Investment planning. Stages of investment activity planning

The investment plan is one of the sections of the economic and social development plan of the enterprise, therefore this plan primarily depends on the planned production program of the enterprise, on the scientific, technical and investment policy of the enterprise.

Thus, the investment plan should follow from the enterprise's strategy for the future, from the scientific, technical and investment policy of the enterprise.

IN modern conditions The methodology for planning investments at an enterprise must be significantly changed for the following reasons. Firstly, in connection with the transition to market relations. And, secondly, enterprises currently must plan not only capital investments, real investments, but also financial (portfolio) investments. Planning investments in an enterprise is a very important and complex process. Its difficulty lies in the fact that it is necessary to take into account many factors, including unforeseen ones, as well as the degree of investment risk.

The importance of this process for an enterprise lies in the fact that by planning investments, the foundation of its work for the future is laid. If the investment plan is well planned and organized, the enterprise will perform well; if poorly, it may become bankrupt in the future . IN general view an enterprise investment plan should consist of two sections: a plan portfolio investments and a real investment plan.

Portfolio Investment Plan- buying and selling plan valuable papers on stock market, as well as investing in the assets of other enterprises.

Plan real investment - an investment plan for the production and non-production development of the enterprise, although in practice the investment plan may consist of any one section.

The following rules are known that should be followed when planning investments:

Rule 1. The investment plan for the enterprise should follow from long term strategy its development.

Rule 2. It makes sense to invest in production or in securities only if the company will receive greater benefits than from storing money in a bank.

Rule 3. It makes sense to invest only in the most cost-effective projects, taking into account the time factor.

Rule 4. It only makes sense to invest if the return on investment exceeds the rate of inflation.

Rule 5. Make final investment decisions only if the highest return is ensured economic benefit with the lowest degree of risk.

Most of these rules confirm the urgent need for economic justification for investments. To do this, the following criteria are compared: bank loan interest rate, inflation index, dividend rate, profitability index, internal rate of return, net present value, etc. In addition, it is necessary to take into account the probability of the event occurring and the mathematical expectation.

If, based on the analysis, it is concluded that it is most advisable to invest available funds in the development of your own enterprise, then a business plan and a capital construction plan are developed.

The capital construction plan consists of the following sections:

1. Planned task for commissioning production capacities and fixed assets.

2. Volume capital investments and their structure.

3. Title lists of construction sites and objects.

4. Plan of design and survey work.

5. Construction and installation work program.

6. Economic efficiency of capital investments. The most important indicators of the capital construction plan are: commissioning of production facilities and fixed assets, estimated cost, profitability of the project, construction period and payback period.

The investment plan should be closely related to the main sections of the economic and social development enterprises.

Every activity has a planning stage; in the financial sector this issue is given Special attention. An investment plan is a project that includes both a description of the stages of work in a business and an analysis of potential risks and a scenario of behavior in a particular case. Developing an investment plan is a mandatory requirement, regardless of the volume of investments, so every investor must have the appropriate skills to draw it up.

What is an investment plan and its differences from a business plan

The essence of this document is that it represents a complete strategy for achieving the goals and objectives, as well as the expected results of the investment. In a broad sense, any person can create an investment plan, not only in relation to the financial side, but also in any other area of ​​life.

In practice, this document is also called an investment (strategic) project, strategic investment plan or business plan. These concepts practically coincide, since in all cases we are talking about planning investments in an enterprise, the expected results of the investment and specific deadlines for achieving them. However, there are some differences between an investment plan and a business plan:

1. A business plan is a specific study of a newly created or ready-made business, a description of investments, a full estimate of expected expenses, participants in the process and a description of the expected time frame for achieving results.
2. The investment plan largely coincides with it in structure, however, it represents long-term planning of investments in one or several types of business at once.

Therefore, a plan is a strategic project, and a description of business development is often an integral part of it. Thus, we can say that a business plan is the most important part of a strategic project. And therefore the concepts are often used with the same meaning, which is not a mistake.

Purpose, objectives and functions

Each plan has its own goals and objectives. In a global sense, the goal of a strategic project is to determine the object of investment, the timing of profit and the expected results from investment planning. That is, when setting a goal, the expert must clearly answer the question of whether the investor will be able to achieve his goals within the set time frame by investing a specific amount in the enterprise. Accordingly, the following tasks arise:

• attracting investments;
• creation of new jobs;
• improvement of key economic indicators, business expansion;
• correct prioritization, highlighting the main and secondary areas of business development;
• analysis of the sales market (for this it is necessary to draw up a separate marketing plan).

Therefore, the development of a strategic project performs several functions at once:

• creating a business concept and a model for its development;
• practical implementation of this model, analysis of possible risks;
• attracting new financial resources, searching for sources;
• calculations and evaluation of the effectiveness of previously made investments.

To implement them, it is necessary to take into account several requirements for the preparation of this document. It must contain specific qualitative and quantitative indicators, real goals that are expected to be achieved in a given period. Also, any plan must contain full list its advantages and weaknesses. In fact, it is risk analysis that allows the company to achieve financial stability, since the advantages of the business should not distract the investor from forecasting possible difficulties.

Regardless of the specific type of business, the structure of the plan looks approximately the same for all cases. It includes an introductory part with a description of the project, the main part, which describes in detail the stages, volumes of investments and desired results, as well as completion with tracking of all key indicators, analysis of the actual situation on the market.

Introductory part

The introductory part is not just an introduction describing planning, but a project passport, which contains the following data:

1. The name of the project, which reflects its essence. It often coincides with the name of the company, although it may differ from it - for example, in cases where the same enterprise implements several strategic projects at once.
2. Detailed description of the enterprise. Its full name is given, constituent documents, details, main and secondary areas of activity. The introduction indicates the positions and names of all company managers, its key employees (chief accountant, heads of sales, advertising, security services, etc.).
3. A detailed description of the products or services that the company provides. This section not only provides a list of products, but also describes their advantages and disadvantages from a sales point of view. Provide a description of competitive advantages (real and potential).
4. Description of the stages of achieving goals. An investment schedule is being drawn up for different periods time. When implementing it, they take into account the expected demand for a product or service, the growth rate of wages for various employees, fixed costs (rent, depreciation, fare and so on).

Marketing plan

It is an analysis of the features of product sales:

• analysis of market conditions;
• goals and development strategy of the company in the foreseeable period (next year);
• tactics, detail of each stage ( detailed description strategy);
• budget, analysis of expenses and income (fixed and variable);
• system for monitoring the implementation of the plan, the ability to adjust it.

Organization of the project implementation process

This is one of the most important components of an investment plan. The project itself, the stages of its implementation (timing, sales volumes, costs and expected results) are described in detail here. Typically this information is presented in the form of a graph, which is compiled taking into account various factors:

• decrease or increase in demand;
• dynamics of purchase prices;
• current environment;
• development forecast.

At each stage of project implementation, responsible persons are appointed, and forms of control over their work and the activities of other subordinate employees are established.

Financial plan

A financial plan is essentially a budget with monthly (quarterly, annual) income and expenses of an enterprise. Income is calculated based on business development indicators (for example, sales volume, trade margin, average bill). Costs - based on fixed and variable costs:

• rent;
• purchase of goods;
• fund wages;
• taxation;
• transport costs, etc.

Conclusion

The conclusion should contain reasonable conclusions about whether this project is worth pursuing at the moment, how best to enter the market, for example:

• minimal investment in the initial period;
• location of the company (store);
• pricing policy, aggressive market conquest.

Also, the conclusion should contain specific answers to all questions of the investment plan and a description of the stages of its implementation. Therefore, the conclusion is a summary of the project with a brief description of all its points.

Example of an investment plan

It is possible to develop a strategic project for the development of a company only if you have the appropriate skills. However, the business plan small company(small business) can be created by anyone if desired. As an example, we can take the opening of a toy store with the code name “Fairy Tale World”.

In practice, the plan for a specific project may differ slightly from the theoretical scheme, but in essence it will always include a cost estimate, risk analysis, marketing and financial plan.

Introduction

The name of the store is “Fairytale World”. The main products are children's toys, goods for children under 15 years of age. Product advantages:

• constant demand;
• psychological characteristics of the consumer (it is more difficult to refuse a purchase to children);
• the client purchases goods not only in connection with the holiday, but also in everyday life ( baby food, clothing, stationery, etc.).

Weak sides:

• high competition;
• Availability large companies who can offer a lower price;
• high rental costs (usually it is advisable to place such a store in large shopping centers).

Calculation of initial investment

The initial investment estimate is about 4 million rubles based on the following calculations:

• rent of premises for 1 month 150 thousand rubles;
• renovation of premises 600 thousand rubles;
• purchase of equipment for trade 400 thousand rubles;
• purchase of the first goods 2 million rubles;
• advertising costs 300 thousand rubles;
• organizational expenses for registering a business and processing other documents - 100 thousand rubles;
• spare means for actions in unforeseen situations 250 thousand - 400 thousand rubles.

Selecting a room

This is a very important point, since at least 50% of the profit depends on the choice of a specific location. In this case, we focus on the following factors:

• location in large shopping centers with a constantly large flow of customers, including families with children.
• the location of kindergartens or schools, as well as other educational institutions nearby;
• Another factor is the proximity of new buildings (new microdistricts), where young families usually live.

Recruitment

Minimum requirement is to hire 6 people:

• manager (manager);
• 3 sales consultants working in shifts;
• accountant;
• Warehouse Manager.

Marketing plan

The most frequently chosen format is self-service, i.e. cash and carry. In this case, it is necessary to analyze the store’s assortment especially carefully. It should be quite diverse and designed for any family budget:

• cheap plastic toys (consumer goods) and expensive goods ( Board games, collectible models, game mechanisms);
• It is mandatory to have branded products that are associated with children’s films, for example, the “Smeshariki” series, “Angry Birds”, etc.;
• display of goods in strict accordance with the principles of successful merchandising (prices, color, design, in accordance with zoning, etc.).

Financial plan

Here we calculate the fixed costs necessary to maintain the normal state of the business (in monthly terms):

• wage fund and insurance contributions from 150 thousand rubles;
• monthly rent 150 thousand rubles;
• outsourcing (cleaning, accounting is also transferred to it later) 15 thousand rubles;
• payment for utility services of the premises is 30 thousand rubles;
• taxation costs 10 thousand rubles;
• advertising expenses 50 thousand rubles;
• other (unforeseen) expenses 30 thousand rubles.

In total it turns out to be about 400 thousand rubles. monthly.

Risk analyzes

Risks include manifestations of business weaknesses that were described above:

• high competition among stores in a similar segment (small business);
• competition from large players (network companies);
• seasonal dependence (the largest sales volume during the period New Year's holidays, decline in summer);
• increase in rent payments and other costs (utilities, purchase prices, etc.).

Expected return

Also in the investment plan it is necessary to specify in detail the expected level of income. It should be based on specific indicators:

• trade margin minimum 50%, maximum 200%, average 100%;
• average bill (excluding markup) is about 800-1000 rubles;
• number of checks (sales) per day - on average 50;
• daily income about 30 thousand rubles;
• monthly income is about 900 thousand rubles.

Thus, in pure terms, the store can bring in about 400-500 thousand rubles. revenue monthly. This average value, which can vary significantly depending on the season.

In conclusion, you need to make a reasonable conclusion about whether it is worth doing such a business, as well as where exactly to start, where exactly to open a store. That is, the conclusion represents the answers to all the questions identified in the plan and the corresponding conclusions.

We are once again discussing the investment activities of a mid-tier and above manufacturing company. Such a universal distinction from other options. Let us assume that the strategic updating of the immediate development of the business at the strategic planning session has been carried out, and the investment policy is in effect. And before specific projects within programs and portfolios begin to be implemented, one more intermediate event must occur - the investment plan has been approved.

Concept and levels of planning in the investment field

For a substantive consideration of the issue, I propose to describe in a little more detail the collective image of the company under study. Let’s say the company is a medium-sized company with 500 employees and annual gross revenue of 60 million rubles. The management consists of a board of directors and functional management departments: financial, commercial, IT, personnel, etc. Production is dispersed across a small branch network.

The company is led by the general director, and his deputy, the chief engineer, is responsible for development. The company is actively developing regular management, the BSC system and the budget management system are in place. EBIT profit for the past year amounted to 15 million rubles. The developmental stage is diagnosed as “Adolescence”. Agree that the issue of investment planning is entirely determined by the state of the business, as, indeed, many other aspects of management.

By investment planning we will agree to understand a set of procedures performed by the management of line departments and the management superstructure, the result of which is a system of plans in the field of real and financial investments. The system of investment plans is closely related to two other management systems: balanced scorecards and budgetary management.

Investment planning in an enterprise forms a system consisting of four levels. Each level is considered from the point of view of managerial and financial planning.

1. Strategic level covering a time horizon of 3-5 years. Its result is a plan of strategic investment initiatives (events). In addition to the action plan, the strategic level includes a forecast cash flow plan for the next 5 years.
2. Tactical level of company activity with a one-year perspective fiscal year. The result this level It is generally accepted to consider the company’s investment portfolio for the year, which consists of programs and local projects planned for implementation. From the position financial management the tactical level is supported by the annual investment budget.
3. Operational level of planning. Rolling project implementation plans are regularly (quarterly, sometimes monthly) reviewed and re-approved. Quarterly and monthly budgets are also adjusted. Another output at the operational level is the payment calendars, which include investment payments and receipts in the relevant project phase.
4. Level of planning of local investment projects. This level includes results in the form of a project business plan, schedule, project budget, payment schedule and revenue plan for the project investment phase.

Strategic planning level

I am a supporter of the position that any business activity can be safely represented in the three available theory-paradigms. Take investment planning, for example.

1. From the first position, this is an essential function of company management (functional doctrine).
2. At second glance, this type of planning is a significant part project management.
3. And from a third point of view, procedural model The company includes a number of subsystems, and the key one is the planning and design subsystem, the diagram of which I invite you to consider in more detail.

Model of the planning and design process subsystem

The entire context of the company’s strategic and investment development is contained in business process No. 1 “Implement the management strategy.” The concept of development with multiple strategies, including investment, is used to obtain other process outputs. Among them we see financial, market and other development constraints, required key competencies and a plan for strategic investment initiatives.

It is developed by the strategic planning group. The plan is then analyzed by the commercial director from the perspective of market strategy. The next step is that the plan is subject to review by the financial director, who is guided by strategic analysis, financial strategy and a number of management policies. The set of policies is traditional, consisting of:

• investment;
• depreciation;
• dividend;
• borrowings;
• tax;
• accounting policy.

Flowchart of procedures for the formation and correction of an investment plan

Conclusions are drawn on forecasts in the field of real and portfolio investments of the company, taking into account the existing potential financial sources. Having prepared the conclusion, the financial director transfers the materials to the chief engineer. He will have to draw up a primary plan for the long term (3-5 years) and submit it for approval to CEO. Before this, the chief engineer performs the following actions.

1. Checking the need for investment based on the received initiative plan and two previous conclusions. The company's fixed assets are analyzed by groups, components ( working capital), level of personnel training in working with the OS. The wear and tear and physical condition of machinery, equipment, buildings and structures are taken into account.
2. A group is formed from specialists from the financial department and potential PMs investment analysis, which the chief engineer instructs to calculate 3-4 preliminary parameters (NPV, IRR, PI, payback period) for each initiative.
3. The financial director is included in the group, who is obliged to draw up a forecast plan for the movement of the business venture, taking into account the proposed investments and hypothetical sources in several options: positive, medium and depressive.

Tactical level

Every year, the company carries out several regular procedures related to restarting the budget management system, selecting the composition of projects for the next year and, possibly, adjusting the BSC system. In the course of this, three problems are solved.

1. Ensure an increase in the company's assets, including highly liquid ones.
2. Carry out expanded reproduction of fixed production assets.
3. Adjust the motivation of those responsible.

Investment planning at the tactical level is also carried out at alternative basis. Several options for the plan are being developed. It is advisable to start the process in October before the annual strategic controlling or strategic planning session. There are two people responsible for the procedure: the chief engineer and the financial director. The chief engineer starts the annual planning process by issuing an order to collect investment applications.

Investment applications are submitted by all production units and all management departments. The guidelines are the strategic plan, the actual state of the OS and the market situation, which, as a rule, is more dynamic. The collected applications are analyzed for technical, technological and organizational issues. Applications related to new products undergo additional examination by the commercial director. The chief engineer draws up the first draft of the annual plan and submits it to the purchasing department for an initial assessment of the required capital costs.

Our example of a medium-sized enterprise does not involve significant amounts of financial investment. However, let us assume that they also occur. The next planning steps are carried out by the financial director. He, focusing on the financial strategy, the current situation in the company and on financial markets, must determine the following.

1. Current level own sources and needs for external resources.
2. The necessary ratio of real and portfolio (financial) investments.
3. Structure operating income, costs of the company and production divisions in annual dynamics.
4. Structure of capital costs in annual dynamics.
5. Dynamics and structure of the company's assets at the end of the year.
6. Forecast of liquidity, independence, solvency and other financial indicators.

Next, the financial department carries out several iterations of calculations of cash flow plans, income and expenses, and the balance sheet. Dynamic modeling addresses the issues of varying the used credit resources, dividend payments, financial investments and sales results. Also of particular importance is how prices for material resources, electricity, and rent will change throughout the year. For 2015-2017, this is more than a pressing issue.

After finishing preparatory work a joint meeting of the board of directors and the budget committee is convened, at which investment planning for the year ends with the adoption of annual budgets and an investment plan. Next, we present to your attention a diagram of planning procedures according to the model described above.

Scheme of investment planning procedures at the tactical level

Integration of capital investments into the budget management system

Tactical and operational levels are closely related to the budget management system. Budgets are the same financial plans, which have been successfully used in planned economy USSR, only with a commercial component included in them. The modern structure of financial planning and reporting is a replica of Western methodology. The so-called master budget is divided into an operating budget and a financial budget. The financial budget complex consists of:

• investment budget;
• cash budget;
• budget of income and expenses;
• budget balance sheet.

The first budget listed above is the financial part of the company's investment plan. It relates to both financial and operational plans. Below is an example of structural relationships budget system, the central element of which is the investment budget.

Diagram of the relationship of the investment budget with other elements of the budget system

Operational planning differs from tactical planning not only in the duration of time periods. All operational attention is focused on the actual work of consolidating sources of financing for the planned moments of investment injections. It is planned to interact with banks, creditors, and investors to receive funds and pay dividends.

The focus of responsibility at the operational level is shifting to the financial management sector. Cash planning and work to eliminate cash gaps. Comes in first place payment schedule, ensuring the implementation of which, the financial department thereby ensures the investment schedule. But in general, the budget model at both the tactical and operational levels remains the same. The following is another example of a budget system diagram in which a place is allocated for the investment block in existing relationships.

Architecture of the company's budget system

From the point of view of the projects selected for implementation, the annual plan as a company portfolio includes a number of investment programs. In our example, the portfolio consists of programs for the development of production infrastructure, the release of new products and financial investments. We will consider the level of local planning of individual projects in other articles.

Scheme investment portfolio as part of the annual plan

To summarize, I note that among all previously published materials, this is the first article where an attempt was made to describe the actually implemented procedures of a completely viable business. And I intend to continue this practice. Theorizing is good. At the same time, when considering such an area as investment planning, one should look for and find working recipes.

All companies are unique, but there are similarities in both the terminology used and the management culture. I am sure that for the level of Gazprom or chain retail, this article is “yesterday.” But in most enterprises in the country, the development of project management goes through a lot of trial and error. Therefore, I hope that the information presented will be of significant benefit to financiers, PMs and business leaders.

In modern market conditions, analysis of investment activity and range investment activities ensures an increase in the level of competitiveness and high rates of development of the enterprise. The relevance of this issue leads to the need to conduct research into the features of planning investment processes at an enterprise.

Investment activity of the enterprise- this is a purposefully carried out process of searching for the necessary investment resources, selecting effective investment objects (instruments), forming a balanced system according to the selected parameters investment program(investment portfolio) and ensuring its implementation.

In our country there are many shortcomings and problems associated with investment activities. The problems are associated primarily with the imperfection of the regulatory framework and the insufficient level of training of relevant specialists, as well as with the fact that many methods for assessing investments are in their infancy.

An unresolved problem in the analysis of investment activity is the lack of values financial indicators, which does not allow comparing the values ​​of financial ratios relative to established standards. This problem is caused by the fact that enterprises do not submit financial statements financial index data that users and potential investors could analyze financial condition enterprises.

The investment activity of an enterprise is significantly influenced by the risk associated with the formation of profitability investment operations. Taking into account such risk requires serious attention from the management of the enterprise, since it is a constantly operating factor that must be taken into account in the process of making all management decisions on investment activities.

The need to plan investment activities is determined by the following reasons: to implement strategies, an enterprise can use different kinds investments, different volumes investment funds, therefore it is advisable to develop several alternative projects; it is necessary to choose the most effective one from alternative investment projects; we need a quick return on investment; planning helps reduce the risk associated with making investment decisions.

In the economic literature, there are many different approaches and methods for analyzing and assessing the efficiency of investment activities of enterprises, the main of which are:

• - determining the effectiveness of investments based on discounting the flow of income;
• - grade total cost investments;
• - assessment of the feasibility of capital investments;
• - analysis of investment attractiveness;
• - break-even analysis of investment projects;
• - analysis of the effectiveness of planned capital investments;
• - determination of the structure of capital investments and the efficiency of their use;
• - assessing the effectiveness of investment projects;
• - assessment of investment projects in which foreign investors are involved;
• - capital expenditure planning, etc.

After analyzing the above methods, we can conclude that

that they do not fully take into account the peculiarities of the Russian economy and require further improvement. The problem of intensifying investment activity at Russian enterprises is very relevant, the solution of which is associated with overcoming imperfections in the processes of planning, analysis and implementation of investment activity.

Planning investment activities using the latest methods will allow you to direct resources to efficient areas, select the best from alternative projects, increase their profitability and improve the efficiency of the enterprise as a whole. This question is extremely relevant, because it is effective entrepreneurial activity in Russia can become the basis of a stable and competitive market economy.

Strategic planning and the organizational and economic mechanism of investment activity of Russian enterprises belong to important scientific and practical tasks. This is due to the influence of a combination of factors and conditions in which they operate. First of all, it should be noted the need for investment support for a comprehensive and constant modernization of production organization, fixed assets and production technologies.

Research of domestic and foreign experience in order to determine a set of conditions that ensure the investment activity of enterprises, identifying economic content such activity, justification of the methodological and practical tools for the effective use of investment potential will make it possible to solve the problems of intensifying investment activity and the organizational and economic mechanism of influencing it, its state regulation and support.

Despite a large number of research and publications on the issues of enhancing investment activity, many of its aspects remain controversial due to the complexity of investment processes. To determine the organizational and economic mechanism for providing investments to enterprises and ensuring their sustainable socio-economic development, it is necessary to clarify and deepen the content of the concept of “investment” precisely in the context of socio-economic development and financial and economic sustainability of enterprises.

The current level of knowledge of the essence of investment does not allow us to answer a number of questions regarding the activation or inhibition of investment processes at various stages of their implementation, depending on the specifics of the external environment of business entities and ensuring the efficiency of investment activities. In particular, in modern economic conditions tax policy is not always consistent with industry priorities, the main directions of socio-economic development of the state and negatively affects the level of investment activity of enterprises.

Investment activity is the most important prerequisite for the effective functioning and sustainable development enterprises, as it contributes to the formation production potential on a new scientific and technical basis and ensuring competitiveness in foreign markets. Investment activity is achieved through an increase in the volume of sold investment resources and their most optimal use in priority areas of activity (introduction of new technologies, release of new products, innovations in logistics, operational processes, management).

Low investment activity has significant internal reasons that make investments in the production sector ineffective. To ensure the activity of investment activity, it is necessary to mobilize financial resources enterprises, ensure their intended use, create adequate market economy legislative and institutional framework, develop a phased system state protectionism aimed at supporting and developing enterprises with high technologies that ensure the competitiveness of domestic products on the world market.

Investment activity is the result of the influence of all components of the organizational and economic mechanism on the functioning of business entities. These included: material incentives for capital accumulation, stimulation of scientific and technological progress, availability competitive market investment resources and innovations and developed production and market infrastructure, a legislative and institutional framework adequate for a market economy.

The organizational and economic mechanism of investment activity and its activation is understood as a system of interconnected dynamic parts, united both under subjective influence and under the influence of objective economic laws, which together should ensure expanded reproduction in industry enterprises and in society as a whole.

The organizational and economic mechanism of investment activity of enterprises is influenced by many macroeconomic and microeconomic factors; industry and inter-industry factors; regional and national features of production organization. In addition, it is affected by uncertainties and economic risks that accompany the activities of enterprises. The level of management at enterprises, the efficiency of operating activities, the need or absence of restructuring, etc. play a significant role.

The multi-structure of production that has developed over the years of reforms also determines the features of the organizational and economic mechanism of investment. This makes it possible to say that its essential characteristics are based, first of all, on basic relations, namely production relations, which at each stage of the development of society have special features.

Even within the same social structure, the organizational and economic mechanism of investment can take various forms - from simple models to complex structured systems. In modern economic conditions, the security of budget-forming items excludes the redistribution of funds received in favor of certain subjects of economic activity, which, as a rule, are connections close to the administrative resource and do not concern the economy.

The formation of development budgets meant the withdrawal of a significant portion of funds from the budget in conditions of their catastrophic deficit, especially at the local level. The subsidization of regional budgets of the vast majority of Russian regions makes it difficult to use such a mechanism government controlled investment process. Undoubtedly public policy stimulating investment should be based on appropriate price proportions, which are established by applying a system of stimulating demand by improving tax mechanisms. But the main lever of influence of the state on price proportions in modern economic conditions is the price management of large monopolies.

Investment policy is important integral part the entire organizational and economic mechanism of investment at the level of the national economy, industries, and individual business entities. There is an opinion that investment policy, at least at the regional or large enterprises or priority activities are implemented by providing government guarantees for investors and investment protection.

It is important governmental support effective investment projects from extra-budgetary sources and the formation of an investment insurance system under risk conditions. A significant factor is the creation information base data and monitoring of the investment and investment goods market. Considerable attention is paid to the effective search for partners, based on the criteria for evaluating and selecting investment projects, negotiations and investment contracts.

We cannot agree that such a complex economic category, as an organizational and economic mechanism for investing in enterprises, also covers such components as the form of searching for partners, the form of negotiations and contracts. And if contracts are regulated by the provisions of the Economic Code of the Russian Federation and others legislative acts, as well as the voluntary expression of the will of economic entities, then negotiations are carried out taking into account the practical experience of business communication in accordance with generally accepted practice of business ethics. These aspects are the exclusive prerogative economic relations two subjects of the investment process, regardless of the current organizational and economic mechanism.

Among the areas for regulating the investment activities of enterprises, proposals for the development of flexible organizational forms that allow combining a decentralized form of management necessary for the effective development of investments and centralization are often substantiated, as well as the use of key technologies and the constant review of the organizational and functional compliance of participants in strategic investment alliances, the identification of centers responsibility for management decisions.

Perhaps the mentioned proposal does not take into account the influence of such a powerful market economic lever as competition in the capital market, which objectively forces constant monitoring of the internal environment of enterprises in order to identify deviations arising in one or another link of the production and production system. financial relations. In our opinion, what is needed, on the contrary, is decentralization in order to increase the influence of the competition factor. At the same time, some components of the organizational and economic mechanism of investment, expressing uniform conditions functioning and influence must remain constant for all participants in the process. It's about on the institutional and legal regulation of investments, the possibility of legal or state protection of investments, proper risk insurance.

Planning and forecasting of investment activities is important in the structure of the organizational and economic management mechanism. In this case, current and strategic, indicative and business investment planning are used. In general, it should be aimed at analyzing the situation on the investment market, determining the levels of profitability of investment objects, studying factors affecting investment objects, eliminating negative consequences, identifying opportunities for investment risks and managing them. Based on planning, management decisions and organizational forms for implementing investments are developed, as well as control is carried out in order to identify deviations and prevent their negative consequences.

It is on the basis of plans that the stages and investment algorithm are established. Thus, planning makes it possible to coordinate the interaction of internal elements and links of the organizational and economic mechanism, including taking into account the development of the securities market. We are talking about the modern adaptation of investment processes to the external conditions of the market business environment, and not about the synchronization of adaptation processes.

Investment activity at enterprises is impossible without establishing rational connections and links in the investment process, coordinating the interests of investors and the enterprise in the implementation of investment projects. Taking into account the systematic approach, we developed a structure and substantiated the components of the organizational and economic mechanism for attracting investment to enterprises.

When developing this mechanism, it was discovered that its main elements are the interests of the investor based on an assessment of the feasibility of investment activities and the feasibility of the volume of investment. The interests and benefits of the enterprise are determined based on performance assessment investment project, its payback period and profitability, as well as the possibilities of organizing and managing investment activities at the enterprise. The presented organizational and economic mechanism for investment management is complex. It covers the interests of participants in investment activities, the process of managing investment activities, based on the interaction of the subject and object of management with the help of organizational, economic, motivational and legal components of the mechanism.

To summarize the above, we note that investment attraction projects are most effectively implemented when the factor of state regulation of this process is activated. In this regard, general planning for attracting investments requires planning activities for the development and implementation of methods government regulation, covering the development of a strategy for the implementation of programs and plans, quotas, customs and other tariffs, norms and regulations, subsidies and incentives, taxes and loans, standards and certificates, prices and guarantees, as well as the development of institutional and organizational structures and securities laws.

Planning investments in an enterprise is a very important and complex process. The complexity of this process lies in the fact that it is necessary to take into account many factors, including unforeseen ones, as well as the degree of risk of the investment.

The importance of this process for the enterprise lies in the fact that by planning investments, it lays the foundations for its work in the future. If the investment plan is well planned and implemented, the enterprise will perform successfully; if poorly, it may become bankrupt in the future.

In general investment plan at an enterprise consists of two sections: a portfolio investment plan and a real investment plan (capital investments):

portfolio investment plan- this is a plan for the acquisition and sale by an enterprise of shares, bonds and other securities;

real investment plan- this is an investment plan for the production and non-production development of the enterprise.

Although in practice the investment plan may consist of one section.

Planning of investments in an enterprise should be preceded by a deep analysis economic justification investment investments.

Example. The company has available cash in the amount of 2 million rubles; it can use them for the following purposes: put in commercial Bank on a deposit at 40% per annum (probability - 0.6); purchase shares and receive an annual dividend of 400 thousand rubles. (probability -0.5); implement a project for the reconstruction and technical re-equipment of production, which will allow you to receive 500 thousand rubles annually. net profit (probability - 0.9). The inflation rate is 25% per annum. It is necessary to determine for what purposes the available free resources should be used first. cash at the enterprise and why.

Solution.

For clarity, we summarize all the data and evaluation criteria in the table. 8.4.

Table 8.4

Based on these data, it follows that the most preferable is the first option, in which the largest value mathematical expectation(480 thousand rubles). In second place in terms of profitability is the project for the reconstruction and technical re-equipment of production (mathematical expectation - 450 thousand rubles). The most unprofitable option is the second one, in which the dividend rate (20%) does not cover the inflation rate (25%).

In general terms, the following rules can be formulated that must be taken into account when planning investments.

Invest funds has the meaning:

If the company receives greater benefits than from storing money in a bank;

If the return on investment exceeds the rate of inflation;

In the most profitable, taking into account discounting, projects;

If the greatest economic benefit is provided with the least degree of risk.

If, based on the analysis, we have come to the conclusion that it is necessary to invest available funds in the development of our own enterprise, then in this case a capital investment plan is developed.

Capital construction plan consists of the following sections:

1. Planned task for commissioning production capacities and fixed assets.

2. The volume of capital investments and their structure.

3. Title lists of construction sites and objects.

4. Plan of design and survey work.

5. Construction and installation work program.

6. Economic efficiency of capital investments.

The most important indicators of the capital construction plan are: commissioning of production facilities and fixed assets, estimated cost, project profitability, construction period and payback period.

The investment plan for the enterprise must be closely linked to the chosen development strategy of the enterprise for the future.