Finance and Management - rubric Investments and investing
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Investments and investing
Brovkin A.V. - Recommendations for Developing the Methodology of Socio-Economic Impact Assessment When Implementing Infrastructure Projects pp. 9-16


Abstract: The article is devoted to developing the methodology for comprehensive assessment of all the combination of 'external effects' and 'socio-economic efficiency' of infrastructure projects. The author of the article gives necessary definitions and provides a broad list of effect groups that can be assessed. He also provides variants of indicators for each group of effects to assess relevant effects. The comprehensive analysis of project efficiency will extend the list of criteria that can be used in the decision making process concerning whether to implement an infrastructure project or not. This will allow to assess the impact on the society in general and encourage the best investment decisions. The results of the present research were obtained using analysis and systematisation of researches in this sphere combined with the author's recommendations and findings. The main results of the research that represent the scientific value thereof is, first of all, the synthesis of different methodologies and socio-economic impact indicators used in these methodologies within the framework of one research. Secondly, results of the research can be used, and suggested to be used, by all those who are involved in developing the unified basic methodology of socio-economic impact assessment to be further used by infrastructure project designers, executives and assessors including state authorities which would allow to reduce the time and resource consumption when searching and/or developing the methodology. The author also makes a conclusion that such a unified methodology will contribute to making an infrastructure project to be a driver of innovation-based economic growth as a result of the comprehensive assessment of all socio-economic impact assessement of such an infrastructure project implementation.
Kuznetsov M.V. - Government policy tools for managing medium-size business investments pp. 14-25


Abstract: The object of this research is the government investment management strategy. The subject of this research is the classification of government policy tools for managing medium-size business investments. The existing approaches towards determining the government policy tools for managing medium-size business investments, as well as their classifications are examined. In the course of this research, the author analyzes the regulatory framework, scientific insights and policy recommendations of international organizations. The scientific novelty consists in formulation of an original definition of the term “government policy tools for managing medium-size business investments” alongside the development of classification of such measures. The author systematizes the government policy tools for managing medium-size business investments in accordance with the existing measures corresponding to their description.
Vasiukov E.A. - Comparative analysis of the factors of attractiveness for foreign direct investments in the developing and developed countries pp. 38-52


Abstract: With the cooling of global economic and exhaustion of internal sources of finance, the countries need to attract foreign investment in form of foreign direct investments (FDI) to stimulate economic growth. The subject of this research is the factors defining the inflow of foreign direct investments into national economies, as well as comparison of the factors impacting attracting of foreign capital into developing and developed countries. For comparison of the inflow of FDI, the work utilizes the following factors: openness of trade, wages, size of the market, development of infrastructure, and tax policy. In the next few years, developing countries will continue to maintain an edge in size of wages, but due to drastic difference in the quality of labor resources, developed countries will be more preferable from the investment perspective. In absence of the necessary infrastructure and without additional support or stimulus of the receiving state, decisions on investments will lean towards the more accessible markets of developed countries. As a result of limited business environment, high level of expenses for starting a company, and inefficiency of the market, the state needs to provide clear communication regarding the vector of government policy in the area of investments and refrain from inconsistency in passing measures. If companies would not be certain in the future of the political course, their profit expectations would rise significantly, while investment activity would drop.
Petrushina L.O. - The Information Support of the Business Investment Attractiveness Economic Analysis pp. 52-66


Abstract: The research aims on the identification and removing the disadvantages of modern treat-ments to forming the relevant information support of the business investment attractiveness eco-nomic analysis. The validity and the exhaustiveness of the data that is valuated have the great im-pact on the managerial decision making process quality inside the organization and on the risk level that investors outside have. The economic conditions are rapidly changing, creating new tasks and new tools that causes the accounting, collecting and processing of information adaptation to new requirements. The text highlights the main problems of the relevant information support of the business investment attractiveness economic analysis forming including the actuality of Russian accounting statements, their exhaustiveness for describing non-quantitative characteristics of the business examined, factors and risks determining the organization development, which could be important for the investment decision making process. To improve the information support of the business investment attractiveness economic analysis is possible by means of using the IFRS or the transition to reporting on sustainable development. Such forms of reporting have the more clarity, expose the qualitative business characteristics, and involve the information about determining fac-tors and risks. The research results are in the sphere of the great number of users interest. It could be the financial departments workers, the business head, top-managers, creditors, investors, and also the employees of the state Supervisory bodies. Considering the external conditions instability, new treatments to forming the information support of the business investment attractiveness valuation promote the decreasing of the risk level connected with the investment choice, the growth of trust among the investment process parties, the investment inflow, including the foreign investing, the economy stabilization.
Aguzarova F.S. - Investment Potential of the North Caucasian Federal District pp. 71-77


Abstract: The present research article is devoted to the investment potential of the constituents of the North Caucasian Federal District. In her article Aguzarova examines socio-economic indicators of the regions and based on that provides a comprehensive assessment of the current state of investment development and investment potential of the regions of the North Caucasian Federal District. The author emphasizes the crucial need to attract investments including foreign investments into Russian economy. According to the author, growing investments contribute to the economic growth and development of the agricultural industry and health resort institution. The author states the great role of tax policy instruments in the encouragement of investment activity. 
Sundov A.V., Ginzburg M.Y. - Implementation of Building-and-Loan Associations of the Russian Federation as a Tool for Attracting Residential Investments pp. 72-80


Abstract: The article is devoted to the question whether it would be efficient to implement the institution of building-and-loan associations in the Russian Federation. The author of the present research has developed the mathematical economic model taking into account the share of apartment spaces affordable through mortage loan received at building-and-loan associations or bank. The results of the research demonstrate the positive influence of building-and-loan associations on the level of availability of housing that could be afforded by the population. The main conclusion is that it is easy to predict the housing demand, therefore building-and-loan associations have a positive influence on the rate of residential construction as well as the volume of investments into the construction sector. The model of the consumer behavior offered by the authors of the present research allows to define the most efficient method of housing financing from the point of view of an average consumer and the most desirable volume of funding (particularly, housing allowances) from the point of view of the government's financial abilities. The present model is based on the hypothesis that consumers choose between accumulation of assets and receiving credit at building-and-loan associations or banks so that they can maximize the space of the apartment to be purchased. Based on the calculations, building-and-loan associations turn out to be 1.56% more efficient than bank mortage loans due to the fact that a member of a building-and-loan association deposits over 70 000 roubles annually in order to receive a better bank interest and maximum state grant, thus increasing the volume of savings and, consequently, the space of the apartment to be purchased. 
Mammadov T. - Direct foreign investment as a key factor in maintaining sustainable economic growth of the CIS countries pp. 81-88


Abstract: The subject of this research is assessment of the role direct foreign investments as the key factor in maintaining sustainable economic growth of the CIS partner-states. A comparative assessment of the indicators of macroeconomic stability is conducted. The author identifies the problems of attracting direct capital investments in the CIS; examines the largest direct investments funds of the CIS countries as an instrument of investments development of the considered group of states. The article substantiates the need for development of the mechanism of public-private partnership, establishment of bilateral and multilateral direct investment funds, unified protection and promotion investment agreement for the CIS member-states that would contribute to ensuring sustainable economic growth of the union countries. The scientific novelty consists in formulation of the original classification of direct foreign investments as a factor of development of national economies of the capital importing countries. The conclusion is made on the insufficient activity of existing funds in financing the large investments projects within the union. The analysis of information proves that the direct foreign investments are currently not the key direction in development of economies of the CIS partner-states.
Nikitin V. - Subsidiaries of International Construction Companies in the Russian Federation pp. 132-143


Abstract: The article is devoted to analyzing legal problems arising in the process of launching international construction companies on the Russian construction market. The author examines the most common method of running business in the Russian Federation through creating a subsidiary business entity, advantages and disadvantages of such method compared to establishing affiliate or representational offices of an international construction company. In his research Nikitin focuses on the most recent amendments to the legislation in the sphere of foreign investments, actual judicial practice as well as the government executive authorities' views on the matter. The methodology of the research involves methods that are typical for entrepreneurial law and implies combination of the civil approach and analysis of an object in cooperation with public order institutions. The scientific novelty of the research is caused by the fact that the author raise a problem about business reputation of subsidiaries of international construction companies. The solution offered by the author implies the legal mechanism of plain partnership within which a consortium of the parent international construction organisation and their branch organisation is established to combine material and non-material resources. 
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