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Investment attractiveness of the region by different authors. The essence and meaning of the concept of “investment attractiveness of the region”. The concept of investment attractiveness of the region

Investment attractiveness is one of the main indicators that influence the level of socio-economic development of the region. In this regard, the constituent entities of the Russian Federation are implementing various measures aimed at creating the most favorable conditions for investors, making fuller use of investment potential and reducing regional investment risks.

One of the key scientific problems is to determine the factors that influence the investment attractiveness of the region.

A study of domestic and foreign scientific works to identify these factors allows us to conclude that there is a significant number of different typologies.

The classifications presented in scientific works are often quite difficult to correlate with each other, as a result of which the process of research and analysis of the investment attractiveness of the region becomes much more complicated.

First of all, this statement is associated with the variety of interpretations of the concepts of “investment climate”, “investment activity” and “investment attractiveness”, which determines different approaches to determining the factors that influence the formation of the investment attractiveness of the region.

In my opinion, the concepts of “investment attractiveness” and “investment climate” are different, which is confirmed by numerous studies. The concept of “investment climate” of a region is a broader concept than “investment attractiveness”.

Based on the widespread in Russia methodology for assessing the investment attractiveness of regions, owned by the consulting firm Expert RA, the following definition can be given: the investment attractiveness of a region is a combination of various factors (natural, socio-economic, managerial, etc.) that have a significant impact on the investment potential and investment risk of investing in the relevant region.

It should be noted that the investment attractiveness of the region consists of the attractiveness of each municipality included in the subject of the Russian Federation. The investment attractiveness of the municipality should also be considered from the perspective of investment potential and risk.

The proposed definition, as well as a generalization of the points of view of various authors on the determination of factors influencing the investment attractiveness of the region, allows us to classify factors based on the following characteristics:

On the key elements of the region’s investment attractiveness;

Depending on the assessment capabilities;

If possible, forecast

By economic level;

Based on occurrence;

By duration of action;

By area of formation;

By degree of influence;

By investment object;

According to the degree of controllability;

Based on impact.

I. On the key elements of the region’s investment attractiveness.

Determining the investment attractiveness of a region allows us to identify its two components: investment potential and investment risk. Accordingly, two main groups of factors should be distinguished:

1) influencing the investment potential of the region;

2) determining the investment risk of the region.

Among the factors influencing the investment potential of the region, the following groups of factors can be distinguished:

1) related to labor (labor resources and their educational level);

2) consumer (total purchasing power of the population);

3) infrastructural (economic and geographical position of the region and its infrastructure provision);

4) production (the total result of the economic activities of business structures and the population of the region);

5) innovative (level of development of science and implementation of scientific and technological progress, degree of modernization of production in the region);

6) financial (volume of the tax base, profitability of regional enterprises and household income);

7) institutional (degree of development of leading institutions of a market economy);

8) natural resources (weighted average provision of economic activity in the region with balance reserves of the main types of natural resources);

9) tourist (availability of places visited by tourists and vacationers, as well as places of entertainment and accommodation for them).

Among the factors determining the investment risk of the region, the following groups of factors can be distinguished:

1) economic (trends in the economic development of the region: the degree of economic recovery (recession), trends in the formation of the regional gross product, etc.);

2) financial (the degree of balance between the regional budget and the finances of enterprises);

3) social (level of social tension in the region);

4) environmental (level of environmental pollution, including radiation);

5) criminal (the level of crime in the region, taking into account the severity of crimes, economic crime and crimes related to drug trafficking);

6) managerial (quality of budget management, availability of program-target documents, degree of development of the management system).

The peculiarity of the typology according to the classification criterion under consideration is to determine only those factors that can be assessed quantitatively. This feature allows you to classify factors depending on the possibilities of assessment.

II. Depending on the assessment capabilities, the following factors should be highlighted:

1) quantitative factors;

2) qualitative factors.

Quantitative factors are of greatest importance for shaping the investment attractiveness of a region, since their analysis allows one to obtain specific numerical values that investors can focus on when making a choice regarding an investment object.

Quantitative factors are presented in a classification according to the key elements of the region’s investment attractiveness. These factors can be assessed on the basis of official statistics.

Qualitative factors influencing the formation of the investment attractiveness of the region include: the image of the territory and the country as a whole; developed base of investment legislation; stability of government; quality of work and openness to investors of the investment policy of the administration of the Subject of the Federation, etc. Qualitative factors are assessed using an expert approach.

III. If forecasting is possible, factors can be predictable and unpredictable.

The predicted factors influencing the investment attractiveness of the region include the development of science and the introduction of scientific and technological progress, the level of social tension in the region, tourist factors and others.

Examples of unpredictable factors include natural disasters and, as a consequence, deterioration of the environmental factor; unexpected government regulation measures in various areas (pricing, taxation); changes in the foreign economic situation; fluctuations in market conditions, prices, exchange rates; failure of financing and others.

It should be noted that the assignment of a particular factor to the appropriate group may vary depending on the specific situation.

IV. According to the level of the economy.

In accordance with this classification criterion, all factors can be classified into three groups of factors:

1) macroeconomic;

2) mesoeconomic;

3) microeconomic.

Macroeconomic factors include those factors that, being national, influence the formation of the investment attractiveness of a specific Subject of the Federation:

The general state of the state’s economy, its growth rate and forecast of changes in the coming years, structural proportions of economic development;

State investment policy, implemented through relevant federal legislation;

The level of inflation, the stability of the national currency, the state of the state budget and balance of payments, the refinancing rate, the level of taxation of various types of income;

The level and dynamics of development of the stock market: the ratio of capitalization of the securities market or its individual segments to the size of GDP, the share of foreign direct and portfolio investments in the total volume of investments in the economy and the relationship between these two types of investments.

Mesoeconomic factors should include all economic indicators that characterize the state of the economy of a particular region (subject of the Russian Federation): economic policy of the region, size and dynamics of GRP, infrastructure development, development of regional policy in the field of attracting investment, unemployment, average per capita income, level of capacity and solvency of the domestic market, etc.

Microeconomic factors are conditions that, when implemented in economic entities of the region, collectively influence the process of forming the investment attractiveness of a particular Subject of the Russian Federation:

Indicators characterizing the financial situation, level of management development, production and marketing policies;

Indicators characterizing the current financial condition and development prospects of the largest enterprises, return on assets and capital of enterprises, etc.

It should be noted that at the end of 2014, Russia experienced an economic crisis, which has a number of negative consequences. In the context of the orientation of the domestic economy towards a raw materials development model, in 2015 there was a significant decrease in world prices for energy resources, which leads to an intensification of the economic crisis.

According to some economists, Russia will experience a strong economic decline for several years, which is associated both with the implementation of sanctions against Russia by the West and with the international financial and economic crisis.

It should also be noted that the Russian Federation is currently conducting military operations in Syria, which leads to additional expenditure of public funds.

V. Based on occurrence.

According to this classification criterion, factors influencing the investment attractiveness of the region can be divided into international and national.

International factors include: tightening quotas and duties, changes in terms of trade, changes in world prices for the products of regional enterprises, and the entry of new suppliers into the target markets of regional enterprises.

Also, international factors include the sanctions of the Western community against Russia, among which the following have the greatest impact on the state of the domestic economy:

Introducing a ban on investing in the energy, telecommunications, infrastructure, transport sectors, in the production of oil, gas and minerals, as well as a ban on transactions for the acquisition of more than 250 types of goods, including hydrocarbons and minerals;

Termination of financing of projects in the Russian Federation by the European Investment Bank, as well as a ban on European financial institutions issuing loans and acquiring shares in projects affected by sanctions;

A ban on the organization of debt financing of three fuel and energy companies of the Russian Federation by the EU (Rosneft, Transneft, Gazprom Neft), as well as the introduction of restrictions on the provision of loans and investment services for a number of Russian banks (Sberbank of Russia, VTB , Gazprombank, Vnesheconombank, Rosselkhozbank);

Suspension of investment and military cooperation with Russia by the United States, as well as a ban on American companies supplying goods and technologies to the largest Russian oil and gas companies by type of activity.

In addition to sanctions, the most significant international factors include Russia’s accession to the WTO.

In addition to international factors, it is necessary to distinguish between national factors that influence the investment attractiveness of the region: inflation rate; state investment, monetary, and customs policies, etc.

VI. Based on the duration of action, the following factors should be distinguished:

1) unchangeable: geographical location and availability of natural resources;

2) slowly changing: environmental conditions, availability of qualified personnel, demographic indicators;

3) rapidly changing: legislation, the state of market indicators, the information field.

VII. By area of formation: institutional, economic, political, financial, social, innovative, environmental, etc.

These factors are discussed in detail in the classification criterion “according to the key elements of the region’s investment attractiveness.”

In addition to those discussed above, the factors influencing the formation of the investment attractiveness of the region can be classified according to other criteria: by the degree of influence (significant and insignificant), by the object of investment (real investment factors and financial investment factors), by the degree of controllability (managed or regulated ; uncontrollable or unregulated), based on impact (favorable, unfavorable).

Thus, the presented classification of factors allows us to most fully approach the issue of shaping the investment attractiveness of the region. In practical terms, a refined classification of factors can serve as the basis for developing an effective investment policy for a particular region and selecting appropriate financing instruments.

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Introduction

1. The concept of investment attractiveness of the region

2. Investment attractiveness of Russian regions

3. The main factors limiting the investment attractiveness of regions, organizations and debt obligations of the Russian Federation

Conclusion

Bibliography

Introduction

The degree of investment attractiveness is a determining condition for active investment activity, and, consequently, effective socio-economic development of the economy, both for the state as a whole and at the regional level.

One of the tasks facing modern society is to create the necessary and favorable conditions for intensifying economic growth and improving the quality of life of the population. Achieving this goal is possible by attracting investment in the real sector of the economy. investment economic raw materials

The volume and growth rate of investment in fixed capital are indicators of the investment attractiveness of the region. Increasing investment attractiveness contributes to additional capital inflows and economic recovery. An investor, when choosing a region to invest his funds, is guided by certain characteristics: investment potential and the level of investment risk, the interrelation of which determines the investment attractiveness of the region.

The concept of investment attractiveness of the region

The investment attractiveness of regions is an integral characteristic of individual regions of the country from the perspective of the investment climate, the level of development of investment infrastructure, opportunities for attracting investment resources and other factors that significantly influence the formation of investment returns and investment risks. The investment attractiveness of a region represents objective prerequisites for investment and is expressed quantitatively in the volume of capital investments that can be attracted to the region based on its inherent investment potential and the level of non-commercial investment risks. The level of investment attractiveness acts as an integral indicator that sums up the multidirectional influence of indicators of investment potential and investment risk. In turn, investment potential and risk are an aggregated representation of a whole set of factors. The presence of regional investment risks indicates incomplete use of the territory’s investment potential.

Investment potential is the sum of objective prerequisites for investment, depending both on the diversity of areas and investment objects, and on their economic “health”. The investment potential includes eight private potentials:

1) resource and raw materials (weighted average provision of balance reserves of the main types of natural resources);

2) production (the total result of economic activity of the population in the region);

3) consumer (total purchasing power of the population);

4) infrastructure (economic and geographical position of the region and its infrastructure provision);

5) labor (labor resources and their educational level);

6) institutional (the degree of development of leading institutions of a market economy);

7) financial (the volume of the tax base and the profitability of enterprises in the region);

8) innovative (level of implementation of scientific and technological progress).

The level of investment risk shows the probability of loss of investments and income from them and is calculated as the weighted average of the following types of risk:

Economic (trends in the economic development of the region);

Financial (the degree of balance between the regional budget and enterprise finances);

Political (distribution of political sympathies of the population based on the results of the last parliamentary elections, the authority of local authorities);

Social (level of social tension);

Environmental (level of environmental pollution, including radiation);

Criminal (crime level in the region taking into account the severity of crimes);

Legislative (legal conditions for investing in certain areas and industries, the procedure for using individual factors of production). When calculating this risk, both federal and regional laws and regulations are taken into account, as well as documents that directly regulate investment activities or affect them indirectly.

Assessing the investment attractiveness of a region includes two main points:

1. Investment attractiveness of the region itself. At this stage, the existing regulatory framework, legal aspects, political situation, degree of protection of investor rights, level of taxation, etc. are analyzed.

2. Investment attractiveness of specific investment objects. At this stage, the economic state of industries, enterprises and other economic entities is analyzed.

Analysis and assessment of the degree of favorableness of investment attractiveness of regions as one of the components of the investment climate in the country is of great scientific and practical interest.

Investment attractiveness of Russian regions

Russia, being a country with great resource and intellectual potential, is not among the leading countries in terms of investment attractiveness, although recently there has been progress in trust in Russia on the part of foreign and Russian investors. This is due to the fact that in Russia there are many risks that are an obstacle for Russian and foreign investors.

At the same time, Russia’s international image greatly influences the regions’ ability to attract investment. In our country there is a certain number of prosperous regions where the risk of investors losing their invested funds is minimized, and the resource potential is high. That is why the question of assessing the investment attractiveness of both the country as a whole and each region separately is urgent. An effective investment policy is designed to create a favorable investment climate not only for the state, but also for private investors.

Without investment, it is impossible to increase the technical level of production and the competitiveness of domestic products in the domestic and world markets. Naturally, investment policy should be dealt with by the legislative and executive authorities not only at the federal, but also at the regional level. It is the regional authorities that are responsible for creating a favorable investment climate in the territory to attract private domestic and foreign investment.

In an increasing number of regions, local administrations are actively working to stimulate and support investment activity. A group of regions is gradually emerging - leaders in the field of formation of investment culture and organization of the investment process.

Increasing the role of regions in enhancing investment is carried out in several directions.

The main areas include the following:

1. Development of regional investment legislation. The Republics of Tatarstan and Komi, Yaroslavl Region stand out in this regard. The Republics of Tatarstan and Komi, Yaroslavl Region stand out in this regard.

2.Support for investments by local authorities by providing benefits.

3. Formation of investment openness and attractiveness of regions, their investment image, including through cultural compilation of enterprise catalogs, catalogs of investment projects, etc. The Republics of Tatarstan, Komi, and Yaroslavl region also stand out here.

4.Active activities to attract foreign investment. It is characteristic that while the country’s overall attractiveness for foreign investors is still low, there are regions in which this attractiveness is comparable to European countries. The leaders in this regard include Nizhny Novgorod and the Nizhny Novgorod region, the Orenburg region, and the Komi Republic. Work is being carried out actively and effectively to attract foreign investment in the Novgorod region. Next come the regions of the Central Black Earth Region and the Volga region, where with government support it is possible to quickly increase investment attractiveness for foreign capital.

5.Formation of investment infrastructure. Thus, collateral funds have been created in five regions, the activities of which open up the possibility of providing state guarantees from the constituent entities of the federation. There is a reinsurance company in the Komi Republic. Business centers are being developed, the communication system is being improved, etc. Of particular importance is increasing the level of economic feasibility of investment projects based on the standards embedded in modern, generally accepted methods in the world, as well as the selection of criteria for selecting these projects, taking into account the priority tasks of regional development. To increase the level of elaboration of programs, it is important to involve banks in this activity. It is also promising to draw up a so-called investment passport of the region, containing information necessary for potential investors.

The regions of Russia are highly differentiated in terms of the ratio of investment risk and investment potential.

Let us highlight the characteristic types of regions.

1) Investment potential is moderate, but the risk is minimal. This is typical for the Belgorod region and Tatarstan. These are structurally balanced regions. Both Russian capitals are in this group - they promise investors enormous opportunities with minimal risk. Moscow and St. Petersburg are very much (several times) ahead of other regions, both in most types of risk and in almost all types of potential (with the exception of resource and raw materials). There are no regions with minimal risk and low potential (such as Monaco or the Bahamas) in Russia at all. This indicates that regions with little potential given the existing

situations are not able to create stable low-risk investment conditions.

2)Moderate level of investment risk and below average potential. Almost half of the subjects of the Federation (more precisely, forty-one) belong to this type. There are two main reasons for being included in this group. On the one hand, this is a decrease in the once more solid potential of crisis industrial regions - Vladimir, Ivanovo, Tula regions, etc. (such regions generally still retain considerable investment potential). On the other hand, this includes some of the initially economically underdeveloped regions with a fairly low investment risk: the Nenets and Komi-Permyak Autonomous Okrug, the Kabardino-Balkarian Republic, and the regions of the North-West.

3)Regions with high investment risk and significant potential. There were only three of them: Krasnoyarsk Territory, the Republic of Sakha (Yakutia), and the Yamalo-Nenets Autonomous Okrug. They have high levels of risk for all components without exception. Accordingly, investing here is associated with significant objective difficulties (inaccessibility, high levels of environmental pollution in places where economic activity is concentrated, etc.), as well as with a number of subjective factors (for example, specialization in extractive industries). Regions belonging to this type are represented both by predominantly industrially developed territories (Nizhny Novgorod, Perm, Samara, Irkutsk regions, etc.) and the largest industrial and agricultural ones (Krasnodar Territory, Volgograd, Saratov, Rostov regions). Provided that the environmental, social, criminal and legislative components of investment risk are significantly reduced, the Krasnoyarsk Territory may well join them over time. These regions have all the prerequisites for economic growth and should form the “framework” of the new territorial structure of the country’s economy.

The regional socio-economic and structural investment policy of the new Russian government should precisely be the priority development of these constituent entities of the Russian Federation. Its successful implementation will allow these regions to act as “locomotives” of the economy, and in the future, perhaps, to become integrators of the currently actively discussed process of consolidation of the subjects of the Federation.

4) Moderate level of investment risk and below average potential. Almost half of the subjects of the Federation (more precisely, forty-one) belong to this type. There are two main reasons for being included in this group. On the one hand, this is a decrease in the once more solid potential of crisis industrial regions - Vladimir, Ivanovo, Tula regions, etc. (such regions generally still retain considerable investment potential). On the other hand, this includes some of the initially economically underdeveloped regions with a fairly low investment risk: the Nenets and Komi-Permyak Autonomous Okrug, the Kabardino-Balkarian Republic, and the regions of the North-West.

5)Regions with high investment risk and significant potential. There were only three of them: Krasnoyarsk Territory, the Republic of Sakha (Yakutia), and the Yamalo-Nenets Autonomous Okrug. They have high levels of risk for all components without exception. Accordingly, investing here is associated with significant objective difficulties (inaccessibility, high levels of environmental pollution in places where economic activity is concentrated, etc.), as well as with a number of subjective factors (for example, specialization in extractive industries).

6) A group with even lower potential is represented mainly by autonomies and the most poorly developed republics, as well as individual territorially and economically isolated regions of the Far East (Sakhalin and Kamchatka regions).

7)Very high risk with low potential. The unfavorable ethnopolitical situation in Chechnya, Dagestan and Ingushetia makes these areas still unattractive for investors.

When analyzing the investment potential of the region, it should be noted that it is significantly “conservative”. In recent years, its relatively rapid expansion has occurred only in highly specialized oil and gas production regions.

In general, the role of Russian large companies in the economic sectors of Russian regions as a whole is quite significant, and it is determined by the assets that business groups now own in various regions. The arrival of big business in certain industries of the region led, as a rule, to an increase in the role of these industries in the regional economy (in other words, to an increase in the dependence of the economies of the constituent entities of the Russian Federation on the industries of their specialization). This can be seen in a number of key industries - oil, coal and others.

Investors continue to ignore the potentially favorable investment climate created in a number of regions of the country. Their activity does not correspond to either the significant local investment potential or the relatively low risk.

Thus, domestic investors do not sufficiently take into account the rather favorable combination of investment climate and potential in Central Russia (in the Ivanovo, Vladimir, Yaroslavl, Tambov, Smolensk and Oryol regions, as well as in the Pskov, Murmansk regions and the Republic of Mordovia). Foreign investors pay insufficient attention to the Orenburg, Astrakhan, Kursk, Penza, Kostroma regions, Chuvashia, Adygea, Mordovia, Nenets Autonomous Okrug

The identified interregional investment disproportions are largely due to the general shortage of both domestic and foreign investment resources attracted to Russia due to its general high (and since 2007, ultra-high) investment risk compared to other countries of the world. A significant factor in underinvestment is also poor awareness of the investment climate of a particular region.

The gradual creation of more favorable conditions for investment significantly increases the role of regions in the development of investment activity. The weakness of state support for investment at the federal level all the more strengthens the need to shift the center of gravity of the formation of many aspects of a favorable investment climate to the regions. One of the methods of supporting the regions of Russia is the implementation of the Federal Targeted Investment Program (FAIP), which includes financing of Federal Target Programs (FTP), some of which directly relate to the regions. As a rule, federal target programs are aimed at the socio-economic development of specific districts.

Moscow and St. Petersburg have the greatest investment potential, as well as regions with powerful resource and raw material potential, that is, the majority of donor regions.

I would like to draw attention to the rooting of such a concept as “regional image” in modern regional issues. The image of a region is a certain set of signs and characteristics that, at the emotional and psychological level, are associated by the general public with a specific territory.

The need to form each region’s own image and strengthen the recognition of Russian territories is obvious. Because, ultimately, this helps to attract attention to the region, makes it possible to more effectively lobby for one’s interests, improve the investment climate, receive additional resources for the development of the regional economy, and become a personnel reserve for the federal elite. Moreover, promoting the image of regions is a promising way to overcome difficulties in shaping the image of Russia as a whole. And we must not forget about this.

The main factors limiting the investment attractiveness of regions, organizations and debt obligations of the Russian Federation

The ratings of regions, municipalities, organizations and debt obligations of the Russian Federation limit, as noted above, the country ratings of Russia. Although Russia's credit rating was raised to investment grade (A-) in 2006, this does not mean a similar increase in its other ratings that assess the investment climate in the country and determine the flow of capital into the country.

The relatively high credit rating of Russia from the world's three leading rating agencies is due to the stabilization of the country's financial system at the federal level. However, this stabilization is absent at the regional level and especially at the municipal level. The country's regions are mainly subsidized and form balanced budgets through transfers from the federal budget. The budgets of many large cities - capitals of the constituent entities of the Russian Federation, which are financial donors to the territories of the constituent entities of the Russian Federation, turned out to be especially unbalanced at this stage of reforming inter-budgetary relations. However, due to the current system of interbudgetary relations and the methods of the Ministry of Finance of the Russian Federation for the distribution of tax funds and other fees collected in their territories, the budgets of donor cities have decreased by approximately three times relative to the budgets of the constituent entities of the Russian Federation in real terms over the past 5-7 years. As a result, donor cities have budgets that are not even capable of ensuring the effective functioning of city facilities, not to mention their development and improvement.

The main criticisms of rating agency analysts are related to Russia’s “Dutch disease”. “Dutch disease” is the life of a country at the expense of income from the sale of natural resources (mainly oil and gas). This disease is named after the country that most clearly demonstrated the negative features of this disease for the economy and development of the country and society. In the past, Holland had a period when, having received significant revenues from oil sales, it reduced the pace of development of industries with high added value and, as a result, temporarily lagged behind the leading countries of the world in terms of the level and quality of life of the population.

Other reasons for the low rating in terms of investment attractiveness and the business climate of Russia are associated with the low level of governance of the country (weak government, criminalization of the economy and the state), high corruption, poor diversification of the economy, underdeveloped democracy, economic freedom, and civil society. According to all these indicators, Russia ranks at the end of the first or second hundred countries in the world.

One of the main indicators of a country's investment attractiveness is the inflation rate. In recent years, most developing countries of the world and countries with economies in transition have solved their problems with inflation and reduced it to 4%. Developed countries keep inflation below 3% by pursuing strict targeting policies. In Russia, inflation was never reduced to values that are commonly called moderate in economics.

Increased inflation for investment goods is an obstacle to investment in the real sector of the economy. To revive the economy, to revive business activity, it is necessary to encourage the state to stimulate entrepreneurs to acquire new modern means of production, create new industries, acquire new technologies in order to produce competitive goods. And in the conditions of a transforming (transition) economy, this is one of the main tasks of the state.

Conclusion

Thus, the following conclusions can be drawn.

1. We understand the investment attractiveness of a region as a system of socio-economic relations that create the preconditions for a sustainable flow of capital into a certain region. Moreover, these socio-economic relations should be specified as political, organizational, legal, purely economic, predetermining the desire of domestic and foreign capital to enter the economic sphere of a certain region. Investment attractiveness is formed on the basis of the positive investment climate of this region.

2. The assessment of the investment climate of the region can be narrowed and expanded. The narrowed assessment is quite simplified, assessing the dynamics of GRP and the development of the regional investment market. The basic indicator of this assessment is production profitability as the ratio of the profit received in the region to the total amount of assets used. An extended assessment of the investment climate of a region is a factor analysis of this climate, which takes into account the economic potential of the region, the maturity of the market environment in the region, the degree of public confidence in the regional authorities, etc.

3. The investment attractiveness of a region is an integral characteristic of the general state of the region, and depending on this attractiveness, many trends in the development of the regional economy are formed. The risk assessment of the investment attractiveness of the region is of greatest importance, since it is it that integrates the first and second approaches to assessing the investment attractiveness of the region. 4. The risks of attracting investment to the region must be managed. One of the effective methods is captive insurance, which is not yet used in the regions.

Bibliography

1. Bekhtereva E.V. Investment management. - M.: 2008

2. Blank I.A. Fundamentals of investment management. 2010

3. http://www.smartcat.ru

4. http://buryatia-invest.ru

5. http://www.bibliofond.ru/

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Components of investment attractiveness

This concept is complex and collective, so it is logical that it can be divided into components. These components include the risk of investing money in the region. The potential of the region is the possibility of its development if there is a sufficient amount of investment. It shows whether the region is ready to accept investments, whether these funds will be saved and whether they will bring income to the investor. It includes various types of potentials that reflect its level of development. Risk when investing finances is the possibility of losing funds invested in some object within the territorial entity. It is also a combination of many types of risks, including legislative, political, social, environmental and others.

Investment policy

The region has already become an almost independent economic part of the country, which is determined by its federal structure. This structure gives some autonomy to individual economic regions.

The region's investment policy is aimed at improving its development in the economic sphere, attracting investments, including foreign ones, and carrying out modernization. At the state level, a promising regional investment policy is being formed that would adequately meet the state of financial markets, the needs of the national economy, the level of demand for certain products, as well as the structure of the market economy as a whole.

The development of a phased implementation of investment policy is called the investment strategy of the region. It is this parameter that is responsible for the implementation of all those economic, financial and social transformations planned during the formation of the deposit policy.

Investment climate

The investment climate is the conditions for financial investments in the region, especially foreign ones. This indicator precisely assesses the risks associated with investments.

An important component of the region's climate is providing depositors with guarantees regarding their savings and investments. In the current state of affairs, this factor is extremely important. All investors want to protect themselves and their money.

Also, one of the factors that helps create a favorable climate for investment within an economic region is the legislative framework (tax). This clause ensures the honesty and transparency of all financial transactions in the region.

The attractiveness of a municipality for investors to invest money in it

It’s worth starting with the fact that the investment policy of a municipal entity may differ slightly from that of a larger territorial entity.

The municipality itself is a part of the territory of our country where local self-government is observed to resolve local issues. Their investment attractiveness is calculated in the same way as for the region. To better understand what this is, imagine a nesting doll - smaller municipalities are included in larger ones, and so on up to the state level.

Rating of Russian regions according to their investment attractiveness

All regions of Russia can be divided depending on their attractiveness for investors. Assessing the investment attractiveness of a region is especially important if you want to make a large investment that is of national importance.

When assessing the attractiveness of the region, indicators of GRP - gross regional product - are used. It is a local analogue of GNP.

Based on this indicator, an investment rating of Russian regions is compiled, which was topped by Tatarstan in 2015. Also included in the top three were the Kaluga region and the Belgorod region.

On June 19, 2015 in St. Petersburg, at the St. Petersburg International Economic Forum, the annual rating of the investment attractiveness of Russian regions was presented. It was noted that it has increased compared to last year.

1. Investment attractiveness of the region

1.1 Methodology for assessing the investment attractiveness of regions

1.2 The main factors limiting the investment attractiveness of regions, organizations and debt obligations of the Russian Federation

3 Investment attractiveness of Russian regions

4 Structural changes in territorial management

5 Reasons for intensifying the investment policy of the regions

6 Problems of coordinating investment policies of the federal center and regions

List of sources used

1 INVESTMENT ATTRACTIVENESS OF THE REGION

investment attractiveness of the region

The effectiveness of investment policy in a federal state largely depends on the extent to which the macroeconomic and regional aspects are taken into account during its formation, and the interests of the center and regions are coordinated and strategically oriented towards achieving common economic results.

The investment attractiveness of a region is a set of factors that determine the inflow of investment or outflow of capital, including the outflow of human capital.

1.1Methodology for assessing the investment attractiveness of regions

The investment attractiveness of Russian regions, their credit ratings, ratings of municipalities, organizations and bonds are calculated by national and international rating agencies (Expert RA, National Rating Agency, S&P,s, Moody,s, Fitch, etc.).

The investment attractiveness (climate) of a region is determined by investment potential and integral investment risk. The methodology for their calculation was developed by specialists from the Expert RA agency.

The integral investment potential of regions is their potential for economic development. Integral investment potential takes into account the region’s readiness to receive investments with appropriate guarantees for the safety of capital and profit for investors. It includes the following components - private investment potentials:

innovative (level of development of fundamental, university and applied science, level of informatization of the region);

production, closely related to innovation (GDP, GRP - gross regional product, industry and their structure);

institutional (the ability of a region (subject of the Russian Federation) to perform its functions, the degree of development of market economy institutions);

intellectual (level and quality of human capital);

financial (sustainability of the financial system, gold and foreign exchange reserves, balanced budgets, volume of the tax base, profitability of economic sectors);

consumer (total purchasing power of the population);

infrastructural (economic and geographical position of the country, region and their infrastructure provision);

labor (closely related to national human capital, determined by labor resources and their educational level);

resource and raw materials (sufficiency of the economy with natural resources).

Investment risk is the probability (possibility) of loss of capital.

Integral investment risk is determined by economic, financial, political, social, environmental, criminal and legislative risks.

Integral risk is calculated using the following components:

economic risk (trends in the economic development of the country, region);

financial risk (the stability of the financial system, the level of inflation, the degree of balance of budgets and finances, foreign exchange reserves, the volume of net exports, etc.);

political risk (sustainability of power, international position, distribution of political sympathies of the population, etc.);

social risk (level of social tension);

environmental risk (level of environmental pollution);

criminal risk (crime level in the country, region);

legislative risk (sustainability of the state system and institutions, legal conditions for investing in certain areas or industries, the procedure for using individual factors of production).

Integral indicators of potential and risk are calculated as a weighted sum of private types of potential and private risks.

The authors of this methodology assign the greatest weight to consumer, labor, production potential, legislative, political and economic risks. The least weight is given to natural resource financial and institutional potential, environmental risk.

Investors assign the greatest weight to labor and consumer potential. That is, they are primarily interested in the quality of local labor and the possibility of expanding the production and sale of goods.

1.2The main factors limiting the investment attractiveness of regions, organizations and debt obligations of the Russian Federation

1.3Investment attractiveness of Russian regions

The investment potentials and risks of the regions according to the Expert RA rating agency are given for the top ten regions in Table 1. The Expert RA agency's investment ratings are used by the Ministry of Economic Development and Trade of the Russian Federation to map the investment activity of the regions.

Table 1 - Investment potential and risk ranking of the economically largest Russian regions in 2004-2005.

Potential rank Risk rank in 2004-2005 Region (Federal subject) Share in the all-Russian potential in 2004-2005, % Change in the share in the potential 2004-2005 to 2003-2004 2004-2005 2003-2004 119 Moscow 16,218 -1.564221 St. Petersburg 6.422-0.1493319 Moscow region 4.260-0.2504540 Khanty-Mansi Autonomous Okrug 2.6980.1445436 Sverdlovsk region 2.588-0.184668 Nizhny Novgorod region 2.2740.0357820 Samara region 2.081-0.079895 Tatarstan 2.023 -0.02791016 Krasnodar region 2.0200.00310126 Rostov region 1.951-0.017

Currently, the theory of competitive advantages of the region has become the leading development theory based on practice. The latter must make maximum use of its natural, production, intellectual, technological or other advantages when drawing up and implementing an investment strategy and development programs. It is the theory of competitive advantages that underlies the development of strategies, concepts and programs for the development of regions of the Russian Federation.

The leading position in the Russian economy is occupied by donor regions. Moscow ranks first in terms of economic potential. The main competitive advantage of the country's capital is its status as a financial center. Moscow banks own more than 80% of the assets of the entire banking system of the country. About 90% of securities are traded on the Moscow stock exchanges.

The economically strong regions include: developed at the level of Russia) in all respects, the city of St. Petersburg, with a high share of mechanical engineering and high technology enterprises, with developed science, an education system, and high culture; Sverdlovsk, Nizhny Novgorod, Samara regions, Tatarstan with diversified and competitive science, education system, and industry.

Note that the number of economically leading regions does not include subjects of the Russian Federation with a high concentration of military-industrial complex enterprises, which in the period before the collapse of the USSR played a decisive role in their economies due to budgetary allocations.

In terms of innovation potential, regions, in accordance with the methodology of the Expert rating agency, have the rank presented in Table 2.

Table 2 - Ring of innovative potential of regions in 2004-2005.

Rank of innovative potential of the region Subject of the Russian FederationRank of innovative potential of the region Subject of the Russian Federation 1 Moscow14 Kaluga region 2 Moscow region 15 Voronezh region 3 St. Petersburg 16 Krasnoyarsk region 4 Nizhny Novgorod region 17 Bashkortostan 5 Sverdlovsk region 18 Saratov region 6 Leningrad region 19 Tom 7 Samara region 22 Krasnodar region 8 Novosibirsk region 29 Tyumen region 9 Chelyabinsk region 35 Khanty- Mansiysk Autonomous District 10 Tatarstan 40 Belgorod region 11 Rostov region 43 Tambov region 12 Perm region 57 Kursk region 13 Tula region 61 Lipetsk region

Innovative potential, within the framework of the methodology used, was assessed by the level of development of fundamental, university and applied sciences, taking into account the implementation of their results in the region. In general, it correlates with the investment potential of the regions.

The financial potential of a region determines its ability to support the investment process. Table 3 shows the rank of financial potential of the regions. The rank of regions' financial potential correlates with the total investment potential. That is, regions with high financial potential (with a high tax base and high overall profitability of regional enterprises) have an attractive investment climate.

Table 3 - Rank of the financial potential of regions according to the Expert rating agency in 2004-2005.

Rank of the financial potential of the region Subject of the Russian Federation Rank of financial potential of the region Subject of the Russian Federation 1 Moscow 14 Perm region 2 Khanty-Mansiysk. AO15 Rostov Region 3 St. Petersburg 16 Nizhny Novgorod Region 4 Moscow Region 17 Omsk Region 5 Sverdlovsk Region 18 Irkutsk Region 6 Tatarstan 20 Volgograd Region 7 Krasnoyarsk Territory 27 Stavropol Territory 8 Bashkortostan 29 Saratov Region 9 Yamalo-Nenets Autonomous District 32 Voron Ezhskaya region 10 Samara region 35 Lipetsk region 11 Krasnodar region 41 Belgorod region 12 Chelyabinsk region 43 Kursk region 13Kemerovo region.54Astrakhan region.

The investment attractiveness of the region is significantly influenced by political risks. They depend on political stability, on the stability of local legislation, on the views and mentality of its elite, on the political sympathies and mentality of the population, on the authority of the regional authorities, on the relations between the authorities of the region, between the region and the federal center.

The methodology used by the Expert agency to assess the political risk rating is based on the stability of the political situation in the region, the stability of local laws and rules for business. Therefore, republics and national autonomous districts, often with authoritarian regimes, have a high rank. At the same time, subjects of the Russian Federation with a high level and high quality of human capital, high innovative potential, and high GRP per capita occupy low places (Moscow - 35, Samara region - 76, St. Petersburg - 80). This method of assessing political risk takes into account the role of political preferences of governors and mayors of these regions, which significantly and subjectively influence the investment process. In the overall investment risk rating, the political risk for strong regions is compensated by other components of the integral risk.

1.4Structural changes in territorial management

The introduction in our country, during the restructuring of governance, of the institution of presidential power and presidents in sovereign republics, governors with broad powers in territories and regions, destroyed the vertical elements of the structure of centralized management and reduced the efficiency of governing the country during the transition period. The introduction of the principles of legal regulation and liberalization of the economy required a certain delegation of the powers of the Center to the subjects of the Federation and their organizational structures.

Decentralization of economic management in the context of the transition to market relations is a very complex process. Formally, the regions are being given more and more powers to manage the economy, which were previously the prerogative of the Center. But such a transfer of powers “mechanically” does not solve the problems of interaction between the Federation and its subjects; the consequence of this is the difficulties associated with the division of property. It is especially difficult for regions to solve the problems of managing social and environmental policies. Currently, local economic, social and environmental policies are carried out independently of the policies of the federal government. In practice, regional government bodies carry out all management functions without connection with the tasks solved by federal structures. However, the possibilities for implementation in the regions are limited by the current budget, tax and credit and financial systems. The problem of bringing the budgetary and financial system in line with the relations of the Federation and the regions, as well as in the field of interregional interactions, is another difficult task of public administration in Russia in the modern period.

A fundamentally new thing in the object of regional management is multi-sector ownership. Along with the public sector, private, collective and joint property sectors have been created and continue to expand. A large number of industrial joint-stock companies, holdings, trust companies, concerns, corporations, and small businesses have been created.

Recently, financial-industrial groups (FIGs) have become increasingly widespread, providing a full cycle - from production to sales of products, the same is observed abroad and is explained by the requirements for the integration of various types of activities united by reproductive unity. FIGs organize their activities on the principles of an open joint stock company. Financial industrial groups concentrate the efforts of industrial enterprises, banks, trading houses, investment funds, construction and transport organizations, insurance companies, stock exchanges, etc.

The attractiveness of an association for key enterprises lies in the fact that associations make it possible to ensure the preservation of existing ties for the supply of raw materials and sales of finished products, to pursue a coordinated investment policy, to improve production efficiency and to increase profit margins and profitability at each enterprise.

The process of forming new ownership structures in all areas continues.

In the production sector, there will be a comprehensive improvement of the management object - changing the structure of production by increasing the production of consumer goods; development of the service sector; deconcentration of production, especially in heavy industry; carrying out fundamental measures to protect the environment, improve social and industrial infrastructures. Along with this, the process of forming market infrastructure in the regions is intensively underway - commercial banks, exchanges, insurance companies, a network of auctions, etc.

In conditions of market relations, regional management objects are transformed into autonomous, independent and interconnected (technologically and economically) conglomerates of industrial, communal and cultural complexes. What, under the administrative-command system between enterprises in the region and between regions, was decided at the upper levels of management, in the new situation should be decided at the middle level - in the regions. The transition to integrated economic management of a region - republic, territory, region - should essentially initiate the democratization of management with the inclusion of a wide range of workers in the management process, since the adoption and implementation of management decisions will take place in close contact with labor collectives and the population of cities, workers' settlements and etc. The results of these decisions will be made public through the media, which will increase the responsibility of the authors for the implementation of the decisions made. Such management organization will increase its efficiency.

The industry body of the Federation manages mid-level structures that have a state share of ownership in their authorized capitals by appointing persons to the Boards of Directors. In addition to sectoral management structures, the appointment of government representatives to the Boards of Directors is carried out by an appointed representative of the state committee for a particular area of the economy.

The interaction of associations with their structures is carried out on a contractual basis.

By the Presidential Decree “On the Reform of State-Owned Enterprises” of May 23, 1994, a new form of state-owned enterprise that has undergone bankruptcy proceedings was introduced - state-owned plants, factories, and farms. These state-owned enterprises have extremely limited independence; they are assigned only the function of operational and production management. The remaining state enterprises have limited independence; their activities are regulated by the provisions of the Civil Code of Russia and the law “On Enterprises and Entrepreneurial Activities”

1.5Reasons for intensifying regional investment policy

Regional authorities began to show significant activity in improving the investment climate, creating most favored nation zones, providing various tax incentives, developing leasing activities, and credit support for investments. In 1993-1994 The republics of Komi, Sakha-Yakutia and Tatarstan began to work on the formation of their own investment legislation. Then a number of other regions began to formulate a package of legislative and other documents on investment activities. If in 1997 only 5 regions had special investment legislation, then by 2000 about 70 regions had adopted legislative and regulatory acts in the field of investment activity.

In general, the process of formation of regional investment law was aimed at improving and supplementing the federal regulatory framework for investment activities within the competence of regional authorities. At the same time, the analysis shows the presence of significant differences in early and later legislative acts: if the first legislative acts were aimed mainly at attracting foreign investment, then subsequent documents defined conditions favorable for all types of interests. To a certain extent, this reflected a gradual shift away from the young reformist interpretation of foreign investment as a decisive factor in economic development and the recognition of the fact that a large influx of foreign investment, as a rule, follows the resumption of domestic investment as a result of the creation of favorable and stable conditions in the country.

Having the opportunity, within the framework of the existing federal structure of Russia, to conduct their own investment policy, create and implement various schemes for stimulating investment, regional authorities have accumulated significant experience in the field of investment cooperation during the period of market reform, and their role in this process has recently become increasingly stronger.

In its most general form, regional investment policy includes the following main elements:

development and adoption of a package of legislative and regulatory acts regulating the investment process;

providing guarantees for the safety of private capital;

provision of tax and other benefits, deferrals of tax and rent payments, non-financial incentives;

creation of organizational structures to support investment activities;

assistance in the development, examination and support of investment projects;

issuing guarantees and guarantees to commercial banks financing investment projects;

mobilization of public funds through the issuance of municipal securities;

promoting the establishment of regional investment infrastructure institutions.

The organizational structures for managing the regional economies at present and in the prospect of their development for the foreseeable future cannot be called perfect. The development of the control object will always cause the need to improve the structure in relation to each new situation. In other words, in the regions, as well as in the Center, there should be a constant search for more effective organizational structures. In this case, unnecessary links and services may be excluded or, conversely, new targeted forms of management built into existing or new organizational structures may be included. With an increase in the volume of management work at the regional level, more effective and differentiated or combined forms of management can be applied.

1.6Problems of coordinating investment policies of the federal center and regions

With the intensification of regional investment policies, a number of problems arise related to the deepening of interregional contradictions. These include increased competition for attracting investment capital, increasing differentiation in levels of socio-economic development, and the breakdown of a single investment space. These contradictions are quite closely interrelated.

Russian regions are characterized by a high degree of economic heterogeneity, and, consequently, differences in opportunities to attract investment resources. An analysis of the regional structure of investments indicates an uneven distribution of funds: investor preferences are associated mainly with investing resources in large centers with a developed market infrastructure, with a relatively high solvency of the population, as well as in raw material regions. The growing independence of regions in carrying out regional policy initiates increased competition between regions to attract investment capital by providing more favorable conditions for its use. This has not only positive but also negative consequences.

The differentiation of the investment environment, the variety of forms and methods of stimulating investment, and the lack of unified schemes for promoting projects make it difficult to intensify the investment process. Analysis of factual and statistical material indicates the ongoing processes of export of domestic capital, the absence of a large-scale influx of foreign investment, etc.

Although many regions managed to develop a more systematic investment policy than at the federal level, this did not lead to fundamental changes in the investment sphere. It is obvious that if there are contradictions between federal and regional legislation, the legal mechanism cannot ensure guaranteed investments.

Thus, the problem of creating the necessary legislative and regulatory framework for investment activity in a complex has not been resolved: there are no mechanisms for implementing the considered laws, there are no necessary by-laws, and in some cases the interests of the regions are not taken into account.

There is an obvious need to develop state investment policy and its regulatory framework based on the analysis, systematization and unification of federal and regional investment law, taking into account domestic achievements tested in practice, as well as world experience. Formation of a weighted investment A policy that allows for the harmonization of the interests of the federal center and the regions will help level out differences in regional investment conditions, and consequently, reduce differentiation in the levels of development of regions.

At the same time, the problem arises of achieving a balance of economic and social conditions for regional development. The point is that the orientation of the state's investment policy towards economic efficiency leads to an increase in federal budget revenues, but at the same time to an increase in the differentiation of the levels of socio-economic development of regions, determining the need for enhanced state support for lagging regions. At the same time, the emphasis on the social side, on supporting weak regions in order to weaken territorial imbalances will reduce the economic effect in the present, but will make up for it with a future reduction in government assistance.

A balanced approach to the formation of state investment policy involves taking into account both all-Russian principles and laws and the specifics of regional development, abandoning unsystematic support for regions, and activating the region’s own investment opportunities. The mobilization of internal resources is the basis for attracting external capital flows not only at the level of the national economy, but also at the regional level.

LIST OF SOURCES USED

1. Igonina L.L. Investments: Textbook /ed. Doctor of Economic Sciences, Prof. V.A. Slepova - M.: Economist, 2004. - 478 p.

2.Igoshin N.V. Investments. Organization of management and financing: Textbook for universities. 2nd ed., revised. and additional - M.: UNITY-DANA, 2002. - 542 p.

Korchagin Yu.A., Malichenko I.P. Investments: theory and practice. - Rostov-on-Don: Phoenix, 2008. - 509 p.

Sharp, William, Alexander, Gordon J., Bailey, Jeffrey Investments [Text]: Textbook / W. Sharp, G. J. Alexander, D. Bailey. - M.: Kron-Press, 1998. - 1024 p.

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