One of the most important areas economic activity enterprise is its investment activity associated with the investment of funds in the implementation of long-term and medium-term projects.

Investment activity can be defined as a set of transactions for the acquisition and sale of long-term (non-current) assets, as well as short-term (current) financial investments that are not cash equivalents.

An enterprise can make investments of various types and in various organizational forms: the formation of an investment portfolio, participation in investment projects, etc. Directions investment activity enterprises have a different nature, degree of responsibility and, accordingly, the nature of the consequences and the level of risk.

The main directions of investment activity of the enterprise are:

update and development of the material and technical base of the enterprise or expanded production of fixed assets of the enterprise;

· Increasing the volume of production activities;

development of new activities.

The process of making managerial decisions of an investment nature is based on the assessment and comparison of the volume of proposed investments and future cash receipts, that is, it is required in some way to compare the amount of investments with projected income based on the use of various formalized and non-formalized methods and criteria.

This requires a deep investment analysis in directions:

· retrospective analysis of financial and economic activities in order to determine the weakest points in the activities of various departments of the enterprise;

justification and comprehensive analysis investment business project;

feasibility study of a loan, other types of external financial resources if they are involved;

· assessment of the influence of external and internal factors on the overall effectiveness of the project.

Financial analysis of investment projects is the most important component of the strategy of any business entity. Its implementation allows making informed decisions on the expediency of investments and the profitability of their activities.

The main indicators for evaluating the effectiveness of an investment project are:

Net present value (NPV);

Profitability Index (PI);

Internal rate of return (IRR, %);

The payback period of the initial costs, calculated taking into account discounting cash flows(T).

The net present value method is based on a comparison of the present value of cash receipts (investments) generated by the enterprise during the forecast period. The purpose of this method is to identify the real amount of profit that can be received by the organization as a result of the implementation of this investment project.

Net present value is quantified in the following ways:

where: CF - cash flows by years

I - investment volume

i - discount rate

n - number of periods (years)

This model assumes the following conditions:

The volume of investments is accepted as completed;

The volume of investments is accepted in the assessment at the time of the analysis;

The process of return begins after the completion of the investment.

The discount rate r can be used as:

· - credit rate of the bank;

- weighted average cost of capital;

- opportunity cost of capital;

is the internal rate of return.

If the analysis is carried out before the start of the investment, or if the investment is planned for several years, then the amount of investment costs should also be brought to the present moment. The model for calculating the net present value will take the form:

The indicator reflects a predictive assessment of the change in the economic potential of a commercial organization in the event that the project under consideration is accepted.

If NPV>0, then the project is profitable, increasing the actual cost of the organization by NPV.

If NPV<0, то проект является убыточным и должен быть отвергнут.

If NPV=0, then the project is neither profitable nor unprofitable, i.e., from an economic point of view, it makes no difference whether or not to accept this project; if the projects are alternative, then the project with the higher net present value is accepted.

The key point in calculating the net present value, as in using other methods of analysis based on discount valuations, is the choice of discount rate. The discount rate is chosen by the developer independently. At the same time, one should take into account the size of risk-free rates, the projected inflation rate for the period, the rate of opportunity costs, uncertainty and risk when planning long-term cash receipts, etc. The justification for choosing the discount rate in each case is individual and depends on the conditions and goals of the analysis, as well as on analyst qualifications.

The return on investment index is the return per unit of invested funds. It is defined as the ratio of the present value of the cash flow of income to the present value of investment costs and is calculated by the formula:

Unlike the net present value, the profitability index is a relative indicator: it characterizes the level of income per unit of costs, i.e., the efficiency of investments - the greater the value of this indicator, the higher the return on each ruble invested in this project. Due to this, the PI criterion is very convenient when choosing one project from a number of alternative ones with similar NPV values ​​(in particular, if two projects have the same NPV values, but different amounts of required investments, then it is obvious that the one that provides greater investment efficiency is more profitable ), or when completing an investment portfolio in order to maximize the total value of NPV.

The higher the rate of return, the more preferable the project. If the index is 1 or lower, then the project hardly meets or even does not meet the minimum rate of return (in practice, an index close to one is acceptable in some cases). An index of 1 corresponds to zero net present value.

The internal rate of return on investment is the rate of return (barrier rate, discount rate) at which the net present value of the investment is zero, or it is the discount rate at which the discounted income from the project equals the investment costs.

Its value is found from the following equation:

That is, the internal rate of return is the rate of return that, when applied to investment returns over the life cycle, results in zero net present value.

In particular, the economic meaning of the IRR criterion is that an enterprise can make any investment decisions, the profitability of which is not lower than the current value of the cost of capital (CC) indicator. The latter means the total cost of the available sources of financing for the project.

Making a decision on an investment project according to the IRR criterion is based on the rule: if the IRR value is greater than the project financing rate, then this project should be accepted, and vice versa.

The discounted payback period is the period of time required to recover the present value of an investment from the present value of future cash flows. This ratio is determined by dividing the amount of investment by the discounted net cash flow.

When evaluating investment projects, the T criteria can be used under the following conditions:

a) the project is accepted if the payback takes place;

b) if the calculated payback period is less than some maximum allowable payback period, which the company considers acceptable for itself, then this project is accepted;

c) from a number of alternative investment projects, the one with a shorter payback period is accepted.

Unlike the NPV, IRR and PI criteria, the T criterion makes it possible to obtain estimates, albeit approximate ones, of the project's liquidity and riskiness.

When analyzing investment projects, the following rules should be followed:

1. When comparing projects, consistently apply the same quantitative approaches to them.

2. Use quantitative methods of assessment as useful, but not the only information for decision making.

3. Do not exclude any of the assumptions made in the analysis and interpret the meaning of the results obtained.

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Introduction

investment management management

A significant increase in investments in the economy of the Russian Federation, an increase in their efficiency, and with them an increase in the efficiency of the national economy determine the most important accents of the strategy of innovative development of our country, and this confirms the real state of affairs. Thus, in industries producing goods, the volume of investment in fixed assets in 2011 reached only half of their physical volume in 1990. In the context of an acute investment deficit, the observed decrease in the efficiency of investment activity has an extremely negative impact on economic growth rates.

The implementation of highly efficient investment projects in the process of investment activity is the main condition for accelerating economic growth. Ultimately, the efficiency of investment activity and the rate of economic growth are largely determined by the perfection of the system for selecting investment projects for implementation, its adaptation to the existing and changing conditions of the economy. Decisions made on the basis of tools for evaluating the effectiveness of investment projects affect not only the interests of firms, but also national interests, since the totality of frequent decisions ultimately shapes the appearance and characteristics of the country's productive forces. The policy pursued today and the decisions that are being made lay the foundation for the future of the Russian economy for 10-15 years ahead. The position of our economy in the world depends on how efficiently we work now, and in particular, whether Russia can become by 2020 one of the leaders in the global process and innovation and economic development, a country with an attractive lifestyle and high competitiveness.

In this regard, the topic term paper"Investment activity of the enterprise and evaluation of its effectiveness" is relevant at the moment.

The purpose of the course work: to study the effectiveness of investments in the renewal and maintenance of the organization.

In connection with the goal, the following tasks are solved in the work:

The study of the theoretical foundations of the investment activity of enterprises;

Analysis of the volume of investments and sources of financing of the investment activity of the enterprise;

Calculation and analysis of performance indicators of the results of the investment activity of the enterprise;

Proposal of measures for the improvement of the investment activity of enterprise.

The object of the study is the open joint-stock company "Sokol woodworking plant"

The subject of research is a methodology for analyzing the investment activities of enterprises operating in conditions market economy, as well as determining their economic efficiency.

Sources of information: financial statements for 2010-2011, annual reports for 2010-2011, company charter.

Research methods: analysis, systematic approach, classification, systematization and grouping, computational and constructive, economic and statistical methods and other methods.

1. Theoretical foundations of the investment activity of the enterprise

1.1 Suthe value of investment activity, its features, subjects and objects

The term "investment" comes from the Latin word invest - to invest. Economists consider investments as long-term capital investments in various sectors of the economy, infrastructure, social programs, environmental protection at home and abroad. The purpose of investment is to make a profit. At present, the generally accepted approach is that investments must be considered in dynamics, that is, in the process of changing forms of value and turning them into the final product of investment activity.

Investment is the process of moving capital in search of benefits. .

Investments are long-term investments of capital with the aim of making a profit.

Investment activity is an investment and a set of practical actions for the implementation of investments.

Subjects of investment activity:

Investor;

Customer;

Contractor (contractor);

User;

Third-party organizations.

An investor is a person who allocates or invests his own, borrowed or borrowed funds in the form of investments and ensures their intended use. Citizens, enterprises, business associations and other legal entities can act as investors. Investors can be foreign legal entities and individuals. Unlike other subjects of investment activity, investors have the right to perform the functions of all participants in investment activity.

The customer is usually a legal entity that is authorized by the investor to implement the investment project. Mandatory condition: non-interference on the part of the investor in the entrepreneurial and other activities of the customer and other participants for the period established by the agreement between them. In this case, the customer is vested with the right to own, use and dispose of the investment object for the specified period and within the limits of authority established by the specified agreement. In addition to the contract, it is necessary to form the terms of reference for the construction of future facilities and the main parameters of the production infrastructure. The customer, on the basis of those tasks, orders the project, can organize tenders for the search and selection of contractors. Develops plans for the implementation of the project, controls the progress of their implementation, compliance with the estimate of actual costs. The ultimate goal of the customer is the delivery of the object.

Contractor - specialized organizations that have the necessary licenses, certificates and perform contract work on the construction of investment objects. Performs work on contractual terms with an investor or customer.

The user is the subject of investment activity, to whose disposal the use or full ownership of the object of investment will be transferred. The user receives the investment object under the act (if transfer), under the contract (if acquisition).

Supplier - it includes the subjects of investment activities that provide services for the provision of raw materials, materials, equipment.

The objects of investment activity in the Russian Federation are newly created and modernized fixed assets and working capital in all sectors and areas of the national economy of the Russian Federation, securities, targeted cash deposits, scientific and technical products, other property, as well as property rights and intellectual property rights.

There are certain features of the investment activity of the enterprise. They are as follows:

1. The investment activity of an enterprise is an integral part of the overall economic development strategy of the enterprise. The main tasks of the economic development of the enterprise require the expansion of the volume or renewal of the composition of its assets, which is achieved in the process of various forms of investment activity. A feature of investment activity is also the fact that the volume of investment activity of an enterprise makes it possible to assess the pace of its economic development. They are characterized by two indicators: the amount of gross investment and the amount of net investment of the enterprise.

Gross investment is the total amount of investment in a certain period of activity of the enterprise, aimed at creating, expanding or updating production fixed assets, acquiring intangible assets, increase in stocks of inventory items.

Net investment is the amount of gross investment for a certain period, reduced by the amount of depreciation for the same period.

It is the dynamics of the amount of net investment that determines the nature of the economic development of the enterprise, and the potential for the formation of its profit. In the case when the amount of net investment is greater than zero, i.e. the volume of gross investments exceeds the amount of depreciation, which means that the enterprise is provided with an expanded reproduction of fixed assets and such an enterprise is called growing.

When the amount of net investment is zero, the enterprise has no economic growth, since the production potential of the enterprise, despite the investment, remains unchanged. In this case, the company is only updating the fixed capital.

If the amount of net investment of the enterprise is negative, then we can conclude that its production potential is decreasing, i.e. there is no renewal of funds at the enterprise.

2. The cyclical nature of investment activity, which is due to the need to compensate for the obsolescence and physical depreciation of fixed assets, as well as the expansion of production occurring at certain intervals. During this period there is a preliminary accumulation of funds.

3. Variation in investment costs and results. The value of this period depends on the form of the investment process carried out by the enterprise. There are three main forms of the investment process: sequential, parallel, interval. With the parallel flow of the investment process, the formation of investment profit usually begins before the completion of the capital investment process. With the consistent flow of the investment process, the investment profit is formed immediately after the end of the investment of funds. In the case of an interval flow of the investment process, there is a certain time interval between the period of completion of capital investment and the formation of the investment profit of the enterprise.

4. The possibility of investment risks. These risks are associated primarily with changes in the external environment (tax system, market conditions, currency regulation, etc.).

1.2 Ororganization and mechanism of investment activity of the enterprise

Almost any line of business in our time is characterized by a high level of competition. In order to maintain their positions and achieve leadership, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, from time to time there comes a moment when the company's management realizes that further development is impossible without an influx of investments. Attracting investment in a company gives it additional competitive advantages and is often the most powerful means of growth.

Separately, it is worth mentioning situations when, in the interests of the owners of the company, it is necessary to sell it at the highest possible price. This intention arises, as a rule, when the owners strive to change the field of activity, having received sufficient funds for new investments during the sale of the business. Activities aimed at achieving these goals are called pre-sales preparation and will also be considered in this paper.

Investment activity is a necessary condition for the circulation of funds of an economic entity. In turn, production activity creates preconditions for new investments. Therefore, any type of entrepreneurial activity, as shown in Figure 1.1, includes the processes of investment and core activities, which constitute a single economic process.

Figure 1.1 - The relationship between the investment and core activities of the enterprise

The main and most common goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any chosen investment method. investment funds with proper management, there should be an increase in the value of the company and other indicators of its activities.

There are the following main types of financing of the enterprise from external sources: investing in equity capital, providing borrowed funds.

Investing in the equity capital of a company (direct investment):

The main forms of attracting investments in equity capital are:

Investments of financial investors;

Strategic investment.

Investments of financial investors represent the acquisition by an external professional investor (a group of investors), as a rule, of a blocking, but not a controlling stake in a company in exchange for investments with the subsequent sale of this stake in 3-5 years (mainly venture and mutual funds) or placement shares of the company on the securities market to a wide range of investors (in this case, these can be companies of any line of activity or individuals). The investor in this case receives the main income by selling his block of shares (that is, by exiting the business). In this regard, attracting investments from financial investors is advisable for the development of the enterprise: modernization or expansion of production, growth in sales, increase in efficiency, as a result of which the value of the company and, accordingly, the capital invested by the investor will increase.

Strategic investment is the acquisition by an investor of a large (up to a controlling) stake in a company. As a rule, strategic investment involves a long-term or permanent presence of the investor among the owners of the company. Often, the final stage of strategic investment is the acquisition of a company or its merger with an investor company. As strategic investors, industry leaders and large associations of enterprises usually act. The main goal of a strategic investor is to increase the efficiency of their own business and gain access to new resources and technologies.

Investment in the form of loans.

The main instruments are loans (banking, trade), bond issues, leasing schemes. (Leasing schemes can be classified as investments in the form of borrowed funds with some reservations, since, in essence, leasing is a form of transfer of property for rent. However, in terms of the form of income received by the lessor (in the form of interest), leasing is close to bank loans.) Financing terms may fluctuate from several months to several years. With this form of financing, the main goal of the investor is to receive interest income on invested capital at a given level of risk. Therefore, this group of investors is interested in the further development of the enterprise in terms of its ability to fulfill obligations to pay interest and repay the principal amount of the debt. Thus, all investors can be divided into two groups: creditors who are interested in receiving current income in the form of interest, and business participants (owners of a share in the business) who are interested in receiving income from the growth in the value of the company.

For all groups of investors, the credit history of the enterprise is of great importance, since it allows one to judge the experience of the enterprise in the development of external investments and the fulfillment of obligations to creditors and investor-owners. In this regard, it is possible to carry out activities to create such a story. For example, an entity may issue and redeem a relatively small bond issue with a short maturity. After the loan is repaid, the enterprise in the eyes of investors will move to a qualitatively different level, as a creditor capable of fulfilling its obligations in a timely manner. In the future, the company will be able to attract on more favorable terms both borrowed funds in the form of future bond issues, as well as direct investments.

Thus, the preparation of an enterprise for attracting investments or for sale is a fairly well-defined, albeit complex, process. An enterprise can form a program of measures to increase investment attractiveness, based on its individual characteristics and the current situation on the capital markets. The implementation of such a program makes it possible to accelerate the attraction of financial resources and reduce their cost. It should be noted that the possible measures described above do not require significant material costs, but the result of their implementation, in addition to the growth of investor interest in the company, is also an increase in the efficiency of its work.

1.3 Methods for assessing the effectiveness of investment activitiesenterprises

The international practice of justifying investment activity uses several indicators that make it possible to prepare a decision on the expediency (inexpediency) of investing funds.

These indicators can be grouped into two groups:

1. Indicators determined based on the use of the concept of discounting:

Net present value;

Return on discounted investments index;

Internal rate of return;

Payback period of investments, taking into account discounting;

Maximum cash outflow taking into account discounting.

2. Indicators that do not involve the use of the concept of discounting:

Simple payback period of investments;

Indicators of simple return on investment;

Net cash receipts;

Investment return index;

Maximum cash flow.

The classification of the main indicators of the effectiveness of investment projects is given in Table 1.1

Simple (routine) investment appraisal methods are among the oldest and were widely used even before the concept of discounted cash flows was widely accepted as the most accurate estimate of investment suitability.

Table 1.1 - Key performance indicators of investment projects

Absolute indicators	Relative indicators	Temporary indicators
Present value method	Annuity method	Profitability Method	liquidity method
Methods based on the application of the concept of discounting
Integral economic effect (net present value, NPV)	Discounted Annual Economic Impact (AN PV)	Internal rate of return (JRR). Return on investment index	Payback period of investments, taking into account discounting
Simplified (routine) methods
	Approximate annuity	Indicators of simple profitability. Return on investment index	Approximate (simple) payback period of investment

However, to this day, these methods remain in the arsenal of developers and analysts of investment projects. The reason for this is the possibility of obtaining some additional information using such methods.

The simple payback period is the duration of the period from the initial moment to the payback moment. The starting point is usually the start of the first step or the start of operations. The payback moment is the earliest point in time in the billing period after which the cumulative current net cash receipts NV (k) become and remain non-negative in the future.

The method for calculating the payback period of the PP investment is to determine the period that will be needed to recover the amount of the initial investment. If we formulate the essence of this method more precisely, then it involves calculating the period for which the cumulative amount (cumulative total) of cash receipts is compared with the amount of the initial investment.

The formula for calculating the payback period is:

where PP is the payback period of investments (years);

Ko - initial investment;

CFcg - the average annual cost of cash receipts from the implementation of the investment project.

The indicator of the calculated rate of return (Accounting Rate of Return) is the reverse of the content of the payback period of capital investments.

The estimated rate of return reflects the efficiency of investments as a percentage of cash receipts to the amount of the initial investment:

where ARR is the estimated rate of return on investment,

CFs.y. - average annual cash receipts from economic activities,

Ko is the cost of the initial investment.

This indicator has all the disadvantages inherent in the payback period indicator. It takes into account only two critical aspects, investments and cash flows from current economic activities, and ignores the length of the economic life of investments.

Net cash receipts (Net Value, NV) (other names - NPV, net income, net cash flow) is the accumulated effect (cash flow balance) for the billing period:

NPV = ? (Пm - Оm), (1.3)

where Pm - cash inflow at the m-th step;

Om - cash outflow at the m-th step.

The summation applies to all steps of the billing period.

Investment return index (IR) - the ratio of the sum of cash flow elements from operating activities to the absolute value of the sum of cash flow elements from investment activities. It is equal to the ratio of NPV to the accumulated volume of investments increased by one.

The formula for calculating ID can be determined using formula (1.3), after converting it into the following form

id = ? (Pm - O, m) - ? Km, (1.4)

where O, m - the amount of cash outflow at the m-th step without capital investments (K) (investments) at the same step.

Investment project performance indicators determined based on the use of the discounting concept:

The most important indicator of the effectiveness of an investment project is the net present value (other names NPV - integral economic effect, net present value, net present value, Net Present Value, NPV) - the accumulated discounted effect for the billing period. NPV is calculated using the following formula:

r - discount rate;

To determine the net present value, first of all, it is necessary to select a discount rate and, based on its value, find the appropriate discount factors for the analyzed billing period.

Once the present value of the cash inflows and outflows has been determined, the net present value is determined as the difference between the two. The result obtained can be either positive or negative.

Discounted investment yield index (other names - IDI, return on investment, Profitability Index, PI) - the ratio of the sum of discounted cash flow elements from operating activities to the absolute value of the discounted sum of cash flow elements from investment activities. IPV is equal to the ratio of NPV (NPV) increased by one to the accumulated discounted investment volume.

Discounted investment return indices are greater than 1 if and only if the net present value for that flow is positive.

Internal rate of return (other names - IRR, internal discount rate, internal rate of return, internal efficiency ratio, Internal Rate of Return, IRR).

where r1 is the discount rate at which f(r1) > 0;

r2 - discount rate at which f(r2)< 0.

The internal rate of return is the discount rate at which the net present value for the entire investment cycle is zero.

The IRR indicator reflects the expected profitability of the project and means the maximum allowable level of expenses for this project. When deciding on the implementation of the project, we compare the value of the internal rate of return with a given threshold value that determines the price of capital.

For the effectiveness of the investment project, the IRR value must be compared with the discount rate. Projects with IRR > r are effective, and those with IRR< r неэффективны .

Thus, investments represent the investment of any funds in the formation of certain types of property in order to receive net income (profit) or other results in the future. At the same time, the result obtained as a result of investing funds must necessarily exceed the amount of investment, i.e. investment of funds.

In order to assess how effective the investment activity of an enterprise is, it is necessary to analyze the sources of financing of investment activity, the acceptability of its investment projects and the volume of investments in general.

2. Evaluation of the effectiveness of investment activities at the enterprise JSC"Sokolsky dock"

2.1 Ananalysis of sources of financing for the investment activity of the enterprise

Financial decisions can be long-term, determining sources of financing for a long period, and short-term - on financing current (short-term) needs associated with the use of current (current) assets. The central point of long-term financial decisions is the choice of such a combination of equity (S) and debt capital (D) that would maximize market valuation total capital (V): V = S + D.

The structure of financial sources refers to the ratio between various short-term and long-term sources of capital formation, for example, short-term and long-term sources: share in total liabilities equity, long-term liabilities, short-term liabilities in the form bank loans, credit lines, accounts payable, etc.

Let's analyze the composition and structure of the enterprise's own sources of financing according to table 2.1.

Table 2.1 - Composition and structure of own sources of financing in JSC "Sokolsky DOK" for 2011

Sources own funds	At the beginning of the year, thousand rubles	At the end of the year, thousand rubles	Changes	Structure, %	Changes in structure, %
			Absolute, t. rub.	relative, %	For the beginning of the year	At the end of the year
Authorized capital
Extra capital
Undestributed profits
Total own sources

Thus, the amount of own sources of financing the enterprise's activities at the end of 2011 amounted to 117,651 thousand rubles. In relation to the beginning of the year, the amount of own funds decreased by 39446 thousand rubles. The decrease in own funds was mainly due to a decrease in retained earnings for 39446 thousand rubles. or 22%.

In the structure of own sources of funds, the main share is occupied by retained earnings. Its share at the end of 2011 was 99.9%. Compared to the beginning of the year, specific gravity decreased by 2.2%.

Consequently, by the end of 2011, the financial stability of the enterprise is declining, that is, the financing of investment activities is expanding through borrowed sources of financing.

In addition, depreciation deductions are included in the company's own sources of financing.

Table 2.2 - Dynamics of other sources of financing of Sokolsky DOK OJSC.

Table 2.2 shows that in the dynamics for the three years 2009-2011. the amount of other own sources of financial resources is reduced. Thus, the amount of depreciation deductions in the reporting year decreased by 43,702 thousand rubles compared to 2009, and by 83,224 thousand rubles compared to 2011. and amounted to 43,064 thousand rubles. This decrease is due to the renewal of fixed assets.

Depreciation deductions do not increase the amount of equity, they are a means of reinvesting it.

At present, the production and economic activity of the enterprise is impossible without the use of borrowed funds. Consider the composition and structure of borrowed funds according to table 2.3. The data was used on the basis of the balance sheet for 2011.

Table 2.3 - Composition and structure of borrowed funds of Sokolsky DOK OJSC for 2011

Balance sheet items	At the beginning of the year, thousand rubles	At the end of the year, thousand rubles	Changes	Structure, %	Changes in structure, %
			Absolute, t. rub.	relative, %	For the beginning of the year	At the end of the year
LONG TERM DUTIES
Loans and credits
Total non-current liabilities
SHORT-TERM LIABILITIES
Loans and credits
Accounts payable
including:
suppliers and contractors
to the staff of the organization
to state extrabudgetary funds
on taxes and fees
other creditors
Other current liabilities
Total current liabilities
TOTAL BORROWINGS

The passive part of the balance is characterized by the predominant share of borrowed sources of funds. Moreover, their share in the total volume of investments increased during the year by 17.89%.

In general, the amount of borrowed sources of financing at the end of 2011 amounted to 1,025,829 thousand rubles. During the year, their amount increased by 625,503 thousand rubles.

The share of borrowed funds in turnover increased due to the increase in long-term borrowed funds. The enterprise attracted borrowed funds to expand the technological line for the production of houses. Accordingly, the share of long-term borrowed sources amounted to 63.3%.

Short-term loans and credits in the structure of borrowed sources account for 35.7%. Moreover, the amount of funds taken on credit increased by 210,997 thousand rubles. and amounted to 238,751 thousand rubles.

The share of accounts payable amounted to 12.4%. Compared to the beginning of the year, its share decreased by 23.1%. In total, accounts payable decreased by 14,572 thousand rubles. If we examine the balance by items, then an increase in debt was observed only for suppliers and contractors by 26,901 thousand rubles. For other items, accounts payable decreased.

On the whole, the capital of the organization at the end of 2011 was formed by 10.29% from its own sources and by 89.71% from borrowed ones.

2.2 Ananalysis of the volume of investment activity of the enterprise

The company continues the implementation of the investment project federal level"Development of the production of value-added products", approved by the Order of the Ministry of Industry and Trade of the Russian Federation dated March 29, 2010 No. 245.

Supposed:

Transfer the production of glued beams, wall panels, molded products to a new technology.

Goal - 1. Reducing production costs, reducing manual labor. 2. Increasing production volumes, improving product quality.

Stage 1 was implemented in 2010 this project:

The construction of a new workshop for the production of houses from glued laminated timber and structural glued products, equipped with modern equipment supplied from Canada, Denmark, Switzerland, Taiwan;

The first stage of drying capacities was launched,

The equipment of Dusset (Canada) was purchased - a line for splicing lamellas and cold presses, planing machines from Ledermak, near-machine equipment from Macron and RF, a bar impregnation line Scorpion (Italy), loaders Combilift 3, 5, 6 tons (Ireland), 2 compressors "Atlas Copco" (Sweden), crane-beam 5 tons 6 pieces, console cranes 0.5 tons 6 pieces, trimming machine "Stromab" (Italy).

Since the start of the investment project, more than half a billion rubles of investments in fixed assets of the enterprise have been disbursed, including 169 million rubles in 2011, which were made with the help of credit funds.

The implementation of the project involves the creation of 263 new jobs and an increase in the production capacity of the enterprise:

Glued laminated timber up to 36000 cubic meters m,

Sets of houses from glued beams up to 105,000 sq. m,

Kits frame-panel houses up to 75000 sq. m,

Moldings up to 14160 cu. m.

In 2012 it is planned to introduce:

Complex for the introduction of glued laminated timber;

A new line for assembling panels for wooden housing construction (productivity of the line is 4380-5260 running meters per month);

A new line for the production of molded products.

Let's study the implementation of the investment plan for the reporting year as a whole and in the main areas in Table 2.4.

Table 2.4 - Performance indicators of the capital investment plan in 2011

Thus, in general, the plan for investments not fulfilled by 5.75%. This happened due to non-fulfillment of the plan for construction and installation works. The plan for construction and installation works was not fulfilled by 6.43%.

For 2012, the purchase and installation of new equipment is being carried out. The supplier is the engineering group "Global Edge". The Global Edge group of companies has been successfully operating in the market of equipment for the woodworking and furniture industries for 17 years. It is the largest supplier of technologies and woodworking equipment in Russia, as well as a leading company in the field of investment projects in the woodworking industry. The Group unites: GE Service + LLC (supply of technologies and equipment, engineering, service maintenance), Korund Abrasive Tool Plant LLC, Tool Land LLC (production and maintenance of wood cutting tools, supply of industrial adhesives), as well as representative offices in the regions of Russia and abroad.

In general, the project is associated with technical re-equipment, expansion of production at the existing enterprise. Therefore, the company uses financing through bank loans. To implement the project, Sokolsky DOK OJSC uses credit funds from the Bank of Moscow OJSC. To finance the project at this stage, funds in the amount of 1,315,168.48 thousand rubles will be required. Interest on the loan: 320572.7 thousand rubles.

Table 2.5 - The need for investments and sources of their financing in Sokolsky DOK OJSC, thousand rubles.

Indicators					Total for the year
Total investment requirement
including on:
purchase of new equipment
procurement of raw materials and supplies
payroll and social security costs
depreciation of fixed assets
other costs
Other contingencies
Sources of financing:
borrowed capital

The company plans to receive loans in one-time payments once a quarter.

Table 2.6 - Financing conditions for Sokolsky DOK OJSC

2.3 Ananalysis of the effectiveness of the results of the investment activity of the enterprise

The main indicator used in calculating the effectiveness of an investment project is the net present value. NPV characterizes the excess of total cash receipts over total costs for a given project, taking into account their time difference. If investments are made at a time, NPV is calculated using the formula:

where CFt - cash flow at the t -th step;

I 0 - the amount of investment at the initial step;

r - discount rate;

T is the duration of the investment cycle.

Investment cycle of the project - (3 years) - 12 quarters Т = 12;

Step number t = 1,2,3,4,5,6,7,8,9,10,11,12.

The calculation of net present value is presented in table 2.7.

Table 2.7 - Calculation of net present value

	Cash flow, thousand rubles	Discount factor at r=0.2	Net present value, thousand rubles

Table 2.7 shows that the technical re-equipment project will pay off in 3 years. The net discounted income is 771,502.6 thousand rubles. This is considered a confirmation of the expediency of investing money in the project. The project is effective.

Investment profitability index (PI). PI shows the relative profitability of a project, or the discounted value of cash flows from a project per unit of investment.

Consideration of the PI criterion is useful when:

Recurrent organizational costs are high in relation to investment costs;

In projects where reliable income begins to flow at a fairly early stage of project implementation.

Most commonly, PI is calculated by dividing the net present value of a project by the cost of the initial investment. In this case, the decision criterion is the same as when making a decision on the NPV indicator, i.e. PI > 0. This criterion is a fairly perfect tool for analyzing the effectiveness of investments.

Discounted Cost Return Index

PI = 1 + 771502.6: 1315168.48 = 1.587%

PI > 1.0 - investments are profitable and acceptable in accordance with the chosen discount rate. That is, when investing 1 ruble of investment, the net income will be received in the amount of 1.59 rubles.

We will draw up a forecast report on the profits and losses of the enterprise for 2011-2014. according to table 2.8.

Table 2.8 - Report on financial results OJSC "Sokolsky DOK"

	Index	Base (2011) year	1st year (2012)	2nd year (2013)	3rd year (2014)
1. Sales proceeds
	Revenue from product sales
2. Cost
	Cost price
3. Gross profit
	Gross profit
4. Selling and management expenses
	Selling and management expenses
5. Profit (loss) from sales
	Profit (loss) from sales
6. Non-operating expenses
	Expenses for paying loans and interest on debt obligations
	Acquisition of fixed assets
7. Profit (loss) before tax (accounting profit)
	Profit (loss) before tax (accounting profit)
8. Income tax
	income tax
9. Net profit
	Net profit

Thus, the project of technical re-equipment of the enterprise is effective. The payback of the project will be in the third year of its implementation. Additionally, you can increase sales revenue by 3 times. In this case, the profit from the sale will amount to 386440.37 thousand rubles. Net profit will amount to 1992 thousand rubles.

From the above analysis, we see that the investment activity of Sokolsky DOK OJSC for this moment is impossible without borrowing, so the company needs to consider the most profitable options and projects to attract investment.

3. Measures to improve investment activities

3.1 Sobuilding an optimal structure of funding sources

The problem of financing, as a rule, is an important factor for many well-founded and quite profitable investment projects.

As practice shows, in the presence of favorable conditions for the implementation of investment lending, the borrower can reasonably expect to receive the funds he lacks only if a significant part of the capital requirement is covered by him from his own sources of financing. At the same time, the minimum allowable share of equity, depending on the level of project risk and the creditworthiness of the borrower, will be in the range from 25 to 50%.

In the theory and practice of financial and investment analysis, equity and borrowed capital are traditionally distinguished as sources of funds directed to finance long-term investments. This allows financial analysts to objectively evaluate the weighted average price of capital invested in a project. However, such a classification of sources of investment financing to a certain extent contradicts the classification of these sources used in the domestic system. accounting and state statistical observation.

To substantiate the optimal structure of financing means, it is advisable to use a different classification. The division of equity into external and internal sources of funds, as well as the allocation of bank loans, loans from other organizations, funds from the issuance of corporate bonds, budget allocations and others, into a separate separate group of borrowed sources of financing will allow financial analysts to take into account specific goals that stand separately to the owners of the company and its creditors. In addition, it becomes possible to determine the level of financial risk, which is additionally imposed on the owners of the company, directly related to the fixed financial costs of servicing the invested capital and the share of borrowed funds in the total volume of financing long-term investments.

To substantiate the capital structure, the following evaluation criteria can be used: the rate of return on invested capital, the return on equity, the weighted average price of capital.

During the analysis and evaluation of the optimal capital structure of an investment project, it is recommended to adhere to the following steps.

1. The total need for capital is estimated, regardless of possible sources of financing. In this case - 9516 thousand rubles.

2. The maximum possible share of own capital in the total amount of funds allocated to finance long-term investments is determined.

3. The indicator "profitability - financial risk" is calculated for all options for the structure of invested capital. Table 3.1 page 10.

4. The rate of return on invested capital is calculated. Table 3.1 page 11.

5. Within the limits between the largest share of own capital and its zero level in the total volume of financing funds using the criterion of the maximum indicator? and the minimum RW, the optimal combination of funds received to finance long-term investments from various sources is determined.

On the terms of an investment loan, Sokolsky DOK OJSC requires borrowed funds in the amount of 1,315,168.48 thousand rubles.

Table 3.1 - Assessment of the optimal structure of funding sources in Sokolsky DOK OJSC

Indicators	Capital structure, % (SC/SC)
Initial data for the analysis of the structure of investment capital
1. The need for capital from all sources of financing, thousand rubles.
2. The amount of equity capital used to finance investments, thousand rubles.
3. The amount of borrowed capital used to finance investments, thousand rubles.
4. Risk free rate of return on financial market, coefficient
5. Average interest rate on borrowed funds, coefficient.
6. Annual value of project profit before taxation and interest payments, thousand rubles.
7. The rate of tax and other deductions from the profit of the enterprise, coefficient.
Analytical indicators
8. Return on equity ((p. 6 - p. 5 * p. 3) * (1-p. 7) / p. 2)), coefficient.
9. The level of financial risk ((p. 5 - p. 4) * (p. 3 / p. 1)), coefficient.
10. Indicator "profitability-risk" (p. 8 / p. 9), coefficient.
11. Rate of return of capital (payback period) (p. 1 / (p. 6 - p. 5 * p. 3) * (1 - p. 7)), years

Therefore, the optimal structure of funding sources for the acquisition of a new complex will be as follows:

Borrowed funds - 80%;

Own funds - 20%.

3.2 Etcleasing change

Leasing is an alternative way of financing capital investments in relation to bank lending.

General scheme leasing deal. A three-party deal involving OAO Sokolsky DOK, the supplier of this property and the lessor is considered a classic.

Here is the calculation of leasing payments under an operating lease agreement.

According to table 2.6, the purchase of new equipment will require funds in the amount of 12,794 thousand rubles.

Terms of an agreement:

1. The value of the property of the subject of the contract - 12,794 thousand rubles.

2. Contract term - 2 years;

3. Depreciation rate for full restoration - 10% per annum;

4. Interest rate on a loan used by the lessor to purchase property - 15% per annum;

5. The amount of used credit resources - 12,794 thousand rubles;

6. The percentage of commission to the lessor - 10% per annum;

7. Additional services the lessor, stipulated by the leasing agreement, in total - 40 thousand rubles, including: provision of consulting services for the use (operation) of property - 25 thousand rubles; travel expenses - 5 thousand rubles; staff training - 10 thousand rubles;

10. Rate of value added tax - 20%;

11. Leasing payments are made in equal installments quarterly, on the 1st day of the 1st month of each quarter.

Table 3.2 - Calculation of the average annual value of property

To find the amount of the lease payment, the following formula is used:

LP \u003d AO + PC + KV + DU + VAT, (3.1)

where AO - depreciation deductions

PC - interest on a loan

KV - commission

DU - additional services

In-total payments

VAT - value added tax

LP - lease payments

Calculate the total amount of lease payments by year.

PC \u003d 12794 * 15: 100 \u003d 1919.1 thousand rubles.

KV \u003d 12794 * 10: 100 \u003d 1279.4 thousand rubles.

DU \u003d 40: 2 \u003d 20 thousand rubles.

B \u003d 1279.4 + 1919.1 + 1279.4 + 20 \u003d 4497.9 thousand rubles.

VAT \u003d 4497.9 * 20: 100 \u003d 899.6 thousand rubles.

LP \u003d 4497.9 + 899.6 \u003d 5397.5 thousand rubles.

AO \u003d 12794 * 10: 100 \u003d 1279.4 thousand rubles.

PC \u003d 11514.6 * 15: 100 \u003d 1727.19 thousand rubles.

KV \u003d 11514.6 * 10: 100 \u003d 1151.46 thousand rubles.

DU \u003d 40: 2 \u003d 20 thousand rubles.

B \u003d 1279.4 + 1727.19 + 1151.46 + 20 \u003d 4178.05 thousand rubles.

VAT \u003d 4178.05 * 20: 100 \u003d 835.61 thousand rubles.

LP \u003d 4178.05 + 835.61 \u003d 5013.66 thousand rubles.

The total amount of leasing payments for the entire term of the leasing agreement:

LP + PL = 5397.5 + 5013.66 = 10411.16 thousand rubles.

The amount of leasing payments:

10411.16: 2: 4 \u003d 1301.4 thousand rubles. per quarter

Table 3.3 - Schedule of payment of leasing fees of JSC "Sokolsky DOK"

	Amount, thousand rubles

Thus, leasing payments in general for two years will amount to 10,411.16 thousand rubles. On a quarterly basis, the company will pay 1,301.4 thousand rubles.

If an enterprise purchases a set of new equipment on credit, it will pay:

12794 * 15% * 2 = 3838.2 thousand rubles. (percentage)

Total investments: 12794 + 3838.2 = 16632.2 thousand rubles.

The cost of acquiring a complex of new equipment on lease will amount to 10,411.16 thousand rubles.

Thus, the acquisition of a complex of new equipment in leasing is more profitable for the enterprise. It will be able to save 6221.04 thousand rubles.

3.3 Attracting the most optimal financial loan

As part of the borrowed capital attracted by enterprises to expand their economic activities, the priority role belongs to a bank loan.

In the process of evaluating the terms of bank lending by types of loans, a special indicator is used - the “grant element”, which makes it possible to compare the cost of attracting a financial loan on the terms of individual commercial banks with average conditions in the financial market. The calculation of this indicator is carried out according to the following formula:

GE = 100 - (3.2)

where: GE - grant element indicator characterizing the size of deviations in the cost of a particular financial loan on the terms proposed commercial bank, from average market value similar credit instruments, %

PR - the amount of interest paid in a specific interval (n) of the credit period;

OD - the amount of the amortized principal debt in a specific interval of the credit period;

BC - the total amount of a bank loan attracted by the enterprise;

i - the average interest rate for a loan prevailing in the financial market for similar credit instruments;

n - a specific interval of the credit period, according to which the payment of funds to a commercial bank is carried out;

t - the total duration of the credit period, expressed by the number of intervals included in it.

In 2011, the company needed to attract a loan for the purchase of new equipment in the amount of 100 thousand rubles.

In this case, there are four options:

1. Loan agreement with joint-stock commercial Sberbank of the Russian Federation dated September 20, 2011 Annual level credit rate- eighteen%; interest on the loan is paid in advance; repayment of the principal amount of the debt - at the end of the loan agreement.

2. Loan agreement with the joint-stock commercial Sberbank of the Russian Federation dated September 27, 2011. The level of the annual credit rate is 16%; interest on the loan is paid at the end of each year; the principal debt is amortized evenly (one third of its amount) at the end of each year;

3. General agreement on overdraft loans with the joint-stock commercial Sberbank of the Russian Federation dated October 15, 2011. The level of the annual credit rate is 20%; interest on the loan is paid at the end of each year; principal repayment - at the end of the agreement.

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MINISTRY OF AGRICULTURE AND FOOD FOOD OF THE RUSSIAN FEDERATION

ULYANOVSK STATE AGRICULTURAL ACADEMY

COURSE WORK

By discipline: Agro-industrial complex finance

Topic: "Evaluation of the effectiveness of the investment activity of the enterprise"

Completed by a student

2 courses of correspondence department

Faculty of Economics

Kuramshina R.R.

Introduction 3

Theoretical foundations of the effectiveness of investment management 5

1.1 Nature, role and classification of investments 5

1.2 Methods of economic justification of investment decisions 9

1.3. Factors of activation of investment activity at the enterprise 12

The state of development and evaluation of the effectiveness of investment activities of the SPK named after Lenin 14

2.1 Organizational and legal status of the economy 14

2.2 Volume and structure of investment in fixed assets 15

2.3 Types of investment activities and their economic efficiency 21

The main ways to improve the efficiency of capital investments 24

3.1 Justification of the investment plan for investments in the enterprise 24

3.2 Product cost analysis 26

3.3 Analysis of the current assets of the economy 29

3.4 Analysis of the dynamics of own working capital and net assets of the economy 30

3.5. Development of ways to improve the problems of forming the investment portfolio of the economy 32

Conclusion 35

Bibliography 39

Introduction

Acquisition of integral property complexes.

New construction.

3. Reprofiling.

4. Reconstruction.

5. Modernization.

6. Renovation of certain types of equipment.

7. Innovative investment in intangible assets.

8. Investing in the growth of inventories of tangible current assets.

A feature of investing in working capital is not only the duration of the life of current assets (one year), but also the fractional nature of the composition, which entails the fractionalization of investment. These features are important to ensure the flexibility of financial policy in the field of its management:

Determine the correct structure of assets;

Strive to have the minimum possible value of commodity - material stocks;

Accelerate cash flow, timely receive money from both buyers and customers;

Increasing the volume of production;

Develop an investment strategy suitable for the farm.

In the context of the financial crisis that has been brewing in recent years and has broken out in Russia, the topic of investing may seem irrelevant.

The course work is based on the materials of the SPK named after Lenin in the Saratov region.

The purpose of the course work is the financial diagnosis of assessing the effectiveness of the investment activity of the enterprise of the economy, the formation of proposals for improvement, solving the problems of forming a portfolio aimed at improving the efficiency of the economy in a market economy.

The objectives of the course work are: express diagnostics of the current activities of the SPK named after Lenin, identifying problems in the formation of an investment portfolio, assessing financial performance, selecting options for management decisions to improve the financial condition of the economy.

1 Theoretical foundations of investment management efficiency

1.1 Essence, role and classification of investments

Investments of an enterprise are capital investments in all forms in various objects of its economic activity with the aim of making a profit, as well as achieving another economic or non-economic effect, the implementation of which is based on market principles and is associated with time, risk and liquidity factors.

According to the objects of capital investment, real and financial investments are divided. Real (or capital-forming) investments characterize the investment of capital in the reproduction of fixed assets, in innovative tangible assets, in the growth of inventories of inventory and other investment objects related to the implementation of the enterprise's operating activities or the improvement of working and living conditions for personnel.

Real investments are made by enterprises in various forms, the main of which are

1. Acquisition of integral property complexes. It is an investment operation of large enterprises, providing industry, commodity or regional diversification of their activities. This form of real investment usually provides a "synergistic effect", which consists in the total value of the assets of both enterprises in comparison with their book value, due to the possibility of more efficient use of their overall financial potential, the complementarity of technologies and the range of products, the possibility of reducing the level of operating costs, sharing the distribution network in various regional markets and other similar factors.

2. New construction. It is an investment operation associated with the construction of a new facility with a complete technological cycle according to an individually developed project in specially allotted territories, an enterprise resorts to new construction with a cardinal increase in the volume of its operating activities in the coming period, its industry, product or regional diversification (creation of branches, subsidiaries, etc.).

3. Reprofiling. It is an investment operation that provides a complete change in the technology of the production process for the release of new products.

4. Reconstruction. It is an investment operation associated with a significant transformation of the entire production process based on modern scientific and technological achievements. It is carried out in accordance with a comprehensive plan for the reconstruction of the enterprise in order to radically increase its production potential, significantly improve the quality of products, introduce resource-saving technologies, etc. In the process of reconstruction, the expansion of individual production buildings and premises can be carried out (if new technological equipment cannot be placed in the existing (premises); construction of new buildings and structures of the same purpose instead of those being liquidated on the territory of the existing enterprise, the further operation of which for technological or economic reasons is recognized inappropriate.

5. Modernization. It is an investment operation associated with the improvement and bringing the active part of production fixed assets to a state corresponding to the current level of technological processes through constructive changes in the main fleet of machines, mechanisms and equipment used by the enterprise in the course of operating activities.

6. Renovation of certain types of equipment. It is an investment operation associated with the replacement (due to physical depreciation) or addition (due to an increase in the volume of activities or the need to increase the productivity of the existing fleet of equipment with certain new types of equipment that do not change the general scheme of the technological process. Upgrade of certain types of equipment characterizes mainly the process of simple reproduction of the active part of production fixed assets.

7. Innovative investment in intangible assets. It is an investment operation aimed at using new scientific and technological knowledge in the operating and other activities of the enterprise in order to achieve commercial success. Innovative investments in intangible assets are carried out in two main forms: a) through the acquisition of finished scientific and technical products and other rights (acquisition of patents for scientific discoveries, inventions, industrial designs and trademarks; acquisition of know-how; acquisition of franchising licenses, etc.). P.); b) by developing new scientific and technical products (both within the enterprise itself and by its order by the relevant engineering firms). The implementation of innovative investment in intangible assets can significantly increase the technological potential of the enterprise in all areas of its economic activity.

8. Investing in the growth of inventories of tangible current assets. It is an investment operation aimed at expanding the volume of used operating assets of the enterprise, thereby ensuring the necessary proportionality (balance) in the development of non-current and current operating assets as a result of investment activities. The need for this form of investment is due to the fact that any expansion of the production potential provided by the previously considered forms of real investment determines the possibility of producing an additional volume of production. However, this possibility can be realized only with a corresponding expansion of the volume of use of certain types of material current assets (stocks of raw materials, materials, semi-finished products, low-value and wearing items, etc.).

All the listed forms of real investment can be reduced to its three main areas: capital investment or capital investment (the first six forms); innovative investment (seventh form) and investment in the growth of current assets (eighth form).

The choice of specific forms of real investment of an enterprise is determined by the tasks of industry, product and real diversification of its activities (aimed at expanding the volume of operating income), the possibility of introducing new resources and labor-saving technologies (aimed at reducing operating costs), as well as the potential for the formation of investment resources (capital and money and other forms attracted for making investments in objects of real investment).

The specific nature of real investment and its forms predetermine certain features of their management in the enterprise.

Management of real investments of an enterprise is a system of principles and methods for preparing, evaluating and implementing the most effective real investment projects, aimed at ensuring the achievement of its investment goals.

Management of real investments of the enterprise in modern conditions is based on the methodology of the "Project Management" system - a new scientific direction that has become widespread in Western countries with developed market economies.

Project management is a modern system methodology for the implementation of all processes for the development and implementation of an investment project of any type throughout its entire life cycle, ensuring the effective achievement of its goals.

1.2 Methods of economic justification of investment decisions

Taking into account the methodology of Project Management, a general process of managing the real investments of the enterprise is being built. This process is carried out in the context of the following main stages.

Analysis of the state of real investment in the previous period.

In the process of this analysis, the level of investment activity of the enterprise in the previous period and the degree of completion of previously launched real investment projects and programs are assessed.

At the first stage of the analysis, the dynamics of the total volume of capital investment in the growth of real assets, the share of real investment in the total investment of the enterprise in the preplanning period, is studied.

At the second stage of the analysis, the degree of implementation of individual investment projects and programs, the level of development of investment resources provided for these purposes, in the context of objects of real investment, is considered.

At the third stage of the analysis, the level of completion of previously launched real investment projects and programs is determined, and the required volume of investment resources for their complete completion is specified.

At the fourth stage of the analysis, the level of efficiency of completed real investment projects of the stage, its compliance with the projected indicators is examined.

2. Determining the total volume of real investment in the coming period. The basis for determining this indicator is the planned increase in fixed assets of the enterprise in the context of their individual types, as well as intangible and current assets, which ensures an increase in the volume of its production and commercial activities. The volume of this increase is specified taking into account the dynamics of the volume of previously unfinished capital construction (in-progress capital investments).

Definition of forms of real investment. These forms are defined

based on specific areas of investment activity of the enterprise, ensuring the reproduction of its fixed assets and intangible assets, as well as expanding the volume of own current assets.

4. Development (selection) of investment projects corresponding to the goals and forms of real investment. All forms of large-scale real investments (except for the renewal of certain types of mechanisms and equipment due to their wear and tear) are considered as real investment projects. The preparation of such investment projects requires the development of their business plans within the enterprise itself. For small real investment projects, it is allowed to develop a short version of a business plan (outlining only those sections that directly determine the feasibility of their implementation).

In addition, during this stage of management, the current supply in the investment market is studied; individual real investment objects are selected for study that most fully correspond to the directions of the enterprise's investment activity (its sectoral and regional diversification); the possibilities and conditions for the acquisition of individual assets (equipment, technologies, etc.) are considered to update the composition of their existing types; a thorough examination of the selected investment objects is carried out.

Evaluation of the effectiveness of individual investment projects, taking into account the risk factor. Investment projects developed or selected at the preliminary stage are subjected to a detailed analysis and evaluation from the standpoint of their effectiveness in terms of ensuring the growth of the enterprise's market value. At the same time, the risks inherent in each specific investment project are identified and assessed, and the compliance of their overall level with the expected level of profitability of projects is checked.

During this stage of management, along with the risks of individual investment projects, the risks associated with the real investment of the enterprise as a whole are assessed. This direction of investment activity is associated with the diversion of own capital on a large scale and, as a rule, for a long period, which can lead to a decrease in the level of solvency of the enterprise for current obligations. In addition, financing of individual investment projects is often carried out by attracting a significant amount of borrowed capital, which can lead to a decrease in the financial stability of the enterprise in the long run. Therefore, in the management process, it is necessary to predict in advance what impact investment risks will have on the profitability, solvency and financial stability of the enterprise.

1.3. Factors of activation of investment activity on the enterprise

Formation of the program of real investments of the enterprise. On the basis of individual investment projects in the process of this stage of management, they are ranked according to the criterion of the level of profitability, risk and liquidity, compliance common goals investment policy of the enterprise, etc. Based on objective limitations - the total volume of planned real investment and the possible volume of formation of investment resources, the investment program includes investment projects that ensure the highest rates of its development in the strategic period and the growth of market value.

If this program is formed according to the defining priority goal (profitability maximization, investment risk minimization), then there is no need for further optimization of the real investment program. If the balance of individual goals is provided, then the investment program of the enterprise is optimized according to various target criteria to achieve their balance, after which it is accepted for direct implementation.

Ensuring the implementation of individual investment projects and the investment program. The main instruments that ensure the implementation of each specific real investment project are the chosen scheme of its financing, as well as the developed capital budget and the calendar schedule for the implementation of the investment project.

The project financing scheme determines the financial basis for its implementation and is the basis for the formation of the necessary investment resources and the development of budgets for the implementation of individual works.

The capital budget is developed for a period of up to one year and reflects all the costs and receipts of funds associated with the implementation of a real project.

The calendar schedule for the implementation of the investment project determines the basic time periods for the performance of certain types of work and the assignment of responsibility for execution to specific representatives of the customer or contractor in accordance with their functional duties set forth in the contract for the performance of work.

Ensuring constant monitoring and control of the implementation of investment projects and the investment program. This stage of real investment management is implemented within the framework of investment control organized at the enterprise on the main performance indicators of each investment project (until the end of its life cycle) and the investment program as a whole.

2 The state of development and evaluation of the effectiveness of the investment activities of the SPK named after Lenin

2.1 Organizational and legal status of the economy

The document defining the organization of the management of the affairs of the SEC is the charter. The supreme governing body in the SPK is the general meeting of collective farmers. The board of the SPK is elected general meeting collective farmers and is a test - distribution body for managing the affairs of the SEC. The management board consists of heads of departments and specialists. The board is chaired by the chairman of the SPC. There is a deputy chairman from the board. Responsibilities are distributed among the other employees of the board by industry (crop production, animal husbandry).

The audit commission, elected by the general meeting of collective farmers, exercises control over the economic and financial activities of the board and officials of the SEC. Guided by the Charter of the SEC, it exercises control over their observance, the safety of property, the expenditure of funds and material assets.

SPK "im. Lenin" includes the Central estate is located in the arid steppe zone of the Saratov region.

The points of delivery of industrial products of the SPK “im. Lenin" is a meat processing plant, dry and skimmed milk plant.

Basically, the territory of the region, according to the relief conditions, is suitable for mechanized tillage and harvesting with the use of complex agricultural machines and implements.

The soil cover of the region is represented mainly by soils of the chernozem type. According to natural conditions, the territory of the region is divided into two subzones: steppe and mountain-forest. The climate of the region is sharply continental, often repeated dry winds and black storms. The average annual precipitation is from 400 to 500 mm, the amount of precipitation for a period with temperatures above 10 degrees is 201-250 mm. The duration of the frost-free period is 111-115 days.

Land funds are the most important component of agricultural resources. Rational land use ultimately leads to improved soil quality and increased crop yields. The structure of the land fund SPK im. Lenin is presented in table 1.

Table 1 Indicators of farm size and production

Indicators
Total land area
Total farmland
of which: arable land
hayfields
pastures
forest area

Based on the data in Table 1, we can say that there were no significant changes in the composition of agricultural land. In 2008, there is a slight decrease of 3 hectares compared to 2006. This suggests that the farm is not working to improve the land and bring it into circulation.

2.2 Volume and structure of investment in fixed assets

To economic conditions on which the results of economic activity depend, are the provision of enterprises with land and labor resources, fixed and working capital. Let's consider these conditions.

The farm has: a machine and tractor fleet (MTP), a pantry, a sawmill, a mill for providing services to the population, and a gas station. Cultural and community facilities: a kindergarten, a shop, a canteen, a secondary school, a cultural center, a collective farm board, a mosque.

The labor force, creating surplus value, plays a leading role in the production of goods. The correct organization of labor, the availability of qualified personnel is one of the main factors for achieving high production results at the enterprise. For condition analysis labor resources consider the following indicators in table 2.

The indicators of Table 2 indicate that in the SPK im.Lenin for the period under study showed some changes in the number and structure of employees. In 2004, the total number of employees increased by 20 compared to 2002 figures. As the analysis showed, the main reason for the increase in the number was an increase in the number of cattle, pigs, and sheep.

Table 2 Composition and structure of labor resources

Indicators							2008 in % to 2006
Total employees
Agricultural workers
permanent workers
tractor drivers
operating milking machine
Employees
leaders
specialists
Ancillary workers. production
Workers in trade, public catering
Construction workers

The security of the economy with the main means of production is an important factor that determines the results of economic activity, the completeness and timeliness of work, and hence the volume of production, its cost, and the financial condition of the enterprise. Consider the composition and structure of fixed assets of the SPK named after Lenin in table 3

Table 3 Composition and structure of fixed assets

Indicators							2008 in % to 2006
Structures
Machinery and equipment
Vehicles
Other household inventory
working cattle
productive livestock
Other types of OS

Table 3 shows that a significant part of fixed assets in 2008 is buildings - 48%, structures - 11%. During the analyzed period, the structure of fixed assets has changed significantly, in particular, in 2004 the share of buildings in the total amount of fixed assets production assets increased by 90% compared to 2006. Minor changes occurred in 2008 in the category "Working cattle" by 2 times and "Industrial and household equipment" by 56% compared to 2006.

The financial condition of the enterprise characterizes its solvency, creditworthiness on a certain date, usually on the 1st day of the period. The nature of the relationship with suppliers, buyers, banks depends on the financial condition of the enterprise. The sources of information for calculating these indicators of financial condition are accounting and statistical reporting: the balance sheet of the enterprise, the statement of financial results and their execution, the statement of cash flows, etc.

The general analysis of the financial condition of the SEC is carried out on the basis of the absolute values ​​of the balance sheet indicators of the SEC.

Table 4 Calculation results for the analysis of the balance of the SPK named after Lenin

Become a balance				Changes
				thousand roubles.
I Non-current assets
II Current assets
Stocks and VAT
raw materials
animals for growing and fattening
work in progress costs
Cash
Accounts receivable (maturity less than a year)
Balance
III Capital and reserves
IV Long-term liabilities
V Current liabilities
Accounts payable

An analysis of the assets of the SPK named after Lenin for 2006-2008 showed an increase in “ Non-current assets” by 11,515 thousand rubles, a decrease in “Current assets” by 6,846 thousand rubles. The share of "Cash" has changed from 0.02% to 0.2%, its growth rate is positive (8%). There is also a decrease in "Accounts Receivable" by 2386 thousand rubles. Despite the increase in fixed assets in absolute terms, their share has decreased, and the fixed assets of the SEC create conditions for the production of products and the most liquid assets that allow the SEC to pay its obligations on time.

The analysis of liabilities showed low compared to the growth rate of the balance sheet currency (10%), the growth rate of own funds - "Capital and reserves" 5%, with a sharp increase in accounts payable, which accounts for 45% of the change in the balance sheet currency. Analysis of SEC liabilities showed an increase in the share of "Capital and reserves" by 5% and an increase in accounts payable by 1625 thousand rubles.

In the structure of inventories and costs, there was an increase in the share of costs in work in progress by 2 times. There is also a decrease in the cost of "Raw materials and materials" by 47%. The structure of "Reserves and VAT" for SEC has not changed significantly. To analyze the financial stability of the SPK named after Lenin, consider the following table.

Table 5 Calculation of indicators for determining the financial stability of the SPK named after Lenin.

In this case, the surplus of own funds in 2008 decreases compared to 2006, but the financial condition of the SEC named after Lenin is stable, since reserves and costs are provided at the expense of own working capital.

Analysis of the liquidity of the balance sheet is carried out to assess the creditworthiness of the SEC. The results for the analysis of balance sheet liquidity are considered in the following table.

Table 7 Calculation results for the liquidity analysis of the balance sheet of SEC named after Lenin

Indicators
1. Cash
2. Short-term liabilities
3. Liquidity

An important condition for the growth of gross and marketable output of an agricultural enterprise is the development of production potential.

Table 8 shows that the cost of agricultural production assets: per 100 ha. agricultural land in 2008 compared with 2007 increased by 123.9 thousand rubles, and compared with 2006 by 212 thousand rubles; per 1 average annual employee in 2008 compared to 2007 increased by 23.5 thousand rubles, and compared to 2006 by 47.1 thousand rubles.

Types of investment activities and their economic efficiency

Energy capacity: per 100 ha. agricultural land in 2008 compared with 2007 decreased by 8 horsepower, and compared with 2006 by 9.9 horsepower; per 100 ha. crops in 2008 compared with 2007 increased by 2.1 horsepower, and compared with 2006 decreased by 21.6 horsepower; per 1 average annual employee in 2008 compared to 2007 decreased by 2.3 horsepower, and compared to 2006 decreased by 2.2 horsepower.

Table 8 Availability of resources and their use

Indicators
The cost of production assets for agricultural purposes, thousand rubles. Per 100 hectares of agricultural land
per average annual worker
Accounts for energy resources, hp: For 100 hectares of agricultural land
For 100 hectares of crops
Load per 1 average annual employee, ha Agricultural land
crops
Gross output received, thousand rubles: For 100 hectares of agricultural land
Per 1 average annual worker
Profitability level, %
Cost recovery level, %

Energy capacity: per 100 ha. agricultural land in 2008 compared with 2007 increased by 1.9 horsepower, and compared with 2006 decreased by 6.1 horsepower; per 100 ha. crops in 2008 compared to 2007 increased by 2.7 horsepower, and compared to 2006 by 4.8 horsepower; per 1 average annual employee in 2008 compared to 2007 increased by 1.6 horsepower, and compared to 2006 decreased by 0.7 horsepower.

The strengthening of the material and technical base of agricultural production, its industrialization cause a change in the nature of agricultural labor, the transformation of the professional and qualification composition of personnel.

In the SPK them. Lenin, there is a tendency to increase the number of workers employed in agricultural production - in 2004 the total number of workers increased by 10 workers compared to 2006. The load per 1 average annual worker of agricultural land in 2008 is less by 1.7 hectares than in 2007, by 1.8 hectares. than in 2006; arable land in 2008 by 1.4 ha. less than in 2007, by 1.9 ha than in 2006; crops in 2008 are less by 1.1 ha. than in 2007, by 2.1 ha. than in 2006.

Gross output was produced: per 100 ha of agricultural land by 288.1 thousand rubles more than in 2007, by 304.5 thousand rubles compared to 2006; per 1 average annual employee compared to 2007 more by 38.7 thousand rubles, compared to 2006 more by 46.5 thousand rubles.

Profitability characterizes the performance of the economy. Profitability indicators make it possible to assess how much profit a farm has from each ruble of funds invested in assets.

Also, the level of cost recovery in 2008 is higher than in 2007 by 51.2%, and compared to 2006 by 89.5%.

3.Main ways to improve the efficiency of capital investments

3.1 Justification of the investment investment plan at the enterprise

Profit and profitability are important indicators of production efficiency. Profit is, on the one hand, the main source of the enterprise fund, and on the other hand, a source of income for the state and local budgets. It is important to take into account not only the size and growth of profits, but also the level of profitability; know how much profit is received for each ruble of production assets.

The amount of profit and the level of profitability is influenced by many factors. The profit and profitability of the enterprise are generalizing indicators of the intensification of production and marketing activities.

For an in-depth analysis of profit, it is advisable to group the factors that affect its size.

The group of external factors includes: natural (climatic) conditions, transport and other factors that cause additional costs for some enterprises and cause additional profit for others; changes not provided for by the plan of the enterprise, selling prices for products, consumed raw materials, materials, fuel, purchased semi-finished products, tariffs for services and transportation, trade discounts, capes, depreciation rates, wage rates, charges on it and tax rates and other fees paid by enterprises; violations by suppliers, supply and marketing, higher economic, financial, banking and other authorities of discipline on economic issues affecting the interests of the enterprise.

In the group of internal factors, there are: the main factors that determine the results of work, and the factors associated with the violation of economic discipline by the enterprise.

Factors associated with violation of economic discipline are:

violation of the current procedure for establishing and applying prices, as well as trade markups;

savings received as a result of failure to implement the necessary measures for labor protection, improvement of working conditions and safety measures, failure to fulfill the plan current repair fixed production assets, underutilization of funds for training and advanced training of personnel, failure to carry out measures for testing and mastering new equipment, etc.;

savings received from the release of products with deviations from the conditions of standards, recipes, specifications and violation of production technology.

To assess the formation of a real investment portfolio of the economy, we use four main indicators: value added (VA), gross result of investment exploitation (BREI), net result of investment exploitation (NREI) and economic profitability (ER).

The value added indicates the scale of the activity of the economy and its contribution to the creation of national wealth and is defined as the value of products produced by the economy for the analyzed period (including the increase in stocks of finished products and unfinished production), minus the cost of consumed material means of production and services of other organizations.

SPK expanded its activities, value added indicator for 2006-2008. increases from 9547 thousand rubles. up to 13426 thousand rubles, i.e. for two years is 40.6%.

Table 9 Calculation of value added (thousand rubles)

Indicators
1. Revenue
2. Finished products (FP)
3. Work in progress (WIP)
4. Material costs
5. Value added (1)+(2)+(3)-(4)

The next indicator is the gross operating result of the investment. BREI is used as one of the main intermediate results of financial and economic activities. By its economic nature, BREI is earnings before depreciation, borrowing costs and income taxes. The BRGI value is the first indicator of the adequacy of funds to cover all these costs.

The share of BREI in value added is an indicator of the effectiveness of enterprise management and a benchmark for the level of its potential profitability.

BREI is obtained by subtracting labor costs and social contributions from value added.

3.2 Product cost analysis

Analysis of the cost of production is aimed at identifying opportunities to improve the efficiency of the use of material, labor and financial resources in the process of production, supply and marketing of products. The study of the cost of production allows us to give a more correct assessment of the level of profit and profitability indicators achieved at enterprises.

In the system of indicators of economic efficiency of production in the sectors of material production, such indicators as production per 1 unit are planned and analyzed. costs, as well as a reduction in costs by 1 c.u. products (works).

Table 10 Analysis of the dynamics of costs per 1 rub. products sold

In SPK im.Lenin in 2008, the cost of 1 rub. of sold products decreased by 0.15 rubles.

An important section of product cost management is the analysis of the relationship between cost, sales and profit. Marketing analysis should answer the question of whether to sell a small number of products, but at a relatively high price, with a focus on a wealthy buyer with individual needs or. sell many mass-market products at a relatively low price. The second way requires a solution. problems of reducing costs and production costs; this requires an analysis of spending behavior. On this basis, all costs are divided into variables (proportionately changing with the volume of production), semi-variable, semi-permanent (remaining constant up to certain limits of production growth) and fixed (unchanged within the reporting period). All four groups of expenses in accounting are divided into conditionally variable and fixed. The former constitute the technological cost of production and are accounted for as direct costs. Variable and fixed costs are classified according to the sources of expenses: variables characterize the costs of economic activity associated with an increase in the volume of production, and fixed characterize the costs associated with the ability to manage, i.e. show the effectiveness of management. These costs include investment costs (depreciation), payment of management, costs for the development of economic policy (advertising, research and development, etc.).

The most important condition for increasing the efficiency of production is the faster growth of labor productivity compared to the growth of average wages. This ratio in rates provides savings in the cost of production for the element of wages.

Table 11 Analysis of the ratio of growth rates of labor productivity and average wages and its impact on the cost

	Indicators			Change	Growth rate, %
	Average annual output per 1 worker, thousand rubles
	The average annual salary of 1 worker, tr.
	Cost of goods sold, thousand rubles
	lead factor (page 1/page 2)
	Share of wages in cost of goods sold, %(d)(line 7/line 3)*100%
	The size of the decrease (increase) in c / c due to the ratio between the growth rates of pr. labor and cf. wages (Jzp / Jpt - 1) x d

In the SEC, the average annual salary of one worker increased by 790 rubles. or by 11.4%, and labor productivity by 33.8%. Thus, the growth of labor productivity is ahead of its payment, as a result of which the cost price decreased by 0.15 rubles. per 1 rub. revenue.

Planning and cost accounting at enterprises are carried out according to cost elements and cost items.

Cost elements: material costs (raw materials, purchased components and semi-finished products, fuel, electricity, heat energy, etc.), labor costs, social contributions, depreciation of fixed assets, other costs (depreciation of intangible assets, rent, mandatory insurance payments, interest on bank loans, taxes included in the cost of production, deductions to off-budget funds, etc.).

3.3 Analysis of working capital of the economy

Working capital is a set of funds advanced for the creation and use of working capital and circulation funds to ensure a continuous process of production and sale of products

To characterize the turnover of working capital, a number of indicators are used:

the turnover ratio of working capital is defined as the ratio of sales proceeds to the average balance of working capital;

fixing coefficient - the reciprocal of the turnover ratio;

the average duration of one turnover in days is calculated as the ratio of the duration of the period to the turnover ratio

From the calculations of Table 3.7 it follows that the turnover of funds of the economy in 2008 increased: of all working capital by 0.4 turnover, including stocks by 0.4. Accordingly, the duration of one turnover was reduced: all working capital by 27 days, including stocks by 26 for 1 day. The accounts receivable ratio increased by 2 turnovers, resulting in a reduction in the duration of one turnover by 3 days.

Table 12 Analysis of working capital turnover

	Indicators			Change
	Sales proceeds, thousand rubles
	Average balance of fixed assets, thousand rubles
	Average balance by types of fixed assets
	Stocks
	Accounts receivable
	Wed duration of 1 turnover, days (365 days/number of revolutions)
	All working capital
	Stocks
	Accounts receivable
	Turnover ratio, turnover
	All working capital (1/2)
	Stocks (1/4)
	Accounts receivable(1/5)

The change in the turnover ratio (Ob) is influenced by two factors: revenue (B) and average working capital balances (O). Let's build a factorial model of the turnover ratio: .

3.4 Analysis of the dynamics of own working capital and net assets of the economy

Current (current) assets are formed both at the expense of own capital and at the expense of short-term borrowed funds. It is desirable that they be half formed at the expense of their own, and half - at the expense of borrowed capital. Then the guarantee of repayment of external debt is provided.

Table 13 Analysis of the availability and movement of own working capital, thousand rubles.

	Indicators	to the beginning reporting period	reporting period	change
	Authorized capital.
	Extra capital.
	Undestributed profits.
	Total sources of own funds
	Excluded:
	fixed assets
	Construction in progress
	Long term financial investments
	Total non-current assets.
	Own working capital.

The lack of own working capital leads to an increase in the variable and a decrease in the constant part of current assets, which is formed at the expense of equity, which also indicates an increase in the financial dependence of the enterprise and the instability of its position.

The ultimate goal of the economy is that the investment brought more profit.

3.5 Development of ways to improve the problems of forming the investment portfolio of the economy

The problem of formation of the investment economy lies in the distribution of the accumulated net profitability of own funds for wage increases and for the development of production. This process is carried out under the direct influence of the distribution norm (NR) adopted by the enterprise, which shows which part net profit paid as wages.

Here it is logical to introduce the term "internal growth rates" - this is the rate of increase in the own funds of the economy as a necessary condition for increasing turnover and developing the economy. Obviously, the growth rate of turnover depends on the internal growth rate (GTR). Achieving high turnover rates increases the possibility of increasing the own funds of the economy.

Net return on equity characterizes (RSC):

the upper limit of the potential development of production;

upper level of profit.

If you refuse to distribute profits, then you can increase your own funds by the amount of return on equity, and if you refuse to finance development, then you can increase wages in the amount of RCC. If the economy decides in both directions, then it is necessary to look for the optimal ratio between the distribution rate and the percentage increase in own funds, i.e. domestic growth rates.

G
de VTR - internal growth rates;

РСС - net profitability of own funds;

HP - the rate of distribution of profits to wages.

Let us calculate the internal growth rates as of 2004.

Table 4.1 Calculation of WTR for the SPK named after Lenin

Indicators	Meaning
1. Asset net of accounts payable, r.
2. Passive, incl.
2.1. Own funds, r.
2.2. Borrowed funds, r.
3. Turnover, r.
4. NREI, r.
6. Profit taxation rate in rel. units
7. The rate of distribution of profits on wages

Let's calculate the key indicators:

ER = NREI/Turnover x 100 x Turnover/Asset = 15.57%

EGF \u003d (1-0.3) x (ER - SRSP) x WS / SS \u003d 0.026%

PCC \u003d (1-0.3) x ER + EGF \u003d 10.87%

Thus, the economy at VTR=8.12% has the opportunity to increase its own funds from 41,281 to 44,633 thousand rubles. But then, without violating the ratio between borrowed and own funds, it is possible to increase the debt.

Consequently, without changing the structure of the liability, it is possible to increase its volume to 48590 thousand rubles, i.e. by 8.12% compared to 2004. Consequently, the asset will increase by 8.12% and will amount to 48,590 thousand rubles. Based on the calculated WTP, we will make a forecast balance.

Thus, with a constant structure of liabilities and a constant transformation ratio, it is possible to predict an increase in the value of the turnover of the economy by the value of the GTR.

The more net profits are paid out to raise wages, the less retained earnings are left to self-finance development. An increase in the allocation rate entails a decrease in internal growth rates, which, in turn, imposes a restriction on the growth rate of revenue and reduces the possibility of attracting loans (the smaller the equity, the less likely it is to get a loan on suitable terms). But this may adversely affect the market price of the farm. Therefore, it is necessary to choose the most optimal production development policy.

Conclusion

SPK im. Lenin, the organization of voluntarily united peasants to conduct an economy based on the means of production and collective labor. It operates on land owned by the state.

Points of delivery of industrial products SPK them. Lenin is a meat processing plant, dry and skimmed milk plant.

Land funds are the most important component of agricultural resources. Rational land use ultimately leads to improved soil quality and increased crop yields. The total area of ​​land use of the economy is 7370 hectares, of which 6925 hectares are agricultural land, including arable land - 5293 hectares.

The provision of the economy with the main means of production is an important factor on which the results of economic activity, the completeness and timeliness of work, and hence the volume of production, its cost, and the financial condition of the enterprise depend. In 2004 buildings accounted for a significant part of fixed assets - 48%, structures - 11%.

An analysis of the assets of the SPK named after Lenin for 2006-2008 showed an increase in "Non-current assets" by 11,515 thousand rubles, a decrease in "Current assets" by 6,846 thousand rubles. The share of "Cash" has changed from 0.02% to 0.2%, its growth rate is positive (8%). There is also a decrease in "Accounts Receivable" by 2386 thousand rubles. Despite the increase in fixed assets in absolute terms, their share has decreased, and the fixed assets of the SEC create conditions for the production of products and the most liquid assets that allow the SEC to pay its obligations on time.

The analysis of liabilities showed low compared to the growth rate of the balance sheet currency (10%), the growth rate of own funds - "Capital and reserves" 5%, with a sharp increase in accounts payable, which accounts for 45% of the change in the balance sheet currency. Analysis of SEC liabilities showed an increase in the share of "Capital and reserves" by 5% and an increase in accounts payable by 1625 thousand rubles.

During the analyzed period from 2006 to 2008, there was an increase in the liquidity of the balance sheet due to an increase in the most liquid assets to cover term liabilities.

Calculations show that profitability in 2008 is higher than in 2007 by 51.2%, lower than in 2006 by 89.5%.

Also, the level of cost recovery in 2008 is higher than in 2007 by 51.2%, and compared to 2006 by 89.5%.

SPK expanded its activities, value added indicator for 2006-2008. increases from 9547 thousand rubles. up to 13426 thousand rubles, i.e. for two years is 40.6%. There is an increase in the gross operating result of investments, however, the growth rate of BREI lags behind the growth rate of DS. This is evidenced by the decrease in the share of BREI in value added. The value of ER in 2008 was 98.9%, there is an increase in ER compared to 2006 by 66.4%.

The average annual salary of one worker increased by 790 rubles. or by 11.4%, and labor productivity by 33.8%. Thus, the growth of labor productivity is ahead of its payment, as a result of which the cost price decreased by 0.15 rubles. per 1 rub. revenue.

The turnover of funds of the economy in 2008 increased: of all working capital by 0.4 turnover, including stocks by 0.4. Accordingly, the duration of one turnover was reduced: all working capital by 27 days, including stocks by 26 for 1 day. The accounts receivable ratio increased by 2 turnovers, resulting in a reduction in the duration of one turnover by 3 days.

As a result of the increase in the turnover ratio of working capital, a significant amount of working capital was released: current assets -1821 thousand rubles, stocks - 1474 thousand rubles.

By the end of the year, own working capital of the economy decreased by 4026 thousand rubles. through deductions to the fixed assets of the economy. The value of net assets increased by 2892 thousand rubles.

The problem of forming the investment portfolio of the economy lies in the distribution of the accumulated net profitability of own funds for wage increases and for the development of production. This process is carried out under the direct influence of the distribution norm (NR) adopted by the enterprise, which shows what part of the net profit is paid as wages.

If you refuse to distribute profits, then you can increase your own funds by the amount of return on equity, and if you refuse to finance development, then you can increase wages in the amount of RCC. If the economy decides in both directions, then it is necessary to look for the optimal ratio between the distribution rate and the percentage increase in own funds, i.e. domestic growth rates. The economy at VTR=8.12% has the opportunity to increase its own funds from 41,281 to 44,633 thousand rubles. But then, without violating the ratio between borrowed and own funds, it is possible to increase the debt.

Consequently, without changing the structure of the liability, it is possible to increase its volume to 48590 thousand rubles, i.e. by 8.12% compared to 2008. Consequently, the asset will increase by 8.12% and will amount to 48,590 thousand rubles. Based on the calculated WTP, we will make a forecast balance.

ZS / SS * X / 44941 \u003d 3955 thousand rubles.

Thus, with a constant structure of liabilities and a constant transformation ratio, it is possible to predict an increase in the value of the turnover of the economy by the value of the GTR.

The more net profits are paid out to raise wages, the less retained earnings are left to self-finance development. An increase in the allocation rate entails a decrease in internal growth rates, which, in turn, imposes a restriction on the growth rate of revenue and reduces the possibility of attracting loans (the smaller the equity, the less likely it is to get a loan on suitable terms). But this may adversely affect the market price of the farm. Therefore, it is necessary to choose the most optimal production development policy.

The ultimate goal of the farm is to make the investments brought more profit, to replenish the investment portfolio of the farm more every year.

Bibliography

1. Abryutin M.S., Grachev A.V. Analysis of the financial and economic activity of the enterprise. M.: Delo i Servis, 2007. 180 p.

2. Artemenko V.G., Belendir M.V. Financial Analysis: Textbook. M.: DIS NGAEiU, 2007. 128 p.

3. Bakanov M.I., Sheremet A.D. Theory of economic analysis. M.: Finance and statistics, 2007. 218 p.

4. Dontsova L.V., Nikiforova N.A. Analysis of the annual financial statements. M.: DIS, 2008. 216 p.

5. Efimova O.V. The financial analysis. M.: Accounting, 2007. 208 p.

main goal management of capital investments in enterprises is to ensure the planned increase in tangible and intangible assets in their specific types.

The process of managing capital investments of an enterprise is carried out in the context of the following main stages:

The main stages of capital investment management at the enterprise		1. Analysis of the degree of development and efficiency of capital investments in the preplanning period
2. Definition of forms of capital investment
3. Drawing up a capital investment plan
4. Evaluation of the effectiveness of individual investment projects
5. Formation of a portfolio of capital investments
6. Ensuring the implementation of individual investment projects and investment programs
7. Development of business plans for investment projects

Rice. 4.11. The content of the main stages of the process of managing capital investments in the enterprise

1. Analysis of the degree of development and the effectiveness of capital investments in the preplanned period. In the process of this analysis, the level of investment activity of the enterprise in the preplanned period and the degree of completion of previously launched investment projects and programs are considered.

At the first stage The analysis examines the total volume of capital investment in the growth of fixed assets and intangible assets, the share of capital investments in the total volume of investments of the enterprise in the preplanned period.

At the second stage of the analysis, the degree of implementation of individual investment projects and programs, the level of development of investment resources provided for these purposes, in the context of capital investment objects, is considered.

At the third stage of the analysis, the degree of completion of previously started capital investment projects is determined, and the required amount of investment resources for their complete completion is specified.

2. Definition of forms of capital investments. Forms of capital investments are determined in the context of the main types of investment operations in accordance with the development strategy of the enterprise.

There are forms of simple and extended reproduction of fixed assets.

To forms simple reproduction include: repair, modernization, replacement of existing means of labor.

Forms of simple reproduction

Rice. 4.12 - Forms of simple reproduction

To forms expanded reproduction include: technical re-equipment of an existing enterprise, reconstruction, expansion of an existing enterprise, new construction, acquisition of integral property complexes.

Rice. 4.13 - Forms of expanded reproduction

Technical re-equipment - this is a set of measures to improve the technical and economic level of existing enterprises or individual sites based on the introduction of new technology without expansion.

Expansion of existing enterprises involves an increase in their capacity due to extensions to existing enterprises.

Acquisition of integral property complexes- this is an investment operation of large enterprises, providing industrial, commodity or regional diversification of their activities. In connection with the ongoing process of privatization, as well as the bankruptcy of individual enterprises, the acquisition of integral property complexes is increasingly developing;

New construction- an investment operation related to the construction of a new facility with a complete technological cycle according to a specially developed or standard project in designated areas. Enterprises resort to new construction with a cardinal increase in the volume of their activities in the coming period, its production, commodity or regional diversification (creation of branches, subsidiaries, etc.);

Reconstruction- an investment operation associated with a significant transformation of production or trade and technological processes based on modern scientific and technological achievements. It is carried out in accordance with a comprehensive plan for the reconstruction of the enterprise in order to increase its production capacity, throughput, introduce resource-saving technologies, improve product quality, improve the level of customer service, etc. In the process of reconstruction, individual commercial and non-commercial buildings and premises may be expanded (if new technological equipment cannot be placed in existing premises); construction of new buildings and structures of the same purpose to replace those being liquidated on the territory of an operating enterprise, the further operation of which, for technical or economic reasons, is recognized as inexpedient;

Modernization- is an investment operation related to the improvement and bringing the active part of fixed production assets to a state corresponding to the current level of implementation of production and trade and technological processes through constructive changes in the entire fleet of equipment, machines and mechanisms used by the enterprise;

Acquisition of certain types of tangible or intangible assets. This investment operation is associated with renewal (due to physical deterioration) or increase (due to growth in the volume of activities) of certain types of tangible assets; the acquisition of new software products that ensure the growth of the efficiency of the enterprise in the coming period.

3. Drawing up a capital investment plan.

The capital investment plan includes four sections, of which the first three are the main sections:

1. Volume, structure and sources of financing of capital investments.

2. Plan for commissioning fixed assets and intangible assets.

3. Plan for commissioning production facilities.

4. Plan of design and survey work.

Capital investment includes the cost of:

All types of construction works;

Equipment;

Expenses for installation and transportation of equipment;

Costs for the reconstruction of buildings and structures;

Additional costs for the technical equipment of adjacent areas caused by the introduction of new technology.

The cost of construction works (Kiz) is determined taking into account the area or volume of the workshop buildings (S) and specific capital costs per 1m 2 or 1m 3 (m)

Kiz \u003d S ּ m,

The cost of equipment is determined at free, market wholesale selling prices (Tsoo) in force at the time of the calculation, which is referred to, which indicates the specific date of validity of the prices used in the calculations.

The cost of installation and transportation of equipment is determined by the cost rate (N tr), which is set as a percentage of the wholesale selling price and depends on the complexity of the installation of the equipment being designed.

The cost of equipment, taking into account the costs of its transportation and installation, is called book value of equipment(F b) and is determined by the formula:

F b \u003d C o +

Costs for the reconstruction of the building (Kvr.z) are determined taking into account the volume for each type of construction work on the basis of the estimate.

All sources of capital investment financing are divided into

centralized

decentralized.

Centralized capital investments are established in accordance with the state program of economic policy.

decentralized capital investments are carried out on top of state programs, if funds are available for this.

Main sources of decentralized capital investments are:

- own financial resources(depreciation deductions; deductions from net profit; proceeds from the sale of surplus property included in fixed assets; mobilization of internal financial resources (for example, amounts paid by insurance authorities in the form of compensation for damage incurred); savings from lower prices for equipment, lower costs construction and installation works).

- involved funds(funds from the sale of shares; charitable and other contributions; funds allocated by higher holding and joint-stock companies, industrial and financial groups on a gratuitous basis; appropriations from the state, regional and local budgets, entrepreneurship support funds provided on a gratuitous basis; foreign investment provided in the form of financial or other participation in the authorized capital of joint ventures; direct investments international organizations and financial institutions, enterprises and organizations, individuals);

- borrowed funds(bank loans, bonds, promissory notes).

Centralized capital investments are financed:

With funds from state budget;

Centralized funds of governing bodies;

Own funds of enterprises;

Bank loans.

The share of the budget appropriation is currently declining due to the budget deficit. And the share of own funds of enterprises increases in the total volume of capital investments.

4. Evaluation of the effectiveness of individual investment projects.

The efficiency of capital investments is characterized by the economic (or social) results of their implementation. The expediency of capital investments is determined as a result of a thorough assessment of their effectiveness. This takes into account that with a limited amount of capital as a resource, it is necessary to obtain maximum profit. The official methodology for determining the effectiveness of capital investments is based on general provisions, the main of which are the following:

Firstly, calculation of the economic efficiency of capital investments is carried out in the following three cases:

a) when developing various design and planning documents;

b) when determining the optimal ratio of capital expenditures according to the forms of reproduction of fixed assets;

c) when evaluating the efficiency of using the company's own financial resources.

Secondly, when performing calculations, the overall economic efficiency is determined as the ratio of the effect (result) to the amount of capital costs. Costs and results are determined taking into account the time factor, i.e. are discounted.

At enterprises, the most important indicator of the effectiveness of capital investments is the increase in profits.

Thirdly, for the purpose of a comprehensive justification and analysis of the economic efficiency of capital investments, identifying reserves for its increase, a system of indicators is used - generalizing and private.

To summary indicators include: net present income; index (coefficient) of profitability; payback period of investments; internal rate of return.

To private indicators include: labor productivity, capital productivity, material intensity, energy intensity, cost and technical level of production, the duration of the investment cycle, the magnitude of the social effect, indicators that characterize the improvement of the environment.

Fourth, when determining the effectiveness of capital investments, the influence of so-called non-investment factors, i.e. the action of factors that do not require additional investment. This means that from the total amount of the effect, one should single out the effect obtained as a result of an increase in the shift ratio, the use of progressive norms for the organization of production, labor, management, etc.

To assess the effectiveness of capital investments and calculate the above indicators, you need to know specific terms (Table 4.3).

Payback period allows you to evaluate not only the effectiveness of investments, but also the level of investment risks. Since the longer the period of project implementation until its full payback, the higher the level of investment risks. However, the indicator “payback period” of investments does not take into account those cash flows that are formed after the payback period of investment funds invested in the project. This is especially important for projects with long periods operation.

Table 4.3

Indicators for evaluating the effectiveness of investment potential

Index	Economic content	Calculation formula
Initial Investment (IP)	this is the real cost of the investment project, taking into account the results from the sale of existing equipment and taxes
Initial income (PD)	this is income from the sale of old equipment, tax incentives for investments, etc.
Cash flow (CF)	a financial indicator that characterizes the degree of liquidity of the project, it consists of their net profit and depreciation.
Discounting	an operation to take into account the time factor when making decisions. Its meaning is in assessing costs, revenues, profits and economic profitability, taking into account temporary changes.
Discount rate (r)	this is interest rate, which characterizes the rate of return, taking into account bringing investments and cash flows for different periods into a comparable form. It depends on the level of risk and liquidity. Using the discount, the reduction coefficient (Kp) is determined, which is based on the compound interest formula.	Kp \u003d (1 + r) n, where n is the number of years.
The present value of the investment project (HC)	This is the value of future income in today's terms. The real value of the amount of money is the lower, the higher the rate of return and the longer the period of receipt of income.	, where FV is the future value of the investment project.
Net present value (NPV)	represents the difference between the amount of cash flow (CFNS) reduced to the present value (by discounting) for the period of operation of the investment project and the amount of funds invested in its implementation (initial investment).	NPV \u003d DPns - PINs. If the project involves not a one-time investment, but consistent investment over m years, then the formula for calculating the NPV takes the following form: NPV= k - forecast inflation rate. Pince - initial investment at present value
Yield Index (ID)	is the ratio of the cash flow reduced in the process of project appraisal to the present value (CVNS) to the initial investment in the project (and, if investments are different in time, also reduced to the present value) (PI)	The indicator "index of profitability" can also be used not only for a comparative evaluation of investment projects, but also as a criterion. If ID > 1, the project should be accepted, if ID £ 1, then the project should be rejected due to the fact that it will not bring additional income investor.
Rate of return on investment” (Nd)	Characterizes the cash flow that will be received for each hryvnia of invested funds annually	; DP NS - cash flow at present value
Payback period (PO)	shows for what period the investor will return the funds invested in the project. When calculating it, the values ​​​​of the initial investment and cash flow reduced to the present value are also used.	; DPns avg - the average amount of cash flow in the period (average annual, average quarterly, average monthly).
Internal rate of return (IRR)	reflects the discount rate at which the present value of the cash flows and the initial investment are the same	IRR = - 1, where n is the number of years for which the value is discounted.

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