How is the investment attractiveness of the region expressed quantitatively? Investment attractiveness of regions. Investment attractiveness and investment climate of the region

The term “investment attractiveness” means the presence of investment conditions that influence the investor’s preference in choosing a particular investment object. The object of investment, the economy of a constituent entity of the Russian Federation, is a territorially limited open economic system that strives to form market relations with broad external relations focused on maximum participation in the global economic division of labor. In each case, the investor specifies for himself the object of the economic system in which he is going to invest money, and then this object is characterized by its own set of the most significant properties of investment attractiveness.

The investment attractiveness of a region (economic system) is a combination of various objective characteristics, properties of funds, and system capabilities that determine the potential demand for investment. The investment attractiveness of the region is considered in a cause-and-effect relationship with investment activity in the region.

The investment activity of a region represents the intensity of attracting investment in the fixed capital of the region. Investment attractiveness is a generalized factorial characteristic (independent variable), and the investment activity of the region is an effective characteristic (dependent variable). In other words, investment attractiveness is an argument (X), and investment activity is a function (Y) of investment attractiveness. Accordingly, the type and parameters of this objectively existing dependence can be established, i.e. Y = /(X). Investment activity can be actual, i.e. for the reporting period, and the forecast determination of which is also a very urgent task. Depending on the time horizon of analysis, management and forecasting (as in the case of investment activity), the actual investment attractiveness of the region and the forecast one are distinguished. The main methodological provisions for their definition are the same.

Investment attractiveness includes investment potential and investment risk and is characterized by the interaction of these factors.

The investment potential of a region is a set of objective economic, social and natural-geographical properties of the region that are of high importance for attracting investment in the fixed capital of the region.

Regional investment risks are non-specific (non-commercial) risks caused by factors of a regional nature (regional origin) external to investment activity. Such factors include, first of all, the socio-political situation in the region, the attitude of the population towards the processes of formation of a market economy, the state of the natural environment, etc. The presence of regional investment risks determines the likelihood of incomplete use of the region’s investment potential.

In accordance with the methodology, each of the Russian regions is considered through the prism of the formation of its competitiveness, the foundation of which is intended to be laid by investments in fixed capital - large-scale investments both in new technologies and in the regional social sphere. In other words, the investment attractiveness of Russian regions is considered as an important component of their competitiveness in global and interregional markets.

There are well-known national ratings of the investment climate and risks, periodically published by the world's leading magazines ( Eigotopeu The Economist), as well as the most famous rating agencies ( Moody's IBCA). International rating agencies traditionally classify Russia as a developing country. Over the past few years, Russia’s credit rating has increased to “BB+”, according to the agency Fitch Railing, and up to the “BB” mark, according to agency estimates Moody's which indicates a high level of Russia's creditworthiness Since 2000, Russia has entered the top ten countries with the most dynamic and successfully developing economies, ranking first in the rate of reduction of federal budget debt, second among the 30 largest exporters in terms of growth in the value of export volumes, fourth - in terms of GDP growth rates per capita, sixth in terms of industrial production growth rates, seventh in terms of GDP growth rates.

Currently, the problems of assessing the investment potential of a region are being considered quite widely. There are many methods, each of which uses certain approaches to the formation of the structure of factors and assessment methods.

Methodology of the Council for the Study of Productive Forces Ministry of Economic Development of the Russian Federation and the Russian Academy of Sciences (authors - I. I. Raizman, I. V. Grishina, A. G. Shakhnazarov and others), according to which the structural elements of the investment climate of the region are investment potential, investment risks, investment attractiveness and activity.

Methodology for factor analysis, based on the construction of models: factor and regression. Regression analysis focuses on identifying the weight of each factor attribute affecting the result, on quantifying the net impact of a given factor. The emphasis in factor analysis is on the study of internal causes that form the specificity of the phenomenon being studied, on the identification of generalized factors. Factor analysis does not require an a priori division of characteristics into dependent and independent. All signs are considered equal in rights. The task of factor analysis: finding the minimum number of significant factors that describe the phenomenon, and constructing a generalized index, the values ​​of which are determined by the factor weights of objects.

However, it is necessary to take into account the scale of the Russian Federation. The diversity of territorial entities requires an assessment of the investment attractiveness of Russia not as a whole, but in the context of the constituent entities of the Federation. This will allow us to obtain a real description of the investment climate. Investors will be able to specifically identify regions that are favorable for investment, and regional leadership will be able to identify weaknesses and take measures to improve investment attractiveness and stimulate investment activity.

The most significant regional competitive advantages or, conversely, weaknesses in competitive positions from the point of view of assessing the prospects for attracting investors are revealed by the positioning of regions in the system of investment-significant factors, i.e. factors shaping investor activity in the regions. The composition of investment significant factors is the same for all subjects of the Federation and is regularly updated based on the application of logical and mathematical criteria in connection with the need to adequately reflect the characteristics of Russia’s socio-economic development.

Three largely independent characteristics are taken as components when analyzing the investment attractiveness of Russian regions: investment potential, investment risk, investment legislation.

Determination of investment potential. Any region can be of interest to potential investors only if it has investment attractiveness for them. Investment attractiveness is determined through the optimal combination of economic, political, social, financial, organizational, and legal factors. These factors together motivate investors to invest in the real sector of the economy for the reproduction of fixed assets. Investment potential (investment capacity of a territory) develops as the sum of objective prerequisites for investment, depending both on the presence and diversity of spheres and investment objects, and on their economic “health”. The potential of a country or region is basically a quantitative characteristic, taking into account the main macroeconomic indicators, consumer demand of the population, the saturation of the territory with production factors (natural resources, labor, fixed assets, infrastructure, etc.), etc. The investment potential of the region in accordance with The methodology of the Expert magazine consists of seven parts: 1) resource and raw material potential (weighted average provision of balance reserves of the main types of natural resources) potential; 2) production (the total result of economic activity of the population); 3) consumer (total purchasing power of the population); 4) infrastructural (economic-geographical location and its infrastructure provision; 5) intellectual (educational level of the population); 6) institutional (degree of development of leading institutions of a market economy); 7) innovative (level of implementation of scientific and technological progress).

In 2014, the National Rating Agency (NRA) included 80 out of 85 constituent entities of the Russian Federation in the rating of investment attractiveness of Russian regions. The indicators of the Khanty-Mansiysk and Yamalo-Nenets Autonomous Okrugs were taken into account when assigning the rating of the Tyumen region; the indicator of the Nenets Autonomous Okrug is included in the assessment of the Arkhangelsk region. The Republic of Crimea and the city of Sevastopol, included in the Russian Federation in March 2014, were not assessed in the rating due to the lack of a sufficient amount of comparable statistical data.

When compiling the rating, we used statistical data from Rosstat, the Bank of Russia, the Ministry of Finance of the Russian Federation and other departments for 2013, taking into account the events and trends of 2014. The rating indicates the continued high differentiation of Russian regions in terms of investment attractiveness. Two key drivers for the growth of investment attractiveness of the regions have been identified. The first is the basic advantages of the region - rich reserves of natural resources, capital status, high population, favorable geographical location. The second is the active work of regional authorities to create a favorable investment climate. The maximum volumes of private investment flow to regions that have a combination of these advantages. For example, the Republic of Tatarstan is attractive for investment both in the extractive sector of the economy and in high-tech industries (thanks to its developed innovation infrastructure and favorable business climate).

Table 133

attractive
  • 1C2 - high investment attractiveness - Second level -
  • 8 regions

Leningrad and Moscow regions.

In a number of indicators of economic and investment activity, cities of federal significance are superior, including the rate of housing commissioning and the volume of investment in the construction industry, the Sakhalin and Tyumen regions.

The key factor of investment attractiveness is oil and gas resources. Declining oil prices create certain risks for regions that are almost completely dependent on the fuel and energy complex (FEC). These risks were reflected in the decrease in the rating positions of the Sakhalin region, which moved over the year from the ICI group to the IC2 group.

Republic of Tatarstan.

Pursues a policy of diversification of the regional economy (exploitation of natural resources + great attention to creating a favorable investment climate, attracting foreign investors).

Krasnodar region, Samara and Belgorod regions. Improved their rating positions due to positive dynamics in a number of indicators taken into account in the rating
  • 1СЗ - high investment attractiveness - Third level -
  • 9 regions

Nizhny Novgorod region, Republic of Bashkortostan, Komi Republic.

Each region has a high accumulated industrial potential and good opportunities for new investment.

Kaliningrad, Kaluga, Magadan, Sverdlovsk and Tomsk regions, Khabarovsk Territory.

The high positions of the Kaliningrad and Kaluga regions are predetermined by their favorable geographical location and the quality of the investment climate of the regions, which inspires the confidence of both Russian and foreign investors.

The Tomsk region is a unique example of the harmonious development of the fuel and energy complex and innovative sectors of the economy.

The Sverdlovsk region is a leader in the absolute volume of attracted foreign investment and has a developed industrial complex.

The Magadan Region and Khabarovsk Territory have the opportunity to attract large investors from Asian countries, primarily from China

1С4,1С5 and 1С6 - “average” B level of investment attractiveness -B 42 regions

IC4 - Voronezh, Lipetsk regions, etc.

IC5 - Kursk, Smolensk, Tambov, Tula, Yaroslavl, etc. IC6 - Kostroma, Ryazan, Tver, etc.

There is active competition between regions to attract investors; factors that go beyond the standard requirements for the investment climate of the regions are of great importance. Among the most popular bonuses among investors are special economic zones, prepared investment sites and the personal role of the governor as a curator of investment projects and a guarantor of investment protection

attractive

Characteristics of regions - subjects of the Russian Federation

IC7 and IC8 - the first and second levels of the category “moderate investment attractiveness” - In 11 regions

The regions are below the Russian average for most indicators included in the NRA methodology (Bryansk, Oryol regions, etc.). The optimal way for the development of such regions is the introduction of best practices in the field of investment climate that have been successfully tested in advanced regions. For example, in the Pskov region, all 15 sections of the Regional Investment Standard have already been implemented, special economic zones of industrial production type have been created, and a high-quality regulatory framework has been formed to regulate investment processes. In the future, these measures should have a positive impact on macroeconomic indicators and the overall level of investment attractiveness

IC9 - moderate investment attractiveness - Third level -

8 regions

Five republics of the North Caucasus Federal District (Republic of Dagestan, Republic of Ingushetia, Kabardino-Balkarian Republic, Karachay-Cherkess Republic, Republic of North Ossetia - Alania), Republic of Altai, Kalmykia and Tyva Low investment activity is a consequence of long-term structural socio-economic problems. The economic development of these regions actually depends not on private investment, but on financial support from the federal center (the share of their own tax and non-tax revenues of such regions does not exceed 50%). But in conditions of unfavorable economic conditions, opportunities for budget support for depressed regions are reduced, which increases the risks associated with the further development of these constituent entities of the Russian Federation

Characteristics of investment risk. Investment risk is the danger of losing investments, not receiving full returns from them, or depreciation of investments. It shows why you should not (or should) invest in a given enterprise, industry, region, country. Unlike investment potential, many of the rules of the game in the investment market can change overnight. Therefore, risk is essentially a qualitative characteristic. The degree of investment risk depends on the political, social, economic, environmental, and criminal situation. For analysis using the methodology of the Expert magazine, the following types of risk are assessed: economic (trends in the economic development of the region); political (polarization of the population’s political sympathies based on the results of the last parliamentary elections); 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).

Investment legislation. In interstate comparison, legislation is the most important component of investment risk. Legislation not only affects the degree of risk, but also regulates the possibilities of investing in the customs or other areas or industries, determines the procedure for using individual factors of production - components of the region’s investment potential. All existing legislative acts can be divided into federal and regional. Investment legislation is divided into direct, directly regulating investment activity, and indirect, related to the operating conditions of areas of activity. An investor is interested in how profitable an investment can be and how risky it is. Risk and potential are inextricably linked. According to the methodology proposed by the Expert magazine, all Russian regions are considered in “risk - potential” coordinates. The following gradations are specified (Table 13.4).

Potential - risk

Maximum opportunities with minimal risk. This is the Russian elite

High potential - moderate risk

High potential - high risk

Average potential - minimal risk

Average potential - moderate risk

Medium potential - high risk

Low potential - minimal risk

Average potential - moderate risk. The most popular combination. A large group of “middle peasants”. It contains two subgroups: ZV1 and ZV2

Reduced potential - moderate risk

Minor potential - moderate risk

Reduced potential - high risk

Low potential - high risk

Low potential - extreme risk

Based on the results of a generalized assessment, regions of the Russian Federation are assigned a rating. As part of the rating, Expert RA creates an informative picture of the risk potential of Russian regions. It allows you to assess, on the one hand, the scale of business for which the region is ready; on the other hand, how risky it is to develop this business.

Along with the above concepts, the term “investment climate” is used for the analysis, assessment and implementation of investment policy. Investment climate - economic, political, financial conditions that influence the flow of domestic and foreign investment into the country's economy. A favorable climate is characterized by political stability, the presence of a legislative framework, moderate taxes, and benefits provided to investors. Factors influencing the investment climate are divided, according to the possibility of influence on them by society, into objective (natural and climatic conditions, availability of energy resources, geographic location, demographic situation, etc.) and subjective (related to the management of people’s activities).

A system of indicators is used to assess the investment climate. However, there are few general indicators for shaping the investment climate - in each region you can find many factors that determine the true “weather” in a given investment climate. It is advisable to carry out work on creating an investment climate according to a comprehensively thought-out program that characterizes the conditions and environment for capital investments, the system of motivation and guarantees. The program should provide and take into account the following criteria:

  • 1) financial stabilization of the economy;
  • 2) formation of a regional development budget, which serves as an instrument for implementing investment policy;
  • 3) support and motivation for the formation and development of investment infrastructure in the region, including financial and credit institutions, consulting, engineering and audit firms;
  • 4) creation of an information base on all parameters of interest to investors, allowing to reduce the uncertainty of the state of the economy and possible risks to an acceptable level;
  • 5) establishment of clear rules for leasing land and guarantees for securing land plots for buildings, structures and enterprises upon their purchase;
  • 6) easing the tax system;
  • 7) formation of a collateral fund from real estate, improvement of the insurance system against political risks;
  • 8) bringing the methods of technical and economic justification of investment projects and accounting reporting forms adopted in the country into compliance with international requirements;
  • 9) taking preventive timely measures to prevent socio-economic conflicts in the regions, especially with political demands;
  • 10) unambiguous distribution of powers between federal and regional authorities.

To identify the factors that determine the investment attractiveness of an economic system, it is advisable to deepen the analysis by expanding the structure of investment potential and risk in terms of components: macroeconomic, political, legislative, resource and raw materials, production, consumer, infrastructure, innovation, investment, financial, intellectual labor, social , environmental.

The composition of factors, methods for measuring them and combining them into an integral indicator of the investment attractiveness of regions are determined in accordance with the developed Methodological recommendations for assessing the investment attractiveness of constituent entities of the Russian Federation, approved by the Ministry of Economic Development and Trade on May 11, 2001, as well as Methodological recommendations for assessing the effectiveness of using investment attractiveness subjects of the Russian Federation, developed in 2005.

Managing the investment attractiveness of the economy of the constituent entities of the Russian Federation is, first of all, managing trends in functioning and development. A subject of the Russian Federation will become attractive to investors only when it changes in a positive direction the key properties and main results of the work of the real sector of the economy, increases the reliability, responsibility and level of trust of the management system, and also ensures that the distribution of these properties across the real sector object and other areas becomes a stable trend.

  • Region: towards a new quality of management: Sat. / ed. Yu. P. Alekseeva. M.: Luch, 2000. Special course. Vol. 9. P. 214.
  • Investment policy: textbook, manual / ed. Yu. N. Lapygina. M.: KnoRus 2005. P. 272.
    • Rating of investment attractiveness of Russian regions in 2010-2011. // Expert. 2011. No. 52.
  • Raizberg B. A., Lozovsky L. Sh., Starodubtseva E. B. Modern economic dictionary. P. 144.
  • Katishchin Denis Sergeevich, student
  • Mensky Andrey Vladimirovich, master, student
  • Volga State University of Service
  • INVESTMENT ATTRACTIVENESS
  • REGION
  • INVESTMENT POTENTIAL

The study of problems and patterns of development of the region’s investment potential is quite relevant. The main goal of regional policy is to achieve a high level of development of investment potential, at which it is possible for the region to achieve high levels of competitiveness, through balanced and interrelated investment goals and objectives when implementing specific projects in the field of innovation. At the same time, the main condition for the development of the innovation component is the unification of innovation and investment functions under the unified control of regional authorities.

  • The impact of US and EU economic sanctions on the banking system of the Russian Federation
  • The problem of reducing staff motivation in an organization: causes, factors, methods of elimination
  • The relevance of small business competitiveness in the Volgograd region
  • Industry as a fundamental factor in regional development
  • Features of managing public catering establishments

Practical and scientific interest in the Russian Federation (RF) in investment development and its issues has remained at a high level for more than ten years.

It should be noted that about 17 years ago, Russia made a paradigm shift in statehood associated with the beginning of the transition from a planned economy to a market economy, for which the problem of attracting investment and raising the productive sector on this basis is dominant.

In connection with the crisis in the global economy, the problem of creating an effective system for managing investment activities at various levels of the economy is becoming increasingly urgent. Since the effectiveness of investment activity is to the greatest extent determined by the level of investment attractiveness implemented within the framework of the investment strategy, the study of the essence of the concept of investment attractiveness is of particular importance.

Approaches to defining the concept of “investment attractiveness” are given in Table 1.

Table 1

Approaches to defining the concept of “investment attractiveness”

Definitions of investment attractiveness

a system or combination of various objective signs, means, opportunities that together determine the potential effective demand for investment in a given region.

A.G. Tretyakov

the degree of probability of achieving the proposed investment goals, expressed in the individual expectations of investors.

A.V. Vorontsovsky

conditions created by the state and companies for investing capital, guaranteeing and attractiveness of investments.

L.N. Chechevitsyna

IN AND. Makarieva

a set of universal conditions for economic activity and investment under the influence of local authorities, determined by urban economic regulation, traditions and practices of economic relations, influencing decision-making on changes in the scale and nature of production.

O.A. Kolchina

The concept of investment attractiveness of a region should be understood as a generalized characteristic in terms of prospects, benefits, efficiency and minimizing the risk of investing in its development at the expense of one’s own funds and the funds of other investors.

As components of the investment attractiveness of Russian regions, two main independent characteristics can be distinguished: investment potential and investment risk.

Note that the possibility of attracting economic resources to the region depends on the investment potential of the region (Table 2).

table 2

Approaches to defining the concept of “investment potential”

Definitions of investment potential

the totality of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand, which is capable and has the opportunity to turn into real investment demand, ensuring the satisfaction of the material, financial and intellectual needs of capital reproduction.

Tumusov F.S.

optimization of the necessary conditions for investment, which influence the investor’s preferences in choosing a particular investment object, which can be a separate project, an enterprise as a whole, a corporation, a city, a region, a country.

Beskrovnaya V.A.

reflects the degree of possibility of investing in durable assets, including investments in securities with the aim of generating profit or other economic results. It should be noted that some economists understand “investment potential” as “a certain ordered set of investment resources that makes it possible to achieve a synergistic effect when using them.

Golaydo I.M.

a set of investment resources located in a certain territory, allowing to achieve the expected effect when using them.

Grigoriev L.

this is the total ability of one’s own and attracted economic resources to the region to ensure, in the presence of a favorable investment climate, investment activity for the purposes and scale determined by the economic policy of the region.

Zvyagintseva O.

Thus, by the investment potential of a region we mean the totality of investment resources, as well as the presence of conditions for investment, which make it possible to transform potential investment demand into real investment demand in certain economic regions.

Considering various points of view, it can be recognized that the investment potential of the region consists of eight private potentials (Table 3).

Table 3

Particular components of the region’s investment potential

Investment Potential Element

Characteristic

Resource and raw material potential

Weighted average supply of the region's reserves with the main types of natural resources

Labor potential

Labor resources and their educational level

Production potential

The result of economic activity of the region

Innovation potential

Level of development of science and implementation of achievements of scientific and technological progress (STP) in the region

Infrastructure potential

Infrastructure provision of the region and its economic and geographical position

Consumer potential

Total purchasing power of the region's population

Financial potential

The volume of the tax base and the profitability of enterprises in the region

Institutional capacity

Degree of development of leading institutions of a market economy

Factors that determine the internal content, scale and rate of change in the investment potential of regions include:

    updating products, increasing their technical and operational level, in order to increase competitiveness in the domestic and foreign markets;

    increasing the activity of international scientific and technical cooperation, entering the world market;

    rapid development and mass dissemination of the results of scientific research and technical developments;

    preservation of human resources, which includes research and engineering personnel, as well as preventing the departure of the most qualified personnel into areas of activity that have little to do with innovation.

Investment potential is an independent characteristic of investment attractiveness, along with investment risk.

Investment risk characterizes the probability of loss of investments and income from them, shows why one should not (or should) invest in a given enterprise, industry, region or country. Risk sums up the rules of the game in the investment market. Unlike investment potential, many of these rules are subject to change. Therefore, risk is a qualitative characteristic. The degree of investment risk depends on political, social, economic, environmental, and criminal situations. The scientific literature identifies the following types of investment risk (Table 4).

Table 4

Types of risk

Characteristic

Economic risk

Trends in the economic development of the region

Financial risk

The degree of balance between the regional budget and enterprise finances

Political risk

Distribution of political sympathies of the population based on the results of the latest parliamentary elections, legitimacy of local authorities

Social risk

Level of social tension

Environmental risk

Level of environmental pollution, including radiation pollution

Criminal risk

Crime rate in the region taking into account the severity of crimes

Legislative risk

Legal conditions for investing in certain areas or industries, the procedure for using individual factors of production

The investment attractiveness of the region plays a huge role in the system of an integrated approach to assessing the efficiency of the regional economy. The end result of the effective functioning of the regional economy must certainly be an improvement in the quality and standard of living of the population.

Today, the role of regions in solving problems of socio-economic development has increased significantly. In order for a separate region to act not as a recipient, but as a donor of the federal budget, it must take a relevant investment position and work together with the business community to increase the investment attractiveness of the territorial entity.

In the economic literature, there are different approaches to grouping factors that influence the investment attractiveness of a region. The following groupings are most common (Table 5).

Table 5

Grouping of factors influencing the investment attractiveness of the region

Characteristic

Factors determining the economic potential of the regional economic system
  • Provision of the region with resources, bioclimatic potential;
  • Level of provision with energy and labor resources;
  • Development of scientific and technical potential and infrastructure.

Factors characterizing general business conditions
  • Environmental Safety;
  • Development of material production sectors;
  • Development of the construction base.

Factors indicating the maturity of the market environment in the region
  • Development of market infrastructure;
  • Capacity of the local sales market, export opportunities.

Political factors
  • The degree of public trust in regional authorities;
  • Relationship between the federal center and regional authorities;
  • The state of national-religious relations.

Social and sociocultural factors
  • Standards of living;
  • Prevalence of drug addiction and alcoholism;
  • Crime rate, real wages;
  • Working conditions for foreign specialists.

Financial factors
  • Budget revenues;
  • Provision of extra-budgetary funds per capita;
  • Bank interest level;
  • Development of interbank cooperation.

Each of these approaches to grouping the factors of investment attractiveness of a region deserves attention. From the standpoint of synthesizing theoretical approaches to grouping factors of investment attractiveness of a region, we will give a generalized classification description of their types (Table 6).

Table 6

Classification of factors influencing the investment attractiveness of the region

Classification feature

Factors of investment attractiveness

Origins
  • external (global, national);
  • domestic (regional)

Dependence on human activities
  • objective;
  • subjective

Components of investment attractiveness
  • investment potential;
  • investment risk

Direction of impact
  • favorable;
  • unfavorable

Duration of exposure
  • long-term;
  • mid-term;
  • short-term

Sphere of formation
  • economic;
  • financial;
  • sociocultural;
  • organizational and legal;
  • innovative;
  • environmental, etc.

Predictability
  • predictable (predictable);
  • unpredictable (unpredictable)

Controllability
  • controlled (regulated);
  • uncontrollable (unsettled)

Way of expression
  • quantitative;
  • quality

Level of detail
  • 1st order;
  • 2nd order;
  • nth order

Significance
  • significant;
  • insignificant

Intensity of change
  • rapidly changing;
  • moderately changing;
  • slowly changing;
  • practically unchanged

Clarification of the classification of factors of investment attractiveness of the region:

    gives a comprehensive picture of the influence of various factors on increasing (decreasing) the investment attractiveness of the region;

    serves as the basis for factor modeling of the level of investment attractiveness of the region;

    is the basis for an active approach to identifying the components of the investment attractiveness of a particular region and priority areas for increasing it.

Let us dwell in more detail on the factors of increasing investment attractiveness using the example of the Samara region (Table 7).

The investment attractiveness of a region (IPR) is a category of a market economy, which is described using a system of consistent criteria that express the relationship between the economic interests of the investor and the positive trends in the socio-economic development of the region.

Table 7

Elements of increasing investment attractiveness (IIP) of the Samara region

Characteristic

1. System of an integrated approach and strategic planning

A strategy for the socio-economic development of the Samara region until 2020 has been adopted, which considers the Samara region as a potential “locomotive of growth”, which is a support center of the Russian Federation in the eastern and southern directions.

2. Attracting investment in industrial development

Regional programs have been adopted: “Development of the pharmaceutical and medical industry for 2013 – 2020”, “Development of the aviation industry for 2013 – 2025”. For example, a special economic zone of industrial production type “Tolyatti” has been created with preferential tax conditions.

3. Modern management training programs

Professional retraining programs are being implemented, in particular the AVTOVAZ Group Corporate University program. These programs make it possible to implement retraining of personnel for the industrial sector of the regional economy, making it possible to attract leading Russian and foreign specialists and scientists to the established regional centers of logistics, engineering, marketing, etc.

4. Introduction of innovations into production

The regional target program “Development of innovative activities in the Samara region for 2009-2015” was adopted. It is designed to provide financial support to large companies in the region that are actively introducing innovations into production. For example, a technology park in the field of high technologies “Zhigulevskaya Valley” is currently being created.

5. Sustainable strategic partnership

1) partnership of regional authorities with local business representatives;

2) expansion of economic and financial ties with other regions of the country;

3) cooperation with companies that occupy leading economic positions in both the Russian and global economies.

For example, a business incubator based on the Samara technology park was created on a public-private basis with the involvement of many specialists from other regions of the country. Currently, its residents are companies that occupy leading positions both in our country and throughout the world.

Summarizing the above, we note that one of the main tasks facing modern society is the creation of the necessary and favorable conditions for the development of investment attractiveness of both the state as a whole and individual regions in particular. As a result, one of the most important conditions for the sustainable development of the region’s economy in modern conditions of high competition is the process of attracting both domestic and foreign investment, which currently involves:

    increasing the importance of innovative projects, focusing investments on modern and promising technologies, as well as on high-tech industries;

    attracting investments not only in large, but also in small cities and districts of the region;

    increasing the social responsibility of regional authorities and especially business, which is currently becoming an increasingly important and active element of civil society, an equal participant in social partnership.

Thus, increasing the investment attractiveness of the region is a necessary condition for its sustainable economic growth, for increasing competitiveness, for improving the quality of life of the population and the development of all spheres of socio-economic life. At the same time, achieving the set goals is possible only by attracting investments in the real sector of the economy. The growth rate and volume of investment in fixed capital are the main indicators of the attractiveness of a region for potential investors.

Bibliography

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  10. Strategy for the socio-economic development of the Samara region until 2020 [electronic resource] http://protown.ru

In connection with the crisis phenomena in the global economy, the problem of creating an effective system for managing investment activities at different levels of the economy is becoming increasingly urgent. Since the effectiveness of investment activity is to the greatest extent determined by the level of investment attractiveness implemented within the framework of the investment strategy, the study of the essence of the concept of investment attractiveness acquires particular importance.

In the economic literature there is no unambiguous interpretation of the concept of “investment attractiveness”. We believe that it is advisable to consider investment attractiveness at the state, regional level, at the level of industries (subcomplexes), and organizations.

V. Dahl interprets attractiveness as “tempting”. E.V. Savenkova believes that the concept of “investment attractiveness” is identical to the concept of “investment entrepreneurship.” In her opinion, the higher the efficiency of investments, the higher the level of investment attractiveness.

This position seems controversial, since the effect of the invested funds may not appear immediately, however, the region’s industry may be attractive to potential investors.

A.S. Ponin believes that "the investment attractiveness of a country, region, etc. is a system or combination of various objective signs, means, opportunities, which together determine the potential effective demand for investment in a given country, region, industry." We share this point of view.

E.V. Vologdin understands investment attractiveness as “... a set of natural-geographical, socio-economic, political and other factors that shape the investor’s idea of ​​the feasibility and effectiveness of investing in objects located in a given region.”

However, a number of the listed factors may be subjective and inaccurate in their assessment, which may lead to a distorted or incomplete understanding of the investor about the subject of investment.

A.G. Tretyakov defines the investment attractiveness of a region as “... a system or combination of various objective features, means, opportunities that together determine the potential effective demand for investment in a given region.”

Investment attractiveness can exist at the micro and macro levels. At the macro level, it depends on factors such as political stability; main macroeconomic indicators characterizing the state of the country's economy; the presence and degree of perfection of regulations in the field of investment activities; the degree of perfection of the tax system; degree of investment risk.

Depending on the time horizon of analysis, management and forecasting, current and future investment attractiveness can be distinguished. The main methodological provisions for their measurement are the same.

The investment attractiveness of a region (IPR) is an integral characteristic from the perspective of the investment climate, the level of infrastructure development, the possibility of attracting investment resources and other factors that significantly influence the formation of income from investments and investment risks.

A. Ponin, mentioned above, considers investment attractiveness as an independent variable that determines the level of the dependent variable - investment activity - and believes that the investment attractiveness of a region is realized in the form of investment activity, and investment activity, in turn, “... is the real development of investment activity in form of investment in fixed capital."

At the micro level, the investment attractiveness of a region depends on:

On the degree of industrial development of the region;

geographical location and natural and climatic resources;

systems of benefits for investors in the region;

level of development of the legislative framework for investment activities, etc.

The investment attractiveness of an organization is understood as a generalized characteristic in terms of prospects, benefits, efficiency and minimizing the risk of investing in its development at the expense of its own funds and the funds of other investors. The investment attractiveness of an organization is characterized by such factors as:

  • ??organizational performance indicators;
  • ??indicators of liquidity, solvency and financial stability of the organization;
  • ??development prospects and product sales opportunities;
  • ??image (reputation) of the organization in the market of goods and services;
  • ??the amount of net profit of the enterprise.

Factors that influence investment attractiveness are usually divided according to the possibility of influence on them by society:

On the object level - this is the provision of raw materials, climatic conditions, and so on;

subjective, related to the management activities of people, specific firms, and skillful management of the regional economy.

There are different points of view regarding the constituent elements of investment attractiveness. So, E.V. Savenkova believes that this is "solvency... special factors and resources." According to I.V. Kovaleva, the investment attractiveness of an industry (subcomplex) is formed by the level of investment potential and investment risks, and is realized in the form of investment activity of the industry in the structure of the region’s agro-industrial complex.

In turn, investment activity is the development of investment activity in the form of investments. The economic category “investment potential” should express the economic essence of investment potential as a theoretical generalization of economic phenomena associated with the implementation of target functions of accumulated investment resources.

Investment potential is a qualitative characteristic that takes into account the indicators of objective prerequisites for investment and depends on the level of economic development of the territory. According to S.K. Ryaskova, investment potential is “...the totality of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential demand.”

A.G. Tretyakov considers investment potential as a set of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand, which can and has the opportunity to turn into real investment demand, ensuring the satisfaction of the needs of capital reproduction."

In our opinion, it is advisable to invest in understanding the potential the totality of available funds and capabilities in any area.

F.S. Tumusov gave the following definition: investment potential is a set of potential investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand, which can and has the opportunity to turn into real investment demand, ensuring the satisfaction of material, financial and intellectual needs reproduction of capital.

From the point of view of A. M. Margolin and A. Ya. Bystryakov, investment potential is not a simple, but a certain ordered set of investment resources that makes it possible to achieve the effect of synergy (derived from the Greek “synergeia” and means cooperation, commonwealth) and to obtain the effect from the interaction of various factors, exceeding the sum of the effects from the impact on the object in question each factor separately when using them.

Complementing their argumentation, these authors, in particular, drew attention to the advisability of expanding the totality of material, financial and intellectual resources traditionally taken into account when forming investment potential, including such types of resources as natural and information.

We believe that investment potential should take into account macroeconomic characteristics, saturation of the territory with production factors, consumer demand of the population and consist of eight private potentials:

  • 1) resource and raw materials (weighted average provision of balance reserves of the main types of natural resources);
  • 2) labor (labor resources and their educational level);
  • 3) production (the total result of economic activity of the population in the region);
  • 4) innovative (the level of development of science and the implementation of scientific and technological progress in the region);
  • 5) institutional (the degree of development of leading institutions of a market economy);

investment attractiveness of the Tatarstan region

  • 6) infrastructural (economic and geographical position of the region and its infrastructure provision);
  • 7) financial (the volume of the tax base and the profitability of enterprises in the region);
  • 8) marketing (total purchasing power of the region’s population).

The social significance of investment activity is determined by its content (investment structure), direction and the extent to which it meets the objective needs of the economy in a strategic perspective, including the implementation of priority national projects. The relationship between investment attractiveness and investment activity is in the nature of a correlation dependence: investment attractiveness is a generalizing factor characteristic, investment activity is a resultant characteristic dependent on it.

The combination of investment attractiveness and activity constitutes its investment climate. In turn, changes in the investment climate over time represent an investment process and affect the level of investment policy.

So, in the totality of concepts that form the state of investment policy, the system-forming category is investment attractiveness, which depends on private factorial characteristics - investment potential and industry investment risks. Understanding the essence of investment attractiveness will allow us to determine trends in economic development in conditions of the global crisis.

Thus, taking into account domestic and foreign approaches to understanding and assessing IPR, it should be noted that the differences are not fundamental. IPR should be understood as a set of natural-geographical, socio-economic, political, legal and other factors that form the investor’s idea of ​​the feasibility and effectiveness of investing in objects located in a given region, as well as the level of investment risks. At the same time, the evaluation criteria of foreign assessments (S&P, Moody's, Fitch) are decisive for a foreign investor.

Investment potential is the totality of factors of production available in the region and areas of capital application. This characteristic is quantitative, taking into account the main macroeconomic indicators, the saturation of the territory with production factors (natural resources, labor, fixed assets, infrastructure, etc.), consumer demand of the population. Its calculation is based on absolute statistical indicators.

The components of the IPR are investment potential and investment risk.

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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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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


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.


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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