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It does not apply to sources of investment financing. Sources of investment financing. Own sources of investment include

In the economic literature, when analyzing sources of investment financing, internal and external sources of investment are distinguished. At the same time, domestic sources of investment, as a rule, include national sources, including the own funds of enterprises, financial market resources, household savings, budget investment allocations, and external sources - foreign investment, loans and borrowings.

This classification reflects the structure of internal and external sources in terms of their formation and use at the level of the national economy as a whole. But it cannot be used to analyze investment processes at the microeconomic level.

From the point of view of an enterprise (firm), budget investments, funds of credit institutions, insurance companies, non-state pension and investment funds and other institutional investors are not internal, but external sources. External sources for the enterprise also include the savings of the population, which can be attracted for investment purposes by selling shares, placing bonds, other securities, as well as through banks in the form of bank loans.

When classifying sources of investment, it is also necessary to take into account the specifics of various organizational and legal forms, for example, private, collective, joint ventures. Thus, for privately or collectively owned enterprises, personal savings of enterprise owners can act as internal sources. For enterprises that are jointly owned with foreign firms, the investments of foreign co-owners should also be considered as an internal source for this enterprise.

Thus, it is necessary to distinguish between internal and external sources of investment financing at the macroeconomic and microeconomic levels. At the macroeconomic level, internal sources of investment financing include: state budget financing, savings of the population, savings of enterprises, commercial banks, investment funds and companies, non-state pension funds, insurance companies, etc. To external sources - foreign investments, credits and loans. At the microeconomic level, internal sources of investment are profit, depreciation, investments of the owners of the enterprise, external - state funding, investment loans, funds raised by placing their own securities.

When analyzing the structure of sources of investment formation at the microeconomic level (enterprises, firms, corporations), all sources of investment financing are divided into three main groups: own, attracted and borrowed. At the same time, the company's own funds act as internal, and borrowed and borrowed funds act as external sources of investment financing.

The main sources of formation of investment resources of the company:

• - own:
• -net profit allocated for investments;
• - depreciation deductions;
• - reinvested part of non-current assets;
• - immobilized part of current assets
• - involved:
• - issue of shares of the company;
• - investment contributions to the authorized capital;
• - public funds provided for targeted investment in the form of subsidies, grants and equity participation
• - funds of commercial structures provided free of charge for targeted investment
• - borrowed
• - loans from banks and other credit institutions
• - issue of company bonds
• - targeted state investment loan
• - investment leasing.

An analysis of the structure of investment financing sources at the level of firms in countries with developed market economies indicates that the share of domestic sources in the total volume of financing investment costs in different countries varies significantly depending on many objective and subjective factors.

As a rule, the structure of investment financing sources changes depending on the phase of the business cycle: the share of domestic sources decreases during periods of recovery and growth, when investment activity increases, and increases during periods of economic recession, which is associated with a reduction in the scale of investment, a reduction in the money supply, and an increase in the cost of credit .

The most reliable are our own sources of investment financing. Ideally, every commercial organization should always strive for self-financing. In this case, there is no problem of where to get funding sources, and the risk of bankruptcy is reduced. There are other positives as well. In particular, self-financing of the development of an enterprise means its good financial condition, and also has certain advantages over competitors who do not have such an opportunity. The main own sources of financing investments in any commercial organization are net profit and depreciation.

Profit as a source of investment financing. The main goal of the enterprise in the market is to maximize profits. It is the main financial result of the enterprise.

In modern conditions, enterprises independently distribute the profits remaining at their disposal. And the question immediately arises: how to most rationally distribute this profit? It can be directed to: production development; construction of housing, rest homes, kindergartens and other non-industrial facilities; payment of dividends, if it is a joint-stock company; charitable purposes, etc. For the rational use of profits, it is necessary to know well the technical condition of the enterprise at the moment and in the future, as well as the social position of the enterprise's staff. If the company's employees in social terms, including in terms of wages, are better off compared to other enterprises, then in this case the profit must be directed primarily to production development.

It can be unequivocally answered that profits should be directed to the development of the enterprise if the level of technical development of the enterprise is low, which is a brake on the production of competitive products and a possible reason for the bankruptcy of the enterprise. Thus, the distribution of profits in the enterprise must be justified in economic and social terms.

1. depreciation;

2. profit;

3. savings;

4. share contributions.

What is a business plan used for?

1. to attract investment;

2. to obtain a loan;

3. to assess real opportunities;

4. all answers are correct.

The subject of business planning are:

1. any subject of the business environment: firms, banks, insurance and trust companies, investment structures;

2. individual strategic changes in business, presented in the form of investment and innovation projects;

3. individual business units of the organization;

4. all answers are correct.

What are the external goals of the business plan?

1. management tool;

2. getting a bank loan, attracting investments, creating strategic alliances, signing a big contract;

3. self-affirmation, attraction of investments, creation of strategic alliances, signing of a large contract;

4. attraction of investments.

Tasks of strategic marketing in business planning

1. Analysis of the general situation of the enterprise, justification for the choice of project goals, its place in the system of strategic goals of the enterprise;

2. Evaluation and forecasting of the sales market for the selected product;

3. Development of marketing strategies;

4. Development of production strategies.

The business philosophy that gives meaning to the existence of the company is:

1. company mission;

2. purpose of the firm;

3. tasks of the company;

4. all answers are correct.

The function of a business plan is not:

1. planning;

2. attraction of funds;

3. creation of a positive image of the company among the clients of the company;

4. attraction of potential partners.

In practice, the following approaches to the development of a business plan are used:

1. The project initiators themselves develop a business plan;

2. The initiators of the project act as customers, and the developers of the business plan are firms specializing in the field of marketing activities, groups of authors, individual authors;

3. project initiators buy a business plan from an online store or from a consulting firm;

4. all answers are correct.

The differences between a business plan and a strategic plan are:

1. unlike the strategic plan, the business plan does not include the entire set of general goals of the company, but only one of them - the one that is associated with the creation and development of a specific new business;

2. strategic plans are usually plans with a growing time horizon. The business plan has a clearly defined time frame;

3. in a business plan, functional components (plans for production, marketing, etc.) are much more significant than in a strategic plan;

4. all answers are correct.

What are the most popular business plan layouts in Russia?

1. Model business plan of the firm "Goldman, Sachs & Co" (the largest banking house on Wall Street, one of the leaders in the global investment business);

2. Model business plan of the firm "Ernst & Young" (international consulting and auditing firm);

4. Business plan template developed within the framework of the Tacis project of the European Union for the Newly Independent States.

What is the name of the art of directing and coordinating human and material resources throughout the “life cycle” of a project by applying a system of modern methods and management techniques to achieve the results defined in the project in terms of scope and scope of work, cost, time, quality and satisfaction of project participants?

1. business planning;

2. planning;

3. control;

4. project management.

What is a business plan for business development?

1. business development model;

2. a business forecasting tool;

3. business management tool;

4. all answers are correct.

What are the main requirements for a business plan developed by world practice?

1. completeness, evidence,

2. complexity, perspective,

3. flexibility, understandability, compactness;

4. all answers are correct.

What information should be presented in the Market Analysis section?

1. information about the manufactured product and its market;

2. business area and product that the company will offer for sale;

3. the nature of the industry and market conditions;

4. all answers are correct.

Answer: 1, 3.

What subsections should the financial plan include?

1. profit and loss forecast;

2. distribution of cash flows;

3. draft balance;

4. all answers are correct.

What is the name of a situational analysis, which is a preliminary consideration and assessment of the strengths and weaknesses of a proposed business idea, taking into account various existing and possible future factors and influences?

1. Assessment of opportunities and dangers;

2. SWOT analysis;

3. Complex of initial data;

4. There is no correct answer.

The section of the business plan that reflects the receipts and expenditures of funds is

1. organizational plan;

2. production plan;

3. financial plan;

4. marketing plan.

The types of unforeseen expenses of an investment project include:

1. economic;

2. material;

3. financial;

4. overhead.

Answer: 2, 3.

The financial costs of the investment project include:

1. expenses associated with the formation of the required amount of funds;

2. expenses for servicing received loans;

3. repayment of receivables;

4. investment in subsidiaries.

The section of the business plan "Production plan" is developed for companies engaged in:

1. intermediary activities;

2. production of products;

3. provision of services;

4. financial activities.

Internal sources of investment are the organization's own funds, both financial and otherwise, used to finance and invest in its own production. In addition to cash, this can be real estate, transport, materials, skilled labor.

The amount of internal investment is determined by the difference between the total amount of funds of the enterprise and the amount of funds subject to mandatory storage on the organization's current account.

Consider internal sources of investment. On a national scale, the overall level of savings depends on the level of savings of the population, organizations and the government. Thus, the population can set aside certain funds for the future, companies can reinvest part of the profits received from their activities, and the government can accumulate funds by exceeding budget revenues over expenditures. At the same time, the volume of savings directly affects the volume of investments in the country, since part of the funds is directed to consumption, and the rest - to investments.

Based on this, the following main internal sources of investment can be distinguished:

1) profit.

Businesses and organizations often use profits as a source of investment. Part of the profits they receive is directed to business development, expansion of production and the introduction of new technologies. Obviously, those enterprises and organizations that do not allocate funds for these purposes eventually become uncompetitive.

Enterprises sometimes try to make up for the lack of financial resources, including for business development, by raising prices for their products. However, it should be borne in mind that an increase in prices for their products causes a reduction in demand for them, which leads to problems with the sale of products, and, as a result, to a decline in production.

2) bank loan.

Bank lending in many developed countries is one of the main sources of investment. At the same time, long-term lending plays a special role, since in this case the burden on the borrower is low and the company has time to “promote” the business. However, the role of bank lending as a source of investment depends on the development of the banking system and economic stability in the country. There is no doubt that the instability in the country leads to the reluctance of banks to issue long-term loans and finance investment projects.

In general, bank lending contributes to a gradual increase in production and, as a result, the overall recovery of the country's economy.

c) issue of securities.

The issue of securities is gradually becoming a source of investment in Russia. At the same time, in developed countries, it is the issue of securities that is one of the main sources of financing investment projects.

In order to raise funds, enterprises can issue both shares and bonds. At the same time, as a rule, any legal entities and individuals with free cash can act as buyers of securities. In this case, they act as investors, providing their own funds in exchange for the company's securities.

d) budget financing.

State investments are usually directed to the implementation of a limited number of regional programs, the creation of particularly effective structural facilities, the maintenance of federal infrastructure, etc. At the current stage of development of the economy of Kazakhstan, the priority areas in terms of budget financing are the stimulation of industrial development and the maintenance of scientific and production potential.

e) depreciation charges.

Depreciation deductions are aimed at restoring the means of production that wear out in the process of being used in the production of goods. However, depreciation deductions are currently depreciating in the Republic of Kazakhstan due to inflation, which significantly reduces their role as sources of investment.

External sources of investment

External sources of investment are funds raised from private investors, by issuing securities of the organization, and these are borrowed funds aimed at developing production.

Also, state injections, sponsors' funds and other receipts can act as a source of external financing.

External sources of investment are

· Direct foreign investments

• Portfolio foreign investment
• This is an investment in the company's securities
• · Foreign loans

I. Issue of shares. Shares are equity securities that represent a direct share of their owner in real property and make him a co-owner of this property. Shares can be:

• * ordinary, giving the right to their owners to participate in voting at the meeting of shareholders; payment of dividends on them is carried out after the accrual and payment of certain funds to the owners of preferred shares;
• * preferred shares are those that do not give shareholders the right to participate in voting, but give their owners a pre-emptive right to dividends, which, according to Russian law, are paid either in a fixed amount or in a free amount established by the board of the joint-stock company, but not lower than the dividend on ordinary shares.

An increase in equity capital by issuing shares is possible when the company is transformed into a joint-stock company or when a joint-stock company issues new shares.

The placement of shares allows you to raise capital in large volumes and for a long time. The borrowed funds are paid to their owners only upon liquidation of the joint-stock company. When financing large investment projects, the issue of shares allows you to postpone the payment of funds for the period when the projects themselves generate income.

The issue and placement of shares are associated with high costs. In addition, there is a risk of loss of a controlling stake or the takeover of a joint-stock company by another company.

II. Issue of bonds. A bond is a debt security. It expresses the obligation of the issuer to pay the amount of debt and interest payments on the security on time.

The issue of bonds is aimed at attracting temporarily free funds from the population and commercial structures.

Bonds can be secured or unsecured. Secured bonds (mortgage bonds) are distinguished by the obligation of guaranteed payment by providing collateral in the form of movable or immovable property (assets). Pledges are primary, secondary, tertiary. This means that the same property can serve as a guarantor for different loan obligations. Bonds with primary pledge have an advantage.

Unsecured (unsecured) bonds are issued by companies with a high business reputation. Their security is the high solvency of the company.

The duration of the bond loan should not be less than the average period of the investment project, so that the repayment of obligations under the bonds occurs after receiving a return on investment.

Bonds require costs for their issue and placement. In a crisis situation for the issuer, their placement may lead to insolvency and bankruptcy.

III. Raising capital through the credit market. Economic interest in the use of credit is associated with the effect of financial leverage. An enterprise using borrowed funds can increase the profitability of its own funds, depending on their ratio to borrowed funds and the cost of the latter.

An investment loan is a type of bank loan aimed at investment purposes. Credit must be secured. The main types of collateral are:

• * pledge;
• * guarantee;
• * guarantees;
• * other types of loan repayment.

The loan allows you to immediately start the implementation of the project. This means postponing the payment of the amount of debt and interest over time periods. The source of repayment of the loan and payment of interest should be the profit from the investment event being financed.

Collateral - some security transferred by the customer to the lender as a guarantee of repayment of the loan. In order to secure the repayment of loans, banks often oblige their customers to place at their disposal legal claims to the right to own real estate, corporate stocks, savings deposits, insurance policies, and cars and other durables that were purchased by the borrower in the period between taking loan and the time of its repayment. If the borrower does not repay the loan within the specified period, the bank has the right to sell this collateral to compensate for it. If the borrower offers some kind of collateral to obtain a loan as security (or guarantee), then such a loan is called secured, or guaranteed.

IV. State funding. State financing is carried out within the framework of state programs to support entrepreneurship.

Types of state financing of investments:

• * when financing through the provision of grants and subsidies, funds are usually allocated for a specific project on a non-reimbursable basis;
• * equity participation of the state assumes that it acts as an equity investor, the rest of the necessary investment investments are made by commercial structures;
• * direct (targeted) loans are provided to a specific enterprise or for a specific investment project on a preferential basis; the state establishes the amount of interest rates, the term and procedure for repaying the loan;
• * when providing guarantees for loans, the organization receives a commercial loan, and the government acts as a guarantor of its return, paying the loan amount in case of default by the organization.

V. Additional contributions. Investment contributions are an investment in the development of an enterprise as a contribution from which the investor receives interest income.

VI. Foreign investment. Attracting foreign investment in the domestic economy as a source of financing for investment activities faces a number of problems due to the low investment rating of the country and most of its regions. However, attracting foreign investment is necessary because it should contribute to solving the following socio-economic problems:

• * development of the unclaimed scientific and technical potential of the Republic of Kazakhstan, especially at convertible enterprises of the military-industrial complex;
• * promotion of Kazakhstani goods and technologies to the foreign market;
• * promoting the expansion and diversification of export potential and the development of import-substituting industries in certain industries;
• * facilitating the inflow of capital into labour-surplus regions and areas with rich natural resources to accelerate their development;
• * Creation of new jobs and development of advanced forms of organization of production;
• * experience of civilized relations in the field of entrepreneurship;
• * Assistance in the development of industrial infrastructure.

Investment activity is the key to the effective development of the economy at any level. An indispensable condition for the implementation of investments is the availability of free money that the investor is willing to invest in any project. Such funds are the sources of investment. In the modern world there are a huge number of them.

For a clear perception by the investor of the current economic situation, a classification was invented that allowed structuring all possible sources of investment financing.

Sources of investment are financial assets that, at the request of their owner, can later be invested in selected investment objects. They can be more than just cash. This category also includes property and intellectual property.

It should be noted that the main source of investment is the net profit or the investor's own free funds. For an individual, this will be income from the main activity. For a company, the difference between total revenue and existing costs. For the state, budgetary funds received from taxes and fees.

The problem is that own funds are always limited. This money may not be enough to make investments in the required volumes. To get out of this situation, the investor is forced to attract borrowed money for investment.

Classification and types

Currently, economic science identifies one main way that allows you to classify the funds sent by the investor to various projects. It is fair, objective and has the right to exist.
Sources of investment are:

• internal (own);
• external (they are divided into borrowed and attracted).

Naturally, it is most profitable for an investor to manage his own internal assets. Most often, you have to pay for the use of external sources of investment financing. They are rarely free. Let's look at all of these varieties in more detail.

Internal sources

Domestic sources of investment financing differ at the microeconomic and macroeconomic levels.

In addition, the specific level of domestic sources of investment across the state is influenced by:

• savings of the population and commercial companies - potential investment funds from private investors;
• country's savings - in the form of various reserve funds.

At the company level, internal sources of investment include:

• net profit;
• means of authorized capital;
• issue of securities;
• depreciation deductions.

Net income is rarely the main source of investment. As practice shows, its volumes are almost never enough for the implementation of serious investment projects. A rare company can boast that it has enough net profit to carry out full-fledged investment activities.

The authorized capital is the amount of money that was originally invested by the founders of the company for the normal maintenance of its statutory activities. Its value as a result of economic activity can be reduced or increased by the agreed decision of all founders. This fact must be reflected in the founding documents. According to the decision of the founders of the company, the funds forming its authorized capital may be spent on investments.

Issuance of securities by the company. This way of own financing of investment projects all over the world plays a colossal role. This statement is especially true for large companies with a name. At the same time, in our country it is at the stage of active formation. This source of investment is formed by issuing bonds and shares, which can be purchased by both individuals and legal entities.

Depreciation deductions. This is the name of the money that should be systematically allocated to replace the worn-out part of the production assets. In Russia, in the current economic conditions, these depreciation charges do not play a serious role due to their insignificant volume and significant inflation rates.

External sources

External or third-party sources of financing for investment activities are:

• involved;
• borrowed.

There is a significant difference between them. The money received as part of attracted investment sources is provided free of charge. This is a kind of sponsorship allocated for the development of the company as a whole or the financing of individual investment projects.

Sponsor funds can be attracted from the state or private investors (companies and individuals). If we are dealing with a state source of investment financing, then such money, as a rule, is allocated in the form of grants. Thus, the state can stimulate the development of certain industries and areas of the national economy. For example, innovation.

In addition, the state, as part of its own economic policy, can provide companies with:

• concessional or interest-free loans;
• free equipment or production areas for free use.

Borrowed funds are always allocated for investment on a reimbursable basis. These include:

• appropriations from the budgets of the Russian Federation, as well as its subjects or municipalities;
• investment tax credit;
• bank loans and credits;
• foreign investment.

Somewhat apart are the funds received by a company or an individual from an insurance company upon the occurrence of an insured event.

It is these sources that form the basis of investment activity. However, before engaging in raising money, an investor must analyze a number of factors. These include the potential profitability of the investment project, the cost of capital raised, its ratio with own funds, existing risks.

Investment sources

Sources of investment to a certain extent coincide with the sources of financial resources of the enterprise. At the same time, they should be distinguished from each other. When there are not enough sources of financial resources, there may be no sources of investment at all. If financial resources exceed the current ones, then part of them is transferred to investments. Investment sources can be classified according to several criteria. For example, depending on the type of ownership of funding sources, they can be:

State

Private

Foreign

Wherein state investment sources are:

budget;

Stock (extrabudgetary);

Attracted (loans, credits).

Another principle of dividing the sources of financing is the property relations. According to this criterion, two groups of sources are distinguished - own and attracted. Own the funds belong to the investor and, by nature of origin, may represent the profit received by the investor, depreciation and insurance proceeds in case of unforeseen situations. The contributions of individuals and legal entities transferred to the investor on an irrevocable basis, in other words, charitable contributions, are also considered a specific source of profit.

Sources involved investments are characterized by a more complex system of obtaining, however, a large volume.

Attracted name 6 sources of investment, including:

Profit from the sale of shares

Membership and share fees

Credit funds (bond loans and bank loans)

Centralized means of enterprise unions

Budget funds of various levels and extra-budgetary funds from various state funds

Funds of foreign investors

Sources of investment are characterized by different levels of risk and profitability in investment projects. Their choice depends both on the personal capabilities of each investor, and on the appropriateness of their use in a particular investment project.

Investment sources are own(profit, depreciation, cash), borrowed(bank loans, budget loans, bonded loans) and involved funds, and budget investments. Sources of investment can be divided into

Internal;

external;

Mixed.

internal source investment is the difference between the total amount of funds available to the enterprise, and a reasonable amount, which must remain on hand and on the current account. Self-financing of investments can be attributed to internal sources of investment, i.e. their funding from their own resources.

External sources- These are borrowed and part of the attracted funds. These include credit financing, issuance of emissive securities, financial leasing, as well as state financing, sponsors' funds, etc.

Investments, especially real (capital-forming) investments, can be made both at the expense of internal (national) and external (foreign) sources. Both sources of investment play a significant role in enhancing the attraction of capital and the development of the country's economy.

Initially, consider domestic sources of investment. On a national scale, the overall level of savings depends on the level of savings of the population, organizations and the government. Thus, the population can set aside certain funds for the future, companies can reinvest part of the profits received from their activities, and the government can accumulate funds by exceeding budget revenues over expenditures. At the same time, the volume of savings directly affects the volume of investments in the country, since part of the funds is directed to consumption, and the rest - to investments.

Based on this, the following main internal sources of investment can be distinguished:

1. profit

Businesses and organizations often use profits as a source of investment. Part of the profits they receive is directed to business development, expansion of production and the introduction of new technologies. Obviously, those enterprises and organizations that do not allocate funds for these purposes eventually become uncompetitive.

Enterprises sometimes try to make up for the lack of financial resources, including for business development, by raising prices for their products. However, it should be borne in mind that an increase in prices for their products causes a reduction in demand for them, which leads to problems with the sale of products, and, as a result, to a decline in production.

2. bank loan;

Bank lending in many developed countries is one of the main sources of investment. At the same time, long-term lending plays a special role, since in this case the burden on the borrower is low and the company has time to “promote” the business. However, the role of bank lending as a source of investment depends on the development of the banking system and economic stability in the country. There is no doubt that the instability in the country leads to the reluctance of banks to issue long-term loans and finance investment projects.

In general, bank lending contributes to a gradual increase in production and, as a result, the overall recovery of the country's economy.

3. issue of securities;

The issue of securities is gradually becoming a source of investment in Russia. At the same time, in developed countries, it is the issue of securities that is one of the main sources of financing investment projects.

In order to raise funds, enterprises can issue both shares and bonds. At the same time, as a rule, any legal entities and individuals with free cash can act as buyers of securities. In this case, they act as investors, providing their own funds in exchange for the company's securities.

4. budget financing;

Currently, there is a surplus in the state budget. Due to this, it is possible to implement a part of investment projects at the expense of centralized sources of financing. At the same time, both non-repayable budget financing of nationally significant projects and lending to potentially profitable projects can be used.

State investments are usually directed to the implementation of a limited number of regional programs, the creation of particularly effective structural facilities, the maintenance of federal infrastructure, etc. At the current stage of development of the Russian economy, the priority areas in terms of budget financing are the stimulation of industrial development and the maintenance of scientific and production potential.

5. depreciation charges;

Depreciation deductions are aimed at restoring the means of production that wear out in the process of being used in the production of goods.

The financial resources received by the national economy from domestic sources of investment are not always sufficient for the successful economic development of the country. This is especially true for countries with developing or transitional economies. In this regard, it is necessary to separately consider external sources of investment, i.e. sources of foreign investment, namely:

a) foreign direct investment;

Under direct investment, it is customary to understand capital investments in real assets (production) in other countries, in the management of which the investor participates. Investments can be considered direct if the foreign investor owns at least one-fourth of the company's shares, or their controlling stake, the value of which can vary widely depending on the distribution of shares among shareholders.

By making direct investments, a foreign investor can create an enterprise, a branch or representative office wholly owned by him, create a joint venture, become a co-owner of an already existing and normally functioning enterprise, etc. At the same time, he always seeks to participate in or independently manage this company.

It should be especially noted that foreign direct investment is also a way to improve the technical level of enterprises, since foreign investors not only invest in the organization of production, but also often introduce modern technologies at these enterprises.

Attracting foreign direct investment should have access to many areas of the national economy, but there should also be some sectoral restrictions (state monopolies, etc.). Examples of such industries are industries associated with the direct exploitation of national natural resources (for example, oil and gas industries), as well as industrial infrastructure (power grids, roads, pipelines, etc.).

b) portfolio foreign investments;

Portfolio foreign investments are usually called investments in securities of foreign enterprises and organizations. It is also possible to invest in securities of a foreign state.

A distinctive feature of portfolio investment is the motives of investors. Thus, a portfolio investor is not interested in managing the company whose securities he has acquired. Its purpose is to receive income from the ownership of securities (dividends, interest, the difference between the purchase and sale prices, etc.).

Intermediaries in foreign portfolio investments are mainly investment banks, through which investors gain access to the national market of another country.

c) foreign loans;

International organizations and large foreign banks usually act as creditors. Medium-term and long-term loans can be provided to industrial and commercial corporations, enterprises, banks, financial companies, as well as directly to the state.

In order for an investment project to work and start bringing money to both its organizer and investor, first of all, it must receive sufficient funding. No money - no project. And, as a result, no profit and, in general, the complete inexpediency of developing the project. Therefore, the idea that the basis of any project (along with the idea, of course) is the sources of investment that must be found by the main investors to carry out their activities is absolutely fair.

Where to get the money, each investor decides for himself. It does not matter whether he is the organizer of the investment project or an attracted investor. The main sources of investment are the same for everyone.