Экономические науки/1. Банки и банковская система
Master of 1 course
of the Institute of World Economy and Finance
Bokova Natalia
Volgograd State University, Russia
Analysis of the investment activity of commercial banks in the Russian
Federation
In foreign practice,
the term "investment" refers to, as a rule, the funds invested in
securities for the long term. This is a theoretical reflection of real-world
economic relations, as investment vehicles in a market economy is directly
related to the securities market. The investment activities of banks is viewed
as a business to provide two types of services. One of them - increase in cash
through the issue or placement of securities on their primary market. Other -
organizing virtual meetings of buyers and sellers of existing securities on the
secondary market, it is a function of brokers and / or dealers. Investments are
understood and how all the areas of commercial bank resources, and as
operations to place funds for a specified period for the purpose of earning
income. In the first case, to investment include the entire range of commercial
bank active operations in the second - his urgent component.
Bank investments have
their own economic content. Investment activity in the microeconomic aspect -
from the point of view of the bank as an economic entity - can be regarded as
an activity during which he acts as an investor, investing their resources for
a period of creation or acquisition of real and financial assets purchase to
extract the direct and indirect revenues. However, investment activity of banks
is another aspect related to the implementation of macro-economic role as
financial intermediaries. As such, banks are helping meet the needs of economic
agents in investments. Demand for them in a market economy appears in the
monetary form. In addition, banks make it possible to transform savings into
investments and savings. Thus, the investment activity of credit institutions
has a dual nature. Considered from the perspective of the economic entity (bank),
it aims to increase its revenues. The effect of the investment activity in the
macro-economic aspect is to achieve growth of social capital. It should be
noted that from the standpoint of economic development investment activity of
banks includes investments that contribute to income generation, not only in
the bank level, but also society as a whole (in contrast to those forms of
investment, which, providing an increase in income of a particular bank,
involve redistribution social income). Therefore, in terms of macroeconomics,
the criteria for investment is a productive orientation of the bank's
investments. Classification of forms of investment activity of commercial banks
in the economic literature is somewhat different from the standard, which is determined
by the peculiarities of the investment activity of commercial banks. Bank
investments are divided into the following groups: - in accordance with the
object of investing: investing in the real economic assets (real investment)
and investments in financial assets (financial investments).
Bank investments can
also be differentiated and more specific targets: investments in investment
loans, term deposits, shares and equity participation in securities, real
estate, precious metals and stones, collectibles, and intellectual property
rights, etc .; - Depending on the purpose of investment bank investment can be
direct, aimed at ensuring the direct control of the object of investment, and
portfolio, not intended to direct investment object management, and carried out
based on the receipt of income in the form of a flow of interest and dividends
or by increasing the market value of assets ; - Intended investment can be
divided into investments in the creation and development of enterprises and
institutions and investments, not related to the participation of banks in
economic activity; - On the sources of funds for investment distinguish the
bank's own investments committed for its own account (dealer operations), and
the client, undertaken by the bank for the account and on behalf of its clients
(brokerage); - On terms of investments may be short-term (up to one year),
medium term (three years) and long term (over three years). Investments of
commercial banks are classified as at risk species, region, industry, and other
attributes.
Under the investment
policy of the banks means a series of measures aimed at the development and
implementation of investment portfolio management strategy to achieve optimal
combination of direct and portfolio investments in order to ensure normal
operations, increase the profitability of operations, maintain an acceptable
level of riskiness and liquidity balance. The most important element of
investment policy - Development strategies and management tactics Monetary Bank
portfolio that includes, along with other elements of its investment portfolio.
Investment portfolio
(portfolio investment) - a set of funds invested in securities by legal
entities and acquired by the bank and placed in the form of term deposits of
other banking and financial institutions, including funds in foreign currency
and investments in foreign securities. The criteria for determining the
structure of the investment portfolio are the profitability and riskiness of
operations, the need to regulate the liquidity of the balance sheet and asset
diversification.
Different principles
and approaches to investment portfolio management companies and banks. The most
common is the principle of gradation maturity securities, which allows arriving
from redemption (or sold) securities funds to reinvest in securities with a
maximum maturity. The main content of the Bank's investment policy is the
definition of terms of securities, most suitable for investment, optimize
investment structure of the portfolio at any given time. In this part of the
banks (mainly medium and small) to carry out investment transactions, not being
guided by a pre-defined and approved the plan. There are banks, where employees
engaged in investment activities, guided by officially approved by the bank's
management installations in respect of the investment policy. At the same time
the bank's board makes it certain changes taking into account the prevailing
market conditions. In any bank, irrespective of the location of the country,
both in the implementation of credit and investment operations focuses on the
problem of liquidity of balance and control of limit values issuing
loans. At the same time the overall objectives and the "rules of the
game" are basically the same, the difference lies in the art of
organization and operations. Similarly, the problems faced by banks in the
implementation of investment operations. However, there is a fairly diverse set
of techniques and measures used to address them. The investment policy of
commercial banks involves the formation of the investment activity of the
system of targets, selection of the most effective ways to achieve them. In the
organizational aspect, it appears as a set of measures for the organization and
management of investment activities aimed at ensuring the optimum volume and
structure of investment assets, increase their profitability at an acceptable
level of risk. The most important elements of interrelated investment policy
are tactical and strategic management processes of the bank's investment
activities. Under the investment strategy to understand the definition of
long-term objectives of investment activities and ways to achieve them. Her
subsequent detailing is carried out in the course of tactical management of
investment assets, including the production of short-term operational
objectives and the means of their implementation. Development of investment
strategy is thus the starting point of the investment management process.
Formation of investment tactics going on within specified areas of investment
strategy and focused on their implementation in the current period. It provides
for the definition of the scope and composition of specific investments,
development of measures for their implementation, and, where appropriate, -
drawing up models of decision management solutions to the investment project
and specific mechanisms for the implementation of these decisions. Thus, banks
are buying certain types of securities are seeking to achieve certain goals,
the main of which are:
- The security
of investments;
- Return on
investment;
- Increase
investments;
- The liquidity of
investments.
Under the investment
security is understood as the invulnerability of investments from various
shocks in the stock market, the stability of income and liquidity. Safety is
always achieved at the expense of profitability and growth investments. The
optimum combination of safety and profitability achieved by careful selection
and constant revision of the investment portfolio.
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