Development market economy impossible without investment. The effective redistribution of temporarily free capital to those sectors that need it most is one of the most important functions of the capital market.

Capital market investment and interest rate - these terms have appeared in our lexicon quite recently. Along with this came the realization that money is not just a means of payment, but also a commodity. If it is profitable to sell it, then you can earn income.

With the transition to a market economy, economic entities faced the issue of attracting resources for further development and modernization. Bank loans could not fully satisfy the need for capital. So it appeared, which ensured the migration of capital and allowed investors to invest temporarily available funds for profit.

market today valuable papers is a clear, well-coordinated mechanism, which has all the features of the market. Its main indicator is the investment of capital and its types.

The market operates:

issuers;
investors;
financial intermediaries.

The capital market, investments and the interest rate, as well as the entire financial market, are subject to constant control and regulation by the state. This is necessary to create optimal conditions for the development of the capital market and protect the interests of its participants. But you should not abuse administrative resources, as this can scare off investors.

Investment capital

Investment capital is the money that investors invest in financial instruments for the purpose of making a profit. Funds in the form of money become investment capital when they are used in production - for the purchase of equipment, labor and other elements of labor.

The amount of investment capital is equal to the sum:

own resources;
borrowed resources.

Own resources include the assets of the enterprise, such as profit, depreciation, and so on. As for borrowed funds, they are paid, that is, they reduce the investor's income. Therefore, the features of determining the amount of invested capital, or rather the most important of them, is the optimization of its size.

Savings account for the bulk of investments. They represent the surplus that occurs when there is a positive difference between income and expenses. Savings become investment capital when they are used directly or indirectly to buy something.

For effective development economy, it is important that the state perform its function - to create comfortable conditions for the functioning of the capital market. This requires a suitable regulatory framework.

Investors are very sensitive to various kinds of challenges and risks, therefore, when an economic, political or other crisis occurs in the state, one can observe an outflow of capital from the country.

Sources and consumers of investment capital

The main providers of capital for investments are the population. Their savings are significant and accumulate in the form of bank deposits, pension, insurance contributions and so on.

The task of the state is to create such an atmosphere within the country in which the population can not only accumulate funds, but also redirect them to the real sectors of the economy in the form of investments. AT developed countries common is the phenomenon of investing capital on an equity basis.

Also people trust their money financial institutions and, despite the low percentage of income, they invest their savings in long term, entrusting their management to funds, banks and investment companies (see).

The largest consumers of investment capital are business and the state itself. They raise capital for development various projects, modernization and expansion of production through the issuance of debt securities.

Such financial instruments are sold on the securities market, thereby ensuring the transfer of capital from the investor to the issuer.

Investment capital management

Own and borrowed capital must be properly invested. The task of the investor is not only to generate a certain amount of resources, but also to properly dispose of them.

The main purpose of this activity is to generate income. But at the same time, investing capital in assets is associated with risks. There is a relationship between the amount of risk and income that can be obtained from investing in a particular project.

The skill of the investor lies in the correct assessment of risks and the choice of the "golden mean" between their magnitude and the size of the expected profit. For risk assessment use special indicators. There are quite a lot of them, investors use them at their own discretion, depending on the object of investment, the political and economic situation, and so on.

When calculating indicators, various methods are used:

expert assessments;
analogies;
appropriateness of costs;
stability checks.

These methods help the investor assess the degree of risk, identify factors that may affect its value and develop measures to reduce the risk (investing capital in diversification, insurance, preparing reserves, and so on).

The investor evaluates the degree of risk of investing capital in certain period time. But there are factors that can affect the effectiveness of investments in the future. They also need to be taken into account. For this, special calculations are used, for example, the calculation of the discount rate for invested capital.

Choosing an investment object

But the formation of an investment portfolio begins not with a risk assessment, but with the choice of an object in which to invest. The object of investment should be reliable, stable and profitable project. Analysts are often involved at this stage.

The analysis begins with a study of the country, the political situation, the state of the economy and the main financial indicators. Next, promising directions and blinds are identified.

These may be projects with state support, sectors of the economy focused on the production of material goods, the demand for which is growing, and so on. At the final stage, companies are analyzed, business reputation is checked, accounts, founders, income structure, liabilities, and so on are studied.

The rating is considered reliable and shows that this type of investment is quite popular. This is due to the high reliability of investments, since the value of real estate does not change significantly, it always remains liquid and, as practice shows, such an investment object becomes more expensive over time.

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Investing in bonds and other securities is aimed at generating income. When issuing, the conditions for the turnover of the security are indicated, such as the term, the size of the coupon, and so on.

And investing in stocks is not only aimed at generating income. The purchase of such financial instruments entitles their owner to participate in the management of the company.

Other popular investment options include:

cash deposits;
intellectual property;
property rights;
scientific and technical developments.

Investment capital is a certain amount of resources that are invested in the economy, in the purchase of tangible or intangible goods in order to make a profit. Investment capital may consist of own or borrowed money, it is important to properly dispose of them - to choose an investment object, to assess the risks. After that, you can expect to make a profit in the future.

FINANCE. ACCOUNTING. AUDIT

UDC 330.14.01 BBK 65.263

FINANCIAL AND INVESTMENT CAPITAL: GENERAL AND SPECIAL

I.D. Anikina

The features of financial and investment capital that influence the formation of the company's investment strategy are identified and considered.

Keywords: financial capital, investment capital, investment strategy, capital mobility, pricing factors, assessment of the future situation, consideration of subjective pricing factors.

The growth dynamics of the Russian economy is largely determined by the dynamics of investment processes and the structure of investments. basis economic growth constitute investments in real assets, however, investments in financial assets are also one of the necessary conditions for transformations economic relations in Russia. Stabilization of the country's economic growth largely depends on the speed of processing information about investor preferences and project risks (such information is carried by changes in prices for financial assets in the stock markets) and on the possibility of assessing and redistributing not only project risks, but also macroeconomic risks.

AT economic theory sometimes a distinction is made between the concepts of investment and capital, the main purpose of which is to generate income, while the goals of investment are interpreted more

broadly, which can be an increase in the investor's utility that is not measured in valuation. For example, in Soviet economy“The main motive for investment was not profit, the receipt of which was an important, but still secondary goal. The main meaning of investments was seen in the expansion of production, its modernization and the creation of new jobs, regardless of the effectiveness of such investments.

According to modern researchers, “without the formation of an adequate public attitude to the basic element of a market economy - capital, in relation to which all the rest are derivatives, the formation market relations... has no prospects in Russia, and capital management of business entities will be mistaken ... concentrated on own sources financing".

According to the method of obtaining income, capital can be differentiated as investment and financial. Investment capital increases its value as a result of "acquisition of new capacities or expansion

rheniya existing ", that is, as a result of the investment of the financial capital of the company (own and mobilized from external sources funds) into real investment projects in order to maximize the value of the company. Investment capital is the resources involved in investment activities for their renewal (not necessarily in the same material form) and income in the future. Financial capital can be defined as an incremental form of the value of investments in the process of relatively independent movement of financial resources by ensuring the reproduction process, that is, not only expansion or renewal, but also the functioning of the invested investment capital. “From a general economic standpoint, capital is a set of financial resources transformed in the process of business turnover of economic entities into tangible, intangible and financial assets” . Based on this, financial capital is inherent in next system features: 1) the totality of financial resources; 2) the movement of financial resources, which is carried out relatively independently of the movement of real assets, but financial capital creates conditions for the accelerated functioning of investment capital.

Financial and investment capital are in close interaction with each other: the effectiveness of the functioning of the investment capital of an enterprise is largely determined by the efficiency of its formation, and the effectiveness of the functioning of financial capital is determined by the effectiveness of its participation in investment capital, which is reflected in the formation of the company's investment strategy. The investment strategy of the company includes the stage of formation of financial resources. The main task of this stage is to attract financial resources with specified parameters (time of obtaining resources, volume, costs of attraction, terms) for the implementation of investment projects. The purpose of the investment strategy is the choice of directions for investing financial capital in order to generate income in the future. Thus, investment

This strategy includes the stages of formation of financial resources and distribution between the investment projects of the company. The well-known scientist L. Krushwitz considers investments and financing as “payment-oriented processes” and gives them the following definitions: “investment is an entrepreneurial action that at different times t leads to cash payments and receipts, and this process always begins with the payment. Funding is an action that leads at different times t to cash receipts and payments, and this process always begins with receipts. Thus, an investment action for one investor is at the same time a financial action for another.

Financial and investment capital are distinguished by the following features.

1. Isolation of investment and financial forms capital. The existence of financial capital is based on investment capital, but financial investments cannot be associated with any real asset. Financial capital has a certain independence in relation to investment capital. The independent movement of financial capital can be separated from the movement of real assets, which leads to financial crisis, to gaps in the value of investment capital and underlying financial capital. With the development of precisely finance capital, every capital "seems to be doubled, and in some cases even tripled, as a result of the different ways in which the same capital, or even the same debt claim, appears under different forms in different hands." Due to their properties, the value of securities does not coincide with the value of real capital, although it depends on its change. K. Marx believed that a change in the value of securities does not lead to a change in the wealth of the nation, which is embodied only in real capital [ibid, p. 515-517].

Indeed, the dynamics of the value of shares does not always coincide with the dynamics of the value of real capital, which reflects the characteristics of financial capital: assessing the financial

soviet capital, tangible assets must be analyzed not just as the sum of individual elements, but as a whole, as a system in which all elements are interconnected and interdependent. Securities reflect the value of not only tangible assets, but also goodwill, in which important role play quality control, quality labor resources and the optimal combination of material and intangible assets. In the short term, fluctuations in the value of financial assets may not reflect an increase in the country's wealth, as they occur under the influence of not only economic, but also speculative factors, the psychology of investors, which have an important impact in the short term. AT long term the growth of financial assets determines the growth of the wealth of the country, and the prevalence of financial investments is a measure of the development of the economy as a whole.

2. The difference in the mobility of financial and investment capital. Financial capital has maximum mobility compared to investment capital, but at the same time, different parts of investment capital also have unequal mobility. The most mobile are the human and information components of capital, the least are technical and natural, the latter, moreover, are more specific in terms of types of production compared to by human resourses which makes it difficult to change the direction of their use, and consequently, change the investment strategy.

Differences in mobility stem from the heterogeneity of investment capital: in its composition, it has specificity - complexity, difficulty or impossibility of switching the use of this asset from one type to another. Specificity leads to the emergence of sunk costs, since it is either impossible to “switch” this asset to the production of other goods, or it requires additional costs. This makes it difficult for capital to flow quickly from one industry to another, unlike financial markets and the possibilities of financial capital. Russian scientist Yu.V. Yaremenko supplemented and developed the theory

resource specificity and proposed the theory of resource heterogeneity. The essence of this theory is that resources can be ranked according to their quality: at one end there will be resources of high quality (quality), at the other - the same resources of low quality (mass). The development of technologies changes the composition of resources - high-quality resources turn into mass ones, which requires time and resources. This theory is being developed by modern scientists who study models economic dynamics and taking into account the need for heterogeneity of capital for the functioning economic system.

This implies the importance of choosing an investment strategy by companies: making decisions about certain real investment is a critical decision, since in the future, the rejection of such investments, the transition to another technology requires significant costs. Investments qualitatively change the structure of the economy, the choice of one or another investment option brings the system to a new state, irreversible to the previous one.

The heterogeneity of resources affects the choice of investment strategies by enterprises. The heterogeneous nature of resources leads to conclusions about the different access of various participants in the market process to quality resources. Only companies generating stable cash flows, get access to high-quality resources (labor, technological, etc.). In the conditions of instability of the market economy, companies can maintain the stability of cash flows largely due to the monopoly production of products, which is why it is so important in modern conditions protection of intellectual property, the desire of companies to grow, the creation of transnational corporations.

Differences in the mobility of financial and investment capital lead to differences in the duration of the change in the structure financial market and structures National economy. The structure of the financial market (the ratio of the volumes of various securities circulating in the financial markets) can change much faster than the structure of the national economy, since the transformation of the investment structure within

the national economy requires significant investment and a long investment period. However, the development of modern information technologies partially alleviates this contradiction, investments can be attracted through financial markets, the development and implementation of new technologies are much faster than traditional ones, having a significant impact on the structure of the entire economy.

AT modern economy there are changes in real assets: this is not only and not so much industrial buildings, facilities, machinery and equipment, but also intellectual property, know-how, as well as modern information technologies, which are characterized by high volatility in value, which brings them closer to financial assets. Information Technology characterizes the high speed of development, implementation and obsolescence, which makes it possible to attract speculative capital as a source of financing for such technologies, which in this case will be a "normal" source of financing. Information technologies, due to the high speed of development, “turn out to be the only type of technology in relation to which “short” speculative capital can turn out to be normal productive. The time for their renewal is so short, and the cycle of life is so compressed that it corresponds to the velocity of circulation even of finance capital.

3. The difference between pricing factors for financial and real assets underlying them. Prices for real assets, to a greater extent than for financial assets, may deviate from market prices. This is due to the existence of non-competitive (monopoly, oligopoly) markets, the prices of which can be influenced by individual companies or the state. TNCs, through the transfer pricing mechanism, also have a significant impact on prices, which can differ significantly and almost arbitrarily from market prices set on the basis of traditional market mechanisms- in case of similar sales between unrelated firms [ibid., p. 359].

Financial markets are among the most competitive in the world, they are characterized by a significant number of sellers and buyers, none of which can control the pricing of financial assets. Market prices for financial assets may differ from fair prices, but this is due not so much to the influence of individual counterparties on the pricing process (most often this influence is of a short-term nature), but to the peculiarities of the institutional structures of the stock market (oligopolistic market structure, high financial risks, low market turnover). , the existence of several trading structures with different infrastructure, imbalances in supply and demand in the stock market, unequal access to information of various market participants).

4. The need to assess the future situation, which is characterized by uncertainty and a high degree of risk when making a decision at the current time, which leads to the impossibility of making an accurate forecast of changes in the value of financial and investment capital.

Changes in the prices of financial assets occur more sharply and more quickly than for real assets, and their volatility grows not only under the influence of changes in fundamental factors, but also under the influence of speculative sentiment and investor psychology. Many experts believe that the efficient market hypothesis cannot explain speculative booms and sharp declines in the stock market and is a convenient starting point for describing the evolution of market prices only in normal times.

Studies show that a variety of investments, both real and financial, became objects of speculation and sharp price changes. These are gold (New World, 1550s, 1978-1982), real estate (canals, rich houses, Holland, 16361640), public lands in Chicago (18301842), mortgage investment trusts, offices and malls (Japan, Sweden, 1980s), mortgage bonds, real estate (USA, England, 2008), banks (Argentina 1980-1998, Chile, 1981, Japan, USA, 1980-1992, 2007-2008, Mexico, 1994, Indo-

nesia, republic of korea, malaysia, thailand 1997-1998), US dollar (1985), US FDI (1980s), junk bonds (US 1989-1990), Japanese equities , (1980s), securities of companies from leading countries of the world (2008) . So price changes investment resources leads to an unrecoverable risk when taking investment decisions both for investment in financial capital and investment capital. But financial capital is more dependent on fluctuations in the general economic situation, on political stability, on the balance of supply and demand in the financial markets, that is, on macroeconomic dynamics: “financial capital creates institutions for global investment monetary system, the content of which coincides with the system of structural levels of macroeconomics” .

The main regulator of the balance of the financial market is the interest rate, which reflects the supply and demand for financial capital. The level of the interest rate should reflect the actual opposition of all loan and real capital in a free competitive environment. Under this condition, the interest rate is formed on the basis of the time preferences of individuals. If preferences change and preferences of the present over the future decrease, then individuals' savings increase, the interest rate falls and stimulates investment in long-term capital goods, economic growth occurs.

If the interest rate falls due to public policy“easy money”, then there is a distortion of price signals, investors invest in too expensive and long-term projects that previously looked inefficient. The prices of capital goods are rising, the real estate market and the stock market are rising. But individuals' time preferences haven't changed, and they continue to spend more rather than save. There is a crisis in the production of capital goods.

Thus, the policy of the government, if it does not take into account real changes

investor preferences, distorts price signals, misleads the investor, and leads to erroneous investments. There is an increase in the real estate stock market, speculation increases, stock prices rise, but do not reflect the real preferences of individuals to save savings, as well as real incomes and returns on shares. There is a discrepancy between the existing market prices for shares and the fundamental value of shares. Even if real, physical capital does not disappear anywhere, it loses its value both under the influence of real changes in investor preferences and under the influence of policy changes. central bank, other factors, that is, capital ceases to be capital as a self-increasing value. Falling share prices have a negative impact on real capital. It leads to a decrease investment opportunities enterprises as it decreases investment attractiveness a new issue of shares and the financial instability of the enterprise increases ( financial risk), which leads to an increase in interest rates on borrowed capital. The fall has a negative impact on purchasing power of the population, especially in countries where the proportion of the population owning shares is high. When the stock market rises, additional features raising capital by companies, both by issuing shares and by raising debt capital at favorable interest rates. The development of financial markets contributes to the growth of investment and the rise of real production, other things being equal.

In modern economics the prevailing opinion is that it is impossible to make an accurate forecast, even with all the completeness of information: “The more distant and complex in its foundations the phenomenon that needs to be predicted, the more caution must be shown. Predictions can only be conditional. Intellectual honesty requires that we accompany even these cautious statements with a caveat: they are made with a greater degree of ignorance. Representatives of the Austrian school are convinced that

the torture of making a forecast at least a year ahead is a waste of work, “given the complexity of the economy and the subjective assessments used that operate in the minds of people” .

5. Accounting for subjective and psychological factors in determining the value of financial assets. The modern market economy develops not only under the influence of economic, but also non-economic factors, and the importance of the latter increases with increasing complexity. economic development. The action of non-economic factors is especially pronounced in the stock market, where the actions of investors are determined not only by rationality. “Investors are prone to herd instinct,” notes B.B. Rubtsov. When stock prices change, investors' unidirectional actions reinforce themselves (the autoresonance effect). This happens both when stock prices rise and fall. Even after the fundamentals take effect, "the time it takes for a trend to change is often determined by people's psychology: when people feel the change."

There is a contradiction between the speed of dissemination of information and the speed of its comprehension (it is much less than the first). This is one of the reasons why, in the short run, the price of financial assets depends not only on rational expectations investors, but also on psychological factors (moods, instinctive and subconscious reactions of market participants). Thus, if short-term speculative investors predominate among market participants, then market price financial assets will be significantly different from the fair. This can lead to the emergence of "soap bubbles", manias and crises.

The share price reflects not only the objective performance indicators of enterprises, but also the emerging preferences of investors. In turn, the future expectations of investors affect the current choice of real investment projects that determine stock prices, that is, not only real management decisions affect the exchange rate.

shares, but the share price also influences the choice of management decisions. Under these conditions, an expert analyst, identifying the areas most profitable investments investments, affects the formation of securities quotes; subjective opinions and assessments affect reality. This is especially important in low-liquid markets, markets with a small number of sellers and buyers, in these conditions, the expert's opinion is of particular importance. His professionalism, observance of generally accepted ethical and moral norms will determine the prospects for the development of the market and the economy. The development of the stock market, the use of new financial instruments depends on the level financial literacy investor. The investor is forced to turn to intermediaries who are ready to share the risk with him and help him increase his capital. This situation requires the creation of an appropriate infrastructure, including an institutional one, to help the stock market function normally.

Specialists and analysts who shape investor preferences have a significant impact on financial and investment decisions. But, like all subjects, in their actions they are guided not only by the interests of investors, but also by their own, their opinion is based not only on objective, but also on subjective data. Making investment decisions on this basis may lead to a deviation of fair asset prices from market ones.

6. Discrepancy between needs and opportunities for financing investment strategies. In the absence or lack of their own financial resources, enterprises need financial resources to reproduce their investment capital. On the other hand, the subjects of the financial market have free cash in the absence or limited opportunities to invest in real production. The financial system contributes to the resolution of this contradiction. However, in modern conditions there is a frequent discrepancy between the requirements for the necessary financial resources required by enterprises to finance investment strategies (long-term, significant

solid volume, certain deadlines receipt of cash flows, risk) and financial resources available from banks and other financial institutions, private investors.

To solve this problem, there are financial innovation, allowing you to convert cash flows with the same parameters (risk, time, frequency of receipt, currency, interest rates, etc.) to others that satisfy financial market participants.

Thus, financial and investment capitals, being interconnected and interdependent, have features that lead to their relatively isolated development and multidirectional movement at certain points in time; discrepancy between the cost of financial resources and investment resources underlying them; crises covering both financial system and the real sector of the economy. At the same time, the development of financial capital is a necessary element in stimulating investment activity in the real sector of the economy, leading to an increase in innovation, an increase in the quality of life of the entire population, and an increase in the welfare of the country's citizens.

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FINANCIAL AND INVESTMENT CAPITAL: GENERAL AND SPECIFIC

This paper examines financial and investment capital peculiarities which determine the investment strategies of the company.

Key words: financial capital, investment capital, investment strategy, capital flows, price development aspects.

Investment capital

The securities market is the most important source of investment resources for governments, corporations and banks.

The term "investment" has several meanings. Various definitions can be found in the literature. The most general definition can be considered the definition of investment as the use of money for the purpose of generating income or increasing capital. All types of property and intellectual values that are placed in objects of entrepreneurial and other activities in order to make a profit or achieve a social effect are investments.

Already from this definition, that we are talking not just about money, but about money that is monetary form circulation of capital, i.e. investment capital. Investment capital can be own ( retained earnings, depreciation) and borrowed, the source of which is temporarily free other people's money. But free cash is not an investment. They turn into investments in the hands of those who spend them on the purchase of production elements, generate income, that is, turn them into real assets. Real assets are economic resources firms: fixed and working capital, intangible assets1 used for production activities for the purpose of generating income. Own savings, turning into real assets, directly turn into investments. Foreign free funds (savings) are converted into investments through the capital market, primarily through stock market.

Investment objects can be real investment projects, real estate and various financial instruments. Financial instruments as investment objects are different types financial obligations:

§ deposits in the bank;

§ securities (bonds, stocks, options, etc.). So, the term "investment" "is used to refer to:

a) investments Money, intellectual values into real assets, that is, into production;

b) investment of funds in financial instruments, that is, the purchase of securities.

The ratio of own and borrowed sources of investment financing is called financial leverage.

In this chapter and henceforth, investments will be understood as investments in financial assets, and not in production. In other words, we will consider investments as any financial instrument in which money can be placed, with the expectation of preserving or increasing its value and providing a positive return.

Investor- this is the tone of those who, when purchasing securities, think primarily about minimizing risk.

Unlike investors, a speculator is willing to take calculated risk, while a gambler is willing to take any risk.

Securities or stock values are instruments for investing money that represent someone else's debentures or providing the right to participate in the company as an owner. On this basis, they are divided into portfolio investment and direct investment (FDI). Portfolio investments consist of short-term investments (credit bills, etc., for a period of up to one year or less) and long-term investments (acquisition of shares in a foreign enterprise that is not owned and controlled by the investor). Direct foreign investment- this is long-term investments for a period of more than one year or perpetual (acquisition of bonds and shares in a foreign enterprise, which is largely owned or controlled by the investor). So, investments are associated either with the interests of the creditor (portfolio), or with the participation of capital as the owner (direct). Thus, they distinguish:

§ real and financial investments;

§ public and private investments;

§ short-term and long term investment;

§ direct and portfolio investments.

The main objectives of investors:

§ safety of investments;

§ increase in current income;

§ accumulation of funds for large expenses; "Accumulation of funds for the retirement period;

§ growth of investments;

§ concealment of income from taxes;

§ liquidity of investments.

Investment security is understood as the invulnerability of investments from shocks in the investment capital market and the stability of income. Security is usually achieved at the expense of profitability and investment growth. Bond investments are considered the safest. government loans. The most risky - investments in the shares of a young science-intensive company, can be the most profitable in terms of profitability and investment growth. Maximizing return on investment is usually associated with a low level of security.

The optimal combination of security and profitability is achieved by careful selection and periodic revision of securities.

Only holders can increase investments ordinary shares. For shares, only a portion of the capital gain is credited to the investor's income and is subject to ordinary income tax.

Interest in the growth of capital has given rise to a whole class of securities called growth papers. The main types of income are the right to tax incentives are interest on tax-exempt municipal bonds and Treasury securities, income on tax-protected shares. Fixed income gives an annitet - a rental contract that entitles the annuitant to receive life annuity.

Some investors, when choosing securities, prefer their liquidity or marketability. Liquidity is understood as the ability to quickly and break-even for the investor the transformation of securities into money.

Not a single security has such qualities that would ensure the achievement of all the listed goals. The mechanism of the securities market operates in such a way that when securities are really reliable, the yield will be low, since an increase in demand for them will raise the price and bring down the yield. Similarly, there is a relationship between such qualities of securities as the prospect of capital growth and profitability.

The optimality of the securities portfolio is achieved by diversifying investments, when the capital is distributed among the number of different securities, as well as by regularly reviewing the portfolio. It is customary to limit investments in one type of securities to 5-10% of the total portfolio value.

Capital - what is it and why to create it. The article will tell you how to accumulate capital, explain why it is important to save money. Gives an understanding of the principles of investing. The first in a series of articles on how to create and increase capital.

What is capital.

Capital is the goose that lays golden eggs. In other words, capital money supply, which is stored in a financial instrument and earns interest on capital. The interest received from the capital is your income, which you use at your discretion.

Everyone at least once in their life thought that having capital is great.

A few accumulate and create capital, few have managed to create capital by setting aside part of what they have earned. Why is it so?

Why so few people create capital.

Because it takes discipline. As in sports or studies, in order to achieve a result, you need to repeat the same exercises for a long time or memorize material in order to master it. So in the creation of capital, it takes 15-25 years to regularly replenish your “money tank” in order to fill it to the top.

As a result, when the "tank is full" the capital will be created and you need to skillfully manage it in order to receive a lifetime annuity in the form of interest on the capital.

Why create capital.

With the definition of what capital is understood, let's see what it is for. People have different goals, I will list the main ones:

Create a hereditary mass;
Buy property;
Buy housing for children;
Create all kinds of trust funds.

Having a large amount of money at your disposal, you will carry out the most important life plans. If you agree with the goals of creating capital, let's see what you need to do to create capital.

What to do to create capital.

Determine and be sure that for the next 15-25 years you will earn money and save some of it, and then invest.

Of course, this is not so easy to do - make a promise to yourself for 25 years to earn, and then also save.

But if you "look" back, you will see that you have been earning for 10-25 years and life goes on as usual. This should help you realize that in the future you can do everything.

It is worse not to put off anything and end up with nothing at the end of your life.

To create capital, determine the amount you would like to set aside. Make it simple. Subtract expenses from income and get the amount that you will save every month, let's say it's $ 200.

There is no need to live from hand to mouth and deny yourself everything. You need to approach this issue without fanaticism. You can save $200 - that's great!

Or calculate the amount you would like to receive in the golden years. It is very easy to do this using the calculation of a lifetime annuity. Based on how much you want to receive every month after your career ends, you will receive the amount that you need to save from today.

Next, we select an investment instrument with which we will invest the savings. You can choose on your own or ask for help financial advisor. As practice shows, people even with earnings of $ 3000-5000 / month. at least they invest money in a bank on a deposit in Russia, at most they buy bonds or mutual funds also in Russia.

But this is not the whole list of investment instruments, then I will briefly talk about the more common ones.

Options for investing in Russia.

Today in Russia there are many investment options, we list some of them:

Individual investment account;
Real estate;
Deposit;
Russian broker;
Foreign broker;
Insurance company (unit-linked contracts).

I will briefly describe the tools indicated above and the principle of operation.

Individual investment account - (hereinafter referred to as iis) works simply, you invest 1 million rubles a year for a maximum of 3 years. Next, buy securities. Then hold or trade for 3 years. After 3 years have passed, you will receive:

Invested capital;
income from securities;
Tax deduction of your choice;

a) 13% refund of the contribution amount for 3 years, but not more than 52,000 rubles. in year

b) 13% return on investment income.

The main advantage of iis is tax incentives. If you need tax incentives, then IIS is suitable, if you want to invest in order to earn a profit, then this tool is hardly suitable for investment.

An interesting alternative to deposits, but in my opinion there is too much paperwork, and the profitability is not very high, for example, if you choose a return of 13% of the contribution amount for 3 years, then the maximum that you can earn is 52,000 rubles. per year + possible investment income ~ 80,000 rubles. Suitable to put money for a short period, to save from inflation, no more.

Real estate - we all just take money and buy a property, which we will then either rent out, or resell for a higher price, or we will keep it for a while until certain circumstances (for example, the opening of a metro station next to the house in which you have an apartment for rent in rent) will not affect the increase in the price of the object.

Deposit - it is difficult to call an investment instrument, but as practice shows, people in Russia are rapidly bringing their savings to the bank. The deposit is an instrument that works in the following way. Sign an agreement with the bank and deposit money into the account. The bank specifies in the contract the conditions under which it takes money from you:

Term.
Sum.
Rules for withdrawing and replenishing funds.
interest rate.

After that, the bank manages the money at its own discretion, and within the period specified in the contract, returns the money and income in the form of interest.

The downside to using a deposit is that it will not fulfill main function investing - making a profit. At the time of writing, deposits in Russia give returns either at the level of inflation or higher by 1-1.5%. Therefore, if you are going to create capital, then a deposit is not suitable for this.

Russian broker – There are many brokers in Russia, but they work in much the same way. A broker is essentially a platform that provides access to the stock market on specific terms. You open a brokerage account and start making money. Then you make transactions in the stock market - buy, sell and earn profit. After that, you submit annually tax return and pay income tax.

You can also choose a broker and put the money under management, i.e. you do not have to trade securities yourself, this will be done by a professional manager. The entry threshold in this case will be 250,000 for ruble products and $10,000 for foreign currency products.

Foreign broker - foreign site, everything, as with Russian broker, only some more requirements are added:

knowledge of the language to make transactions with securities,
be an experienced investor.
FFMS auditor certificate, CFA.
work experience in Russia or foreign company at least 2 years.
on an account or in securities of at least 6 million rubles.

This method of investing is suitable for those who actively trade in the stock market - 4-5 transactions per month, since you can get a fine for passive behavior.

Insurance company (unit-linked contracts) - English method of investing. You open a contract and deposit money, choose the composition of the assets that you want to have inside the investment portfolio and determine the shares.

For example, choose assets:

US government bonds;
Shares of global companies;
Other alternative assets(gold).

Bonds - 30%;
Shares - 50%;
Alternative assets - 20%.

As with brokers, in this case, the company is also a platform where you are given access to the global stock market. Determine the assets in the portfolio and their shares, and the company buys shares in funds for you - units.

Thus, having balanced the investment portfolio, having determined the investment strategy, you begin to invest in the global stock market.

Let us summarize some of the investment instruments, which can be used to create capital:

Why not a deposit and income from renting an apartment.

Think for yourself and compare the obvious things.

Yield currency deposit in Russia ~ 3% per annum.

Profitability from renting an apartment ~ 3-5% per annum in rubles.

This is very little! Such profitability either covers inflation, or does not bring anything into your pocket at all.

Income from investing in the global stock market will bring you about 2.5 to 11% per annum in foreign currency, which is much more profitable, which means you will earn more.

It is simply impossible to keep money on deposits and earn money, because inflation "eats" all the accumulated interest.

And in order to create capital and earn, the profitability of financial instruments must be greater than the rate of inflation.

What tool to choose in the end.

If you need to solve long-term financial problems and make a profit, then in investment portfolio there should be a large share of the shares.

In this case, you need a tool that, at minimal cost, time and resources, will help you achieve your financial goals.

Also Russia developing country and investments only in the Russian stock market will not give the necessary profit and will be more risky.

In order to distribute risks, it is necessary to invest part of the capital outside of Russia, and the unit-linked contract will help in this better than all the tools listed above.

With the help you will legally get access to investments in foreign countries and this will increase the chances of earning a profit, as well as significantly reduce the risks.

What will happen if you do not create the proper amount of capital.

Imagine Niagara Falls here it is.

You swim far away and nothing portends trouble, but as soon as you get close to the cliff, you can’t do anything anymore and fall into the abyss.

So it is with the creation of capital. Time goes by slowly and does not portend trouble, but by shelving the creation of capital, you are getting closer to the abyss and the closer, the less likely you are to be saved.

Today we have analyzed why a person needs capital and what financial instruments can be used to create it. We came to the conclusion that in order to earn profit and reduce risks, you need to invest not only in Russia, but also abroad.

The unit-linked contract is the best tool for long-term savings with minimal costs, and in this article we will talk about it, in which I will tell you what unit-linked contracts are and how they work.

Friends, in order not to fall into the abyss of the Niagara Falls and to create the necessary amount of capital in a timely manner, I ask you to sign up for a consultation. And in the shortest possible time you will receive a good savings plan.

See you!

Sincerely,
Financial Consultant.

Amount of liabilities equity company in the long run.

Glossary of Crisis Management Terms. 2000 .

See what "Investment capital" is in other dictionaries:

In a broad sense financial resources, property, intellectual product. Investment capital in the narrow sense is capital invested in long-term investments. In English: Invested capital Synonyms: Invested capital, Invested capital… … Financial vocabulary

Capital invested in long-term investments, for a long period of time...

- (ICU) Type Society with limited liability Year of foundation 2006 Location ... Wikipedia

- (see INVESTMENT CAPITAL) ... Encyclopedic Dictionary of Economics and Law

Investment project- a project for the construction of a new enterprise, expansion, reconstruction, technical re-equipment, modernization, "transfer" of the main production to a new site, etc., as a result of which a profit will be made, and itself ... ... Dictionary-reference book of terms of normative and technical documentation

- (investment bank) In the US, a bank that performs many of the functions of the British merchant bank(merchant bank). He usually provides advisory services in mergers and acquisitions, as well as provides financial means to industrial corporations ... Financial vocabulary

- (open end fund, mutual fund) A kind of unit trust, in which managers can change the placement of the fund's capital at their own discretion without notifying the holders of the shares. Investment funds open type practicing in... Financial vocabulary

Investable capital invested in long-term investments for a long period of time. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B. Modern economic dictionary. 2nd ed., rev. M .: INFRA M. 479 s .. 1999 ... Economic dictionary

Economic dictionary

investment fund- investment institution in the form joint-stock company, whose resources are formed by issuing its own securities and selling them to small investors in order to attract savings from the general population. The funds are invested on behalf of… … Dictionary of economic terms

Books

Investment capital of an enterprise, A. V. Gukova, A. Yu. Egorov. The book contains the first comprehensive study economic category"investment capital". Theoretical and methodological foundations for the formation and effective use of…
Investment analysis. Reference manual, Chapek Vladimir Nikolaevich, Maksimov Dmitry, Chapek Nina Petrovna, Popov Vladimir Fedorovich. AT reference guide "Investment analysis not only characterize the conditions and results investment activity enterprises of the Russian regions, but also an analysis of the main ...