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Lecture notes, cheat sheets
Investments. Interaction between banks and enterprises (lecture notes)
Directory / Lecture notes, cheat sheets Table of contents (expand) LECTURE No. 8. Interaction between banks and enterprises Over the past five years, the volume of investments has decreased three times. This indicates that the investment process is going through a deep crisis. According to experts, Russia will be able to overcome the crisis only by losing a number of key sectors of the reproduction cycle. The main reason for the crisis is the rapid decline in domestic savings. This is due to the fall in national production with a deterioration in the structure of investment. Another reason for the crisis is also the lack of national financial resources. The state is leaving the investment sphere, and there is also no economic and legal mechanism that allows enterprises to effectively attract national and international capital. This circumstance, together with political instability, creates the ground for low efficiency and high risk of productive investments. Closer cooperation of enterprises with financial institutions and investment institutions creates a possible way out of the investment crisis. The developed banking system of Russia has little experience of cooperation with enterprises. This happens for the following reasons: 1) the absence of a mechanism for converting external and own savings of enterprises into productive investments; 2) restrictions in the field of currency control, preventing the attraction of international investors; 3) inattention to the peculiarities of the market and financial and economic activities in the development of a foreign economic strategy for the development of enterprises and banks; 4) the leading role of the bank in cooperation with the enterprise, the low level of banking services, the lack of intra-bank coordination. The benefit of an enterprise in cooperation with a bank in attracting resources from external investors and placing its own resources is as follows: the enterprise helps the bank go through the procedures for obtaining a license from the Central Bank for those operations that are related to the movement of capital. The bank, having a general license, can provide the enterprise with the received resources, passing them through its balance sheet. It is also important for the investor that the bank, when the transaction is properly executed, controls the targeted use of the invested resources of the enterprise. The bank has much more room to maneuver. Very often, banks are forced to abandon effective trust operations for managing enterprise assets due to the imperfection of the regulatory framework. Sometimes organizations that have a network of foreign counterparties cannot accurately organize settlements, which is quite within the power of a commercial bank. The use of a bank as a financial institution that can carry out forward, futures and option transactions with various currency values provides many real advantages. For an ordinary enterprise, such operations are associated with additional time costs and tax payments. Hence the increase in the cost of attracted resources. The participation of the bank increases the profitability of investments made under such schemes, and above all - for the invested company. The Bank may use a simplified mechanism for a foreign investor (within the framework of the Instruction of the State Tax Service of the Russian Federation No. 34 dated June 16.06.1995, XNUMX) for tax exemption of income of a foreign legal entity in the framework of short-term banking transactions. Also, the cooperation of a foreign investor with banking structures helps him avoid the status of a permanent establishment and the requirement of tax accounting, which simplifies the procedure for repatriating foreign investments. Certain difficulties for the enterprise are created by the ambiguity of legislation on taxation of value added in the case of attracting funds from foreign investors. Such schemes of banking structures help to avoid tax risks for both investors and the invested company. A feature of leasing operations is the consolidation of the role of the lessor for the bank. In addition, the provision of benefits for leasing entities is also important. This includes accounting for the cost of production (works, services) of interest on borrowed funds and lease payments, as well as the complete exemption of lease payments from small enterprises from VAT. Additional benefits for income tax of foreign legal entities are also provided by a number of international agreements on the avoidance of double taxation. They exempt foreign legal entities that do not have a permanent establishment in Russia from paying property tax. The main part of the clientele of banks are medium and small enterprises, and they are profitable, and most importantly, such investment schemes are available. For large enterprises in the world market, the main issue is the organization of their branches, as well as participation in foreign enterprises to create new industries that fill the gaps in technological chains, but not organized on the territory of the Russian Federation. This applies to science-intensive sectors of the economy. Sometimes foreign subsidiaries are needed due to the technological features of industries such as fishing, oil, gas, gold, etc. Cost reduction in the framework of the main production activity also occurs in connection with these features of the industry. The leading bank of the company can help carry out the issuance, select partners and effectively manage the company's securities portfolio. This is carried out within the framework of the project of "tied issue" of securities with the subsequent execution of an interbank transaction or using the "nominee holder" mechanism. The potential of possible transactions in clearing currencies has not been fully utilized. Enterprises have such resources, but are limited in their use in foreign markets. In this regard, there are huge opportunities in such forms of payment as transfer and revolving letters of credit. They allow you to use them under certain schemes to replenish the working capital of the enterprise. Credit departments or bank managements are increasingly faced with the need to apply investment analysis methods. Many banks create specialized divisions whose purpose is to evaluate and finance projects. In order to work in these departments, highly qualified experts are required, as well as the provision of the necessary methodological and effective tools. Investment proposals. Investment proposals are reviewed and verified by the bank's experts. Only after that they make a preliminary decision on the continuation of work with the project. In order to carry out the preliminary examination procedure without much difficulty, the expert must be well acquainted with the investment goals and objectives of the bank. The main circumstance is that the client, knowing about the bank's strategy, focuses on its goals and objectives in the process of preparing an investment proposal. This increases his chances of a positive reaction from the bank, but the inconsistency of the essence of the project with the goals and objectives of the bank gives reason to reasonably refuse to support the client's project. The project appraisal stage is very important. At this stage, it is important to provide complete information about the project, supported by financial and legal documents. The task of the analytical division is to prepare an expert opinion on the project. This is done based on verification of reliable information, project risk analysis and financial analysis. The business plan of the project with the expert opinion is submitted to the administrative body of the bank, which makes the final decision on participation in the project. All this is connected with the processing and transmission of information. It is necessary that at all stages this information be reliable and have high processing efficiency. There is a simple rule - projects are accepted for consideration, in which the net income is greater than 0 and the maximum, the profitability index is greater than 1, the internal rate of return is greater than the interest rate on loans, and the payback time of the project is minimal. If the project has higher performance indicators, then, accordingly, it will be given preference by the bank. Author: Maltseva Yu.N. << Back: Formation and classification of the investment portfolio >> Forward: Prospects for investment activity
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