Українська   Русский
DonNTU   Masters' portal

Abstract

Содержание

Introduction

World experience shows that countries with economies in transition are not able to develop their economies without attracting and effective use of investments. Accumulating entrepreneurial, state and mixed capital, providing access to modern technologies and management, investments not only contribute to the formation of national investment markets, but also revive the markets for goods and services. Besides, investments, as a rule, contribute to macroeconomic stabilization and allow solving social problems of the transformation period.

1. Theme urgency

The relevance of the chosen topic is due to the fact that analysis of investments carried out in the form of capital investments makes it possible to determine availability of necessary resources and possible directions of their attraction for increasing the efficiency of the enterprise. Also the relevance of the topic It is caused by the fact that with capital investments, fixed assets are created. Their size, structure and location create a base that is substantially affects the volume of products, its quality and range, on the possibility of further development of production.

Similarly, the importance of capital investments is due to the fact that the capital investments that have been mastered are, as a rule, used for a long timetime: buildings, serve 20-100 years, machines and equipment - 3-10 or more years. Thus, fixed assets to a large extent characterize state of technology and technology at the time of capital investment. The ill-considered implementation of capital investments may be unfavorable affect the technological development and improvement of technology, since in the future, considerable funds may be required for reconstruction and modernization of fixed assets.

2. Goal and tasks of the research

The aim of the study is to consider such type of investments as capital investments, their classification, sources, objects and subjects investment, their rights and responsibilities, as well as the effectiveness of capital investments.

The main objectives of the study:

  1. Consider the economic nature of capital investments.
  2. Describe the structure of capital investments.
  3. Disclose the legal framework that regulates capital investment.

Объект исследования: scientific, reference, normative and legislative literature, which is connected with capital investments.

Предмет исследования: a set of theoretical and methodological aspects that are related to capital investments.

3. Review of research and development

Among domestic scientists, who reflected in their works the problems of development of capital investments, it is possible to distinguish V.V. Bocharov. In the educational Benefits "Financial Analysis" Bocharov pays great attention to the criteria for selecting and determining the effectiveness of investment projects [1], V.G. Getman [2], L.V. Dontsov [3], D.A. Endovitsky [4], O.V. Efimov [5]. As for foreign scholars, the main ones are: Baumol William - Jack, Tobin James and others.

4. The economic essence of capital investments

There are comprehensive opinions and assumptions regarding the origin of the term "investment" (translated from English "invest"), but in any case the definition is associated with certain attachments. This opinion is shared by most economists dealing with problems, related to investments and investment projects.

Investments (translated from English "invest") - funds allocated to capital gains, i.e. for the purchase of equipment, design and engineering documentation of scientific developments of new types of products, for the construction of buildings, structures, etc. In other words, investments are the means of an enterprise invested in production and economic activities with the aim of generating income. Capital investment is the investment in the company's fixed assets, that is, the costs of construction, reconstruction, purchase of real estate, acquisition machines and equipment. This form of investment is the main one for enterprises and ensures the introduction of new technologies, development and production new products, the development of new markets, as well as increasing the efficiency and market value of the enterprise.

The concept of capital investment "is comprehensive to give it a single and comprehensive definition. economic science and various areas of practical activity, its interpretation has its own characteristics. From the economic point of view, under capital investments are understood as costs for construction work of all kinds, for the purchase of a production tool and household implements, Included in the construction estimates for other capital works and costs.

From the position of financial parameters (or from the standpoint of a financier, accountant), capital investments can be represented as any types of assets, invested in production and economic activities with a view to the subsequent extraction of income, benefits.

From the position of FAS 7 item 4 - capital investments in non-negotiable tangible assets - costs for construction, reconstruction, modernization (other improvements that increase the original (revalued) value), manufacturing, acquisition of non-negotiable assets (including non-negotiable tangible assets intended to replace existing ones and equipment for installation) enterprise. {Paragraph 4 is supplemented by the sixteenth paragraph in accordance with the Order of the Ministry of Finance No. 989 of 25.11.2002, as amended by the Order of the Ministry Finance N 372 dated 18.03.2011} [6].

But in order to purchase, reconstruct, build non-negotiable assets, you need to have money. They can be their own, they can be borrowed with the condition of their return, and can be obtained from other sources on an irretrievable basis both without any conditions of their expenditure, and with the condition to spend for certain purposes. Cash received by the enterprise in order for it to effect such expenses as capital investments, are called targeted financing of capital investments (Par. 18 PBU-15) [7].

According to the instruction on the application of the chart of accounts, capital investments are on 15 accounts and they are intended for accounting and generalization information on capital investments [8].

As for NKU, it also contains a definition of the term "capital investment". According to clause 14.1.81 art.14 of the NKU, capital investments - economic transactions that provide for the acquisition of fixed assets and intangible assets subject to depreciation in accordance with the norms of this Code. And if from the budget received funds on an irretrievable basis with the condition of their expenditure under transactions involving the purchase of fixed assets and intangible assets subject to depreciation in accordance with the rules NKU, then this is nothing more than the targeted financing of capital investments from the budget [9].

According to the Law of Ukraine "On Investment Activity" Art. 1 capital investments are investments in the reproduction of fixed assets and on increment of inventories [10].

5. Classification of capital investments

In the domestic economic literature there are several approaches to the classification of capital investments. The basic typological feature at classification the object of an investment of means acts. In accordance with this criterion, investments are divided into two groups. Real investment (they are called capital-forming investments, or investments in non-financial assets) - lead to the reproduction and renewal of fixed capital.

  1. Investments in fixed assets (capital investments) - investments aimed at the acquisition and reproduction of fixed assets (new construction, reconstruction and technical re-equipment of facilities, purchase of machinery, equipment, tools and equipment).
  2. Investments in intangible assets - patents, licenses, land use rights, objects of nature use, copyright rights, trademarks, trademarks, software products, know-how, etc.
  3. Overhaul of fixed assets - overhaul of equipment, machinery, vehicles, buildings and structures.
  4. Investments in the growth of inventories. Financial investments - investments in stocks, bonds, other securities, formed in the form of a portfolio of securities (portfolio) or providing possession of a controlling stake (direct).

From the position of the FAS, the main source of financing for capital investments of any enterprise is cash that is accumulated on an account that has an accounting entry "Investments into non-current assets". But the sources of money for this account can be themselves different. First of all, they should be classified according to the source of investment, divided into centralized and decentralized receipts.

Classification of sources of financing:

  1. Centralized sources of financing of capital investments are primarily budget funds distributed through authorized structure of public administration and regulation of various levels.
  2. Decentralized sources are the company's own internal investments in its fixed assets, investments of external private investors and other forms of economic support for production, secured by assets of non-state commercial structures.

Classification of sources of financing

drawing 1 – Classification of sources of financing : 1 – Centralized sources of financing; 2 – Decentralized sources (animation: 3 frames, 10 repetition cycles, 16 kilobytes)

According to the instruction on the application of the chart of accounts, the amount of targeted financing of capital investments is reflected in the sub-credit 482 "Monetary funds from the budget and state trust funds" accounts 48 "Target financing and target receipts" upon their receipt." These amounts are written off in the debit of the subaccount 482 and in the sub-account 745 "Income from free assets received" through account 69 "Income future periods" [8].

6. Normative and legal aspects of regulation of capital investments

Relations that arise when implementing investment activities in Ukraine are regulated by the laws of Ukraine, the accounting legislation, as well as other normative and legal documents, which are given in Table 6.1.

Table 6.1 – Normative and legal aspects of regulation of capital investments

­

In legal documents, the concept of capital investments is inseparable from the context of certain rights and legitimate interests of investment participants relations, as well as the corresponding means of legal protection and protection. Thus, the concept of capital investments in the law fulfills a special nominative-communicative function, which is not inherent in their economic concept. Understanding of capital investments as property values to a greater extent contributes to the implementation of this function, because it is inextricably linked with the context of the rights of the investor with respect to such values, reflected in research on investment and legal issues.

Conclusion

Thus, capital investments - funds of the state, enterprises and individuals, directed to create, update the main funds, for the reconstruction and technical re-equipment of enterprises. Capital investments play a very important role in the economy of any state.

Capital investments are the basis for:

  1. Extended reproduction process.
  2. Accelerating NTP (technical re-equipment and reconstruction of existing enterprises, renovation of fixed production assets, introduction of new technology and technology).
  3. Improving the quality of products and ensuring its competitiveness, updating the range and range of products; reduction of costs for the production and sale of products, increasing the volume of products and profits from its sale.
  4. Systematic updating of the company's fixed assets and implementation of the policy of expanded reproduction.
  5. Accelerate scientific and technological progress and improve product quality.
  6. Structural reorganization of social production and balanced development of all branches of the national economy.
  7. Creation of the necessary raw materials base of the industry
  8. Civil construction, health development, higher and secondary schools.
  9. Mitigate or solve the problem of unemployment.
  10. Protecting the natural environment and achieving other goals.

When writing this essay, the master's work is not yet complete. Final completion: May 2018. Full text of the work and materials on the topic can be obtained from the author or his supervisor after the indicated date.

References

  1. Бочаров В.В. Финансовый анализ - Учебное пособие, изд."Питер" 2009. — 240 с. [Электронный ресурс]. – Режим доступа: http://institutiones.com/download/books/1857-finansovyj-analiz-bocharov.html.
  2. Гетьман, В.Г. Бухгалтерский финансовый учет : учебник для бакалавров : гриф УМО, 2011. [Электронный ресурс]. – Режим доступа: http://absopac.rea.ru/OpacUnicode/index.php?url=/notices/index/IdNotice:178152/Source:default#.
  3. Донцова Л. В. - Учебник: Анализ финансовой отчетности / Донцова Л.В., Никифорова Н.А., Издательство: "Дело и Сервис", 2004. — 336 с. [Электронный ресурс]. – Режим доступа: http://institutiones.com/download/books/1092-analiz-finansovoj-otchetnosti.html.
  4. Ендовицкий Д.А., Щербаков М.В. Диагностический анализ финансовой несостоятельности организаций, Учеб. пособие /под ред. проф. Д.А. Ендовицкого. — М.: Экономистъ, 2007. — 287 с. [Электронный ресурс]. – Режим доступа: http://www.twirpx.com/file/763442/.
  5. Ефимова О.В., Мельник М.В. Анализ финансовой отчетности, 4-е изд., испр. и доп. - М.: Омега-Л, 2009. — 451 с. [Электронный ресурс]. – Режим доступа: http://www.twirpx.com/file/392124/.
  6. Положение (стандарт) бухгалтерского учета 7 "Основные средства" [Электронный ресурс]. – Режим доступа: http://www.kodeksy.com.ua/ka/buh/psbu/7.htm.
  7. Положение (стандарт) бухгалтерского учета 15 "Доход" [Электронный ресурс]. – Режим доступа: http://www.kodeksy.com.ua/ka/buh/psbu/15.htm.
  8. План счетов бухгалтерского учета Украины на основе Приказа Министерства финансов Украины №291 oт 30.11.99г. [Электронный ресурс]. – Режим доступа: http://www.buhoblik.org.ua/uchet/organizacziya-buxgalterskogo-ucheta/258-plan-schetov-buxgalterskogo-ucheta-ukrainy.html.
  9. Налоговый кодекс Украины от 02.12.2010 № 2755-VI [Электронный ресурс]. – Режим доступа: http://kodeksy.com.ua/ka/nalogovyi_kodeks_ukraini/statja-14.htm.
  10. Закон Украины "Об инвестиционной деятельности" от 18.09.1991 р. №1560-ХІІ [Электронный ресурс]. – Режим доступа: http://kodeksy.com.ua/ka/ob_investicionnoj_dejatelnosti/statja-1.htm.