Эффективное привлечение инвестиций в экономику

Annotation: This article deals with the role of investments in the economy. Keywords: innovation, scientific and technological progress, economic process, innovation, innovation

The concept of "investment" is used both in the broad and narrow sense of the word. It is very difficult to unambiguously define its content and essence. In different sections of economic science, and also with respect to various areas of practical activity, a different meaning is put in it, based on the characteristics of the sphere and objects of application.

Literally, in Latin, the word "invest" means "contribution". The content of the concept of "investment" in the Law of the Republic of Uzbekistan "On Investment Activities" is defined as "tangible and intangible benefits and rights to them, invested in objects of economic and other activities."

Considering the essence of this category, it should be noted that in the contemporary literature it is very common to identify it with the notion of "capital investments". In these cases, investments are defined as investments in the reproduction of fixed assets, but this is not entirely correct, since investments are made both in current assets, in certain types of intangible assets, and in various financial instruments.

At the macroeconomic level, investments are understood as part of the expenditures directed at the reproduction of the means of production, the growth of housing stock, commodity stocks, etc., that is, the part of the gross domestic product that is not consumed in the current period and is aimed at capital gains.

At the macrolevel and in the theory of production under investment, they mean the process of organizing the reproduction of new capital, including means of production and intellectual potential.

In finance theory, investments are associated with the acquisition of real or financial assets, that is, in essence, these are modern costs for the purpose of generating revenue in the future. In other words, it is the exchange of a certain today's value for, perhaps, an uncertain future value. In the economy as a whole, investments are treated as a process of capital accumulation. In the latter definition, future interests and associated risks are reflected as the main criterion.1

Investments are differentiated on the basis of a variety of characteristics: allocate net, associated with the need to increase fixed capital, and gross, due to the need to recover depreciation of fixed assets. Investments are allocated for the objects of the application. These objects can be: property, financial instruments, intangible values. In the direction of investment, we can distinguish: replacement, expansion, rationalization, renewal of the composition of funds, etc. In terms of objectives and associated risks, there are investments: venture (risk) direct, portfolio and annuity. The form of venture capital is the issuance of new shares, produced in new areas of activity associated with greater risk. Risk capital includes various forms: loan, equity, entrepreneurial.

Direct investments represent investments in the authorized capital of an economic entity with the aim of extracting income and obtaining rights to participate in the management of this economic entity. Portfolio investment is a collection of collected together different values that serve to achieve an investor's specific goal. Annuity is an investment that brings the investor a certain income at regular intervals.

From the point of view of the subjects of investment, private investments are realized, which are carried out at the expense of own private capital, loans (including bonds), and also attracted capital; and public investment, realized through budgetary allocations, long-term loans and other attracted resources. Depending on the attitude to commercial risk, all entities that make any investments can be divided into investors, entrepreneurs, speculators and players. The investor, investing capital, is interested in limiting the risk minimization, the entrepreneur - takes into account the possibility of risk, the speculator - is ready to go for a certain, pre-calculated risk, the player is ready to take any risk.

If we consider investments in the light of the category of value, then we can say that at the enterprise level they are aimed at increasing the value of the property of the owner, and at the level of joint-stock companies - to increase the value of the share in the joint-stock ownership. In other words, in any case, the purpose of investment is the capitalization of value and the implementation of savings. However, unlike different forms of capital (loan, equity, entrepreneurial), investments are aimed at minimizing the risk of losses, although they are associated with certain risks.2

Thus, investments are the tying of capital into a certain process for a certain time with the aim of preserving its present value or multiplying it in the future. Investments are, in fact, a rejection of modern consumption for the purpose of accumulation at the expense of future consumption.

Economists divide investments into:

• •    real (capital-forming) direct;

• •    portfolio;

• •    financial;

• •    intellectual intangible,

In the Law "On Investment Activities", investments are differentiated by the object of destination. Accordingly, there are:

• •    capital (in real assets);

• •    Innovative - (for the development and mastering of a new generation of technology and new technologies);

• •    social (in the development of human potential, skills, production experience, other forms of intangible benefits).

Investment decisions taken at the micro level are usually relatively autonomous. These decisions are different in motives, scope and purpose and lead to corresponding financial consequences, which are usually calculated, predicted and serve as a selection criterion. From the point of view of choosing the sphere of activity of its financial policy for a financier and an investor, it is important to have information about the impact of the macroeconomic cycle on the situation in stable, cyclical and growing industries. This information is necessary for making decisions in the field of investment policy at the enterprise level, since choosing an investment policy, it realizes its capabilities in forecasting long-term trends of economic development and adaptation to them.