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Lecture notes, cheat sheets
Investments. Investment crisis in Russia (lecture notes)
Directory / Lecture notes, cheat sheets Table of contents (expand) LECTURE No. 14. The investment crisis in Russia From what has been said earlier, it follows that investments represent a special economic category of expanded reproduction. They play an important role in the implementation of structural changes in the economy and organization of national economic proportions at the macro level, adequate to market forms of management. During the formation of the national economy in investment activity, there are a number of extremely important general patterns that give rise to common features due to the formation of the national market, changes in economic priorities, and the desire to integrate the economy into the world economy. In this regard, the investment process is considered as the result of the interaction of these factors. In Russia, a crisis situation has now developed, which has actually slowed down the investment process both at the micro and macro levels. This manifested itself in an absolute decrease in the volume of capital investments and a disruption in the structure of the sources of their formation, a rapid decline in real production accumulation. First of all, the search for ways of economic stabilization presupposes the intensification of investment activity, which should be oriented towards fundamental transformations of the structure. This applies to such a basic proportion of reproduction as the ratio between the accumulation and consumption funds as part of the national income. Based on the actual data, it can be said that the current recession in the economy has produced a significant increase in the rate of accumulation, but this is an erroneous conclusion, because huge reserves of finished unsold products are attributed to accumulation. The real accumulation of means of production tends to continuously decrease, which has a negative effect on the level of consumption of the population and production. Therefore, the stability of the national economy will inevitably be accompanied by an increase in the rate of real production accumulation. This is convincingly evidenced by the experience of other countries that have experienced similar economic shocks. Life experience and world practice show that a significant increase in welfare is achieved with the help of a sufficiently high level and high growth rates of national income. But in order to maintain the rate of production accumulation at a sufficiently high level, certain conditions are needed, namely: a high or gradually growing level of production efficiency. Therefore, an important feature of the modern investment strategy should be an increase in the efficiency of the national economy, which would be able to expand the boundaries of accumulation, stop the decline, and then stabilize the rate of production accumulation. The portion of the accumulation fund in the national income must constantly be set at a level that the economy can effectively assimilate and which, at the same time, would make it possible to achieve at the present time the highest level of achievements of the scientific and technological revolution. The organization of a more progressive type of investment creates the need to improve the structure of capital investments in the main production, social and industrial infrastructure. From the assessment of investment activity in the field of production, the following conclusion follows: the reorientation of certain resources to the development of industries that meet the needs of the population should be the goal of investment programs. At the same time, it is necessary to include the sectors of social infrastructure in the list of priority areas. The assessment also shows that at present capital investments are mainly formed in the area of the main production. The lack of a developed service sector negatively affects the efficiency of production activities. Therefore, the investment strategy in our time should be focused on meeting the needs, first of all, of those industries that serve and supplement the main production. In recent years, there has been a rapid reduction in the costs of socio-cultural needs, science and scientific services, which led to the final decline of this area. When determining the priorities of capital investments in the main production, social and industrial infrastructure, it seems expedient to proceed from the main criterion - the indicator of investment efficiency. But at the same time, it is necessary to develop ways to account for the created product in the areas of non-material and material production. The global proportions of the national economy are formed on the basis of a certain sectoral structure of investments. Primary industries occupy a high proportion. At present, the task is to make more consumer goods and finished means of labor out of the intermediate product. The analysis showed that recently a significant part of investment resources has been invested in industry. There is also a significant weakening of investment activity in such sectors of the national economy as construction and agriculture. Basically, in the conditions of economic growth, the sectoral investment structure should change so that the share of those sectors in which there is a large return on capital increases. On the basis of this indicator, we can conclude that the most priority direction of the state investment policy should be some reorientation of capital investments in favor of agriculture and investment sectors. This is a general conclusion, since each industry has its own sub-sectors and various organizations with unequal production efficiency, because of this, the priority development of the most progressive of them can have a decisive effect on the well-being of the economic situation in the entire industry. The sectoral structure of investments cannot be considered optimal, since it reproduces the far from perfect sectoral structure of the economy as a whole. To overcome this situation, the development of market relations, the expansion of private entrepreneurship, for example, in the field of industrial and financial infrastructures, in the provision of consumer and industrial services, the privatization of consumer service organizations and the investment of market forms of these areas, are of great importance. It follows from the analysis that the main directions for increasing the efficiency of investment activity in the current period and in the near future will be: 1) improving the structure of the reproduction of capital investments, increasing the share of costs for technical re-equipment and reconstruction of existing organizations by reducing the share of new construction in the production sector; 2) improvement of the technological structure of capital investments, an increase in the proportion of equipment in their composition and a decrease, respectively, in construction and installation works; 3) a change in the sectoral structure of investment in terms of a certain increase in the standard of living of the population in favor of industries that produce food and personal consumption goods (processing industries, agriculture, food and light industry), the service sector; 4) increasing the volume of capital investments for the construction of comfortable housing and other facilities for medical support and public use; balance of the investment cycle; 5) special provision of capital investments for progressive areas of scientific and technological progress, contributing to a reduction in the resource intensity of production and an increase in product quality. There is no doubt that in modern conditions it is practically impossible to use the Law "On Foreign Investments in the RSFSR": it is outdated and has largely lost its significance. However, in addition to the natural aging process, its unsuitability is the result of later adjustments. Characteristically, during the entire existence of the Law, none of them has been properly implemented, i.e. in the form of legislatively formalized "amendments and additions to the Law", which is a common procedure in states with a high legal culture. The domestic system of "modernization" is based on the publication of numerous legislative acts of a lower order, most of which are departmental. By the way, many of these amendments do not have mandatory (for entry into force) registration details of the Ministry of Justice of the Russian Federation, and, consequently, no expert assessment. Often, amendments and additions contradict each other and, worst of all, "repeal" the provisions of the Law - a document of the highest legal rank. The need to eliminate such practices is constantly pointed out; nevertheless, it continues, as evidenced by these documents. Meanwhile, several new versions of the law on foreign investment in Russia have been "walking" in the State Duma for the third year in a row, including a version that has the code name "Amendments to the Law on Foreign Investments of 1991". Finally, against the general background of the "fight against arrears" and the desire to fill the budget at any cost, the meaning of the issued documents is obvious. But the fact is that these resolutions and materials of the State Civil Code of the Russian Federation were issued, it seems, not in the best times for joint ventures. Bureaucracy to the extreme, all conceivable forms of extortion have made foreign investors even more dependent on purely subjective factors and, consequently, even less interested in mutual cooperation. Another reason for the restrictions being introduced is the growing campaign to limit the penetration of foreign capital into the country - supposedly a source of threat to the domestic economy. Indeed, it is not uncommon for countries to take appropriate protective and restrictive measures both in general and in relation to individual sectors of the economy. It seems that, in a balanced assessment of the current state of the national economy and the results of more than modest, despite almost five years of experience, foreign direct investment, it will be difficult to detect a danger to the Russian economy, at least from this side. By studying the experience of countries where various forms of collective investment have clearly demonstrated their own advantages, a number of conclusions can be drawn. From the implementation of collective investments in Russia, first of all, the population benefits, since with their help the inflow of capital investments into the economy will increase, this will create favorable conditions for economic growth. Tax revenues will increase, and as a result, financing of budgetary organizations and social programs will improve. Demand for government securities will increase with a simultaneous decrease in borrowing prices. In addition, the opportunities for citizens to increase and maintain their own savings are expanding. The variety of opportunities to meet the investment needs of the population in itself can protect their interests and increase confidence in a market economy. The development of the country's economy will also be positively affected by increased competition among collective investors and commercial banks for the funds of the population - financial resources will be more accessible to enterprises. And in this case, as expected, there will be an increase in prices for the shares of organizations, not banks, but a large number of owner-shareholders will benefit from this. What is needed for all these collective investment opportunities to be fully realized in Russia? First of all, the country needs to improve the socio-economic situation, and subsequently - the development of the financial market. For collective investment, the state needs to take care of expanding the range of objects, in particular, expanding the corporate securities market. It is necessary to adopt legislation, which is lacking and which fully takes into account modern realities, unified requirements for the actions of any form of collective investment, protects the interests and rights of investors, and ensures the reliability of investments. It is required to abandon the double taxation of corporate papers. However, even with the implementation of all these conditions, it takes some time to develop the professionalism of management firms, their ability to navigate the financial market. So that the proceeds from successfully invested assets of funds (joint-stock, mutual, pension) and credit consumer cooperatives have time to arrive. So that the merits of mutual, cross-control of those who ensure the activities of the fund are manifested in Russia as well. To really earn competition for investors' money both within each form of collective investment, and between forms, as well as between them and banks. Attracting large amounts of foreign and national investments in the Russian economy pursues strategic goals for the future creation in Russia of a socially oriented, civilized society, which is characterized by a high quality of living standards, based on a mixed economy, which involves not only the effective joint functioning of different forms of ownership , but also the internationalization of the labor force, the market for goods, capital. Foreign capital can bring to Russia the achievements of scientific and technological progress and the experience of advanced management. Consequently, the attraction of foreign capital and the inclusion of Russia in the world economy is a necessary condition for building a modern civil society in the country. The involvement of foreign capital in material production is more profitable than taking loans to buy the necessary goods. Credits are still haphazardly spent and only increase public debt. The flow of foreign investment is also very important for achieving the medium-term goals of overcoming the economic crisis of modern society, stopping the decline in production. It must be borne in mind that the interests of Russian society on the one hand, and foreign investors on the other, do not directly coincide. Russia's interests are in renewing its production potential, replenishing the consumer market with inexpensive and high-quality goods, developing and restructuring its export potential, implementing an anti-import policy, and introducing a Western managerial culture into Russian society. Foreign investors are naturally interested in the new territory to generate income from the vast Russian domestic market, its natural resources, cheap and skilled labor, the achievements of domestic science and technology, and even its environmental carelessness. Therefore, Russia faces a difficult and very delicate task: to attract foreign capital to the state, directing it by methods of economic regulation of social goals, in turn without depriving itself of its own incentives. When attracting foreign capital, discrimination against national investors should not be allowed. Organizations with foreign investment should not be granted tax benefits that Russian companies employed in the same field of activity do not have. Based on experience, this measure has practically no effect on the investment activity of foreign capital, but it can lead to the emergence of companies with the formal participation of foreigners claiming tax benefits in place of former domestic production facilities. It is necessary to strive to create a favorable investment climate both for foreign investors and for our own. Russian private capital also needs guarantees against arbitrariness of the authorities and forced seizures, stability in work when making long-term capital investments, and a system of insurance against non-commercial risks. Author: Maltseva Yu.N. << Back: Essence and economic nature of investment risk (Classification of risks. Procedures for assessing project risk. Ways to reduce investment risk) >> Forward: The impact of investments on the implementation of structural changes in the Russian economy
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