The concept and essence of the investment climate in Russia and its regions

Condition of the investment climate is one of the most important indicators of the economic situation and development prospects of the country and any of its regions. Active investment activities are a stimulant for economic growth, the basis of recovery of the country (region), its power and prosperity of the people. Among domestic economists, there are several interpretations of the concept of "investment climate".

Semyonova F. under the investment climate in a particular subject of the economy (an organization, region, country, etc.) understands a set specific to each locality factors (political, economic, legal, social, etc.) that determine the opportunities and incentives to invest productively.

Naryshkin S means under investment climate generalized and, as a rule, quantitatively (including relatively) pronounced characteristic set of social, economic, organizational, legal, political, ethno-cultural and other assumptions that prejudge the attractiveness of investing in one or another economic system - the country's economy in the region, Corporation.

Investment climate is an environment in which the flow investment processes.

According to the World Bank's investment climate is a set of characteristics for each locality factors determining the possibilities of companies and provides them with incentives to invest productively, create jobs.

The scientific literature has developed as the concept of "regional investment climate." It is a system of socio-economic relations, which are formed under the influence of a wide range of interrelated processes at the macro, micro and regional levels, proper management and creating prerequisites for sustainable investment motivations.

Thus, most economists, in principle, equally treat the content of this notion, but the specificity of its structure, assessment methods, opinions diverge.

The main legislative acts regulating investment activities in Russia include:

1. Federal Law of 25 February 1999 N 39-FZ "On Investment Activity in Russia, carried out in the form of capital investment" determines the legal and economic framework for investment activities in the form of capital investments in the territory of the Russian Federation, and also provides guarantees of equal protection rights, Interests and property of subjects of investment activities in the form of investments, irrespective of ownership.

2. Federal Law of 29 April 2008 N 57-FZ "On the procedure for foreign investment in the business entities of strategic importance to national defense and security of the state sets the restrictive nature of the exemption for foreign investors and to groups of people, including a foreign investor (hereinafter - a group of persons), with their participation in the authorized capital of business entities of strategic importance to national defense and national security, and (or) they have committed transactions that entail the establishment of control over these business entities.

3. Federal Law of 22 July 2005 N 116-FZ "On special economic zones in the Russian Federation establishes rules for the creation of special economic zones - defined by the Government of the Russian parts of the territory of the Russian Federation, on which a particular mode of doing business - in order to develop manufacturing industries, high-tech industries, production of new products, transport infrastructure, as well as tourism and sanatorium-resort industry.

4. Federal Law of 21 July 2005 N 115-FZ "On Concession Agreements", whose objectives are to attract investments in the Russian economy, ensure efficient use of property located in the state or municipal property under concession agreements, and improving the quality of goods, works and services provided to consumers.

5. Federal Law of 9 July 1999 N 160-FZ "On Foreign Investments in the Russian Federation" defines the basic guarantees of rights of foreign investors to invest and obtain their revenues and profits, the business environment of foreign investors in the Russian Federation.

6. Russian Federation Government Resolution of March 1, 2008 N 134 "On approval of rules of formation and use of budgetary allocations Russian Investment Fund" shall govern the provision of budgetary allocations of Investment Fund of the Russian Federation (hereinafter - the Fund) for investment projects, complex investment projects and concession projects of national significance implemented on public-private partnership (hereinafter - the projects), and sets the stage and the procedure for selecting projects, the basic requirements for submission of documentation and control and monitor the progress of their implementation.

As a component of a favorable investment climate and investment attractiveness of the country (region) two main characteristics are distinguished: the objective possibilities of the region - the investment potential and conditions of the investor - the investment risk.

Under the investment potential is understood the maximum possible amount of funds (from all sources, taking into account the current economic situation), which can be used for investment. Total investment potential is composed of eight private capacities (each of which, in turn, is characterized by a whole group of indicators):

- Raw materials, calculated on the basis of the average availability of the region balance reserves of critical natural resources;

- Employment, which are used to calculate data on the economically active population and its educational level;

- Production, which represents the combined effect of economic activity in the region or estimated through quantitative and qualitative indicators of the magnitude and structure of the main productive capital in the economy of the region;

- Innovation (integrated evaluation of volumes and the results of scientific and technological activities in the region);

- Institutional (level of development of the leading institutions of a market economy in the region and their common enough for the smooth functioning of the major regional markets);

- Infrastructure (evaluation of the infrastructure saturation region and its overall transport accessibility);

- Consumer potential, estimated as the total purchasing power in the region;

- Financial, credit, expressed the total amount of tax and other receipts to the budget of the country from the territory of the region, as well as the total resources of regional institutions of the banking and credit system, the annual volume of lending, including extended long-term loans to enterprises.

Limited investment opportunity may be related to the specific national-territorial entity.

Investment risk describes the probability of loss of investments and income from them. He shows why it should not (or should) invest in the enterprise, industry, region or country. Risk summarizes the rules of the game in the investment market. The degree of investment risk depends on the political, social, economic, environmental, criminal situation. Calculated the following types of risk:

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

- financial (degree of balance in the regional budget and finance companies);

- political (distribution of political sympathies of the population according to the results of recent parliamentary elections, the legitimacy of local authorities);

- social (social tensions);

- ecological (environmental pollution, including radiation);

- crime (the crime rate in the region, given the gravity of the crime);

- legislative (legal conditions for investment in certain areas or industries, the use of individual factors of production).

According to empirical studies, for the investor the most important are the potential consumer and regulatory risks, while environmental risk and resource potential of the least important when choosing a place of investment.

The investment climate is usually characterized by a combination of investment attractiveness and investment activities, which are correlated, that is, the investment attractiveness - a factor generalized symptoms, and investment activity - independent of his result. High correlation of the current investment attractiveness of regions with a current investment of economic activity makes it possible to identify promising investment activity.

Thus, the investment climate is a set of characteristics for each area of factors that determine the opportunities and incentives to invest productively. Identify two main features: investment potential (maximum possible amount that can be used for investment) and investment risk.

Дата добавления: 2015-11-14