products, both on the national and foreign markets.

Table 9 - Inflow of foreign investments by types of economic activity (thousand US dollars)

2001	2002	2003	2004	2005
Total	20876.6	59566.3	13831.8	18363.8	61038.3

Agriculture	13810.5	2550.0	-	1570.0	1742.9
Manufacturing industries	2702.6	45042.1	-	3943.0	21785.3
of them:
	2613.4	143.9	-	-	991.5
chemical production	23.9	43595.6	-	-	0.4
production of other non-metallic products	-	-	-	-	19793.3
production of finished metal products	65.3	1301.0	-	3943.0	1000.0
Production, transmission and distribution of electricity	28.3	149.7	75.7	21.9	10783.7
Building	1021.0	2564.9	2469.7	9303.0	21209.4
Wholesale and retail trade	1515.0	1851.0	376.0	116.8	270.5
Activities of hotels and restaurants	2.8	-	-	1.7	242.2
Transport and communications	565.9	2418.0	567.5	-	4.6
Financial activities	67.0	-	2462.5	-	-
Operations with real estate, rent and provision of services	657.0	4250.9	3154.7	500.8	2856.3
Control	-	-	-	-	0.1
Education	-	10.0	3.4	-	-
Health activities	506.5	720.3	3854.7	2192.6	2143.3
Provision of other types of services	-	9.1	867.6	714.0	-

A necessary condition for sustainable economic growth is the activation of investment activities, including the attraction of foreign investment. In recent years, the activity of foreign investors has been held back, primarily due to the loss of confidence in the ongoing reforms, the high percentage of commercial loans (30%), high investment risks (24%), and an imperfect regulatory framework. The share of foreign investments in the total volume of investments in the region's fixed assets amounted to 2.1% in the past year, against 10% in 2002.

Since 1991, the region's economy has accumulated 204.0 million dollars of foreign investment, which is 1.4% less than at the end of the previous year. The accumulated foreign capital tends to decrease. Thus, in 2004, the withdrawal of foreign capital from Russia amounted to 11.7 million dollars, in 2003 - 51.1 million dollars.

The largest share in the accumulated foreign capital accounted for direct investments - 54.9% (at the end of 2005 - 48.3%), the share of other investments made on a repayable basis (trade loans, etc.) - 52.5% in 1998 ., portfolio - 17.8% in 2002.

Figure 6 - Inflow of foreign investments

Figure 6 shows that in the period from 1997 to 2005, the structure of foreign investment inflows to the region changed very much. The smallest amount of investment falls on 1999.

In 2006, the total volume of foreign investments received in the non-financial sector of the region's economy amounted to 26.2 million dollars and decreased by 2.3 times compared to 2005. Of these, the main share (89.4%) belonged to direct investments, 8.6% - to other investments, and 2.0% - to portfolio investments.

Data on the volume and structure of foreign investment inflows for 2006 are given in table 10:

Table 10 - The volume of foreign investment in the Stavropol Territory

Accumulated as of January 1, 2006, thousand US dollars	Received, for 2006 thousand. US dollars	As a percentage of:		Reference: 2005 VC:
		As a percentage of:		Reference: 2005 VC:		total	2005	total	2004
		Total	272486.0	26155.5	100.0	42.9	100.0	v3.3p
including:
direct investments	190018.5	23392.5	89.4	48.7	78.7	v3.8r
capital contributions	112571.0	13635.9	52.1	56.2	39.7	v32r
loans received from foreign co-owners of enterprises	65510.3	7934.5	30.3	37.5	34.7	v2.3r
other direct investments	11937.3	1822.1	7.0	69.2	4.3	101.9
portfolio investments	1157.6	504.0	2.0	4.7	17.7	-
shares and shares	1157.6	504.0	2.0	4.7	17.7	-
other investments	81309.9	2259.0	8.6	103.9	3.6	38.1
other loans	80588.2	2259.0	8.6	104.4	3.5	37.9
trade credits	188.7	-	-	-	-	-

Volume of receipt of foreign investments for 2006. amounted to 26155.5 thousand US dollars of which: direct investment 23392.5 thousand US dollars, compared with 2005. this investment exceeds by 40.7%; portfolio investments 504.0 thousand US dollars compared to 2005 this investment decreased by 2.7%; other investments amounted to 2259.0 thousand US dollars compared to 2005. this investment increased by 95.3% (this process is mainly related to lending to individuals and legal entities)

Figure 7 - The structure of foreign investment in the Stavropol Territory

Figure 8 - Dynamics of foreign investment in the Stavropol Territory,%

In June 2007, as compared to June 2006, the activity of foreign investors increased noticeably in the Stavropol Territory. The region received 277.6% more than in 2006. But the share of direct investments accounts for 144.6%, the remaining percentage of investment falls on the share of portfolio and other investments.

Comparing the data in Figures 5-6, we can conclude that foreign direct investment is more than 50%. About 70% of all direct investments were directed to agriculture. Portfolio investments provided in the form of loans were mainly invested in industry.

The unpreparedness and incompetence of Russian specialists in the field of foreign economic activity largely determines the situation in which the Russian side often finds itself in unfavorable conditions when implementing joint projects with a foreign side. At the same time, foreign partners are primarily interested in the industries and enterprises of the region in the field of extraction and primary processing of raw materials, as well as projects with a quick payback, designed for short-term investments. This kind of relationship that develops in the industrial sphere between Russian and foreign participants also negatively affects the general socio-economic situation of the constituent entity of the Russian Federation.

It should be noted that the volume of received in 2006. foreign investment in the Stavropol Territory amounted to 26155.5 thousand US dollars, investors from more than 50 countries invested their money in the economy of the Stavropol Territory, the largest are Israel, Kazakhstan, Turkey, Cyprus. From the CIS countries, significant investments came from Ukraine and Belarus (Table 11).

Table 11 - Investing countries in the economy of the Stavropol Territory

Received in 2006		Including:			For reference: accumulated as of January 1, 2006.
Received in 2006		straight	portfolio	others
Total	in % of the total	straight	portfolio	others
Total	26155.5	100.0	23392.5	504.0	2259.0	272486.0
Cyprus	13353.5	51.1	12849.5	504.0	-	65702.7
Turkey	4248.5	16.2	1989.6	-	2258.9	10690.2
Israel	3332.7	12.7	3332.7	-	-	27801.0
Kazakhstan	1986.4	7.6	1986.4	-	-	9955.7

According to the table, the following situation can be traced: in the past year, enterprises from 16 foreign countries acted as investors against 18 in 2006. More than half (51.1%) of all foreign investments were made by the state of Cyprus, Turkey accounted for 16.2%, Israel - 12.7%. Kazakhstan - 7.6%, other countries - 12.3%.

The priority sectors for investment are: construction, the share of investment in the total number was 29%, hotels and restaurants - 16.2, mining - 17.3%, manufacturing - 6.2%, food production - 6.2%, production, transmission and distribution of electricity - 10.6%, wholesale and retail trade - 4%, transport and communications - 1.4%, healthcare - 9.1%, provision of other types of services - 5.6%; the data is shown in table 12.

Table 12 - The volume of foreign investment in the Stavropol Territory by type of economic activity (2006), thousand US dollars

Received	As a percentage of the total	Including:
Received	As a percentage of the total	straight	briefcase-	others
Total	26155.5	100.0	23392.5	504.0	2259.0
including by type of activity:
mining	4560.3	17.4	4560.3	-	-
manufacturing industries	1626.8	6.2	1626.8	-	-
of them:
food production
production, transmission and distribution, electricity	2802.6	10.7	2298.6	504.0	-
building	7580.5	29.0	5321.5	-	2259.0
wholesale and retail trade	1091.6	4.2	1091.6	-	-
hotels and restaurants	4260.3	16.3	4260.3	-	-
transport and communications	355.9	1.4	355.9	-	-
provision of other types of services	1479.8	5.6	1479.8	-	-
healthcare	2397.3	9.2	2397.3	-	-

In 2006, foreign investment exceeded the level of 2005. for certain types of activities: in wholesale and retail trade (by 4 times), in the restaurant and hotel business (by 17.6 times), in healthcare (by 12%). There was interest in investing in mining in the amount of $4.6 million. At the same time, investments in manufacturing activities were sharply reduced (by 13 times), by 3.8 times in organizations for the production and transmission of electricity, and by 2.8 times in construction; completely absent - in agriculture.

Thus, characterizing the state of the process of attracting foreign investment, we can draw the following conclusions. The volume of foreign investments attracted to the region's economy has stabilized, the activity of foreign investors has noticeably increased in the region, and direct investments predominate in the total volume.

To further improve the regional investment policy in the Stavropol Territory, it is necessary to carry out a set of measures, including the creation of a more favorable image and improvement of the investment climate of the territory, the formation of elements of the investment market, and the improvement of legislative support for regional investment processes. All these measures to form the investment mechanism of the region will allow introducing market mechanisms into the system of selection and implementation of investment projects, which will positively affect the socio-economic situation of the Stavropol Territory.

3 IMPROVEMENT OF MECHANISMS FOR FORMING REGIONAL INVESTMENT POLICY

3.1 The mechanism for substantiating and selecting priorities for investment activities in the region

The basis for improving the regional investment policy in the Stavropol Territory is a systematic approach to solving this problem, according to which it is necessary to carry out a set of measures, including the creation of a more favorable image and improvement of the investment climate of the territory, the formation of elements of the investment market, the improvement of legislative support for regional investment processes, etc.

After analyzing the general characteristics of the investment opportunities of the Stavropol Territory, we came to the following conclusion that the region has a great investment potential that needs to be developed. In modern conditions, the choice of directions for effective investment of funds is becoming increasingly important. The importance of identifying regional priorities is due to the urgent need to concentrate limited investment resources on the most acute development problems or areas that can provide competitive advantages for the regional economy in the all-Russian and world markets. The choice of strategic directions of the investment policy makes it possible to concentrate investment resources on the goals clearly defined in it, which ultimately increases the efficiency of the investment process in the region.

In this regard, in order to improve the regional management of investment activities, investment priorities are identified, that is, a set of the most promising areas of development, due to the emerging preferences of potential investors investing in certain objects and projects, the purpose of which is to ensure the achievement of strategic goals and effectively increase the competitive advantages of the region (Figure 9).

An independent and hitherto unresolved problem is the development of methods for assessing, selecting and setting priorities for economic development, with the selection and ranking of industries in the regional aspect.

Feasibility study methods for the priority development of industries and industries should be in line with the general concept of building market relations, which provides for the use of economic mechanisms in the formation of investment funds by specific economic entities, in order to concentrate them on the implementation of priority areas.

Figure 9 - Three-level system for the formation of regional investment priorities

When determining the investment priorities of the region, it is necessary, first of all, to take into account that in the conditions of a deficit of the federal, regional and local budgets, the low solvency of most financial and credit institutions, enterprises in the sphere of material production and the population, to find the necessary financial resources to properly ensure the directions of modernization of the region's economy does not seem possible. Under these conditions, the need for a better scientific substantiation of the relevant investment policy priorities becomes almost inevitable, the most important elements of which should be to reduce their total number and focus on obtaining the maximum socio-economic effect.

In this regard, consider the position of A.E. Busygin, who distinguishes three main directions for the formation of a new structure of the economy that meets the prospects for the transition to its sustainable growth:

Identification of “points of growth” and isolation of inefficient enterprises and industries from the economic turnover; the criteria for referring to “growth points” are the ability to form “growth sectors”, promote the development of the social sphere and improve the living standards of the population, increase jobs within the region, export orientation and ensure import substitution, increase revenues to budgets at all levels, improve the environmental situation;

Assessment of solvent demand and needs for goods and services, formed on the basis of taking into account state needs and programs of the federal, regional and local levels of government and the formation of a public procurement system;

Implementation of a system of planned projects and programs (scientific innovative production) based on the results of an analysis of the prospects for the development of the world market and aimed at a breakthrough in the medium term to new market segments and ensuring vital national interests in the future.

The noted directions of structural policy can be taken as a basis and adapted in the Russian regions, taking into account the prevailing socio-economic conditions and the peculiarities of their development.

As the most important priority of the investment policy, it is necessary to restore expanded reproduction. For its implementation, it is necessary to prioritize the investment of the shortest reproduction chains of interconnection with the simultaneous development of high-tech means of labor and objects of labor, through the priority investment of innovations, followed by the restoration of the entire chain of the scientific and technological cycle.

When expanding the functions of saving and investing financial and credit system, the regional economy and ensuring sustainable economic growth, the potential for structural and innovative modernization of fixed capital in all sectors of the national economy is being formed. On this basis, a real balance of expanded reproduction can be ensured by supplementing short reproduction cycles with longer ones. This will allow restoring sustainable accumulation in the regional economy and ensuring stable socio-economic development through the priority development of a science-intensive technological basis for expanded reproduction.

In order to determine priority areas for investment, it seems relevant to develop methodological approaches that allow monitoring the state and development of the region's economic sectors.

As international experience shows, one of effective ways assessing the attractiveness of sectors of the economy for investment is a quantitative analysis of various aspects of their financial and economic activities. For this purpose, a system of coefficients is used, the actual values of which are compared with the values recommended as normative. The number of calculation coefficients recommended by Western researchers for analyzing the financial condition can be quite large.

Among the main coefficients characterizing the financial and economic situation of the branches of the economy of the region, the following can be distinguished:

Financial stability (autonomy ratio, showing the degree of provision with own capital and relative dependence on attracted sources; the ratio of sales revenue to overdue receivables and advances; the ratio of sales revenue to overdue accounts payable);

Business activity (inventory turnover ratio; capital turnover ratio);

Efficiency (ratios of return on total capital, return on sales, return on equity);

Industry development dynamics (growth rate coefficient);

Liquidity (total coverage ratio).

To obtain a summary of the economic and financial situation of industries, an integrated indicator is calculated that takes into account the value of each of the considered coefficients, as well as their significance.

Investment priorities of the region (sectoral and territorial) should follow from the general strategy of its socio-economic development. In the coming years, the following investment projects are planned to be implemented in the Stavropol Territory:

Special economic zone of tourist and recreational type. It is planned that the creation of the SEZ will lead to a direct inflow of investments in the amount of about 49 billion rubles, the bulk of which will be invested during the first 3 years in the construction of new tourist facilities. The formation of the SEZ will have a significant positive impact on the economy of the region as a whole. The sharply increased flow of tourists will give additional dynamism to related industries. The prestige of the region will rise, which will open up additional opportunities for attracting investments to territories not included in the SEZ. Taking into account the multiplier effect, the total volume of investments received due to the creation of the SEZ is expected to be 110 billion rubles, of which about 25 billion rubles. will be invested by foreign investors.

"Satellite city" - the construction of a new satellite city in southern microdistrict Mineralnye Vody with a total area of 500 hectares for 120 - 130 thousand people. Within the framework of the project, several problems are solved at once: avoiding infill development the old city, the resettlement of residents from dilapidated and dilapidated housing, the release of the areas of the city of Mineralnye Vody under commercial projects, reducing the load on engineering networks.

Water park in Essentuki (7 hectares). No other city of the CMS has the ability to place such an object in a zone already provided with engineering communications. The water park will be able to simultaneously accommodate up to 7 thousand people, it promises to become one of the largest and most modern facilities of its kind in Europe. In addition to attractions, swimming pools and water slides, the water park will have a summer stage, a SPA center, a three-level covered parking lot for sightseeing buses, an arboretum, a playground, a hotel and much more. The project is unique due to the fact that it provides for a lot of complex technologies and complex structures. Everything is provided so that residents and guests of Stavropol can have a good rest even in the coldest winter.

Plant of aromatic hydrocarbons "APPLEKS". At the beginning of this year, the Government of the Stavropol Territory signed a General Agreement on cooperation and interaction for the construction of an aromatic hydrocarbon plant in the Stavropol Territory between the Territory Government and companies from South Korea, Germany and Russia. Currently, granular PET is the most widely used polymer in the world. It is used in the manufacture of bottles, in the production of clothing, films, plastics and even implants of human blood vessels. It is important that the APPLEX project will meet all environmental protection requirements in force in the European Union and in Germany.

In a crisis situation, when effective demand is minimal, the most important issue is to determine sectoral structure investment. In this regard, it is quite effective to invest in those industries where demand is stable. First of all, it can be associated with the priority needs of the population. The development of priority areas, according to some authors, can be ensured based on the natural purpose of the economy - the creation of living conditions for the population. For example, to automatically allocate large budgetary funds to agriculture, where, in the absence of control, a significant part of them do not reach the final goal; it is necessary to support specific food producers and processors, regardless of the type and form of their organization (private or public, individual or collective). Food suppliers through the system of orders themselves will determine and demand those segments of agriculture that are necessary and have a future. The structure of personal consumption determines the direction of action: to support those industries, the demand for the products of which is significant and where the turnover of capital is not long. These economic links are the most economical in terms of costs and productive in terms of efficiency. They serve as a natural basis for the progress of the productive forces.

Industries characterized by active investment (transport, trade and public catering), being ahead of time stable, need mainly indirect regulation.

The priority task is to achieve sustainable growth of strong and organically developing industries by including their projects in various federal programs and attracting large external investors. The depressive branches of industry, which are important for the life support of the region and have an export potential, require priority support from the republican budget.

In addition, the definition of regional investment priorities should be based on an assessment of the criteria for the investment attractiveness of areas. At the same time, each region of the region should have its own block of investment priorities that meet the following requirements: focus on the development of “lagging” factors of investment potential and risk reduction, maintaining the area’s specialization industries, diversifying its economy in order to reduce the dependence of the socio-economic situation in it on the state of the dominant industry.

Thus, in order to substantiate and select the priorities of investment activity in the region, it is necessary to create a three-level system for the formation of regional investment priorities. When determining which it is necessary, first of all, to take into account the conditions of the deficit of the federal, regional and local budgets, the low solvency of most financial and credit institutions, enterprises in the sphere of material production and the population, to find the necessary financial resources to properly ensure the directions of modernization of the region's economy.

3.2 Development of the program “Creation of a favorable climate for attracting investments in the economy of the region”

At present, almost every region of Russia has adopted certain programs to support and stimulate investment activity, which proclaim the general principles of protecting investors, their rights, and sometimes even specific benefits and guarantees to private investors. At the same time, the effectiveness of these declared principles for attracting investments, useful for any investor, depends on their practical application certain organizational structures.

The development of the program is due to the need to create a strong, effective regulatory legislative framework in the investment sphere of the region and its implementation in specific organizational mechanisms and procedures, as well as in providing a sufficiently clear legislative, informational and organizational field for a potential investor.

During the development of the program, it is necessary to take into account the applications and proposals of the structural divisions of the regional administration.

The main goal of the Program is to create an investment attractiveness for the region, so that investments, primarily private and foreign ones, go into its economy. To achieve this goal, the Program provides for the solution of the following tasks:

Use available investment resources with maximum efficiency. Efficiency in this case means not only the highest utilization of production capacities, but also the maximum profit and return for the economy of the region;

Through the implementation of program measures, to achieve an increase in the volume of savings. The share of accumulation in the gross regional product must be increased and its structure improved;

Create the best conditions for the transformation of savings, savings of the population, as well as the funds of potential investors into investments: complete, reliable, up-to-date information, favorable legislation, the attractiveness of business entities and the region as a whole, strong and reliable financial institutions and intermediaries serving the market;

As a result of the implementation of program activities, sharply increase the efficiency of investments and, to this end, increase the share of private investment to the maximum extent possible;

During the implementation of the program, it is necessary to find the optimal ratio between short-term and long-term investments;

On the basis of additional attraction of investments, to carry out a structural restructuring of the economy of the Stavropol Territory by prioritizing investments in the modernization of equipment, the introduction of new advanced technologies, and increasing the competitiveness of products manufactured by the enterprises of the Territory;

Create additional jobs;

Raise the standard of living of the population.

The rise of the production potential of the region will significantly increase the revenue base of the budgets of all levels.

To create economic prerequisites for solving the social problems facing the region.

To fulfill these tasks, not only incentives and resources are needed to continue economic growth, but mainly institutional conditions are needed that form a favorable environment, which is characterized by the predominance of positive motives over negative ones, the presence of a minimum of administrative obstacles for those entrepreneurs who want to invest and produce, significant reduction of investment risks.

This refers to the acceptable level of risk, but not the classic one associated with the sale, transportation of products, the conclusion of contracts, but the one that the investor has to experience due to failure to fulfill contracts, non-repayment of debts, with the need to pay various kinds of fees. These risks significantly reduce the favorable investment climate in the region.

The solution of these tasks requires the formation of organizational, legal and financial system Stavropol Territory in order to create investment attractiveness of the region.

In accordance with the goals and objectives, we will determine the structure of the program, which contains activities and directions that provide comprehensive support to the investor based on a favorable investment climate.

The system of activities of the Program provides for the solution of specific tasks, interconnected and coordinated in terms of time, resources and executors at all stages of the Program implementation.

When creating the investment attractiveness of the Stavropol Territory, the Program proceeds from the need to: revitalize and streamline the activities of the region's executive authorities and enterprises and organizations operating on its territory; elimination of weaknesses and potential threats for a potential investor; maximum use by this potential investor of the positive potential and resource opportunities of the region. The implementation of the Program will develop in the direction of inventorying the current regulatory framework for the investment activity of the Stavropol Territory, bringing it into line with the legislation of the Russian Federation.

Full and clear legislation in the investment sphere of the region should be created. It is necessary to develop and adopt the following legislative acts:

On state support of investment activities in the Stavropol Territory;

On the procedure for the formation of a list of priority investment projects and programs of the Stavropol Territory and control over their implementation;

About tax incentives;

On foreign investment.

As part of the organizational work, it is necessary to create an effective system for managing investment processes in the region. Clearly define the functions of the Investment Agency. Create an effective system for promoting and supporting investment projects. Develop a clear and simple system of permitting and approval procedures for participants in the investment process, which would reduce to a minimum the number of officials participating in the approval process, and as a result, speed up the period of project implementation. It is necessary to create a specialized infrastructure for the investment market of the Stavropol Territory and ensure the interaction of all its participants. At the first stage, to strengthen the positions of its already existing elements.

At the level municipalities similar investment instruments and mechanisms should be created that will operate at the regional level. It is necessary to form a system for creating the investment attractiveness of the region, which should include the following sections:

Creation of a species range of the region (gas stations, motels, campsites on federal highways, etc.);

Training historical references on settlements in border areas and on all main transport arteries;

Architectural and artistic design of the appearance of the Stavropol Territory.

Perform advertising design of tourist areas of the Stavropol Territory. Considering the fact that in the modern world economy the development of the tourism industry in terms of its turnover is second only to the world energy trade, it is necessary to prove to the investor the profitability of investing in this industry through the promotion of the tourism business in the Stavropol Territory.

Conducting a permanent PR campaign to support investment activities in the region, using for this: printed media mass media, electronic media, including modern network technologies, holding specialized exhibitions of projects, press conferences, round tables on attracting investments, printing activities.

One of the main conditions for the implementation of the Program is its stable financial support. In order to concentrate financial resources allocated for its implementation, the Program budget can be formed, the main sources of financing of which will be budgetary targeted funds for financing investment projects, off-budget funds for various purposes, as well as attracted funds, including foreign investments.

We propose to directly budget financing of the Program by consolidating funds for its implementation from various sources: the regional budget, extra-budgetary sources, as well as by attracting funds from local budgets.

We propose to use the funds of the regional budget primarily to create the necessary infrastructure for the investment market in the region, as well as to implement various measures for the information support of investment activities (publishing various booklets, catalogs of investment projects, free industrial areas, an investment passport of the region, issuing CDs about investment attractiveness of the region, creation of the website of the Investment Agency, etc.).

Extra-budgetary funds of enterprises and organizations must be involved in financing a number of activities of the Program, in the order of equity participation: for publishing a yearbook on investment activities, ensuring regular presentation of promptly updated statistical information to potential investors on the dynamics of the development of the region's economy, as well as for advertising design of the territory of the region.

It is planned that local budget funds will be attracted, in the order of co-financing, to implement the activities of the Program for the specific design of the territory of the region in order to provide additional information to potential investors on the economic and resource potential of the region, as well as to create a positive image of the region.

In addition, individual activities and projects of the Program can be financed by attracting additional funds including loans and foreign investment.

Organizational mechanism for managing the Program The Investment Agency should be carried out in the following areas:

Creates a system for monitoring the implementation of the Program and ensures its functioning;

Forms coordinating plans for annual joint actions with other interested structures of the administration of the region - organizations - executors of the Program;

Develops and implements scientific, methodological, information-technical and organizational support for the implementation of the Program;

Develops and implements the necessary regulatory and legal documents to ensure the implementation of the Program, and also forms a list of priority work and coordination plans;

Assists in the development and implementation of measures to implement the projects of the Program at the level of municipalities of the region;

Annually refines, adjusts, taking into account the financial resources allocated for the implementation of the Program, targets and costs for program activities, the mechanism for implementing the Program and the composition of performers.

Control over the implementation of the Program is carried out by the state customer - the Investment Agency together with the interested structural divisions of the regional administration.

Activities within the program can be presented in the form of a diagram (Figure 10)

Figure 10 - A set of measures under the program "Creating a favorable investment climate to attract investment in the economy"

Thus, in order to fulfill the tasks set in the program, not only incentives and resources are needed to continue economic growth, but mainly institutional conditions are needed that form a favorable environment, which is characterized by the predominance of positive motives over negative ones, the presence of a minimum of administrative obstacles for those entrepreneurs who wants to invest and produce, a substantial reduction in investment risk.

3.3 Activation of investment and innovation activities in the Stavropol Territory

The prospects for Russia as a whole, and its regional components, in a polarized geo-economy are largely associated with the presence of an effective mechanism for enhancing investment and innovation activities (IIA) - the activities of regional and municipal authorities, business entities, public organizations and individuals to improve the material and technical base production, technology, forms and methods of organizing production and labor, as well as the effective renewal of products.

In the context of developing globalization processes, the innovative susceptibility of regional economic complexes will be the main factor in the efficiency of their functioning and competitiveness. Therefore, the generation, creation and provision of innovations is currently being put forward in a number of the most important theoretical and practical tasks of reconstructing the socio-economic systems of the regions-subjects of the Russian Federation.

An important role in this process belongs to the regional investment and innovation policy, which is understood as a set of coordinated organizational and financial and economic measures taken by regional and local authorities in cooperation with the federal Center, interregional associations, business entities of the region and their associations, aimed at ensuring competitiveness and the most complete use of the existing labor, production, consumer, infrastructure, financial, natural resource potentials of the region, increasing the efficiency of scientific and technical activities and updating the range of goods and services, technology and organization of their production. This policy, taking into account the prospects for the development of territorial units and their characteristics, should serve as the basis for the development of targeted programs, measures of selective support for the most promising projects.

In the Stavropol Territory, the main factors that determine the passive vector of investment and innovation development are:

The investment crisis caused by the difficult geopolitical and social situation in the region, the lack of state funding for large innovative projects, as well as any activity for the development and implementation of federal and regional scientific and technical programs;

The rudimentary state of the regional market and investment and innovation infrastructure, primarily due to the lack of support for small innovative businesses, the underdevelopment of information networks and databases, venture capital and leasing business.

Investment and innovation policy in the Stavropol Territory should be carried out in the following main areas:

1. determining the priorities of scientific and technological development and the distribution of available resources between them;

2. formation of a favorable investment and innovation climate in the region, demand for innovations and innovations;

3. creation of special conditions in the region for the development of small innovative business;

4. protectionism in relation to the scientific and innovative potential of the region.

5. formation of a positive image and investment attractiveness of the economic and resort-tourist potential of the Stavropol Territory.

The block diagram of the organizational and economic support of the regional investment and innovation policy may look like this (Figure 11).

Formation and development of the investment and innovation complex of the region		Development and implementation of investment and innovation programs in the region
Formation and development of investment and innovation infrastructure of the region		Development and support of large network investment and innovation projects, including those involving extra-budgetary sources of financing
Formation of the legal framework for investment and innovation activities in the region		Financial support for investment and innovation activities and the provision of state guarantees in the region
Development of priority areas for investment and innovative development of the region		Investment and innovation marketing, formation of information resources in the field of investment and innovation activities and its Information Support in the region
Interregional scientific and technical integration and cooperation		Expertise in the field of investment and innovation activities
International scientific and technical integration and cooperation		Ensuring the safety of the investment and innovation process in the region

Figure 11 - Block diagram of organizational and economic support for the implementation of the investment and innovation policy of the region

The weak point of the regional innovation policy is the investment and innovation infrastructure in the region, which is inadequate to modern requirements for the activation of investment and innovation activity (IIA), by which we mean a system of institutions (information networks, experimental, leasing centers, consulting, patent-licensing and accounting and auditing services, a system of training, retraining and advanced training of scientific, technical and production personnel, innovation and information and advertising firms) under the strategic management of regional authorities and available to all participants of the IDI.

One of the reasons for this is that the transformations of the past decade, which radically changed the economic principles of management, almost did not affect the fundamental foundations of the institutional model that was characteristic of the Soviet scientific and technical sphere.

The current practice preserves the separation of science from innovation, does not imply an assessment of effectiveness government programs, uses predominantly financing of organizations, rather than priority areas. On a national scale, the main structure of the unit of science remains large research institutes, as a rule, isolated from both higher education and enterprises.

In this regard, the urgent task is to transform the institutional structure, which involves changing the mechanisms of interaction of scientific and innovative organizations with consumers of their products, both in the private and public sectors of the economy.

The most important priorities of scientific and technological development are increasingly associated not with grandiose, expensive projects of a breakthrough, demonstration nature, but with continuous daily work to develop all parts of the investment and innovation complex of the region, the viable basis of which is the research divisions of companies, small science-intensive firms, technology parks, innovation centers at universities.

For the Stavropol Territory and Russian regions similar to it, the development of a regional scientific and technical infrastructure financed by the regional government and municipalities with the participation of banks, corporations, business associations and other structures is of particular importance. In its formation, it is advisable to use the experience gained abroad.

For the development of investment and innovation infrastructure in the Stavropol Territory, it is advisable to create on the basis of the regional CNTI "Regional Investment and Innovation Center" that performs the functions of a technology park.

It seems that this structure, having the rights of a legal entity, should, on the basis of cooperation with universities, research and production organizations, support and prepare independent activities of small businesses. innovative enterprises, development and development of innovations, their commercialization, as well as the formation of an investment and innovation environment in the region. The expediency of creating such a structure in the region is due to a number of factors:

The need to focus the investment and innovation potential of the region on solving the problems of structural reform of the economic complex in the direction of turning the Stavropol Territory into a tourist center of the North Caucasus with a high-tech industry, a developed agro-industrial complex and a service sector;

The concentration of economic resources of the region on the socio-economic problems that are relevant to it;

The need to form an investment and innovation infrastructure in the context of the stabilization of the situation in the economy and the beginning of economic growth;

Increasing the role of investment and innovation potential in the positive development of the regional economic complex in the context of growing globalization processes.

Based on the variant of the scheme of the organizational structure of the regional technopark, we propose a possible variant in relation to Stavropol Territory(Figure 12).

Figure 12 - Possible organizational structure of the regional investment and innovation center (RIINTS)

This model, in our opinion, deserves attention, since it, along with the scientific and technological complex, includes a commercial complex within the framework of RIINTS. Such an organizational structure is very relevant for the conditions for the development of innovative activities in the Stavropol Territory.

In conditions when the state's capabilities in the field of innovation are very insignificant, and the interest of potential investors in financing projects that generate income over a long period is practically absent, the development of the scientific and technological complex of RIINTS can be carried out by reinvesting the profits of the commercial complex. In fact, the commercial complex will simultaneously contribute to the financing of innovative projects and provide infrastructure support for investment and innovation activities in the region.

Among the most important functions of the RIINTs commercial complex are:

Carrying out marketing research;

Providing, first of all, to small innovative businesses in the region, services in the field of trade, warehousing, service, tourism, hotel business, advertising (providing space at preferential rates, office equipment, telephone and facsimile communications, etc.);

Assistance to economic entities of the region in the development, maintenance and implementation of investment and innovation projects and programs;

Assistance in the preparation of international agreements, treaties, contracts, the development of production forecasts and the need for products, works, services in various fields of the economy, science, technology;

Financing the early stages of development and assistance in obtaining bank loans;

Training, retraining and advanced training of specialists in management, marketing, finance, accounting in the field of innovative business;

Conducting scientific seminars, conferences on priority areas of scientific research;

Holding exhibitions, fairs, presentations, competitions to determine the most innovative and active enterprise in the region;

Conducting technical and economic expertise of investment and innovation projects;

Implementation of the import of advanced technologies, know-how, modern equipment, etc.

CONCLUSION

Having studied the theoretical aspects of investment activity, we can draw the following conclusions that in the conditions of modern Russia, the need for an influx of new investments is due to the need to solve both current, everyday tasks related to the need to support the economic development of the region. In the Russian economy, there are various modifications of the definitions of the concept of investment, reflecting the plurality of approaches to understanding their economic essence. To a large extent, this is due to economic evolution, the specifics of specific stages of historical and economic development, the dominant forms and methods of management.

The formation and implementation of a regional investment policy is a complex multi-stage task, each of the stages of which requires separate study and constant adaptation to the changing conditions for the functioning of the socio-economic system of the region.

The practical achievement of the goals of the investment policy of the region is associated with the creation and maintenance of the effective functioning of the mechanism for its implementation. Under the mechanism for the implementation of the regional investment policy, it is necessary to understand the totality of methods and systems that ensure their operation, with the help of which government bodies influence the participants in the investment process in order to solve the priority tasks of the socio-economic development of the region.

After analyzing the main indicators of the development of investment activity in the Stavropol Territory, it was revealed that, in general, the region has a favorable investment climate. One of the leading investment sectors is the food and processing industry. The growth in the share of investments is also observed in agriculture, mining, wholesale and retail trade, real estate transactions, rental and provision of services.

An analysis of investments in fixed capital showed that in the period from 2002. through 2006, most of the funds came mainly from the federal and regional budgets.

Foreign investment in the economic activity of the Stavropol Territory has been held back in recent years, primarily due to the loss of confidence in the ongoing reforms, the high percentage of commercial loans, high investment risks, and an imperfect regulatory framework. Thus, characterizing the state of the process of attracting foreign investment, we can draw the following conclusions. The volume of foreign investments attracted to the region's economy has stabilized, the activity of foreign investors has noticeably increased in the region, and direct investments predominate in the total volume.

To further improve the regional investment policy in Stavropol, we proposed the following measures: a mechanism for substantiating and selecting priorities for investment activity in the region, where a three-level system for forming regional investment priorities was presented. When determining which, first of all, it is necessary to take into account the conditions of the deficit of the federal, regional and local budgets, the low solvency of most financial and credit institutions, enterprises in the sphere of material production and the population, to find the necessary financial resources to properly ensure the directions of modernization of the region's economy.

The following measures to improve the regional investment policy were proposed to create a favorable climate for attracting investment in the region's economy; here a set of measures was presented to fulfill the tasks set in the program, necessary for the continuation of economic growth. And the scheme of activation of investment and innovation activities in the Stavropol Territory.

So the overall goal regional development at the present stage is to preserve and then strengthen the investment and innovation potential of the most promising sectors of the regional economic complex, to increase the efficiency of its functioning. Only on this basis can the sustainability of regional development be ensured.

LIST OF USED LITERATURE

I. REGULATIONS

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3. Law of the Stavropol Territory dated June 22, 2005 No. 31-kz “On State Support for Leasing Participants in the Stavropol Territory” // www.stavinvest.ru.

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Regional investment policy is formed under the influence of many processes occurring at the micro and macro levels and in the regions themselves.

The narrowing of the reproduction of fixed assets, the reduction of investments during the years of reforms has become a reality both for Russia as a whole and for its individual regions. Today, fixed assets are not only consumed, but are also quickly destroyed, since the rate of their disposal significantly exceeds the rate of commissioning of new ones (by 2-3 times). At the same time, the share of industrial and state capital investments in their total mass is declining much faster.

On the whole, the situation in the Russian investment complex remains very difficult. The decline in investment activity has reached a critical level, and some revival of investment activity in the country in recent years does not inspire optimism due to the achievement in 2003 of an unacceptably high level of depreciation of fixed assets of 50% (in manufacturing industries it reaches 60-80%). At the same time, the increase in investments in 2003, according to the State Statistics Committee of Russia, amounted to 12.5%, while the required 20% or more, which is very small. In this regard, the probability of man-made disasters increases sharply.

The main reasons for the decrease in investment are inflation, a significant decrease in budget spending on investment, the desire of enterprises, especially at the beginning of the reforms, to maintain teams and the level of income of workers by cutting the accumulation fund. This was facilitated by the fact that the rate of depreciation of the investment ruble was twice as high as the depreciation of the ruble in the consumer market (1993: 44% to 23%).

Since inflation "ate" a significant part of investments, the rate of their decline outpaced the rate of decline in production.

The Russian economy is still characterized by:

- high refinancing rate;
- concentration of capital in Moscow (80% of all capital of the Russian Federation);
- a large amount of liquid foreign currency in the hands of the population;
- financial banking resources, which represent short money. They are invested in working capital, short-term financial operations but not in the real sector of the economy.

The gap between the efficiency of investments in the financial and industrial sectors is very large: 44% versus 3%.

Naturally, there is no need to talk about a significant increase in investment in such conditions. They are much less than the depreciation fund. And the ego leads to rapid aging and the retirement of fixed assets from production.

After privatization, investments in most cases were associated with a change of ownership, money was invested in the acquisition of shares in enterprises, and not in the development of production, and if they were invested, then in working capital, soon circulating.

Investments are evaluated not by payback and production growth, but by a particular criterion - profit. Moreover, if the amount of profit is small or tends to decrease, then the owner of the company's shares goes out of business. Banks make investments only in case of timely return of funds with an acceptable percentage.

The savings of the population could serve as a source of investment, but people do not want to risk them by investing them in production, since the state and various financial and production structures have repeatedly refused to fulfill their obligations.

The free funds of enterprises in the regions are small, although the balance of their bank accounts has been increasing recently.

Foreign investors are in no hurry to invest in the Russian economy, especially in projects with long payback periods. They are attracted to highly profitable short-term investments.

As for the real sector of the economy, Western investors are interested in investments in the oil and gas complex, energy, aluminum smelters, communications and communications enterprises, ports, shipping companies, and the mining industry.

In general, in modern conditions, the investment climate in the Russian Federation for foreign investment is assessed by experts as unsatisfactory. In terms of risk of foreign investment, Russia ranks 54th, which is due to the following reasons:

- legal instability, accompanied by the adoption of new legislative acts that change the rules of the game;
- low level development of many elements of the market infrastructure, especially the transport network;
- fairly frequent changes in the customs regime;
- poor informing of foreign investors about the possible volumes, sectoral and regional areas of investment;
- high and numerous taxes and payments, the practical absence of investment incentives;
- strong bureaucratization of the country, as well as corruption, racketeering and other crime.

The absence or high cost of new equipment, obsolete technologies further weaken the motivation for investment, divert funds for the reproduction of working capital.

Thus, there are no conditions for investment, namely:

- large savings among the population and the ability to quickly increase them, and most importantly, the desire to invest them somewhere;
- the ability to service debt and refinance;
- foreign loans and investments.

Under these conditions, however, it is necessary to rely on our own resources, to look for investment sources within the country. In this connection, many spears were broken around the development budget adopted by the State Duma of the Russian Federation in the process of discussing the budget for 1997.

In the development budget for 1997-2000. A separate line provided for the size of investments by years and the sources of their provision up to 2000. In particular, the size of investments from 26.4 trillion rubles. in 1997 it was supposed to increase to 46.8 trillion rubles. in 2000 (in 1997 prices) mainly due to foreign and internal borrowing and the return of loans to the development budget. But the budgets of subsequent years were sequestered, and no funds were received from abroad, so the situation in the investment complex remains very difficult. It became even more acute with the liquidation of the development budget in 2001.

At the same time, the investment situation in different regions is very different. At the same time, seemingly unshakable postulates are often violated, according to which investments will certainly go to regions rich in natural resources with strong production potential. This suggests that regional legislation, the system of incentives and guarantees, taxation, the development of market infrastructure, the degree of bureaucratization of investment activities, and finally, the personal interest and activity of the regional leadership, and much more are important factors in ensuring a stable and large-scale inflow of financial and credit resources.

Regional investment policy should be aimed at creating a favorable investment climate for attracting investment. In addition, the investment policy serves to increase the competitiveness of the region.

Investment activity at the regional level can be represented as a set of organizational, economic and rule-making actions of authorities, business entities and individuals to form the necessary investment resources, their efficient use in investment projects, providing long-term and guaranteed income at a level that meets the requirements adopted in the region.

Investment activity in the regions should ensure the integrity and continuity of the reproduction process, the indicator of which is the GRP, the structure of which is largely determined by the directions and intensity of investment investments. Therefore, when developing a regional investment policy, it is necessary to take into account the patterns of reproduction of the regional socio-economic complex and the factors of GRP reproduction.

The final, resulting object of investment in the region is its socio-economic complex. It is only on the basis of its interests that the expediency of investing regional funds in individual projects, enterprises and industries should be assessed, and priority areas of investment policy should be determined.

The regional complex is a specific form of socialization of production, a reproductive subsystem of the country, the economic situation of which is characterized by relative economic isolation. Representing the material basis for the development of the entire system of production relations, it is largely based on specific regional peculiarities productive forces, while creating opportunities for a more complete implementation of these features. The main content of the process of socialization in the region is the establishment of economic ties between economic objects, the merging of disparate sectoral processes into a single reproduction process.

The intensity of investment activity in the regions is determined by many factors - objective and subjective, natural and economic. In Russia, a significant role belongs to subjective and organizational and economic factors. Therefore, in order to attract investment in the regions, one should not rely only on the available natural resources, even unique ones, but it is necessary to form a modern organizational, economic and legal mechanism for regulating investment processes in the region and an adequate system of economic entities capable of implementing the priorities of regional investment policy in practice.

The economic mechanism of regional investment activity can be represented as a system of economic forms, methods and ways of organizing investment activity, a set of relations and interconnections regulated by the state of the participants in the investment process, ensuring its high efficiency, continuity and relative independence from external conditions. Three blocks of elements are distinguished in its composition (Fig. 7.1):

Rice. 7.1.

1) forms, methods and tools for influencing the material and technical base of the investment process;
2) methods and techniques of influencing socio-economic relations that ensure the investment process;
3) forms of organizing the work of the governing bodies of the region and objects of investment infrastructure, the regulations of their relationship regarding the coordinated implementation of investment processes.

These blocks, reflecting the three facets of the mechanism for regulating investment activity (its impact on the productive forces, production relations and superstructure), at the same time determine its most important functions, tasks and instruments of influence.

To determine the priorities for investing the region's own funds, it is necessary to calculate the local regional efficiency of options, which is understood as the ratio of regional investment results to the costs that caused them. As a result, it is advisable to consider the net regional disposable income, which is determined by adding to the net regional income the difference between the transfers, transfers, etc. received in and out of the region. Among the costs, along with the volume of investments, one should take into account the feedback costs caused by the use of this option of investing limited resources. This will ensure the overall minimum cost of production in the regional complex.

The subjects of investment activity are very diverse. They can also be regional administrations, large enterprises, credit and financial institutions, etc. To increase the activity of commercial entities, a system of guarantees, insurance, organizational support is needed, which can be implemented through the following measures:

- determination of priority investment areas for the region;
- joint establishment by the administration of the region and the management of the financial institution of high-quality criteria for selecting projects in accordance with their goals and objectives;
- determination of key financial performance indicators of investment projects and their boundary values;
- establishment of recommended discount rates;
- determination of guarantee obligations of the administration;
- ensuring the reduction of banking risks.

On this basis, it is possible to develop an economic partnership between the region and commercial organizations, including the transfer of shares of shares owned by the administration, the provision of industrial and residential premises, land plots, the provision of information transparency of borrowers, the delegation of powers by credit and financial institutions for the financial recovery and rehabilitation of enterprises participating in investment projects. projects, etc.

The key to the success of investment activity in the region and the effective functioning of the mechanism for its regulation is the regional investment infrastructure. Only a systematic approach based on identifying the interrelationships of productive forces, production relations and the superstructure makes it possible to correctly establish the range of tasks that the investment infrastructure must solve, the functions of each of its elements and, ultimately, the composition of the elements themselves. The logical scheme for the formation of a regional investment infrastructure includes the following steps:

1) determination of the composition of the economic mechanism of investment activity in the region;
2) establishing a set of goals and objectives that need to be addressed in the region for the effective implementation of investment activities;
3) the distribution of these tasks between existing and newly formed regional governing bodies, the definition of their functions, methods and tools of work;
4) regulation of the relationship of bodies, the establishment of their spheres of influence based on the grouping and ranking of their functions.

Forming a favorable investment climate and increasing the investment attractiveness of the region should become strategic tasks for the development of the regional economy.

The following groups of factors are used to assess the investment attractiveness of a region:

- geographic: the size of the territory, natural conditions, remoteness from industrial centers, the availability of transport links with other regions, etc.;
- availability of natural resources: water, mineral raw materials, land, biological;
- socio-demographic: population size and density, employment, intellectual resources, labor migration, standard of living, etc.;
- economic: the level of economic development of the territory, fiscal policy, the state of the regional market, etc.;
- environmental: parameters of environmental pollution, costs of environmental protection measures;
- political (refer to force majeure factors): the political situation in the region, social tension, etc.;
- Legislative: adoption of laws in force in the field of investment.

According to the attractiveness for foreign investors, the regions of the country can be divided into three groups.

1. Regions with a relatively favorable investment climate due to business activity and high rates of market transformations: Moscow, St. Petersburg, a number of regions (Kaluga, Moscow, Tula, Yaroslavl, Rostov, Sverdlovsk, Nizhny Novgorod, Volgograd, Samara, Chelyabinsk, Tyumen), Krasnoyarsk region, Republics of Tatarstan, Bashkortostan, Yakutia (Sakha).
2. Regions of an intermediate type with a less favorable investment climate. This group includes almost half of the regions of Russia: Belgorod, Orenburg, Novosibirsk, Kamchatka, Vologda, Murmansk, Tver, Lipetsk, Omsk, Tomsk, Amur, Magadan regions, Primorsky and Krasnodar Territories, the Republics of Komi, Udmurtia, Dagestan.
3. Regions with an unfavorable investment climate. This group includes approximately 15 regions, including the regions of the Central Black Earth region, the republics of the North Caucasus, Kalmykia, Tyva, Altai, Chukotka autonomous region, Jewish Autonomous Region.

Different regions carry out their investment policy. However, the patterns of investment policy common to the regions are:

- concentration of investments in the area where the regions have real advantages, where structural transformations are successfully carried out in regional economic complexes using new technologies, with a quick return. To implement these principles, the regions analyze economic activity and identify promising areas for investment;
- Significant investment in the life support industry.

It should be noted that the self-development of the investment complex

in the regions is possible only if it is constantly fed with innovations, and not all regions have them.

Tatarstan is distinguished by characteristic features in the implementation of investment policy. Here, as well as in Russia as a whole, in the early 1990s, inflation “ate” a significant part of investments. The situation in the investment complex of the republic was difficult. Since 1995, the situation began to change for the better thanks to a tough anti-inflationary and selective policy in the field of investments and the conclusion of an agreement with the federal center "On the delimitation of management rights." In accordance with the agreement, the republic received tax benefits and the right to expand its activities in the world market. Investments began to grow. They are sent to enterprises of various forms of ownership that are ready to introduce new equipment and technologies on a competitive basis and produce competitive products. All ego provides a quick return on funds, increases investment resources.

Today, there is a clear trend towards the flow of investments from the regions of the Trans-Urals to the regions of the European part of the country. In Eastern Siberia, the volume of capital investments and their growth rates were traditionally lower than the Russian average, in Western Siberia - somewhat higher due to the Tyumen and Tomsk regions and Kuzbass. The excess still remained in 1993 at the level of 4%. However, as a result of a massive reduction in investment, today it has exhausted itself. The country is unable to make sufficient investments in the Fuel and Economic Complex (FEC) of Tyumen and the coal enterprises of Kuzbass. The diversified regions of Siberia were the first to experience a decline in investment, when it had not yet been observed in Central Russia.

Speaking in general about investments and the policy of the regions in relation to them, it should be emphasized that the struggle for investments is intensifying in Russia and the world. There are fewer of them, but their turnover is increasing. Nevertheless, in modern conditions there are huge opportunities for the flow of capital into profitable sectors of the regional economy for the implementation of large projects.

In this regard, it is necessary to make a number of changes to existing legislation, to initiate new laws, in which it is necessary to clearly reflect the following provisions:

- public funds should be provided on a repayable basis;
- on a gratuitous basis, funds can only be provided for the development of federal property;
- strengthening state regulation of investment processes with the simultaneous elimination of bureaucratic obstacles;
- combining the possibilities of the state budget and the largest private structures, various funds, etc.

The most important tasks of the current and subsequent stages of reforming the Russian economy in the investment complex are:

- determination of specific investment priorities that could become growth points and gradually stretch the region's economy with the support of investment projects by means of the federal center;
- constant monitoring of the financial capabilities of the regions themselves and the rational investment of their funds in investment projects designed to boost the economy of the region;

Combination of sectoral and regional approaches in the investment sphere, etc.

Without a revival of investment processes, there can be no question of the rise of the Russian economy. But for this it is necessary to use funds not only from the state budget, but also from private, including foreign, investors. This means that it is necessary to create an appropriate climate in the country as a whole and in the regions.

The state and regional policy in relation to private investors should consist in not interfering in their activities, to contribute to the maximum to the formation of a legislative framework at the federal and local levels to attract private investment.

The most important prerequisites for intensifying investment activity are the reduction of inflation and the strengthening of the ruble, the development of the securities market, and the reduction of interest on loans.

Solving the problems of financial support for investment activity in the regions should be associated with the transition from regulating predominantly macroeconomic parameters of the financial sector to a comprehensive multi-purpose approach that involves the impact on the processes of reproduction and investment at the macro- and microeconomic levels. Specific areas of regional investment policy should be and are already partly:

- ensuring sustainable development of the real sector of the economy;
- the most complete use of internal investment potential in the interests of industrial production;
- increasing the efficiency of already developed, but currently weakly operating levers and mechanisms for stimulating investment and production activities;
- formation of effective mechanisms designed to provide reliable protection and guarantees for the interests of investors;
- creation of real prerequisites for maintaining the emerging positive shifts in the sphere of production and investment and bringing the region to the trajectory of sustainable economic growth.

Regional investment policy - a strategic plan of action for investment market region. It has goals and priorities - strategic and immediate directions and a system of interrelated measures to regulate the regional investment market. The goals and priorities of the investment policy are determined by the development goals of this region. In accordance with them, the priority areas of activity of regional governments in the investment market as a borrower of an investor or an institutional investor and methods of regulation are considered.

Legislative activity is one of the instruments of the investment policy of the regions aimed at improving the investment climate.

In recent years, the emphasis in legal regulation investment activities have moved to the regional level. In an increasing number of regions of Russia, local administrations are actively working to stimulate and support investment activities. This is due to the strengthening of the role of the constituent entities of the Federation in the economic and legal spheres, the acute need of the regions for investment resources and the lack of a sufficiently clear state strategy to attract private investment in the domestic economy. Gradually, a group of regions is emerging - leaders in the field of investment culture formation and organization of the investment process.

Legal regulation of investment activity at the regional level is carried out in a number of areas Litvinenko V.A. Directions and methods of intensification of the state investment policy in the regions of Russia // Audit and the financial analysis. - 2008. - №6.:

1. Issues of socio-economic development of the region - the definition of priority sectors of the economy and priority enterprises. About a third of the regions have identified for themselves priority activities for investment. The detail of the development of priority areas varies from fairly general provisions (“industry and agriculture” in the Voronezh region) to more detailed ones, for example, the production of paper and cardboard and products from them in the Penza region.
2. Formation of investment openness and attractiveness of regions, their investment image, including through the cultural compilation of catalogs of enterprises, catalogs of investment projects, etc. The Republics of Tatarstan, Komi, Yaroslavl region stand out here.
3. Development and adoption of targeted investment programs in the region to create import-substituting industries, to increase the competitiveness of individual industries and individual facilities.
4. Vigorous activity to attract foreign investment. Characteristically, while the attractiveness of the country as a whole for foreign investors is still low, there are regions in which this attractiveness is comparable to European countries. This can be attributed to the leaders in this regard Nizhny Novgorod and the Nizhny Novgorod region, the Orenburg region, the Komi Republic. Active and efficient work is underway to attract foreign investment in the Novgorod region. The next are the regions of the Central Black Earth and Volga regions, where, with state support, it is possible to increase investment attractiveness for foreign capital in a short time.
5. Organizational issues - the procedure for registering enterprises with foreign investment, licensing, creation of special structures in the state authorities of the constituent entities of the Russian Federation that directly implement programs to support and attract investments.
6. Issues of benefits and privileges - provision and provision of guarantees for the rights of the investor; creation of a preferential regime for investment activities (exemptions on taxes and fees, provision of investment tax credits). The most common types of tax incentives to stimulate investment were income tax (33 subjects) and property tax (28 subjects). Different entities use different mechanisms for providing tax incentives, for example:
- - for all investment projects (Kaluga, Tomsk, Belgorod, Tver and other regions);
- - investment projects in priority areas of development (Yaroslavl and Rostov regions, the Republic of Ingushetia, etc.);
- - organizations created with the participation of foreign capital (Republic of Mordovia).
7. Issues of accelerated depreciation; preferential conditions for the use of land; preferential rates for rent for real estate, for the use of subsoil, natural resources. For example, with regard to the value rent for land, the best solutions are:
- - Kaliningrad region, where the procedure and the basic formula for calculating the amount of rent depending on the category of land are determined;
- - The Republic of Tatarstan, where the rent is fixed at 1.5%;
- - Nizhny Novgorod and Ulyanovsk regions, where exemption from rent is practiced in terms of payments credited to the regional budget for investment projects.
8. The practice of training the workforce on the orders of entrepreneurs. For an investor, training is always time-consuming and expensive, especially at the early stage of organizing a business. The role of a supplier of personnel for business should be assumed by the authorities that form the education system in the region. Thus, in the Leningrad region, a catalog of regional organizations is maintained that provides training and advanced training for workers and specialists. In general, only in two regions were there government proposals about their readiness to take on some of the tasks of preparing labor resources for investment projects. These are the Rostov and Samara regions.
9. Direct participation of the subjects of the Federation in the financing of investment projects, the provision of investment loans on favorable terms at the expense of the budgets of the subjects of the Russian Federation and local budgets (as, for example, in the Republic of Karelia, Pskov, Samara regions); issue of regional securities; creation of targeted investment funds, provision of state guarantees of the subjects of the Federation to ensure the fulfillment of obligations by investors; creation of a pledge fund of the subjects of the Federation. Thus, mortgage funds have been created in five regions, the activities of which open up the possibility of providing state guarantees from the subjects of the federation. A reinsurance company operates in the Komi Republic. Of particular importance is the increase in the level of economic justification of investment projects based on the standards laid down in modern generally accepted methods in the world, as well as the choice of criteria for selecting these projects, taking into account the priority tasks of regional development. In order to increase the level of elaboration of programs, it is important to involve banks in this activity. It is also promising to draw up a so-called investment passport of the region, containing information necessary for potential investors.

The system of forms and methods of state regulation of investment activities at the regional level is presented in Appendix 1.

The practice of investment activity in the regions largely depends on how organically linked federal and regional legislation in this area. An analysis of the Constitution of the Russian Federation and federal laws in the field of investment shows that on issues of financial regulation and civil law relations in the investment process, the powers, including law-making, belong mainly to the Russian Federation, while the regions carry out law enforcement practice.

In general, it can be argued that at the regional level these and other specific issues of stimulating investments are worked out better than at the federal level, which indicates that the authorities are interested in capital inflows. Many regions of the Russian Federation short term formed a more coherent and consistent investment policy than at the federal level. However, there is no qualitative change: there is no large-scale inflow of investments, despite the fact that a rather tense struggle is developing between the regions for an investor through the provision of ever new benefits, guarantees, etc.

Practice shows that for entrepreneurs investing in Russian regions, more important than the specific benefits and regional guarantees provided are stability of legal and economic conditions common to the country, transparency economic processes, which decisively determine the reliability of investments.

Without uniting the efforts of federal, regional and local authorities, the state and alternative sectors of the economy, it is difficult to count on the transition of the economy to the stage of sustainable economic growth.