Classification of investments. Characteristics of types of investments. Classification and types of investments: basic concepts

In the domestic economic literature, there are several approaches to the classification of investments.

Let's consider the classification of investments in accordance with the following generally accepted set of classification criteria:

Investment object;

Investment area;

Form of ownership of the investment;

The nature of participation in investing;

Investment period;

Regional nature of the investment.

Based on "investment object" The following types of investments are distinguished.

1. Real (capital-forming) investments (they are also called production or material):

Investments in fixed assets;

Investments in inventories.

Real investments mean investments in real assets - both tangible and intangible (sometimes investments in intangible assets associated with scientific and technological progress are characterized as innovative investments). Real investments are made in the form of capital investments.

Investments in real projects are a long process, so when assessing them it is necessary to take into account:

a) riskiness of projects - the longer the payback period, the
higher investment risk;

b) the time value of money, since over time money loses its value due to inflation;

c) the attractiveness of the project in comparison with alternative capital investment options from the point of view of maximizing income and increasing the market value of the company's shares with a minimum level of risk, since this is the determining goal for the investor.

Using these rules in practice, an investor can make an informed decision that meets his strategic goals.

4.Financial investments:

savings bank deposits; bonds; stock; money; deposits.

Financial investments are understood as investments in various financial instruments (assets), among which the most significant share is occupied by investments in securities.

The high development of financial investment institutions significantly contributes to the growth of real investments. Thus, it can be concluded that the two forms are complementary and not competitive. An example of such a connection in the real estate industry is the financing of the construction of housing for rental.

5. Intellectual investments are investments of funds:

in scientific developments; in the training of specialists; into the social sphere.

According to the second sign - "investment area"- investments are classified depending on the field of activity to which they are directed. So, for example, for a construction organization carrying out capital construction, the following areas of investment can be distinguished:

Supply, i.e. provision of building materials, equipment,
transport, semi-finished products;

Production, i.e. direct construction work;

Sales, i.e. sale of construction products either in the form of sale with
relevant buildings, structures, living space, or in the form of re
cottages for rent, etc.

According to the third criterion - "form of investment ownership"- stand out:

Public investments carried out by government bodies at various levels at the expense of the relevant budgets are outside
budget funds and borrowed funds, as well as those sold by state enterprises and enterprises with state participation at the expense of
own and borrowed funds;

Foreign investments made by foreign legal entities and individuals, as well as directly by foreign states and international organizations;

Private investments by individuals and businesses
we have a non-state form of ownership;

Co-investments carried out jointly by domestic and
foreign investors.

Based on “nature of participation in investment” distinguish between direct and indirect participation in investment.

Under direct participation investing refers to the direct participation of the investor in the selection of investment objects and investment of funds. Direct investment is carried out mainly by trained investors who have fairly accurate information about the investment object and are well acquainted with the investment mechanism.

Under indirect participation in investing we mean investment mediated by other persons (investment or other financial intermediaries). Not all investors have sufficient qualifications to effectively select investment objects and subsequently manage them. In this case, they purchase securities issued by investment and other financial intermediaries (for example, investment certificates of investment funds and companies). The latter place the investment funds collected in this way at their own discretion - they select the most effective investment objects, participate in their management, and then distribute the resulting income among their clients.

Based on "investment period" distinguish between short-term and long-term investments.

Under to short-term investments usually mean investments of capital for a period of no more than one year (for example, short-term deposits, purchase of short-term savings certificates, etc.).

Under long-term investments, as a rule, mean investments of capital for a period of more than one year. This criterion is accepted in accounting practice, but, as experience shows, it requires further detail. In the practice of large investment companies, long-term investments are detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

The last sign is “regional nature of investments”- involves their classification into three groups:

Investments abroad - investing in objects located outside the state borders of a given country;

Domestic investment - investment of funds in objects located on the territory of a given country;

Regional investments - investing funds within a specific
region of the country.

Such a classification allows us to highlight the main areas of investment activity.

Investments can also be classified according to additional criteria:

On the use of limited resources in the investment process - land, capital resources and personnel;

By scale of investment - investments in small, medium and large projects;

According to the degree of exposure to the influence of other investments - independent investments; requiring accompanying investments; investments sensitive to competing investment decisions;

According to the form of obtaining the effect, which depends on the investment goals;

By functional activity with which investments are most closely related;

By industry classification;

By investment risk;

According to the degree of mandatory implementation - mandatory, not absolutely mandatory, optional.

The most widespread classification of investments in the Russian economy is direct, portfolio and others.

Portfolio investments are called capital investments in a group of projects, for example, the acquisition of securities of various enterprises.

In the case of portfolio investments, the main task of the investor is the formation and management of an optimal investment portfolio, usually carried out through transactions of buying and selling securities on the stock market. Thus, portfolio investments most often represent short-term financial transactions.

Direct investments represent investments in a specific, usually long-term project, and are usually associated with the acquisition of real assets.

Making investment decisions is strategic and one of the most important and complex management tasks. At the same time, almost all aspects of economic activity are in the sphere of interests of the investor, starting from the external socio-economic environment, inflation rates, tax conditions, the state and prospects for market development, the availability of production capacity, material resources and ending with the project financing strategy. The complexity of the task places special demands on the development and analysis of the investment project.

6. Sources of investment formation
Investment resources- this is part of the total financial resources of an enterprise that are directed by this enterprise to make investments in objects of real and financial investment.
Investment resources that are generated by an enterprise in the process of investment activities have a number of features. The main features are as follows:
- The formation of investment resources is the main condition for the implementation of the investment process.
The process of formation of investment resources itself is associated with the process of initial accumulation of capital.
- The formation of investment resources accompanies all stages of the organization’s life cycle related to its economic development.
- The formation of an enterprise’s investment resources is associated with all stages of the enterprise’s investment process.
The basis for the formation of an organization’s investment resources is, to a certain extent, the capital of this organization, which is intended for reinvestment.

The formation of an organization's investment resources is a constant process, and this process is deterministic and regulated.
- Investment resources generated by the enterprise are classified according to the following criteria:

By target areas of use
+ By nationality of capital owners
+ By natural and material forms of attraction
+ By groups of sources of attraction in relation to the organization
+ According to the time period of attraction
+ To ensure individual stages of the investment process
+ By title

7. Sources of investment financing
All types of investment activities of economic entities are carried out at the expense of the investment resources they generate.
Investment resources represent all types of financial assets attracted to make investments in investment objects. The sources of investment resources in a market economy are very diverse. This makes it necessary to determine the content of investment sources and clarify their classification.

Internal and external sources of investment financing at the macro- and microeconomic levels
In the economic literature, when analyzing sources of investment financing, internal and external sources of investment are distinguished. At the same time, internal sources of investment, as a rule, include national sources, including the own funds of enterprises, financial market resources, savings of the population, budget investment allocations, and external sources - foreign investments, loans and borrowings.
This classification reflects the structure of internal and external sources from the standpoint of their formation and use at the level of the national economy as a whole. But it cannot be used to analyze investment processes at the microeconomic level.
From the position of an enterprise (firm), budget investments, funds from credit institutions, insurance companies, non-state pension and investment funds and other institutional investors are not internal, but external sources. Sources external to the enterprise also include savings of the population, which can be raised for investment purposes by selling shares, placing bonds, other securities, as well as through banks in the form of bank loans.
When classifying investment sources, it is also necessary to take into account the specifics of various organizational and legal forms, for example, private, collective, joint ventures. Thus, for enterprises that are privately or collectively owned, internal sources can be the personal savings of the owners of the enterprises. For enterprises that are jointly owned with foreign companies, investments from foreign co-owners should also be considered as a source internal to the enterprise.
Thus, it is necessary to distinguish between internal and external sources of investment financing at the macroeconomic and microeconomic levels. At the macroeconomic level, internal sources of financing investments include: state budget financing, savings of the population, savings of enterprises, commercial banks, investment funds and companies, non-state pension funds, insurance companies, etc. External sources include foreign investments, credits and loans. At the microeconomic level, internal sources of investment are profit, depreciation, investments of the owners of the enterprise, external - government financing, investment loans, funds raised by placing their own securities.

Structure of sources of financing for enterprise investments
When analyzing the structure of sources of investment formation at the microeconomic level (enterprises, firms, corporations), all sources of investment financing are divided into three main groups: own, attracted and borrowed. In this case, the enterprise’s own funds act as internal funds, and attracted and borrowed funds act as external sources of investment financing.
The main sources of formation of the company's investment resources:
- own:
-net profit allocated for investment;
- depreciation deductions;
- reinvested part of non-current assets;
- immobilized part of current assets.
- attracted:
- issue of company shares;
- investment contributions to the authorized capital;
- public funds provided for targeted investment in the form of subsidies, grants and equity participation;
- funds of commercial structures provided free of charge for targeted investment.
- borrowed:
- loans from banks and other credit institutions;
- issue of company bonds;
- targeted state investment loan;
- investment leasing.
An analysis of the structure of investment financing sources at the firm level in countries with developed market economies indicates that the share of internal sources in the total volume of financing investment costs in different countries varies significantly depending on many objective and subjective factors.
As a rule, the structure of investment financing sources changes depending on the phase of the business cycle: the share of internal sources decreases during periods of recovery and recovery, when investment activity increases, and increases during periods of economic recession, which is associated with a reduction in the scale of investment, a reduction in the supply of money, and an increase in the cost of credit .

List of used literature:

1. Law of the RSFSR of June 26, 1991 (as amended by Federal Law of June 19, 1995 No. 89-FZ; Federal Law of February 25, 1999 No. 39-FZ) “On investment activity”), Art. 1.

2. Federal Law of the Russian Federation of February 25, 1999 No. 39-FZ (as amended by Federal Law of January 2, 2000 M ° 22-FZ) “On investment activities in the Russian Federation, carried out in the form of capital investments.”

3. Abramov S.I. Investment. – M.: Center for Economics and Marketing, 2010. – 440 p.

4. . Business: Oxford Explanatory Dictionary: English-Russian: more than 4000 terms. M.: Publishing house "Progress-Academy", Publishing house of the Russian State University for the Humanities, 2015. P. 335.

5. Blank I. A. Investment management. Kyiv: MP "ITEM" LTD, "United London Trade Limited", 2015. P. 18.

6. Bulatov A.S. Economics: textbook. – M.: Publishing house “BEK”, 2010. 715 p.

7. Gitman L.J., Jonk M.D. Fundamentals of investing: Transl. from English - M.: 2017. – 85 p.

8. Goncharenko L.P. Investment management: Textbook / pod. ed. d..e. Sc., prof. E.N. Oleinikov. M.: KNORUS, 2015. – 296 p.

9. Igonina L.L. Investments: Textbook / ed. Dan, Prof. V.A. Slepova. M.: Yurist, 2012. – 478 p.

10. Margolin A.M., Bystryakov A.Ya. Economic assessment of investments: Textbook. – M.: Association of Authors and Publishers “TANDEM”, Publishing House “EKMOS”, 2011. -240s.

11. Orlova E.R. Investments: Course of lectures. M.: IKF Omega - L, 2013.-192 pp. Macmillan Dictionary of Modern Economic Theory. M.: Infra-M, 2017. P. 258.

12. Friedman J., Ordway Nick. Analysis and evaluation of income-generating real estate: Transl. from English M., 2015. P. 441.

13. Sharp W., Alexander G., Beit J. Investments: Transl. from English M.: INFRA-M, 2019. P. 1.

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From characterizing the economic essence of investments, let us move on to considering the main forms of their implementation.

An analysis of economic literature has made it possible to identify a fairly large number of approaches to the classification of investment forms, both at the macro and micro levels.

Let's look at the main ones.

Figure 2.1 shows the classification of investment forms according to the system of national accounts (hereinafter SNA) and the developments of the State Statistics Committee of the Russian Federation created on their basis.

Rice. 2.1. Classification of investments according to SNA

According to this classification, the following types of investments are distinguished.

1) Capital-forming investments, ensuring the creation and reproduction of funds. They involve investing capital directly in means of production and consumer goods. In other words, capital-forming investments represent the investment of capital in fixed assets and in the increase in inventories.

Capital-forming investments include:

Investments in fixed assets or, in other words, capital investments;

Major repair costs;

Investments in the acquisition of land plots and environmental management facilities;

Investments in intangible assets such as patents, licenses, research and development, etc.;

Investments in replenishment of working capital reserves.

At the same time, capital investments, which represent fixed assets, characterize the volume and structure of capital-forming investments. Capital investments should include the following types of costs:

For new construction;

For reconstruction;

For expansion and technical re-equipment;

For housing and cultural construction.

2) Under financial investments refers to investing in financial assets such as shares, bonds and other securities, as well as hoardings and bank deposits.

3) As can be seen from Fig. 2.1, the system of national accounts identifies in a separate group intellectual investment. These include investments in personnel training, transfer of experience, licenses, know-how, scientific developments, etc.

The classification presented above is limited to one classification feature - investment objects, while the most comprehensive classification of investments is carried out in the work I.A. Blanka.

Figure 2.2 shows the classification of investments according to individual characteristics.

Rice. 2.2. Classification of forms of investment according to individual characteristics

According to Fig. 2.2 investments are classified as follows:

1. By investment objects

Under real investments understand investing in real assets – both tangible and intangible. Financial investments represent investments in various financial instruments, among which securities occupy a significant share.

2. There are direct and indirect investments.

Direct investments– this is the direct participation of the investor in the selection of investment objects and investment of funds. Under indirect investments refers to investment mediated by other persons (intermediaries).

3. By investment period distinguish between short-term and long-term investments.

Under short-term investments means investments of capital for a period of no more than one year. Long-term investments– is an investment of capital for a period of more than one year. In the practice of large investment companies, long-term investments are detailed as follows: a) up to 2 years; b) from 2 to 3 years; c) from 3 to 5 years; d) over 5 years.

4. By forms of ownership investors are divided into private, state, foreign and joint investments.

Private investment– investments made by citizens, as well as enterprises of non-state forms of ownership. TO public investment include investments made by central and local authorities and management, as well as state-owned enterprises and institutions at the expense of their own borrowed funds. Under foreign investment refers to investments made by foreign citizens, legal entities and states and entities of a given country. Joint investments is a combination of two or more of the above forms of investment.

5. By regional basis allocate investments domestically and abroad.

The above classification of investments reflects their most essential features and, if necessary, can be expanded depending on business or research purposes.

V.V. Bocharov gives the following classification of investment forms:

1. By investment objects distinguish between real and financial investments.

Real investment(capital investment) – advance of money into tangible and intangible assets (innovation). Capital investments are classified:

By industry structure (industry, transport, agriculture, etc.);

Reproduction structure (new construction, expansion, reconstruction and expansion of existing enterprises);

Technological structure (construction and installation work, purchase of equipment, other capital costs).

Financial investments– investing in securities: equity (shares) and debt (bonds).

2. By nature of participation in investment– direct and indirect investments.

Direct investments involve the direct participation of the investor in choosing an object for investment. Indirect Investments are carried out through financial intermediaries - commercial banks, investment companies and funds, etc. The latter accumulate and place the collected funds at their discretion, ensuring their effective use.

3. By investment period investments are divided into short-term (for a period of up to 1 year) and long-term (for a period of over 1 year). The latter of them serve as a source of capital reproduction.

4. By form of ownership investments are divided into private, public, joint and foreign.

Private investment express the investment of funds in objects of entrepreneurial activity of legal entities of non-state forms of ownership, as well as citizens. Public investment characterize the investment of capital of state unitary and municipal enterprises, as well as funds from the federal and regional budgets and extra-budgetary funds.

5. By regional basis investments are divided into investments within the country and abroad.

6. By level of investment risk The following types of investments are distinguished:

- risk-free investment— investing in such investment objects for which there is no real risk of loss of expected income or capital and real profit is practically guaranteed;

- low risk investments— investing capital in objects whose risk is below the average market level;

- medium-risk investments— investing capital in objects whose risk corresponds to the average market level;

- high-risk investments— investing in such objects, the level of risk for which is usually higher than the market average;

- speculative investment- investing capital in the most risky assets (for example, in shares of young companies), where maximum income is expected.

As you can see, V.V.

Bocharov expanded the classification of I.A. Form, adding an additional classification feature - the level of investment risk.

The scientific literature provides other classifications of investments. So, V.M. Juha identifies the following characteristics of investment classification.

The first classification feature he identifies is investment ownership forms within which they are carried out, and ultimate investment goals.

Figure 2.3 shows the classification of investments in terms of their focus and effectiveness.

Rice. 2.3. Classification of investments by types of ownership and by ultimate investment goals (V.M. Dzhukha)

The next classification feature identified by V.M. Juha are market areas, on which investments appear, and attachment objects.

As shown in Figure 2.4, depending on the investment objects and market areas, the author distinguishes between portfolio and real investments (capital investments).

At the same time, under portfolio investments means investing in stock market instruments and other financial assets, such as insurance policies, shares in the authorized capital of unincorporated enterprises, target deposits, collateral, etc. Moreover, the investment of such funds must meet at least two requirements:

Profitability (provide high current income or rapid growth of invested funds);

Reliability (liquidity and protection against inflation).

Rice. 2.4. Classification of investments by market areas and investment objects (V.M. Dzhukha)

TO real, or capital-forming, investments include all expenses aimed at construction, expansion, reconstruction (modernization) and equipping investment objects, as well as expenses for the preparation of capital construction and the increase in working capital necessary for the normal functioning of the enterprise.

The last sign of investment classification V.M. Juha highlights ensuring the investment process. This classification is presented in Figures 2.5 and 2.6.

Rice. 2.5. Classification of own investments (V.M. Dzhukha)

Rice. 2.6. Classification of external investments (V.M. Dzhukha)

It should be noted that the author identifies in a separate group foreign investment, defining them as a special form of investment. They can be used as an external source of financing and take three main forms:

- straight;

- portfolio;

- targeted loans at the enterprise level.

1) for its intended purpose:

Production investments, the objects of which are production assets;

Non-productive investments - reproduction of fixed assets for non-productive purposes (social and cultural objects, etc.);

2) by direction of use:

New construction;

Reconstruction;

Technical re-equipment;

Expansion of existing enterprises;

3) by funding sources:

Centralized, carried out at the expense of the state and trust funds of line ministries and departments;

Decentralized (own and borrowed) - created at the enterprise level through depreciation charges, a production development fund, lease payments and bank loans;

4) according to the structure of the consisting elements:

Construction;

Drilling;

Installation work;

Equipment;

Tools and equipment;

Other capital investments.

Classification given by V.M. Jukha, the most complete, as it includes almost all classification criteria. An exception is the classification of investments according to the level of investment risk.

All previously given classifications of investments must be supplemented with a classification of investments at the enterprise level, shown in Figure 2.7.

Rice. 2.7. Classification of investments at the enterprise level

According to Figure 2.7, from the point of view of the enterprise and depending on the investment objects, investments can be divided into two groups: real And financial. At the same time, real investments express capital investments in tangible assets, and financial investments in intangible ones.

In its turn, real investment presented in two forms:

1) investments in production development, represented by costs:

For reconstruction and technical re-equipment;

To expand production;

For the release of new products;

To modernize products and develop new resources.

2) investments in the development of the non-production sector, including the following types of costs:

For housing construction;

For the construction of sports and recreational facilities;

To improve working conditions and increase the level of technical safety.

Financial investments or, as they are also called, portfolio investments, can be divided into the acquisition of securities and investments in the assets of other enterprises. Investments in the acquisition of securities represent investments in shares and bonds of other commercial organizations, as well as financing of other types of securities aimed at obtaining certain benefits. Investments in the assets of other enterprises are investments in the assets of manufacturing enterprises, investments in the assets of financial institutions, as well as investments in the assets of other commercial organizations.

The main difference between this classification and those previously discussed is that it gives a real idea of ​​the purposes for which enterprises can direct investments. In other words, this classification characterizes the investment portfolio of an enterprise. Optimizing this portfolio to minimize risk and maximize economic benefits is one of the most important problems in an enterprise.

Rice. 2.8. Investment classification

Analysis of the above classifications of investments made it possible to formulate a classification of investments presented in Figure 2.8, according to which it is advisable to identify eight main characteristics of the classification:

1) form of ownership of investment resources;

2) level of investment risk;

3) the nature of participation in the investment process;

4) investment period;

5) regional feature;

6) objects of investment and use at the enterprise level;

7) sources of financing;

8) economic goals.

This classification, shown in Fig. 2.8, most fully reflects all forms of investment activity carried out by individual economic units.

Life is so arranged that we spend half of our efforts, or even more, on various forms of investment. This is a universal rule for all contexts. Micro- and macroeconomic levels of social structure classify investments as key aspects of life. Why does a practicing manager need to know the classification of this type of activity? The types of investments that the manager and PM will have to deal with make it possible to distinguish one vector of activities from others and successfully improve project production in real business conditions.

Subject essence of investment activity

The economic theory of John Keynes (Cambridge, thirties of the XX century) determined the economic content of the investment phenomenon. J.M. Keynes defined investment as an increase in the value of capital property. At the same time, the scientist believed that capital property may well consist of both fixed and circulating (liquid) capital. It is best to understand the essence of investment activity (IA) by answering six questions.

1. Where?
2. Where?
3. For what?

By answering these questions, we will not only gain a clear understanding of the economic nature of investment investments, but also provide a well-developed framework for using real investment classifications. The concept and types of investments will be filled with special content. We start with the question “Who?” Participants in the investment process are also called IP subjects. Law of the Russian Federation No. 39-FZ identifies four large categories of such persons:

• investors;
• customers;
• contractors;
• users of capital investment objects;
• investment intermediaries (added by me).

The essence and classification of investments is based on the fact that the micro and macro levels are detailed through the types and types of investment activities. The structure of ID participants is quite universal and has some diversity at the micro level when considering, for example, investments on behalf of individuals. To a greater extent, the forms and characteristics of investments differ based on the objects of investment. How to answer the question of what is the subject of investment? The subject of investment may be the following.

1. Cash.
2. Securities.
3. Basic production and non-production assets.
4. Current assets.
5. Intangible assets.
6. Property and other rights that have a monetary value.

In answering the question “Where from?”, we must evaluate two types of source that determine the main types of investments. The first type establishes such types as public, private, foreign, mixed, and so on. In other words, sources are understood as subjects of civil legal relations who enter into the investment process in the role of investors.

Each subject of relations has a composition of means in their dual economic nature. On the one hand, funds as assets, on the other – the sources of these funds. As you know, there are three large forms of sources of funds: private, budget and mixed. The first form fully relates to the category of commercial organizations. The second type of sources, which determines the type of investment, is associated with such a classification feature as the source of financing. The following financial sources are considered in this category.

1. Own sources of a commercial organization.
2. Involved sources of a commercial organization.
3. Budget resources.

Composition of own investment sources

We continue to answer the question “Where?” The essence and types of investments in the composition of their financial sources reflect such a fundamental aspect of ID as the sufficiency of funds for their production. A strategic plan and set priorities are one thing. The very possibility of finding funds and ensuring a rational structure of sources is perceived in a completely different way. Each source has its own price. Below is the structure of the enterprise's sources of funds with their highlighted main elements for ID purposes.

Main and temporary sources of financing for publishing houses

Let us analyze the types of investments by the nature of their sources of financing. The first of them can be called simple reproduction of fixed production assets (FPF). An extremely important and extremely veiled look. Its main characteristic is that the main source is the depreciation fund. Modern accounting does not imply the identification of a real source in the balance sheet and, in theory, part of retained earnings should be responsible for simple reproduction. Unfortunately, unless special mechanisms are created, it is difficult to identify this source using standard means.

The classification of investments allows us to identify the second main source of ID. It is net retained earnings, which, taking into account the funds for simple reproduction of the general public fund, serves the following functions:

• compensation for inflationary growth in the cost of fixed assets when they are renewed;
• expanded reproduction of fixed production assets;
• modernization of production and overhaul of the production plant;
• implementation of all other investment projects not related to the direct transformation of long-term assets of a material nature.

The economic essence and types of investments are manifested through the third natural source of funds for these purposes, which is the authorized capital of the company. It can also be called basic, but in relation to large Russian businesses (OJSC) and to foreign practice. In Russia, such businesses are classified as natural monopolies or oligopolies, and there are very few truly market structures that place shares on stock exchanges.

Unfortunately, our not entirely legitimate past, and our present too, greatly neutralizes the role of this practice for small and medium-sized enterprises. Double economic standards, opaque tax legislation, and imperfect laws do not allow owners to openly invest their funds through the authorized capital instrument. Most often, the authorized capital is replaced by a form of borrowing from the same founders.

Among the own sources of financing of the publishing house there are also such sources as own shares and reserve capital. It is not advisable to use them as the main ones. Temporarily, the company, of course, can use them, since “money has no smell.” However, the same financial director is obliged to ensure that these resources always return to the context of the statutory purpose. Additional capital, if used during the revaluation of general fund, serves the task of simple and expanded reproduction in addition to net retained earnings.

Funds raised for investment

In this section, we conclude the conversation on the topic: “Where do investments come from?” It is not for nothing that we pay so much attention to sources of investment financing. Each company wants to have enough of its own funds so that they are enough for both production and sales processes and development. By attracting funds for investment, the company sharply increases the risk area of ​​its activities. However, in 90% of cases it is impossible to do without raising funds, and this is normal practice.

The classification of private equity, carried out with the attraction of funds from various sources, is based on the types of these sources according to the accounting division into long-term and short-term liabilities. The main source of financing is long-term loans and borrowings. If a company attracts long-term targeted funding from budget funds for investment purposes, then such a source can be considered second in importance after borrowed funds.

Settlements with suppliers and contractors, payments for taxes and fees, and other forms of settlements, regardless of their duration, long-term or short-term, can also act as sources of investment. And these forms of sources are not desirable, and short-term liabilities cannot be used for these purposes, since the liquidity, independence and stability of the company may deteriorate.

The composition of the ID participants depends on what sources of investment are involved. For example, if a company copes with its own funds, then the roles of the investor and the customer coincide, and the role of investment intermediaries is minimal (let’s assume that only insurance companies are allowed to participate). If the share of funds raised in the investment account is high, then the role of the lender – the credit institution – increases.

Otherwise, the figure of an investor appears who provides a loan (usually long-term). Or he is a member of the society. An investor can make an investment by purchasing a block of shares in a joint-stock company or buying out a share if the company is an LLC, ALC or limited partnership.

Stable liabilities, i.e. In principle, we do not consider sources equivalent to our own funds as sources of investment, since we consider them ultra-short. Indeed, how can wage arrears or settlements with accountable persons on the credit balance be considered a source of funds for investment? In the last two sections of the article, we examined a very interesting issue, and the topic, I hope, will be continued in other materials. Among other things, we have fully answered the question “Where from?”

Classification and types of investment activities

Investment classification, like any other classification, must ensure compliance with the following principles.

1. At each stage of division, maintain a single qualification attribute.
2. Ensure the exhaustive nature of the classification action (the principle of logical sum).
3. Implementing the exclusive nature of classification, that is, the intersection of incoming sets is unacceptable.

These are the immutable laws of logic - the mother of scientific truth. Below is a scheme for classifying investments. The characteristics presented in it do not exhaust all aspects of possible division. Some species will receive a separate comment from me, but the main information on each species will be actively developed in thematic articles.

Classification of characteristics and types of investments

Types distinguished by object attribute represent the assignment of investments to a specific area: real production or financial assets. This classification answers the question “Where?” Real investments in commercial sectors of activity are the dominant majority. They involve the construction and modernization, equipping of objects of the material and non-material sphere of organizations. This also includes expenses for preparatory activities for capital construction. They also include investments in the form of an increase in working capital reserves, intangible assets, acquired property and non-property rights, necessary and sufficient for the regular activities of the organization.

Types of financial investments involve investing capital in securities, shares and other assets of other companies. When using these financial instruments, the investor’s financial capital increases through dividends and other income. This type of investment is speculative in nature, carried out for the purpose of resale. If the investor acts strategically and pursues long-term goals, financial investments are in the nature of long-term investments. The following types of financial investments are distinguished.

1. Investments in stocks, bonds, and other securities, such as bills. The issuer of securities can be any legal entity, including the state and local governments.
2. Foreign currency.
3. Bank deposits.
4. Precious metals, stones and products made from them, investments and collectibles.

In this article, we examined the substantive essence of investment activity through the classification prism of dividing the concept of investment and the main types of investments. They are distinguished according to key features that separate one type of investment from another. In the course of this work, we received answers to questions that reveal the essence of the concept: who, what, where and where.

Classification analysis gave us hints for answering the question “How?” And the main answers await us in articles devoted to management, processes and projects in the investment field. The answer to the question “Why?” obviously lies in the company's strategy and its investment policy. These topics are certainly very interesting, and we will definitely cover them as part of our project.

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Recently it has become very fashionable to talk about investing. Moreover, this is often done by people who actually have a very vague understanding of the concept and essence of investment activity. The types of investments for many of them remain a closely guarded secret.

At the same time, every competent and successful investor should be able to freely navigate the modern variety of financial investments. Such knowledge allows you to freely navigate existing investment opportunities and help you make the right decisions. Currently, investments can be classified according to several criteria.

If you talk to several different investors and each of them is asked the question: “What are the types or forms of investments?”, the variety of answers may confuse you. Indeed, they can tell you about direct, portfolio, gross, long-term and primary investments of funds. Moreover, this list can be continued for a long time.

All these types of investments exist. The only question is on the basis of what criteria they are classified in each individual case. It is also necessary to take into account that there is no right and wrong division. All of the following gradations have the right to exist.

Investment classification may be based on the following characteristics:

• object;
• investment goals;
• forms of ownership of investment resources;
• profitability factor;
• origin of the capital used;
• degree of risk;
• liquidity level;
• by urgency;
• accounting forms.

Let's look at the listed types of investment in more detail.

Division by object

From the name of this classification it becomes obvious that in this case the investment object is taken as the starting point. In other words, this is the very asset that the investor acquires in exchange for the money invested.

The main types of investments, depending on the investment object, are:

• real - acquisition of fixed assets of production, land, real estate, equipment, trademarks, brands, advanced training of employees;
• financial – purchase of securities (shares, bonds and others), lending to individuals or legal entities, leasing;
• speculative - short-term investment of capital and funds in government currencies, gold with the aim of ultra-quick profit.

In addition, types of financial investments, depending on the object, can be classified in a different way. This is an investment:

• into physical assets - into the direct development of the company through the purchase of means of production;
• in intangible assets - objects of exclusive intellectual property (patents, licenses, logos, etc.);
• in innovative scientific research and study of new technologies.

At the end of this section, it is also necessary to touch upon such concepts as net investment and gross investment. The first is characterized by the investment of financial assets in the purchase of a company or enterprise. Second, it represents the totality of net investment and the reinvestment process. In other words, the investor initially purchases the company. As a result of its operation, he makes a profit, which he reinvests in its further development.

Division by investment purpose

Depending on the goals pursued, there are types of investments:

• direct – investing capital in a real existing business. It can be expressed in the purchase of raw materials, consumables, machines, premises and buildings. Direct investments are always aimed at the development of the company.
• portfolio - directly related to playing on the currency exchange. In this case, funds are invested in the purchase of securities. This process is also known as building an investment portfolio.
• non-financial – investments aimed at purchasing copyright or intellectual property. This group includes the acquisition of a recognizable brand, as well as patents for any type of invention.
• intellectual – associated with the investment of financial resources in research activities and the development of innovations.

Division by resource ownership form

In this case, ownership of the invested resources is of paramount importance. In other words, we start from who actually owns the invested funds or from the sources of financing. Based on this principle, the following forms of investment can be distinguished:

• private – investments of individuals and legal entities;
• state - investment of funds from the budget of a particular country, which is carried out by specific participants in economic activity (for example, the Central Bank or the Federal Ministry);
• foreign - deposits of capital owners who are citizens or subjects of another state;
• mixed – simultaneous investments of several of the above-mentioned entities.

These forms of investment are best understood through a concrete example. Let’s say the Government of the Moscow Region put up a certain number of land plots in the Stupinsky and Ozersky districts for open auction. Thus, any interested owner of capital can invest money in their acquisition. If the winner of the auction is an individual or legal entity, then such investments will be considered private. If an American or Chinese company wins, such investments will be recognized as foreign. And so on.

Division by origin of capital

Depending on the origin of the funds used, the types of investments are:

• primary – initial investments that were formed from own or borrowed funds;
• repeated or reinvestment - this money is formed directly from the profits received from the primary investment process;
• disinvestment – ​​or investment on the contrary. They represent the withdrawal of capital from an investment project. In turn, they can be partial or complete.

Let's take a closer look at disinvestment. The question arises: “In what case can an investor take such a decisive step?” As a rule, we can talk about two situations. Firstly, the investor withdraws money from an unsuccessful investment project when he is finally convinced of its futility.

Secondly, disinvestment can be carried out with the aim of investing money in more interesting investment objects. They are necessary when the investor does not have enough other available funds for this.

Division by degree of risk, level of liquidity, urgency, form of accounting and other characteristics

Types of investment based on risk are distinguished:

• there are practically no risks - extremely rare situations, as a rule, artificially simulated or created (for example, bank deposits in Russia - a depositor with a deposit of up to 1 million 400 thousand rubles is guaranteed to receive income thanks to the Deposit Insurance System);
• risks are lower than the average in the current market - conservative;
• average market risks – moderate;
• risks are higher than the average in the existing market - aggressive.

Investors who prefer to use an aggressive strategy often prefer investments with a higher level of risk. This is explained simply. Such investments promise maximum profit.

There are types of investments based on liquidity level:

• highly liquid;
• medium-liquid;
• low liquidity;
• not liquid.

The higher the degree of liquidity of investments, the better. In practice, this means that the owner of highly liquid assets can easily find a buyer for it at any time at the price that is currently established in the market.

The degree of liquidity of assets is well understood using the example of currencies from different countries. If an investor invested his money in American dollars or euros, then these were highly liquid investments. They can be easily sold at any nearest exchanger with the appropriate rate. However, if an investor bought Bahraini dinars or Chilean pesos, then it will be somewhat more difficult to sell them, that is, the level of liquidity of investments in this case will be lower.

If we put the time factor at the forefront, then our investment could be:

• short-term – up to 1 year;
• medium-term – from 1 year to 3 years;
• long-term – over 3 years.

According to the accounting form, investments can be:

• gross;
• clean.

In reality, these two terms are closely related. Gross investment is usually understood as the sum of all investments made during the reporting period. To calculate the value of net investments, we should subtract the monetary value of depreciation from the gross funds invested.

When we want to divide investments according to geographical or territorial principles, then first of all we should specify the region or state from which we will start. Depending on the territorial affiliation, investments are:

• internal;
• external.

If we take the Russian Federation as a starting point, then all investments made in the country itself will be internal, and outside its borders external.

An investor does not always manage his own funds. Currently, there is a widespread situation in which capital is given to a third party for management. For example, on a stock exchange this could be a managing trader.

In this regard, investments can be:

• active – the investor himself chooses investment objects;
• passive - funds are given to a third party for management.

Popular types of investments



Every year, investment activity attracts the attention of ordinary people who are not closely related to economics and finance. If you compare the profitability and riskiness of various types of investment, you can determine the most promising and profitable areas of funds. Moreover, most people want to receive passive income, which does not require active action or special financial knowledge.

Currently, the most popular types of investments with passive income are:

• Mutual Funds – mutual investment funds;
• bank deposits;
• trust management;
• non-state pension funds;
• real estate;
• stock market game;
• hoarding investment;
• venture investment.

Let's take a closer look at each of the listed possibilities.

Mutual funds

The mutual fund offers all its potential clients to buy a unit or share in the formed investment portfolio, which includes securities of various companies. This is a classic form of passive investment. At the end of the reporting period (usually a calendar year), the shareholder receives a portion of the profit proportionally equal to the size of the share purchased by him.

The selection of securities for the mutual fund's investment portfolio is carried out by a special manager. The shareholder himself has nothing to do with this process.

Typically, mutual funds form several different investment portfolios, each of which has its own potential return and level of risk.

Bank deposits

The traditional and most popular type of investment among Russians. You don’t need to be a rocket scientist to immediately identify the main advantages and disadvantages of this method of investing money. Its main advantage is the guaranteed receipt of income specified in advance in the contract. The disadvantage of bank deposits is the extremely low level of profitability.

Trust management

In many ways, this method of investing is reminiscent of buying a share in a mutual fund. The main difference is the personalized approach that characterizes trust management. In other words, the investor does not invest money in an already formed investment portfolio, but gives it to his trustee for management. The key figure in this situation is the manager. This must be a legal entity or a specific person, whose professionalism and cleanliness the investor has no doubt about.

Non-state pension funds

These financial structures offer investors services for managing funds, from which their future pension will be formed in the future. The essence of this method of investment is not so much to preserve, but to increase the client’s financial assets.

Real estate

Investments in real estate make sense to be seriously considered during periods of sustainable economic development of the country. This is due to the fact that during periods of economic crises, real estate properties seriously lose value and liquidity.
These attachments are primarily divided by object. It makes sense to talk about residential and commercial real estate.

Stock game

This type of financial investment is much more complex than participating in mutual funds or transferring money to trust management. In such a situation, the investor can rely solely on his own knowledge and experience of stock trading. Consequently, the risks of this type of investment increase significantly. Thus, stock trading is the destiny of confident, experienced investors.

Hoarding investment

Behind this long and difficult to pronounce word lies investment activity, which is directly related to investing money in art (paintings, engravings, etc.), precious metals, stones, jewelry and antiques.

Such investments also require specific knowledge and understanding of pricing factors. In addition, investments of this type are long-term and most often require a significant amount of money.

Venture investing

Such investments have become especially popular in recent years. They are characterized by investing financial assets in start-ups, innovative business ideas and projects.

This area of ​​investment is characterized by very high risks. According to statistics, only 10–15% of all launched startups become successful companies. At the same time, if your choice turns out to be correct, then you may find yourself at the origins of a project that can change the world within a few years.

All of the above types of investments, with the right approach, can bring a lot of money. Choose wisely.