Investment attractiveness of Russian regions. The concept of investment attractiveness of regions

Investing has become quite common in our country as a kind of financial activities person.

Thanks to the transition Russian Federation from a planned economy model to a market one, every ordinary person can now invest and earn on financial exchanges. The only criterion that is more important for the investor himself, as it determines his level of income, is certain knowledge and skills necessary for investment activities.

Earnings through investments can provide a fairly high and constant level of income for the investor, if you choose the right project for investment. The selection criteria are varied: you need to assess the risks associated with investing in this industry or a specific object, inquire about the income from the operation, and the like. The main thing that a competent investor needs to do is, first of all, evaluate Russia.

This indicator reflects the degree of economic, legislative, political, social and financial development of the investment area. This attractiveness is determined by the direction of investment flows (where there are more deposits - to or from the region), the movement of intellectual resources (that is, the exchange of human resources that have the necessary knowledge for a particular industry), the inflation rate, and many others. economic forces investment attractiveness.

That is, to put it simply, this indicator reflects the profitability or disadvantageousness of investing funds in a given economic region, the risks accompanying this process and possible development prospects for the object whose investment attractiveness is being assessed. It can be determined both for a specific object and for different scales of the territory - region, region, country.

Components of investment attractiveness

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

Investment policy

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

The investment policy of the region is aimed at improving its development in the economic sphere, attracting investments, including foreign ones, and modernizing it. At the state level, a promising regional investment policy is being formed that would adequately meet the state of financial markets, the needs of the national economy, the level of demand for a particular product, as well as the structure market economy generally.

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

Investment climate

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

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

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

The attractiveness of the municipality for investors to invest in it

It is worth starting with the fact that the investment policy of a municipality may differ somewhat from that of a larger territorial entity.

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

Rating of regions of the Russian Federation by their investment attractiveness

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

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

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

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

Faculty of Management and Social and Humanitarian Education

Department of Management

TEST

in the discipline "Investment management"

"Assessment of investment attractiveness of regions"

Work completed:

student of group GO-12/2

Chebotareva Yulia Vitalievna

Checked work:

Candidate of Economics, Assoc. Shutova T.V.

Korolev, 2015

Introduction. 3

Investment attractiveness of regions. 5

The concept of investment attractiveness of regions. 5

Factors of investment attractiveness of regions. ten

Management of investment attractiveness of regions 11

Attracting investments to the regions of Russia. fifteen

Different approaches to assessing the investment attractiveness of regions 18

Determination of investment attractiveness based on the integral indicator 18

Conclusion. twenty

List of used literature.. 22

Introduction

The investment process plays an important role in the economy of any country. Investment largely determines the economic growth of the state, employment of the population and is an essential element of the base on which the economic development of society is based.

The investment activity of an enterprise in all its forms cannot be reduced to meeting current investment needs, determined by the need to replace retired assets or increase them in connection with ongoing changes in the volume and structure of economic activity. The investment attractiveness of regions is an integral characteristic of individual regions of the country from the standpoint of the investment climate, the level of development of investment infrastructure, the possibilities of attracting investment resources and other factors that significantly affect the formation of investment returns and investment risks. The assessment and forecasting of the investment attractiveness of the regions should be directly linked to the state regional policy. The purpose of this policy is to ensure the effective development of the regions, taking into account the rational use of the various economic opportunities of each of them.



aim This work is the disclosure of the concept of investment attractiveness of the regions of Russia, the definition of factors affecting the investment attractiveness, the study of the process of managing the investment attractiveness of the regions.

To achieve the goal of the control work, you must perform the following tasks, namely to consider:

1. The essence of the investment attractiveness of the regions

2. Evaluation of the effectiveness of the investment project.

Subject control work - the investment attractiveness of the regions.

An object control work - the region where investments are attracted.

Test made in accordance with the guidelines, contains an introduction, main body, conclusion and list of references.

Investment attractiveness of regions

The concept of investment attractiveness of regions

Traditionally, the concept of investment attractiveness means the presence of such investment conditions that affect the investor's preferences in choosing one or another investment object. The object of investment can be a separate project, an enterprise as a whole, a corporation, a city, a region, a country. It is easy to single out the common thing that puts them on a par: having their own budget and their own management system. An object of each level (and, accordingly, its investment attractiveness) has its own set of significant properties, but the region occupies a special place in this series: due to its features, it has its own specifics, and, at the same time, due to the integrity of the structure, it is not unique . It is this feature that makes it possible to compare regions with each other.

The investment attractiveness of regions is an integral characteristic of individual regions of the country from the standpoint of the investment climate, the level of development of investment infrastructure, the possibilities of attracting investment resources and other factors that significantly affect the formation of investment returns and investment risks. The assessment of the investment attractiveness of individual regions is carried out when developing the company's investment strategy.

Investment attractiveness is a characteristic that can be applied both to the region and to a specific investment object (enterprise, financial instrument). This parameter reflects the fact that this investment object corresponds to the specific goals of a certain investor.

In international practice, usually under the investment attractiveness or investment climate of an object (territory, region, organization) is understood only the totality of non-commercial risks of an investor 'entering' a given region (non-commercial risks are directly related to direct or indirect actions of the host state that cause damage to foreign investors who have carried out investments in the economy of the recipient country.Such actions of the host state may consist in the adoption of regulatory legal acts that infringe on the property interests of foreign investors, in the implementation economic policy or in carrying out certain political decisions, such as starting hostilities or provoking civil unrest), or an enterprise and the implementation of an investment project by it. Considering the concept more broadly, since, according to the author, whether non-commercial risks alone are not enough for an objective assessment, the following definition can be used, the investment attractiveness of a region is a set of objective economic, social and natural features, means, opportunities and restrictions that determine the inflow of capital into the region and evaluated by investment activity.

In turn, the investment activity of the region can be considered as the intensity of capital inflow.

The integral investment attractiveness of a region is a consolidated level of objective socio-economic, natural-geographical and environmental indicators that characterize the conditions for the economic development of the region and have a positive or negative impact on the formation of investment activity in it.

The category "investment potential" reflects the degree of the possibility of investing in long-term assets, including investments in securities for the purpose of making a profit or other economic results. At the same time, it should be noted that some economists understand “investment potential” as a “certainly ordered set of investment resources that make it possible to achieve a synergistic effect in their use”.
Noteworthy are the approaches to the analysis of the formation and implementation of the investment potential of the region, proposed by F. S. Tumusov. He considers "investment potential" as a set of investment resources that make up that part of the accumulated capital that is presented on the investment market in the form of potential investment demand that can and has the ability to turn into real investment demand that meets the material, financial and intellectual needs of capital reproduction.

In general, the investment potential of the region can be defined as the total possibility of own and attracted to the region economic resources ensure, in the presence of a favorable investment climate, investment activities for the purposes and scales determined by economic policy region.
Zenchenko S.V., Shemetkina M.A. in their work, they identify a number of factors that have the greatest impact on investor preferences. Thus, the most significant factors for assessing the investment potential of the region are the following factors:

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

production (cumulative result of economic activity in the region);

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

Infrastructural (economic and geographical position of the region and its infrastructural development);

intellectual (educational level of the population);

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

· innovative (the level of implementation of the achievements of scientific and technological progress in the region).

Note that the investment potential is one of the possible criteria for classifying regions.

Each investment project has a specific focus and can be implemented with the greatest efficiency in those regions where there are best conditions. Therefore, an important role in the process of substantiating the strategy of investment activities of companies and firms is played by the assessment and forecasting of the investment attractiveness of regions.

The assessment and forecasting of the investment attractiveness of the regions should be directly linked to the state regional policy. The purpose of this policy is to ensure the effective development of the regions, taking into account the rational use of the various economic opportunities of each of them. In accordance with this goal, the tasks of the state policy of regional development are the reconstruction of old industrial regions; stimulating the development of export and import-substituting industries in those regions that have the best conditions for this.

Determining the investment attractiveness of a region is divided into the following main stages:

The share of fixed assets of each industry existing in the region under consideration is determined in the all-Russian volume of fixed assets of this industry;

Based on the volume of capital investments in this industry throughout Russia, the standard value of capital investments in this industry of the given region is calculated (the product of the share of fixed assets of this industry attributable to the region under consideration, in the all-Russian volume of fixed assets of this industry, by the all-Russian volume of investments made in this industry) ;

By summing up the normative values ​​of capital investments of all industries existing in a given region, the normative value of capital investments in a given region is calculated;

Summing up the real values ​​of capital investments of all industries existing in a given region, the real value of capital investments in a given region is calculated;

The regions are grouped and compared according to the amount of real and normative capital investments.

In many methods, the integral assessment of investment attractiveness is determined by comparing the effectiveness of investments. In this case, the position of Russia is close to the positions of Iraq, Nigeria, and Venezuela. This group also includes those who propose to determine investment attractiveness through the level of profit from capital investment or through multipliers of macroeconomic processes. This approach has a narrow scope, since to obtain adequate results it is required that investments are made only in the form of financial investments and with the same degree of risk. Since investments in the region should be predominantly real in nature, the application of such an approach seems impossible.

The methodology for assessing the investment attractiveness of regions, based on the investment image of the regions, seems very unusual. Here it is proposed to create the desired level of attractiveness through a creative approach, taken primarily from psychology. For these purposes, it is recommended to use the experience of well-known image makers. This approach is based only on the socio-psychological perception of the investor. However, the investor, first of all, is interested in the result of investments, and not the "prestige" of the investment object. Given this, the use of this approach to assess investment attractiveness is considered impossible; its application is possible when managing the investment attractiveness of the region in order to create the desired opinion about regional development. However, even this application is impossible without measures of an economic nature.

The exceptionally high heterogeneity of the Russian investment space is a recognized and widely publicized feature of the modern Russian economy. At the same time, in the works devoted to the problems of assessing the degree of favorable investment climate in the regions of Russia, a number of important issues remain unresolved to this day, namely:

Scientific substantiation of the methodological provisions of the analysis and forecasting of the investment attractiveness of the regions of the Russian Federation as one of the integral characteristics of the investment climate that is developing in various subjects of the Federation;

Calculation on the basis of a holistic methodology of quantitative levels of the integral current and forecast investment attractiveness of Russian regions;

Determination of the criterion of validity of the methodology used for the above purposes;

Comprehensive quantitative assessment of investment activity in the regions of the Russian Federation.

Investment attractiveness and investment climate of the region

Basic concepts

In the specialized literature and most regulatory documents related to investment issues, a fuzzy and "loose" conceptual apparatus is used, in which the concepts of investment attractiveness and investment climate, commercial and non-commercial investment risks, etc. are slightly distinguished, confused and replaced. Until 1996, all investment terminology remained disordered and unclear, with the exception, in part, of the official publications of the Goskomstat of Russia.

Only in 1997, in some draft regulatory documents, it was possible to more or less successfully formulate the general concept of investments and give definitions of their particular varieties. According to the most general definition, "investments are funds invested in order to obtain a subsequent result (most often - income)".

Given the extremely broad content of the general term "investment", it is necessary to clearly distinguish between financial investments and capital-forming investments and an indication of which investments are meant.

The predominant and leading part of capital-forming investments are investments in fixed capital, that is, funds directed to the acquisition, creation and modernization of fixed assets.

In this work, in the absence of special reservations, investments mean investments in fixed capital, which we will consider a synonym for the concept of "capital investments".

Accordingly, the adjective "investment" in such cases also refers only to the characteristics of the processes of creation, acquisition and modernization of fixed assets.

The preparation and implementation of an effective investment policy requires a clear and unambiguous definition of criteria for assessing the investment situation in the country and its regions, the development of a methodological apparatus adequate to economic realities, and its consistent application.

In my opinion, in the aggregate of concepts that form the state of the investment sphere, or otherwise - the investment climate in the economy, the system-forming category is the investment attractiveness of the country as a whole, region, industry, enterprise or corporation.

Investment attractiveness of the country, region, etc. - a system or combination of various objective signs, means, opportunities, which together determine the potential effective demand for investments in a given country, region, industry, enterprise (corporation).

Depending on the time horizon of analysis, management and forecasting, the current and prospective investment attractiveness of a country, region, etc. can be distinguished.

The most general concept characterizing the investment processes in the region is its investment climate. The investment climate, for example, of a region of the Russian Federation is a set of various socio-economic, natural, environmental, political, and other conditions that have developed over the years that determine the scale (volume and pace) of attracting investments in fixed capital of a given region of the Russian Federation. The investment climate consists of two components - the investment attractiveness of the region and the investment activity in it.

The most important distinguishing feature of the applied approach to meaningful interpretation and to quantitative assessments of the degree of favorableness of the investment climate of the regions is the consideration of investment attractiveness and investment activity in interrelation. There is a causal relationship between investment activity in the region and its investment attractiveness: investment attractiveness is a generalized factorial sign (independent variable), and investment activity in the region is a resultant sign (dependent variable). In other words, investment attractiveness is an argument (X), and investment activity is a function (Y) of investment attractiveness. Accordingly, the type and parameters of this objectively existing dependency can be set, i.e. the function Y = f(X) can be chosen.

Investment activity in the region (investment activity of the region) is the intensity of attracting investments in the fixed capital of the region. Investment activity can be actual, including current (i.e. for the last reporting period), and predictive, the definition of which is also a very urgent task. Investment activity is measured by a complex (integral) indicator, which we will discuss further.

The investment attractiveness of the region is a combination of various objective signs, means, opportunities and restrictions that determine the intensity of attracting investments in the fixed capital of the region. Depending on the time horizon of analysis, management and forecasting (as in the case of investment activity), the actual, including the current (i.e. for the last reporting period), and forecast investment attractiveness of the region are distinguished. The main methodological provisions of their definition are the same.

The investment attractiveness of the region, in turn, is formed by two groups of factors, or two complex factors - the investment potential of the region and regional investment risks.

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

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

Factors of investment attractiveness

A significant part of the factors (factorial signs) of investment attractiveness and indicators expressing them is common to all or most structural levels of the economy. Such, for example, are the volume of internal investment resources of enterprises, the rate of change in profits and volumes of industrial production, the share of unprofitable enterprises in their total number (respectively for the country as a whole, region or for a particular industry).

Other factorial signs are inherent only to one or some structural levels of the economy. For example, the attitude of the population to the exchange rate economic reforms, measured by the results of presidential or parliamentary elections, is a factorial indicator common only to the macroeconomic (“country”) and regional levels. Such an undoubted factor of investment attractiveness as the frequency and range of changes central bank country's refinancing rate, is applicable only to measure the dynamics of the investment attractiveness of the country as a whole (macroeconomic level).

The level of investment attractiveness of a country, region, industry, enterprise (as a generalized quantitative expression of their investment attractiveness) consists of two components - the level of investment potential and the level of non-specific (non-commercial) investment risks.

The content of the investment potential, formed by a number of economic, social and natural-geographical factors, does not raise any special questions. The same cannot be said about investment risks. Sometimes such risks are unjustifiably interpreted broadly, including all elements of the investment potential. This is precisely what, for example, the authors of a well-known work devoted to the regional investment problems of Russia, prepared by the Bank of Vienna, did. However, in most cases, conceptual difficulties and vagueness of criteria arise due to an arbitrary, unreasonable combination of fundamentally different types of investment risks.

In general terms, investment risks can be defined as the possibility or probability of complete or partial non-achievement (non-receipt) of the results of the implementation of investments planned by the participants in the investment project.

Investment attractiveness is a positive concept in its content, and investment risks that are involved in the formation of this attractiveness are a negative concept. Therefore, when taking into account non-commercial investment risks as a complex factor of investment attractiveness, it is advisable to convert the numerical characteristics of risks into numerical characteristics of a concept that is opposite in meaning to the concept of “regional investment risks” (the same applies to country and industry risks). Such a concept - the antonym of the concept of investment risks - can be called "socio-political and environmental security for investors", or simply - investment security (respectively - macroeconomic, regional, sectoral and at the enterprise level).

The described transformation allows avoiding the opposite influence of two complex factors - investment potential and investment non-commercial risks - on the resulting characteristic - investment attractiveness.

In exactly the same way, each particular factor of these generalizing concepts simultaneously has both a positive quantitative expression (through a “positive” indicator - to determine the consolidated level of macroeconomic, regional, and other investment security) and a negative one (through a “negative” indicator that is opposite in content - to determine the consolidated level of macroeconomic, regional and other investment non-commercial risks).

The composition of indicators for a comprehensive assessment of the investment attractiveness of regions

It is obvious that a comprehensive quantitative assessment of the current investment attractiveness of the regions can only be carried out with the help of a consolidated, integral indicator, which is formed by a set of particular factorial features measured by the corresponding indicators.

The integral indicator is determined by summing up the numerical values ​​of individual private indicators of investment attractiveness. The numerical value of the integral indicator of investment attractiveness for the country as a whole is taken as 1.00 or 100%, and the values ​​of the integral indicators for the regions are determined in relation to the average level for the country.

All private indicators of the investment attractiveness of the regions are divided into positive and negative. In terms of positive indicators, higher quantitative values ​​(for example, growth rates of industrial production, export of products abroad, etc.) determine, other things being equal, a higher integral level of investment attractiveness. For negative indicators, a higher quantitative characteristic (for example, a higher crime rate) reduces the integral level of investment attractiveness of the corresponding region. The methodological features of integrating the numerical characteristics of positive indicators with negative ones are described below.

An approximate composition of investment-significant indicators for determining the integral level of investment attractiveness of the regions of the Russian Federation.

Name of private indicators

Unit of measurement and data sources

(indicators state statistics and their derivatives are abbreviated GKS)

A. Indicators of the investment potential of the region

I. Indicators of the production and financial potential of the region

Volume of industrial production

The volume of industrial output per capita in the region. GKS

The rate of change in the volume of industrial production

Annual rate of change, based on volumes at comparable prices. GKS

The level of development of small business

The share of employees in small enterprises in the total number of economically active population. GKS

Share of unprofitable enterprises

The share of enterprises and organizations that ended the year with a loss in the total number of enterprises and organizations engaged in entrepreneurial activities. GKS

The total volume of internal investment resources of enterprises

The amount of cash-backed (according to the average share) depreciation allowances of all enterprises and the profits of profitable enterprises (net of taxes according to the average share) per capita of the region. GKS (mostly)

Retail turnover volume

The volume of retail trade turnover per capita (adjusted for regional differences in the level of retail prices). GKS

Export of products to near and far abroad

Export from the region in dollars per capita of the region. GKS

II. Indicators of the social potential of the region

Provision of the population with housing

Housing (in square meters of total area) per capita. GKS

Provision of the population with cars

The number of cars owned by citizens per 1000 people. population. GKS

Provision of the population with home telephone sets of the public network

The number of personal (non-official) telephone sets (numbers) of the public network per 1000 families. GKS

Provision of the region highways hard coated

The total length of roads per unit area of ​​the region and per capita of the region, determined using the E. Engel indicator (Ke):

where D is the length of the road network in km; T is the area of ​​the region in hundreds of square meters. km; N - the population of the region in tens of thousands of people. GKS

The volume of paid services for the population

Cost volume of paid services per capita. GKS

The standard of living of the population of the region

The ratio of per capita disposable resources and the value living wage. GKS

III. Indicators of the natural and geographical potential of the region

The volume of natural reserves of oil and gas (hydrocarbon resources)

The volume of natural reserves of oil and gas (categories A + B + C1), taking into account the profitability of field development per unit of the E. Engel indicator (similar to indicator No. 11)

Availability of natural reserves of mineral and raw materials other than hydrocarbons

The volume of natural reserves of mineral resources, except for hydrocarbons, per unit of the E. Engel indicator (similar to indicator No. 11)

Geographical position of the region in relation to Russia's foreign trade outlets

Scoring based on objective natural and geographical features (range of fluctuations: Murmansk region, etc. - 7 points, ..., Kemerovo region, etc. - 0 points)

Total: the level of the investment potential of the region (summary of data on indicators No. 1 - 16 according to the multivariate average formula)

B. Indicators that determine the regional level of socio-political and environmental security for investors (antonym - the level of investment non-commercial risks in the region)

Proportion of the poor

The proportion of the population with cash incomes below the subsistence level. GKS

Crime level

A complex indicator integrating: 1) the number of registered crimes (minus the most serious ones) per 100,000 population; 2) the number of the most serious crimes per 100,000 people. GKS

Unemployment rate

The number of unemployed in % of the economically active population. GKS

The level of environmental pollution and climate discomfort in the region

A complex indicator that integrates three environmental characteristics according to state statistics (dumping of polluted wastewater, etc. per unit of the E. Engel indicator) and one point climatic characteristic. GKS (mostly)

The attitude of the population of the region to the processes of formation of a market economy

The level of conflict in labor relations

The share of those participating in strikes in the total number of employees of enterprises. GKS

The level of political stability in the region (a temporary indicator for assessing the negative impact on the investment attractiveness of the tense socio-political situation in some regions of the North Caucasus)

For all regions of the Russian Federation, except for the republics of the North Caucasus and Stavropol Territory, is taken at the level of 1.0; for the mentioned regions of the North Caucasus, differentiated negative scores

Total: regional level of socio-political and environmental security for investors (summary of data on indicators No. 17 - 23 according to the multivariate average formula)

Total: integral level of investment attractiveness of the region

Integral (summary) coefficient summarizing the data of all particular indicators according to the multivariate average formula

Investment activity

The investment attractiveness of the region, including non-commercial investment risks, is realized in the form of investment activity in the region.

Investment activity of a country, region, industry, enterprise - the real development of investment activity in the form of investments in fixed capital, respectively, in the country as a whole, regions, industries, and enterprises.

The relationship between investment attractiveness and investment activity for each of these structural levels is in the nature of a correlation dependence: investment attractiveness is a generalized factor sign (independent variable), and investment activity is a resultant sign dependent on it (dependent variable).

The totality of investment attractiveness and investment activity is the investment climate of the country, region, industry, corporation (at the enterprise).

The relationship and subordination of the concepts outlined above is expressed schematically as follows (see Fig. 1).

Rice. 1. The main structural elements of investment processes and their relationship

The composition of indicators for assessing investment activity in the regions

Turning to the issue of measuring investment activity, we note, first of all, that, taking into account the substantive definition given to it above, the activity of the real investment process in the region should be measured by at least two particular indicators, which are also integrated according to the multivariate average formula (although in this case we are talking only about a two-dimensional average):

1) per capita investment;

2) investment growth rates in the region.

At the same time, it is taken into account that the per capita volume of investments in itself does not yet fully characterize the level of investment activity in the region.

The fact is that both per capita and absolute volumes of capital investments in the region are largely determined by the sectoral structure of the region's economy and the differentiation of the specific capital intensity of the products of different industries. It is clear that with all the efforts of the economic entities of the Novgorod region and its state authorities, the volume indicators of investment in fixed capital (absolute and per capita) are unlikely to ever reach the level of the Tomsk region or the Yamalo-Nenets Autonomous Okrug due to the different specialization of the economies of these regions.

Unlike volume indicators, the tempo indicator is little affected by inter-regional differences in the specialization of the regional economies. Moreover, as is known, regions with lower levels of capital investments per capita can even increase their volumes faster. Therefore, volumetric per capita and tempo indicators organically complement each other, allowing, through their integration, to obtain a truly comprehensive assessment of the state of investment activity in the region.

Methods for assessing the investment situation in the regions

However, in recent years, a significant number of domestic and foreign methods for assessing the investment situation in various regions of Russia have appeared. Among them: the method of monitoring the socio-political climate of Russian territories by the analysts of the Kommersant magazine; reviews of the investment attractiveness of the economic regions of Russia by the Universe agency, based on the derivation of the resulting indicator of regional business risk; analysis of investment features of Russian regions, carried out by a group of authors led by A.S. Martynov using the program "Datagraf"; work by I. Tikhomirova "Investment climate in Russia: regional risks" (1997); "Methodology for assessing the investment climate of Russian regions" IE RAS; "Methodology for Assessing Regional Risks in Russia" by the Institute for Advanced Studies (IAS) commissioned by the Bank of Austria; "Rating of investment attractiveness of Russian regions", annually carried out by "RA-Expert"; "Methodology for calculating the indices of investment attractiveness of regions" - the result of a joint study of the Expert Institute (Russia) and the Center for the Study of Russia and of Eastern Europe University of Birmingham (Great Britain) and a number of other works.

A detailed comparative analysis of new methods and the results of their application showed that, despite certain positive developments in recent years in the study and evaluation of the investment situation in the regions of the Russian Federation, most of these developments have a number of methodological omissions, resulting in insufficient reliability of the results obtained.

Thus, in many methods, when determining the quality of the investment climate in regions, preference is given to scoring, mainly expert, estimates of each of the factors taken into account. But, as practice shows, expert scores are inevitably largely subjective and usually smooth out or "compress" the real spread of regional characteristics: experts instinctively "stretch" to the middle of a given scale and are wary of extreme estimates.

Another method that has become widespread is statistical (rather than expert) scoring. It is often used using the reduction of numerical values ​​of statistical indicators to scores on some scale and also cannot fully reflect the degree of differentiation of statistical indicators by region due to the inevitably limited number of applied intervals for "breaking down" data or a predetermined range of scores. . In essence, both methods ignore the real spread of the corresponding actual characteristics, which do not depend on the will and sympathies of the authors.

Of course, for some features that are not amenable to statistical measurement (for example, to assess the geographic location of a region in relation to Russia's foreign trade outlets), the use of expert scoring is a necessary necessity. But there are few such signs, and they do not play the main role. Such a role, due to their undoubtedly greater objectivity, should be played by actual, mainly according to state statistics, and quantitative characteristics of investment-significant economic, social and natural-geographical indicators of the regions.

Significant shortcomings also have widely used methods of summing private indicators into an integral indicator - the methods of "sum of points" and "sum of ranking (ordinal) places".

Integral ratings compiled using the above methods of assessment and a set of particular factors show only that one region is better or worse than another in a certain feature (or set of features). But such ratings do not show the main thing: how much one subject of the Federation is superior to another or how much it is inferior to another. Indeed, between the regions occupying 40th and 41st places in the ranking, the difference can be either 0.1% or 10%! Especially doubtful is the combination of such methods of assessment and summation with the use of different weight coefficients for the significance of particular indicators (or weight points). The determination of the values ​​of the weight coefficients of significance is again carried out by an expert, supplementing the subjective scoring of the indicators with a no less subjective assessment of their significance.

As a result, the application of most of the above methods, firstly, requires a number of time-consuming and expensive expert procedures and, secondly, does not make it possible to verify the adequacy of the results obtained due to the lack of an objective reliability criterion "built into" the methodology.

The predominant role assigned to "expert evaluation scores" and "expert weight coefficients of significance" of various indicators leads to the fact that the results of the so-called investment ratings can be considered only from the position of "believe - do not believe" (in the competence of the compilers who selected the indicators, in the competence experts evaluating them, etc.), but not from the standpoint of "rating is an objective characteristic of the investment situation in the region". An indirect confirmation of the insufficient methodological elaboration of the issues of assessing the investment situation in the regions at present is the complete absence of even any attempts to make the transition from ascertaining the current state of affairs to forecasting. For expert methods, forecasting the investment situation in the constituent entities of the Russian Federation is again a matter of faith in the competence of the involved experts.

Assessment of the regional investment climate

The assessment of the regional investment climate and image should be constantly improved both in terms of method and content.

The investment climate of the regions, in modern Russian conditions, is extremely dynamic and constantly changing in one direction or another. In this sense, the problem of monitoring the investment climate is very relevant. Moreover, regional monitoring should not only record the ongoing changes, but also try to establish deep cause-and-effect relationships between the socio-economic processes taking place in the region and how they affect the investment attractiveness of the region, and to prevent the weakest elements of the investment climate. The total investment potential of the regions of southern Russia is great, but much remains to be done to use it effectively.

conclusions

Due to the presence of a certain time gap between the investment attractiveness of the region for a certain year and its implementation in the form of investment activity, there is reason to believe that in non-crisis periods, especially at the stage of economic growth, the duration of the above-mentioned lag increases due to the implementation of more capital-intensive projects, an increase in the role social factors, in particular, educational potential, etc.

Thus, these cycles and trends need to be monitored and managed at the state level in order to increase the country's overall investment attractiveness.

The existing "underinvestment" of the real sector of the economy in the region essentially means that every day the way out of the crisis will be associated with the need for a larger renewal of production factors for more and more short time because the situation with the violation of reproductive proportions has reached alarming proportions. The experience of other states shows that if investment resources within a region (or group of regions) are not available, then the state is more actively trying to provide access to “external sources”, which in this case should be considered investment from other regions and foreign investment. At the same time, the choice of clear regional and sectoral priorities is an integral element of success.

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

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

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

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

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

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

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

known national rankings investment climate and risks, published periodically by the world's leading journals ( Eugotopeu The Economist), as well as the most famous rating agencies ( Moody's IBCA). International rating agencies traditionally classify Russia as one of the developing countries. Over the past few years, Russia's credit rating has risen to BB+, according to the agency Fitch Railing, and up to the “BB” mark, according to agency estimates Moody's which testifies to the high level of Russia's creditworthiness. by pace GDP growth per capita, sixth - in terms of growth in industrial production, seventh - but in terms of GDP growth.

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

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

Factor analysis methodology, based on the construction of models: factorial and regression. Regression analysis focuses on identifying the weight of each factor that affects the result, on a quantitative assessment of the net impact of this factor. The emphasis in factor analysis is on the study of internal causes that form the specificity of the phenomenon under study, on the identification of generalized factors. Factor analysis does not require a priori separation of features into dependent and independent ones. All signs in it are considered equal in rights. The task of factor analysis: finding the minimum number of significant factors that describe the phenomenon, and building a generalized index, the values ​​of which are determined by the factor weights of objects.

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

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

As components in the analysis of the investment attractiveness of Russian regions, three largely independent characteristics are taken: investment potential, investment risk, investment legislation.

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

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

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

Table 133

attractor
  • 1С2 - high investment attractiveness -In the second level -
  • 8 regions

Leningrad and Moscow regions.

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

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

Republic of Tatarstan.

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

Krasnodar Territory, Samara and Belgorod regions. We improved our rating positions due to positive dynamics in a number of indicators taken into account in the rating
  • 1СЗ - high investment attractiveness - In the third level -
  • 9 regions

Nizhny Novgorod region, Republic of Bashkortostan, Republic of Komi.

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

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

The high positions of the Kaliningrad and Kaluga regions are predetermined by the advantageous geographic location, the quality of the investment climate in the regions, which inspires confidence in Russian and foreign investors.

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

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

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

1C4, 1C5 and 1C6 - “medium” B level of investment attractiveness - B 42 regions

IC4 - Voronezh, Lipetsk regions, etc.

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

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

attractor

Characteristics of the regions - subjects of the Russian Federation

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

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

IC9 - Moderate investment attractiveness -In the third level -

8 regions

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

Characteristic investment risk. Investment risk is the danger of losing investments, not receiving full returns from them, depreciation of investments. It shows why one should not (or should) invest in a given enterprise, industry, region, country. Unlike investment potential, many of the rules of the game in the investment market can change overnight. Therefore, risk is essentially a qualitative characteristic. The degree of investment risk depends on the political, social, economic, environmental, criminal situation. For analysis according to the methodology of the magazine "Expert" are evaluated the following types risk: economic (trends in the economic development of the region); political (polarization of the political sympathies of the population following the results of the last parliamentary elections); social (the level of social tension); environmental (level of environmental pollution, including radiation); criminal (the level of crime in the region, taking into account the severity of crimes).

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

Potential - risk

Maximum opportunity with minimum risk. This is the Russian elite

High potential - moderate risk

High potential - high risk

Average potential - minimum risk

Medium Potential - Moderate Risk

Medium potential - high risk

Low Potential - Minimal Risk

Average potential - moderate risk. The most popular combination. Numerous group of "middle peasants". It has two subgroups: SG1 and SG2

Reduced Potential - Moderate Risk

Little potential - moderate risk

Reduced potential - high risk

Little potential - high risk

Low potential - extreme risk

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

Along with these concepts, the term "investment climate" is used for the analysis, evaluation and implementation of investment policy. Investment climate - economic, political, financial conditions that influence the inflow of domestic and foreign investments into the country's economy. A favorable climate is characterized by political stability, the presence of legislative framework, moderate taxes, benefits provided to investors. Factors influencing the investment climate are subdivided according to the possibility of impact on them by society into objective ones (natural and climatic conditions, equipment with energy and raw materials, geographical location, demographic situation etc.) In and subjective (associated with the management of people's activities).

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

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

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

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

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

  • Region: to a new quality of management: Sat. / ed. Yu. P. Alekseev. M.: Luch, 2000. Special course. Issue. 9. S. 214.
  • Investment policy: textbook, allowance / ed. Yu. N. Lapygina. M. : KnoRus 2005. S. 272.
    • Rating of investment attractiveness of Russian regions in 2010-2011 // Expert. 2011. No. 52.
  • Raizberg B. A., Lozovsky L. Sh., Starodubtseva E. B. Modern economic dictionary. S. 144.

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