Экономические науки/4.Инвестиционная деятельность и
фондовые биржи.
Didenko O.O.,Rassolova L.V.
Doneck National university of economic and trade named M.I. Tugan-Baranovskiy
Investment activity in Ukraine.
Study of the problems of investment economy has
always been the focus of economic science. This is due to the fact that
investment affects the deepest foundations of economic activity, defining the
process of economic growth in general. In modern terms they are the most
important means of ensuring the conditions to break the current economic
crisis, structural shifts in the economy, ensure technical progress, improving
quality indicators of economic activity at the micro and macro levels.
Activation of the investment process is one of the most effective mechanisms of
social and economic transformation.
The prevailing current economic situation in
Ukraine, greatly complicates the investment activities: requires the
development of market relations, adequate investment vehicle, organically
combining forms of private and public investment, optimize the relationship
between different subjects of investment activity, development of appropriate
legal and regulatory framework and other measures governing the investment
process, as the level of individual firms, companies or industries, and at the
level of the national economy as a whole.
Investment plays a central role in the economic
process, they predetermine the overall economic growth. As a result, investment
in the economy, increasing production, increasing national income, develop and
go forward in the economic rivalry between the industry and enterprise in the
most satisfying demand for certain goods and services. The resulting increase
in national income is partially re-accumulates, there is a further increase in
production, the process is repeated continuously. Thus, the investment
generated by the national income as a result of its distribution, cause its own
growth, reproduction. In this case, the more effective the investment, the
greater the growth of national income, the greater the absolute amounts of
accumulation (at a given his share), which can be re-invested in production. At
a sufficiently high efficiency of investment growth in national income can
provide the increase in the share savings with an absolute increase in
consumption.
It would be wrong to link the growth of national
income only from productive investment, although it is clear that they directly
determine the increase in production capacity and output. It should be noted
that this growth had a significant impact, albeit indirect, is also investments
in the sphere of immaterial production, with the global trend is that the
importance of further enhancing the economic potential increases.
A large proportion of investment accounted for
the construction sector of the economy. It is therefore necessary to clarify
the role and importance in the reproductive process of such categories as
capital investment and capital construction.
Of the total amount of investments accounted for
the majority of capital investment in expanded reproduction, which is the main
source of national income. The magnitude of these investments, known as net
investment, can be judged by the increase in fixed assets, although the exact
correspondence between them for each time period can not be. Increase in fixed
assets over a certain period, usually a year, calculated on the value of
completed construction projects, taken at the balance sheet and capital
expenditures this year are made up of funds released by banks, which are
embodied in the finished and handed over after the fixed assets required to
complete a certain time.
Moving investments from centralized sources in
decentralized led to some loss of control of the investment process, to the
spontaneous formation of individual and local programs of accumulation and
reproduction, to be used for the purpose of fairly minor, even compared with
the opportunities that are available to businesses. A significant part of the
decentralized storage is not used because, first, outstripping a rise in price
of machinery and equipment, and secondly, the lack of material resources, and
thirdly, the lack of adequate interest and motivation to the rapid
technological upgrading, because market mechanisms are not operating at full
capacity, cooperation with energy suppliers, raw materials and components is
broken, there is no reliable customers. Therefore, much of the money remains
unsold, and accumulated financial resources are several times higher than the
actual amount of investment. With proper market incentives it gives hope for
the opportunity not only to support and promote vital investment structure, but
also intensify the investment process itself.
If Ukraine does not happen financial
stabilization, we eventually will be doomed to the restructuring scheme,
typical of third world countries, with total submission to our economy, the
economies of developed countries, with all ensuing consequences.
The high degree of moral and
physical deterioration of basic production
assets requires urgent
measures to stimulate
investment activity, the
highest and best use of all possible
sources of funding capital
investment.
Financing of the investments is carried
out by internal and
external sources. Internal sources include own funds and savings,
the budget appropriation (from the
federal and local budgets), as
well as long-term debt (public and commercial). External sources are private foreign
direct and portfolio investment and
foreign loans.
There is a problem of choice between consumption today and tomorrow. The
greater part made today, we
save up and invest,
the more we will be able to
consume tomorrow. On the
contrary, the more resources we use today ("will
pass"), the less we will have a chance of significant growth in
production and higher consumption in the
future. This is the main reason why the low level of
savings could become a serious
problem for the
entire economy.
In our modern society, the net capital
formation or investment is
carried out by industrial or commercial enterprises, and especially corporations. If a corporation or a small business have great investment opportunities,
their owners will be tempted to put back most of its
revenue. Therefore, industrial savings to a
large extent directly
related to industrial
investment.
Literature: