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Investment dynamics is a significant economic category. Its change and characteristics

Out. (m2) \u003d [(Pr2 - Pr1) / Pr2] * 100%, percent

where Pr1 is the productivity of existing fixed assets;

Pr2 - productivity of new fixed assets.

However, this does not take into account savings in raw materials and materials or savings in labor, which can be provided by new fixed assets. Therefore, in order to more accurately account for obsolescence of the second type, one should compare fixed assets and production costs using the following formula.

Ext. (m2) \u003d [(Id2 - Id1) / Id2] * 100%, percent

where Ed1 - production costs of existing fixed assets (rubles);

Ed2 - production costs of new fixed assets (rubles). 6

Depreciation of fixed assets

Depreciation is the transfer in parts (as physical wear and tear) of the value of fixed assets to the product (or services) produced with their help. Depreciation is carried out for the accumulation of funds for the purpose of subsequent restoration and reproduction of fixed assets.

Depreciation deductions - monetary value the amount of depreciation corresponding to the degree of depreciation of fixed assets. They are included in the cost of production and are sold when it is sold.

Amortization fund - targeted savings, consisting of periodically made depreciation deductions and intended for the restoration and reproduction of fixed assets.

The amount of depreciation, expressed as a percentage of the book value of the relevant fixed assets, is called the annual depreciation rate, or depreciation rate.

Depreciation rates determine the amount of annual depreciation deductions to the depreciation fund. They reflect both physical and moral depreciation of fixed assets. The depreciation rate is determined by the following formula.

N a \u003d [(F p (b) - F l) / T] * 100%, rub.

where H a - depreciation rate;

Ф p(b) - the initial (book) value of fixed assets;

F l - liquidation value; 7

T is the service life of fixed assets.

The amount of depreciation for the full restoration of fixed assets is calculated by the formula.

A a \u003d N a * F cf, rub.

where A a - the amount of depreciation for the full restoration of fixed assets;

N a - depreciation rate, as a percentage;

Ф cf - the average annual cost of fixed assets.

Depreciation deductions for the full restoration of the active part of fixed assets (machinery, equipment and vehicles) are carried out during the standard service life, for all other fixed assets - during the entire actual service life. Depreciation is not charged on the following fixed assets:

productive livestock;

library funds;

urban improvement facilities under the jurisdiction of the local administration, and highways;

funds transferred in accordance with the established procedure for conservation;

funds of budgetary organizations.

The total amount of depreciation charges for the year is determined by calculating the depreciation amounts calculated for all groups of fixed assets, without taking into account completely depreciated funds related to machinery, equipment and vehicles. The amount of accrued depreciation is charged to the cost of products, works or services on a monthly basis. In seasonal production, the annual amount of depreciation is included in production costs for the period of operation of the enterprise in a given year.

During the year, the amount of depreciation charges for a given month is determined based on the amount of depreciation accrued for the previous month and adjusted according to the established norms in connection with changes in the composition of fixed assets for the previous month. For newly commissioned fixed assets, depreciation begins on the first day of the month following their receipt, for retired fixed assets, it stops from the first day of the month following the month of disposal.

Depreciation is not charged during the period of reconstruction, re-equipment of fixed assets with their complete stop, when they are transferred to conservation. For fixed assets leased out, depreciation is charged by the lessor or lessee in accordance with the form of lease and the terms of the contract. 8

In the Russian economy, a uniform (linear) depreciation method has been used for a long time, that is, every year the same part of the cost of fixed assets is included in the cost of production. The disadvantage of this method is the lack of accounting for the obsolescence of fixed assets, which reduces the cost of manufactured machines or reduces use value due to the commissioning of new, more efficient machines and equipment. This causes early, that is, before the end of the standard depreciation period, the disposal of obsolete equipment and leads to its underdepreciation.

H \u003d (F o + R l) - F l, rub.

where H - underdepreciation of fixed assets retired before the end of the depreciation period;

F o - residual value;

R l - expenses associated with the liquidation of these fixed assets /

F l - the liquidation value of fixed assets. 9

Statistical analysis of the fixed capital of Russia

The state of the fixed capital of Russia

The efficiency of the functioning of the economy is largely determined by the state of its fixed assets, which characterizes the production capabilities of the sectors of the economy, determines the pace and scale of its development. The volume of production, the development of the productive forces of the industry, its financial and economic performance, as well as the formation of the most important national economic proportions largely depend on the size, qualitative composition, age structure, and the efficiency of the process of reproduction and use of fixed assets. 10

The data of Rosstat are considered and analyzed below, which most fully illustrate the state and dynamics of fixed assets of the Russian Federation.

Table data. 1 indicate that the fixed assets in the national economy of the country before the beginning of the reform period (1990s) grew at a fairly high rate. Their annual growth was 5-10% and for 1970-1990.

Table 1. Fixed assets in the national economy of the Russian

Federation (at the beginning of the year; at full book value)

Million rub. (before 1998 - billion rubles)		In % to previous year (in comparable prices)
total by sectors of the economy	of which industries	total by sectors of the economy	of which industries \|
total by sectors of the economy	prod. goods	total by sectors of the economy	prod. goods	prov. market and non-market services

In the post-Soviet period, the growth of fixed assets has slowed down sharply. At the same time, a particularly significant decline occurred in 1995, when the growth rate of fixed assets throughout the economy as a whole amounted to 99.8% of the previous year. This trend was characteristic of both industries producing goods and industries providing services.

The Russian economy is in dire need of modernization, as fixed assets are aging and the technological gap is growing. A long-term deep decline in almost all industries has led to severe degradation of the material and technical base of the economy: outdated, dismantled or sold equipment, technological chains have been dissected. The production potential accumulated by the beginning of the reform was declining all these years, and the most perfect production of the highest technological level suffered the most from downtime. eleven

Table data. 2 also indicate a systematic decrease in the physical volume of fixed assets in construction, industry, agriculture and forestry. During the period 1995-2004. growth rates in construction, agriculture and forestry did not exceed 100% from the previous year. According to the calculations for 1995-2004. the increase in the physical volume of fixed assets in industry amounted to only 0.4%, i.e. there was no such increase. In agriculture, the situation is completely deplorable: over a 9-year period, the volume of fixed assets decreased by 24%. 12

At present, there is a clear tendency for industrial enterprises to lose their ability to produce complex and science-intensive products, not only new ones, but also those produced by them earlier in the conditions of stable economic development. The process of aging of fixed assets is determined by the unacceptably low rate of disposal of obsolete equipment for the modern economy and the same low rate of input of new capital. This means that the technical re-equipment of the production apparatus of such basic sectors of the economy as energy, transport, metallurgy, chemistry, mining, etc. is under threat, since as the active part of the fixed capital of these sectors wears out, their full replacement with new domestic equipment would be difficult or impossible.

The increase in output, mainly by increasing the utilization of production capacities, with insufficient investment activity, has preserved the trend of increasing the level of depreciation of fixed assets in the industry, which is characterized by the data in Table. 3.

At the beginning of 2010, the depreciation rate of fixed assets in the economy as a whole was 45.1%, including 50.6% in industry, while in 2000 these values were 38.6 and 46.2%, respectively. The degree of depreciation of machinery and equipment was significantly higher - 57.3%.

Thus, over a 10-year period, the depreciation of fixed assets in the Russian economy increased by 1.2 times. Depreciation of vehicles increased by 4.9 percentage points, depreciation of buildings - by 8.4 points, depreciation of buildings remained at the same level as in 1995. It should be noted that the depreciation of the most active part of fixed assets (machinery and equipment) increased up to 2000, when it was 68.4% against 62.9% in 1995, then it decreased and in 2010 it was already 57.3%. Most likely, this was a consequence of the financial crisis of 1998, after which the Russian industry acquired certain opportunities for growth and development. However, this did not lead to overcoming most of the problems.

Table 2. Indices of the physical volume of fixed assets by sectors of the economy (in comparable prices; in %)

Average per year

To the previous year

All fixed assets

including: main funds of industries, prod. goods

of which by industry: - industry

Agriculture

Forestry

Construction

fixed assets of industries providing services

Table 3. The degree of depreciation of fixed assets of organizations by sectors of the economy (at the beginning of the year; in%)

Branches and types of fixed assets
fixed assets
industrial organizations - total
of which: buildings, structures and transmission devices

structures
transmission devices
cars and equipment
vehicles
agricultural organizations - total
construction organizations - total
transport organizations - total
trade and public catering organizations - total

It is known that fixed assets wear out during operation. To compensate for the cost of fixed capital, a depreciation fund is used, which is formed from depreciation deductions received on the current account industrial enterprise after product sales.
This course work reveals the essence and features of fixed assets, talks about how to evaluate them. Also, a large role is assigned to depreciation of fixed assets and various methods of its calculation in a market economy.

Introduction 3
Chapter 1. The concept and essence of fixed assets of the enterprise 4
§ 1. Economic entity OPF 4
§ 2. Composition and classification of OPF 5
§ 3. Methods for estimating and accounting for BPF. 8
Chapter 2. Depreciation and amortization of fixed assets. 12
§ 1. Types of depreciation of fixed assets. 12
Chapter 3. 21
§ 1. The state of the fixed capital of Russia. 21
§ 2. Modernization of fixed assets of enterprises of the Russian Federation. 25
Conclusion 31
List of used literature. 32

The work contains 1 file

WORK PLAN

Introduction 3

Chapter 1. The concept and essence of fixed assets of the enterprise 4

§ 1. The economic essence of OPF 4

§ 2. Composition and classification of OPF 5

§ 3. Methods for estimating and accounting for BPF. 8

Chapter 2. Depreciation and amortization of fixed assets. 12

§ 1. Types of depreciation of fixed assets. 12

Chapter 3. 21

§ 1. The state of the fixed capital of Russia. 21

§ 2. Modernization of fixed assets of enterprises of the Russian Federation. 25

Conclusion 31

List of used literature. 32

Introduction

At present, in a market economy, when economic instability is characteristic, when development is replaced by a period of crises, enterprises are required to increase the economic efficiency of production. The problem of increasing the efficiency of the use of fixed assets and production capacity enterprises occupies a central place during Russia's transition to market relations. The place of the enterprise in industrial production depends on the solution of this problem, its financial condition, market competitiveness. For the implementation of economic activities and normal functioning, any modern enterprise must have necessary resources, that is, to have certain means and sources with which you can produce and sell material goods, works and services. Such sources, first of all, are the fixed assets of the enterprise.

Fixed assets are the most important and predominant part of all funds in industry. They determine the production capacity of enterprises, characterize their technical equipment, are directly related to labor productivity, mechanization, automation of production, production costs, profit and profitability.

This course work reveals the essence and features of fixed assets, talks about how to evaluate them. Also, a large role is assigned to depreciation of fixed assets and various methods of its calculation in a market economy.

Chapter 1. The concept and essence of fixed assets of the enterprise

§ 1. The economic essence of the OPF

For the potential implementation of the production process, it is necessary to interact resources in the form of means of production (means and objects of labor) and labor. The means of production expressed in money form are production assets. The production assets of an enterprise are divided into "fixed" (fixed capital) and "working" (working capital). The division is based on differences in participation in the production process, the nature of reproduction, and the ways in which value is transferred to the finished product.

The main production assets of an enterprise are the value expression of the means of labor. The main defining feature of fixed assets is the method of transferring value to the product - gradually: over a number of production cycles; parts: as wear. Depreciation of fixed assets is accounted for in accordance with established depreciation rates, the amount of which is included in the cost of production. After the sale of products, the accrued depreciation is accumulated in a special depreciation fund, which is intended for new capital investments. Thus, the lump-sum value advanced into the fixed capital (fund) in the part of the fixed capital makes a constant circuit, passing from the monetary form into the natural, into the commodity and again into the monetary.

The economic essence of fixed production assets lies in the fact that they repeatedly participate in the production process, transfer their value to the cost of the manufactured (produced) products and do not lose their natural-material form in the production process (retain their consumer value and natural form). When accounting for funds, there is a limitation: fixed assets include funds with a service life of more than one year and a value of more than 100 times the minimum monthly wage.

The law of reproduction of fixed capital is that, under normal economic conditions, its value, introduced into production, is completely restored, providing the opportunity for constant technical renewal of the means of labor. With simple reproduction, at the expense of the depreciation fund, enterprises form a new system of labor tools, equal in value to worn ones. To expand production, new investments are required, attracted additionally from profits, contributions from founders, securities issues, loans, etc. With a large scale of fixed capital used, large and largest enterprises have the opportunity to finance not only simple, but also to a large extent as the expanded production of means of labor.

§ 2. Composition and classification of OPF

The main production assets of an industrial enterprise are means of labor that repeatedly participate in the production process, performing qualitatively various functions. In terms of their economic content, the main industrial funds are homogeneous. At the same time, they differ in terms of production and technical purpose, role in production and terms of reproduction.

Therefore, for planning capital construction, calculating the amount of depreciation and depreciation rates, a classification of fixed assets is necessary.

For the accounting and planning of fixed assets, the state is developing a single system for everything. National economy classification. Means of labor are combined by their types, groups, subgroups, as well as by sectors of the national economy and areas of activity, which allows them to be typed, coded, and form uniform forms of accounting and reporting. Under the influence of scientific and technological progress, directions of economic and depreciation policy State classification of fixed assets in the former USSR and the Russian Federation was revised in 1923, 1930, 1972 and 1996.

According to the principle of natural-material composition, the current classification combines fixed assets into certain groups. Each group consists of many different means of labor.

Buildings - buildings and structures in which the processes of the main, auxiliary and ancillary industries take place; administrative buildings; economic buildings. The cost of these buildings, in addition to the construction part, also includes the cost of the heating system, plumbing, electrical fittings, ventilation devices, etc.
Structures. The group of structures includes engineering and construction facilities that are necessary for the implementation of the production process: roads, flyovers, tunnels, bridges, etc.
Transmission devices - water supply and electrical network; heating network, gas networks, steam pipelines, i.e., objects that carry out the transmission various kinds energy from engine machines to working machines (oil pipelines, gas pipelines, etc.).
Cars and equipment. This group has a particularly large and diverse composition. This includes power machines and equipment, including all types of power units and engines;

working machines and equipment that directly affect the object of labor or its movement in the process of creating products;

measuring or control instruments and devices and laboratory equipment intended for measurement, regulation production processes, testing and research;
since 1972, computer technology has been separated into a separate subgroup: electronic computers, analog control machines, as well as machines and devices used to control production and technological processes;
other machines and equipment that are not included in the listed subgroups.

Vehicles (owned by enterprises rolling stock railways, water and automobile transport, as well as intra-factory vehicles: autocars, trolleys, carts, etc.)

Tools and fixtures. Fixed assets include instruments of all types with a service life of more than 1 year. Tools and inventory that have been used for less than 1 year are classified as working capital.
Production and household equipment and accessories intended for storing materials, tools and facilitating the performance of production operations - workbenches, racks, tables, containers, office and household items (furniture, fireproof cabinets, duplicators, fire-fighting items, etc.).
Working and productive livestock. Working cattle (horses, bulls, oxen, camels, etc.) have been separated into a separate group since 1996. The fixed assets also include productive livestock - adult animals that produce products and offspring (cows, ewes, sows, etc.). The cost of young animals, livestock and fattening animals is included in the working capital agricultural enterprises.
Perennial plantations. The main funds include perennial plantations: fruit-bearing orchards, berry fields, windbreaks.
Internal roads.
Land owned by the enterprise.
Other fixed assets.

According to the Federal State Statistics Service, at the beginning of 2011. buildings accounted for 15.0% of the availability of fixed assets; structures - 50.7%; machinery and equipment - 26.9%; vehicles - 6.7%. In the structure of fixed assets of non-profit organizations, buildings (45.1%) and structures (34.9%) account for the largest share, while the share of machinery and equipment, vehicles and other types of fixed assets is respectively small: 13.5% and 3.4 %.

The significance of each of the listed groups of fixed assets in production and in increasing its efficiency is not the same. Active fixed assets that directly affect the level of technical equipment of labor at an industrial enterprise are working machines, equipment, vehicles and tools, that is, tools of production. The volume of production and its efficiency depend on their qualities, degree of use.

Other elements of production fixed assets take an indirect part in the production process (transmission devices) or create the necessary conditions for the use of machinery and equipment, with the help of which the production process is carried out (buildings, structures). Therefore, the level of the material and technical base of the enterprise is determined primarily by the specific weight and quality of the active part of the production fixed assets. The higher the share of the active part of the funds, the more opportunities the company has to increase output. The division of fixed assets into active and passive is largely conditional. Often the improvement of production consists in increasing the cost of facilities or transmission devices, which leads to progressive changes in the technological process. In many industries (oil production, gas production, etc.), facilities and transmission devices are the most active part of the funds.

According to their functional purpose, fixed assets are divided into basic production and fixed assets. production assets. The main production assets include assets (about 80%) that are directly involved in the technological process (machines, equipment, machine tools, etc.), or create conditions for the production process (industrial buildings, structures, pipelines, etc.). Fixed non-production assets (more than 20%) are household and cultural facilities, medical institutions, residential buildings, children's and sports facilities, etc., which are on the balance sheet of the enterprise, but unlike production assets, they do not participate in the production process and do not transfer their value to the product. Their value disappears in consumption. The compensation fund is not created. They are reproduced at the expense of the national income.

By ownership, fixed assets are divided into own and leased.

Depending on the sectors of the national economy, fixed assets are divided into fixed production assets of industry, agriculture, construction, transport, trade, etc. The classification of fixed assets by sectors and branches of the national economy allows you to monitor and adjust the direction of economic development: more effectively use incentive levers for the development of progressive and priority industries.

§ 3. Methods for estimating and accounting for BPF.

Accounting for fixed assets is determined not only by the need to know what fixed assets and to what extent the enterprise has, but also by the requirements of the economics of production. This is due to the fact that the share of fixed assets in the total amount of funds at the disposal of the enterprise reaches 70% or more. Consequently, the development (state) of the economy of the enterprise depends on how they are used.

Fixed assets are accounted for in kind and in cash. Accounting for in-kind funds is necessary to determine the technical composition of fixed assets, the production capacity of the enterprise, the degree of use of equipment and other purposes. For each unit of fixed assets, a passport is drawn up, reflecting the time of construction, technical characteristics, repairs made, the degree of wear and use.

To check the technical condition of fixed assets at the end of the year, an inventory commission is specially created. Therefore, the accounting and evaluation of fixed assets in kind gives an idea of their technical condition.

A monetary or cost estimate of fixed assets is necessary to determine their total volume, dynamics, structure, value transferred to the cost of commercial products, as well as to calculate the economic efficiency of investments.

Introduction

1. Essence and reproduction process of fixed capital

1.1 The concept of fixed capital

1.2 Reproduction of fixed capital

2. The problem of renewal of fixed capital in modern Russia

2.1 Utilization of fixed capital in Russia

2.2 Capital renewal: analysis and assessment of opportunities

Conclusion

List of used literature

The renewal of production assets is one of the most actual problems formation market relations and maintaining the achieved rates of economic growth.

The “quality” of growth remains extremely unsatisfactory, especially if we talk about the real sector of the economy: the structure of production is not modernized and its efficiency practically does not increase, innovation activity is extremely weak, and the level of manufacturability of production is not growing. Without the stable growth of this complex, the country may turn out to be a raw material appendage of the West. Of the three factors of production - land, labor and capital - the latter is becoming increasingly important if we consider it in the broadest sense of the word, that is, not only as a value expression of fixed assets, but also as implements of labor, technology, production buildings embodied in it. and structures.

The real sector of our economy requires an increase in investments to expand production, increase working capital and renew fixed capital. This is the relevance of the chosen topic.

The problem of renewal of fixed capital in an economy that is mastering market forms of management with an outdated production base and solving major problems is very complex. As is known, economic growth in recent years has been supported mainly by the export of raw materials, and especially oil and gas. With the decline in oil prices, the inflow of foreign currency into the country due to own production significantly reduced, and the domestic market for the sale of domestic goods is still too narrow. In conditions of insufficient demand, processing industry enterprises do not have funds not only for expanded production, but also for replenishing working capital and replacing equipment.

The current situation in the economy convinces of the need to strengthen the investment activities of enterprises, corporations and associations. The state should create conditions for attracting investments in the real sector of the economy. When analyzing the reasons for low investment activity, many experts rightly point out the lack of the necessary regulatory framework, i.e., neither the conditions for protecting the rights of investors nor the guarantee mechanism have been created. Need to start developing more effective policy to attract investment, including foreign ones.

Target term paper– to consider the problems of renewal of fixed capital in modern Russia.

Based on the goal, the tasks of the course work are formed:

1. determine the essence and reproduction process of fixed capital;

2. consider indicators of the use of fixed capital in Russia;

3. to analyze and evaluate the possibilities of renewal of fixed capital in Russia.

The methodological basis for writing the term paper was the collections scientific papers, monographs, periodicals, statistical collections.

Capital in the market of factors of production is understood as physical capital, or production assets. The latter can be called capital goods. Capital goods include, first, residential buildings; secondly, production facilities, machinery, equipment, infrastructure; third, inventories.

The concept of capital in economic theory has undergone a significant transformation since the time of A. Smith, and even earlier ideas of economists of the past. At present, it is customary to talk about capital in the broad sense of the word, and not just about those benefits that were listed above. This broad interpretation is connected, first of all, with the names of such American economists as I. Fisher and D. Dewey.

Capital can be broadly defined as a value that generates a stream of income. From this point of view, the capital can be called the production assets of the enterprise, and land, and securities, and a deposit in commercial bank, and "human capital" (accumulated professional knowledge), etc. All of the benefits listed bring a stream of income in various forms: in the form of rent, interest payments on deposits, dividends on securities, land rent, etc.

In capital market research, it is important to distinguish between the categories of stock and flow. Capital as a stock is the accumulated benefits of production purposes at a certain point in time. Investments, on the other hand, represent a flow due to which the existing stock of capital goods (production equipment, machine tools, machines, etc.) is multiplied over a certain period of time. The investments that we will explore in the factor market are those that increase the stock of physical capital. Investments, in accordance with the most important varieties of physical capital, can be divided into investments a) in residential buildings; b) in machinery and equipment; c) inventory. In this sense, these investments should not be confused with investments as a category of the financial market, where such financial assets as stocks, bonds, etc. are bought and sold.

So, we recall that in the very definition of capital in a broad sense there is a mention of the flow of income. What kind of income - we have to find out by referring to the study of the structure of the capital market.

Just as in the study of the labor market, it is necessary to distinguish between capital and capital services. Again, we can apply the categories of stock and flow. Capital is presented as a stock, and its services as a flow.

In this regard, we should not confuse the price of capital goods (the price of machine tools, machines, buildings, etc.) and the price of capital services (monetary units for the number of machine hours), which is called rent, or rental valuation. Thus, we can talk about three segments of the capital market: first, the capital goods market, where production assets are bought and sold; second, the capital services market, where these funds can be rented out for a fee. To buy and sell capital goods, subjects need cash. Therefore, thirdly, one more segment of the capital market can be distinguished - the market for borrowed funds, or loan capital. The income generated by loan capital is called interest. We will find out its nature in the course of the analysis of all three interrelated segments of the capital market.

So, let us turn to the study of capital as a good for production purposes. In economics, as well as in accounting analysis, it is customary to distinguish between fixed and working capital. Fixed capital in physical form is represented by buildings, machines, structures, i.e., all those durable capital goods that lose their value as they wear out over several production cycles. Working capital loses its value within one production cycle and is represented by raw materials, materials, stocks finished products and so on.

In connection with the concept of fixed capital, it is necessary to introduce another new economic category - depreciation. Depreciation is the depreciation of fixed capital as a result of its wear and tear. To compensate for the fixed capital worn out over the entire service life, a depreciation fund is created, where funds (depreciation deductions) are received after the sale of finished products. The depreciation rate is the ratio of the annual amount of depreciation deductions to the cost of a capital good, expressed as a percentage.

Physical capital is associated with the concept of roundabout, or indirect (roundabout) methods of production. These are production methods associated with time lag. In other words, it takes time to create a capital good.

The net productivity of capital is the percentage return on capital, or the rate of return on capital.

The policy in the field of reproduction of fixed assets should be carried out both at the macro and micro levels, since it determines the quantitative and qualitative state of fixed assets.

The reproduction of fixed assets is a continuous process of their renewal through the acquisition of new ones, reconstruction, technical re-equipment, modernization and overhaul, including the following interrelated stages (Fig. 1.):

Creation;

Consumption;

Depreciation;

Recovery and reimbursement.

In the diagram, the stages of reproduction of fixed assets are divided into two parts. One part is the creation of fixed assets, which most often takes place outside the enterprise. The creation of fixed assets in accordance with their structure occurs in two areas: in the construction industry and mechanical engineering, including instrument making. The second part is the stages that are carried out within the enterprise. The initial stage of the reproduction of fixed assets, which is carried out at the enterprise, is the stage of their acquisition and formation. For a new enterprise that is just being created, the formation process means the construction of buildings and structures, the purchase of equipment that meets technological process, cost and product quality.

Rice. 1. Stages of reproduction of fixed assets

The desire to explain the essence and significance of capital was shown by representatives of all major schools and areas of economic science. This can be seen even from the title of many works. Let us mention, in particular, "Capital" by K. Marx, "Capital and Profit" by E. Behm-Bawerk, "The Nature of Capital and Profit" by I. Fischer, "Cost and Capital" by J. Hicks.

The concept and theory of capital

Essence and forms of capital

Capital - ϶ᴛᴏ a certain amount of goods in the form of material, monetary and intellectual means used as a resource in further production. Therefore, capital is the sum of the so-called capital goods, i.e. goods to produce other goods. Bricks (they will build a house), machine tools (they will be used to make parts for future passenger cars), a TV set (it will play a TV show), etc. can be considered a capital good.

Narrower definitions are also common. According to the accounting definition, capital refers to all the assets (funds) of the company. According to the economic definition, capital is divided into real (physical, production), i.e. in the form of means of production, and money, i.e. in financial form, and sometimes they also allocate commodity capital, i.e. capital in the form of commodities.

Real capital is divided into fixed and working capital (Fig. 17.1) Fixed capital usually includes property that has been in use for more than one year. In Russia, fixed capital is called fixed assets.

Real working capital should include only material working capital, i.e. inventories, work in progress, stocks of finished goods and goods for resale. This economic definition working capital.

If we add to the material working capital funds in settlements with suppliers and buyers (accounts receivable, i.e. loans and installment payments to buyers, and deferred expenses, i.e. advances to suppliers), cash on hand of the enterprise and expenses for wages, we get working capital (working capital, or current assets) according to the accounting definition.

Figure No. 17.1. Structure of real capital

Often, capital is divided according to its areas of application: production (industrial), trade, financial (loan), etc. The owners of capital receive income from its use. In the case of loan capital, the income takes the form of interest. In other cases (϶ᴛᴏ other types money capital or the whole real capital) the income takes the form of profit. It is worth noting that it can be in different versions: profit of the company, dividends of the shareholder, royalties of the owner of intellectual capital (for example, the owner of a patent), etc.

Note that the theory of capital

Note that the theories of capital have a long history.

A. Smith characterized capital exclusively as an accumulated stock of things or money. D. Ricardo interpreted it as a means of production. The stick and stone in the hands of primitive man seemed to him the same element of capital as machines and factories.

Unlike their predecessors, K. Marx approached capital as a category of social character. It is worth noting that he argued that capital is a self-increasing value, giving rise to the so-called surplus value. Moreover, he considered only the labor of hired workers to be the creator of the increase in value (surplus value). Therefore, Marx believed that capital is, first of all, a certain relationship between different strata of society, in particular between wage workers and capitalists.

Among the interpretations of capital, the so-called temperance theory should be mentioned. It is important to note that one of its founders was the English economist Nassau William Senior (1790-1864). Labor was considered by him as a "victim" of the worker, who loses his leisure and peace, and capital - as a "victim" of the capitalist, who refrains from having all ϲʙᴏyu property to use for personal consumption, and a significant part of it turns into capital.

On the ϶ᴛᴏth basis, a postulate was put forward that the benefits of the present are of greater value than the benefits of the future. And consequently, the one who invests money in economic activity, deprives himself of the opportunity to realize part of his wealth today, sacrifices his current interests for the sake of the future. It is this kind of sacrifice that deserves to be rewarded in the form of profit and interest.

According to the American economist Irving Fisher (1867-1947), capital generates a flow of services, which turn into an inflow of income. The more the services of this or that capital are valued, the higher the income. Therefore, the amount of capital must be estimated on the basis of the amount of income received from it. So, if renting out an apartment brings its owner $5,000 annually, and in a reliable bank he can get 10% per annum on the money deposited in the urgent account, then the real price of the apartment is $50,000. % per annum, ɥᴛᴏ to receive $ 5,000 annually. Based on all of the above, we come to the conclusion that Fisher included in the concept of capital any benefit that brings income to its owner (even talent)

Quantifying profit and its dynamics

There are two measures to quantify profit. Absolute indicator϶ᴛᴏth category - the mass of profit, the relative indicator - the rate of profit.

The mass of profit - ϶ᴛᴏ its absolute volume, expressed in money. Rate of return - ϶ᴛᴏ the ratio of profit to advanced capital, expressed as a percentage.

In Russia, the rate of return is often referred to as the level of profitability. Material published on http: // site
It is worth noting that it is calculated as the ratio of profit to the value of fixed assets and working capital. In Russian industry, the level of profitability in 1980 was 12.5%; in 1990 - 12.0; in 1997 -9.0.

Main capital

Main capital(fixed assets) will be the main integral part capital of firms in most industries, primarily in the real sector. For example, in Russia in 1997 the ratio between fixed and working capital in the industry as a whole was 8:1.

Structure and analysis of fixed capital

Fixed assets are represented primarily by buildings and structures, transmission devices, machinery, equipment and instruments, vehicles, tools, livestock, durable household goods (household property), as well as intangible assets (patents, trademarks, copyrights and other rights)

Fixed assets largely determine production potential firms (industries, the whole country), i.e. the ability to produce (release) for some time period a certain amount of products of the desired range and quality. In relation to enterprises (firms) in the sphere of material production, they often talk about their production capacity (production capacity). For example, in Russia, the production capacity for the production of cars is about 1.2 million cars a year. Production capacity can often be underused; some of them are being modernized, some are being repaired, and some are idle due to strikes or lack of demand for products manufactured at these facilities. Thus, in 1997, the capacity utilization for the production of passenger cars in Russia was about 80%, for the production of steel - 68%, tractors - 8, footwear - 17%.

Fixed assets are included in the statistics using balance of capital stock. It is a statistical table, the data of which characterize the volume, structure, reproduction and use of fixed assets. Analysis of fixed capital is carried out in many areas, including:

1. Analysis of fixed assets by technological and age structure. Note that the technological structure shows the relationship between the so-called active part of the funds (working machines and equipment directly involved in the production of products) and their passive part (buildings, structures, etc.). The age structure of the funds characterizes them by their service life. So, at the end of 1997, the age structure of production equipment (϶ᴛᴏ the main part of production capacities) in Russian industry looked as follows: equipment up to 5 years old - 5.4%; 6-10 years - 24.0; 11-15 years old - 24.6; 16-20 years old - 17.5; more than 20 years - 28.6, and the average age of the ϶ᴛᴏth equipment was 15.9 years (in 1970 it was 8.4 years, in 1980 - 9.5 years, in 1990 - 10.8 years )

2. Analysis of the cost of fixed assets using various approaches. When assessing fixed assets by book value the base is the value of fixed assets when they are registered, more precisely, at the time of the initial entry into the balance sheet of fixed assets or its subsequent correction. As a result, the book value is a mixed valuation of fixed assets, since one part of them is still listed under original cost(i.e. acquisition cost), and the other has already been revalued and is listed under the so-called replacement cost.

Moreover, both the initial and replacement cost can be both complete, i.e. at the time of purchase or next revaluation, and residual those. minus depreciation or with the addition of modernization and reconstruction.

2. Analysis of renewal, disposal and depreciation of fixed assets, which are characterized by ϲᴏᴏᴛʙᴇᴛϲᴛʙ coefficients of renewal and disposal.

In 1997, the renewal coefficient in Russia was 1.4 1 (in 1970 - 10.2; in 1980 - 8.2; in 1990 - 5.8), and the retirement coefficient was 1.0 ( in 1970 - 1.7; in 1980 - 1.5; in 1990 - 1.8)

Moreover, in the analysis, not only the values of each of these coefficients are important, but also the difference between them. For example, with a high renewal rate and a low retirement rate, the share of old funds in the company increases (as ϶ᴛᴏ happened in our country in the 70-80s). With the opposite combination, the volume of fixed assets decreases (which is what happens in Russia in the -s gg.)

Depreciation coefficient - ϶ᴛᴏ the share in fixed assets of those funds whose age exceeds the normative terms. So, at the end of 1998, the depreciation of fixed assets in Russia amounted to 41%, in 1, including 52% in industry (in 1970 - 26%; in 1980 - 36; in 1990 - 46)

4. Analysis of the effectiveness of the use of fixed assets, which is characterized by a number of coefficients, including such as:

capital productivity,

capital intensity of fixed capital.

Depreciation of fixed capital

The aforementioned depreciation of fixed capital can be physical and moral. Physical deterioration essentially consists in the fact that the elements of fixed capital wear out and therefore their value decreases. Obsolescence essentially consists in the fact that the value of fixed assets is reduced due to the emergence of more advanced funds, as well as due to lower costs for their production. The process of physical and obsolescence of fixed capital is called its depreciation.

Another meaning of the term "depreciation" is ϶ᴛᴏ the valuation of depreciation of fixed capital over a certain period of time. On the basis of the ϶ᴛᴏth assessment, there is an annual write-off of a part of the value of fixed assets, the so-called depreciation deductions. It is worth noting - they come in sinking fund, which serves to compensate for the depreciation of fixed capital. The owners of the foundations of the funds carry out depreciation deductions according to those approved for the whole country norms depreciation charges according to the book value of fixed assets.

Annual depreciation charges are included in production costs. Therefore, entrepreneurs are, in principle, interested in increasing write-offs to the sinking fund, since these funds are more profitable than profit to use to finance investments: they do not have to pay taxes.

The state also has a special interest in the amount of depreciation deductions. Too little depreciation - ϶ᴛᴏ inadequate fund for capital investments on a national scale.

Let us note the fact that in modern conditions depreciation deductions are the main source of financing capital investments in developed countries. Therefore, the state often allows firms accelerated depreciation, which allows, on the basis of high rates of depreciation, to write off the cost of fixed assets quickly, in a few years. Usually accelerated depreciation is allowed for the active part of fixed assets. At the same time, ϶ᴛᴏ can result not only in the rapid renewal of fixed capital, but also in an increase in that part of production costs that falls on depreciation charges.

Working capital

TO working capital, if we keep in mind its economic definition, ᴏᴛʜᴏϲᴙt raw materials, fuel, energy, materials, semi-finished products, work in progress, stocks of finished products, goods for resale. If we take the accounting definition of working capital, then the above should be added to the funds in settlements with suppliers and buyers, cash on hand of the enterprise and wage costs. Next, we will talk about the accounting definition.

Working capital (current assets) and cost

If we compare working capital with fixed capital in terms of size, then in most firms and industries the first is much less than the second. It is important to note that, however, with all this, working capital in ϲᴏᴏᴛʙᴇᴛϲᴛʙ and with ϲʙᴏ turns into economic life much faster than the main one. As a result, its contribution to the cost of production is usually much higher than the contribution of fixed capital. After all, fixed capital transfers its value to manufactured products over several years in parts (through depreciation), and working capital - no more than a year. In the Russian industry in 1997, the cost structure (cost) looked like this,%: depreciation - 8, material costs - 61, wage and contributions for social needs - 17, other expenses - 14.

From this it is clear why firms have such a strong desire to reduce material consumption, incl. energy intensity, metal consumption, etc.

Working capital analysis

Material consumption is understood as the ratio of the costs of raw materials, fuel, energy, materials and other objects of labor to the cost of manufactured products.

Do not forget that the options for the ϶ᴛᴏth indicator can be energy intensity, metal intensity, etc.

In the financial analysis of the efficiency of the use of working capital, other indicators (coefficients) are also used, including:

turnover of working capital (working capital) Although the ϶ᴛᴏt indicator varies greatly depending on the industry, nevertheless it shows how many times a year the economic cycle takes place at the enterprise;

current liquidity (coverage ratio) Note that current liquidity demonstrates whether the firm has enough funds that can be used by it to repay (cover) their short-term obligations during the coming year (short-term loans and credits, accounts payable)

If we compare only the company's cash with its short-term liabilities, we get the absolute liquidity ratio. It evaluates the firm's ability to pay immediately for all short-term obligations.

Capital valuation

In practice, every entrepreneur often faces the question: what is the real market price its capital (funds, assets)? Evaluation of an enterprise (firm) is an opinion or calculation of the value of a particular property at a given point in time. In the professional parlance of appraisers, this process is often referred to as "business valuation". When determining the value, the concept of the so-called reasonable market value is often used, i.e. the price at which property passes from the hands of a seller who wants to sell it to a buyer who wants to buy it.

There are three main approaches to enterprise valuation: profitable, market and cost. The income approach is based on the assessment of future income from the enterprise being valued. In ϲᴏᴏᴛʙᴇᴛϲᴛʙii with a market approach, the value of the enterprise being valued is determined by analyzing sales of similar or comparable properties, i.e. comparison method. The cost approach provides that the value of the enterprise being valued can be determined on the basis of an analysis of the costs required for the reproduction or replacement of property, minus obsolescence and physical depreciation. It should not be forgotten that it is important to emphasize that all three approaches are not only not mutually exclusive, but also interrelated.

income approach

In the income approach, which will be the most common, two main methods can be used: income capitalization and discounting future income (cash flow discounting) The essence of the income capitalization method is essentially that the market value of an object is directly proportional to cash income and inversely proportional to the expected rate capitalization, or, in other words, the expected rate of return.

The capitalization rate (income rate) is understood as the level of profitability of a given object, expressed as a percentage, i.e. an indicator that is similar in meaning to the discount rate, although not the same as it (see 18.3) This method makes sense to apply with a stable and unchanged income over a number of years. Most often it is used in real estate appraisal.

Example. An apartment in Moscow was rented out for $300 a month for five years. The expected rate of return (based on the expected rate of a bank term foreign currency deposit) is 10% per annum. This means that with an annual income of $3,600, the market value of the apartment is $36,000.

The discounted cash flow method is based on the forecast of future cash income (cash flow) that will be received by the investor (buyer) of this enterprise. This future cash flow then discounted (adjusted) to present value using a discount rate, which gives the required rate of return.

The advantage of this method is essentially that it takes into account future market conditions through the discount rate. The disadvantage of the method is associated with the difficulties of preparing a forecast, a certain uncertainty in the assessment.

Market Approach

The market approach (or analogue approach) includes three main valuation methods: the capital market method, the transaction method, and the industry valuation method.

The capital market method is based on the selling prices of shares of similar firms in world stock markets. It is worth saying that the application of the ϶ᴛᴏth method requires detailed financial and price information for a representative group of comparable firms. The core of the method is financial analysis, selection and calculation estimated coefficients(factors) To the last ᴏᴛʜᴏϲᴙ coefficients are given: price / profit; price/cash flow; invested capital/earnings and a number of others, which are then used to process the financial performance of the firm.

The transaction method is based on the analysis of the acquisition prices of controlling stakes. The ϶ᴛᴏ method uses the same tools as the previous one, with the only difference being that it usually uses a limited set of valuation ratios (usually price/earnings and price/book value) due to insufficient data.

The method of industry assessments is based on the presence of well-established assessment indicators in individual industries. For example, the cost advertising agency estimated at 75% of annual profit; the cost of a car rental agency is calculated as the number of cars multiplied by $1,000, the bakery is calculated as the sum of 15% of annual sales and the cost of equipment, and inventory etc.

The advantages of the market approach are that it is based only on market data and demonstrates the real practice of buyers and sellers. The disadvantages of the ϶ᴛᴏ approach are related to the difficulties in obtaining data for comparable firms, since it is based on past events and does not take into account changing market conditions.

Cost approach

The cost approach is presented primarily by the method of assessing accumulated assets. It is worth noting that it includes an assessment of financial, material (land, buildings, structures, machinery and equipment) and intangible (qualification, trademark etc.) assets based on the balance sheet, taking into account various kinds of adjustments (wear, aging, etc.)

The advantage of this approach is essentially that it is based on existing assets and is less speculative than others. Its disadvantage is the difficulty of accounting for intangible assets, the prospects of the firm (enterprise)

In practice, when evaluating an enterprise, not one, but two or all three evaluation approaches are traditionally used to obtain the most reliable result. The conclusion about the value of the enterprise is not simply accepted as a mechanical or percentage weighting of the results. various methods assessment, but is based on the professional experience and expert judgment of the appraiser.

conclusions

1. Capital has many broad and narrow definitions. It is worth noting that it is traditionally divided into main and circulating, and according to the areas of operation - into production (industrial), trade, financial (loan)

2. Among the theories of capital and profit, the most famous are the labor theory, the theory of abstinence, the theory of capital as a benefit that brings income.

3.
It should be noted that fixed assets will be the main component of the capital of firms in most industries, primarily in the real sector. In the cost of production, the contribution of working capital is greater, since it turns around faster.

4. Depreciation of fixed capital - ϶ᴛᴏ the process of its physical and moral deterioration. The financial reflection of this process will be the write-off of a part of the cost of fixed assets to the depreciation fund. Deductions to the sinking fund will be part of the production costs, so they are not taxed. Funds from the sinking fund may only be used to finance capital investments.

5. When analyzing fixed capital, the coefficients of renewal, disposal and depreciation of fixed assets, capital productivity, capital intensity of fixed capital and other indicators are used. When analyzing working capital, indicators of its material intensity, energy intensity, metal intensity, turnover, liquidity, etc. are used.

6. Enterprise valuation is an important element of economic life. Three main approaches are used: profitable, market and cost, allowing from different angles to calculate and form an opinion on the market value of the property being valued.

Note that the terms and concepts

Capital
Main capital
Working capital
Profit rate (profitability level)
Production potential (production capacity)
Note that the technological structure of fixed assets
Age structure of fixed assets
Retirement rate of fixed assets
The coefficient of renewal of fixed assets
Depreciation rate of fixed assets
return on assets
Capital intensity of fixed capital
Depreciation of fixed capital
Depreciation deductions
Sinking fund
accelerated depreciation
Material consumption
Enterprise (firm) valuation
Income approach in the valuation of a firm (enterprise)
Market approach in the valuation of a firm (enterprise)
Cost approach in the valuation of a firm (enterprise)

Questions for self-examination

1. What is capital according to the economic and accounting definition?

2. If your company has a car that lasted less than one year and then was written off, would you classify it as fixed or working capital?

3. They say that people are the main capital of any enterprise. Should payroll expenses be included in fixed or working capital?

4. The coefficient of renewal of fixed assets increased from 5 to 7%, the retirement coefficient - from 3 to 4%. As a result, the fixed capital of the company: a) is getting younger; 6) aging faster than before; c) keeps the ϲʙᴏth age unchanged?

5. How is the financing of simple reproduction of fixed capital carried out?

6. What is the accelerated depreciation of fixed capital?

7. The dacha is leased for several years with an annual payment of $2,000. The expected capitalization rate is 8%. What is the market value of the cottage?

Consider the structure of investments in fixed capital by types economic activity, the data are presented in Appendix D. From Appendix D it can be seen that for the period 2008-2012. certain shifts in the structure are observed. The share of investments in fixed assets by the type of activity “production and distribution of electricity, gas and water” is growing, over the period the share increased by 2.3 percentage points, and the indices of the physical volume of investments for each year in relation to the previous year are more than 100% , this indicates an annual increase in capital investment by this species economic activity.

Also, throughout the period, the share of investments in financial activities is growing.

In general, over the period, the share of investments in Agriculture, hunting and forestry. Russia is a country with huge reserves of forest resources and agricultural land, but the condition of the land is assessed as unsatisfactory - the processes of land degradation are aggravated. The hydrological regime of watersheds is deteriorating, due to the human factor, the ability of natural complexes to self-regulate is reduced.

For the study period 2008-2012. gradually decreased the share of investments in fixed assets in the sectors of education and health care and the provision of social services. Shares in the structure of investments in education by 2012 compared to 2008 decreased by 0.2 percentage points, in health care and the provision of social services by 0.4 percentage points. At the same time, the indices of the physical volume of investments in relation to previous years over the period for these types of activities amounted to more than 100%, with the exception of 2009. Creation favorable conditions for human development is one of the most important tasks modern society, in particular Russia, therefore, the reduction in the investment structure of the share of these types of activities is an extremely negative trend.

There is no clear dynamics in the values of the index of the physical volume of investments by the type of activity “operations with real estate, rent and provision of services”, its share decreased by 3 percentage points over the period. At the same time, the share of investments in the “research and development” industry in the structure of investments in fixed assets increased by 0.2 percentage points from 0.5% at the beginning of the period to 0.7% by the end of the study period, the volume index for this period was kept above 100%. Such changes indicate an improvement in the structure of capital investments, since the development of this type of activity contributes to scientific and technological progress.

For 2008-2012 structural shifts did not affect the “fishing and fish farming” industry, they also did not concern the “hotels and restaurants” type of activity for four years, but in the last year of the period its share decreased by 0.1%, which is a significant shift, taking into account the fact that that in previous years, the share of this type of activity was only 0.5% in the structure of investments in fixed assets.

In the structure of investments in fixed assets by types of activity, the share of mining operations slightly increased by 0.9% over the period under review, the share of manufacturing decreased by 1.7% and the share of wholesale and retail; repair of motor vehicles, motorcycles, household and personal items by 0.3%. The share in the investment structure of the transport and communications industry changed annually, increasing by 4.5% by 2012 compared to 2008.

Now let's consider the structure of investments in fixed capital by types of ownership, the data are shown in Table 3.

Table 3 - Structure of investments in fixed capital by types of ownership in 2008-2012 (as a percentage of the total)

Name of indicator
Structure of investments in fixed capital by types of ownership
Total
including:
Russian	83,8	85,2	86,2	87,8	88,6
from her:
State	18,1	19,3	17,2	16,9	15,2
Municipal	4,3	3,6	3,2	3,1	2,8
Private	51,1	55,2		54,2	57,3
consumer cooperation	0,04	0,03	0,03	0,02	0,02
public and religious organizations (associations)	0,1	0,1	0,04	0,03	0,03
mixed Russian	10,1	7,0	7,5	11,9	11,5
own public corporations			1,2	1,6	1,8
foreign	7,5	6,8	5,9	6,0	6,1
joint Russian and foreign	8,7	8,0	7,9	6,2	5,3

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P. 467.

Table 3 shows that the share of investments in the fixed capital of Russian property is increasing every year. The role of the property of municipalities and the state in investments is decreasing: thus the share of capital investments municipal property for the period under review 2008-2012. annually decreases by an average of 0.3% of the total volume of investments in the national economy, the share of investments in fixed capital of state property decreases annually by an average of 0.58%, the exception in dynamics is 2009, when there was an increase in the share of state property investments by 1.2% compared to 2008. This is due to a drop in the overall level of investment activity in the country, if the growth rate of investment in fixed assets in the country as a whole in 2009 amounted to 90.83% of the level of 2008, then the growth rate of investment in state property in the same year amounted to 96.7 %. The trend towards a reduction in the share of state-owned capital investments is a natural process against the backdrop of privatization processes that have been taking place in the economy since the start of the transition to market system management and speaks of the growth of investment attractiveness for private investors.

Significant for the purposes of the study is the analysis of the structure of investments in fixed capital by sources of financing. A similar structure is presented in table 4.

Table 4 - The structure of investments in fixed capital by sources of financing in the period 2008-2012 (as a percentage of the total)

Name of indicator
Investments in fixed assets – total
including sources of funding:
own funds	39,5	37,1	41,0	41,9	45,4
involved funds	60,5	62,9	59,0	58,1	54,6
of them:
bank loans	11,8	10,3	9,0	8,6	7,9
including loans from foreign banks	3,0	3,2	2,3	1,8	1,2
borrowed funds other organizations	6,2	7,4	6,1	5,8	5,4
budget resources	20,9	21,9	19,5	19,2	17,9
including:
from the federal budget	8,0	11,5	10,0	10,1	9,6
from the budgets of the subjects of the Russian Federation	11,3	9,2	8,2	7,9	7,1
facilities off-budget funds	0,4	0,3	0,3	0,2	0,3
Other	21,2	23,0	24,1	24,3	23,1

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P.340.

As can be seen from Table 4, during this period a number of changes occurred in the structure of sources of financing investments in fixed assets. During the period under review, with the exception of 2010, the share of investments in fixed assets financed from own funds has been increasing, over the period it increased by 5.9%. On the one hand, this alignment can be considered a positive shift in the structure of investment financing sources from the point of view that own funds ultimately have a higher degree of profitability, on the other hand, it is a negative trend in terms of the development of the country's financial sector and the underutilization of additional opportunities. There is a reduction in the role of the banking sector. The sharp decline in the share of the domestic banking sector in 2009 may be due to an increase in interest rates on loans, this is indirectly confirmed by the fact that against the background of a general decline in the period in financing capital investments, the share of loans from foreign banks in 2009 grew by 0.2%, It was in this year that, as can be seen from Figure 7, there was a sharp jump in the refinancing rate of the Central Bank of the Russian Federation. However, in subsequent 2010-2012. despite a significant reduction in lending rates, there was no growth in the share of investments due to bank loans. In general, over the period, the role of the banking sector in financing capital investments decreased from 11.8% to 7.9%. There is also, with the exception of 2009, a reduction in the proportion budget funds in financing investments with a growing volume of investment.

The ratio of investment costs by types of investment objects shows the specific structure of investments in fixed capital . The specific structure of investments is presented in Table 5.

Table 5 - Specific structure of investments in fixed capital in the period 2008-2012 (as a percentage of the total)

Name of indicator
	8781,6	7976,0	9152,1	11035,7	12568,8

Dwellings	1193,3	1036,9	1111,7	1395,6	1917,7
	3742,2	3482,2	3962,8	4776,8	5352,4
	3311,9	2970,2	3472,7	4185,6	4556,3
others	533,7	486,7	604,9	677,7	742,4

Investments in fixed assets
including by types of fixed assets:
Dwellings	13,6	13,0	12,2	12,7	15,2
buildings (except residential) and structures	42,6	43,7	43,3	43,3	42,6
machines, equipment, vehicles	37,7	37,2	37,9	37,9	36,3
others	6,1	6,1	6,6	6,1	5,9

Source: Investments in Russia: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013. - P.14.

From table 5 we can conclude that the specific structure of investments in Russia as a whole in 2011 is characterized by the predominance of investments in industrial, commercial and other non-residential buildings and structures, the share of this type increased by 1.1% in 2009 over the period returned to the value of 2008 at 42.6%, the second position is occupied by investments in the active part of the funds - machinery, equipment and vehicles, by the end of the period, the share was 36.3%, which is 1.4% less than at the beginning of the period under review, in third place is housing - with an investment share of 15.2% in 2012, which is 1.6% more than in 2008 and, accordingly, the last position in the distribution of investments by types of fixed assets is occupied by investments in other fixed assets.

To determine the direction of investment in fixed assets, consider Table 6.

Table 6 - Directions of investments in fixed assets in the period 2008-2012 (as a percentage of the total)

Source: Investments in Russia: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2011. - P.14.

From the table, there is no clear dynamics in the areas of investment in fixed capital in the period under review. In general, in 2012, compared to the base year 2008, the share of investments directed to the acquisition of new fixed assets increased by 1.4 percentage points and to construction by 0.2 percentage points. The most effective direction of investment is considered to be modernization and reconstruction, since, compared with other areas, it requires less money and time before putting fixed assets into operation. In this case, over the period, the share of capital investments allocated for modernization and reconstruction decreased by 1.6 percentage points.

Russian Federation is a huge country with a rich natural resource potential, but the distribution of resources across the country is uneven, therefore, the structure of the economy and investment should be different. Therefore, it is important for the purposes of the study to analyze the territorial (regional) structure of investments in fixed assets. Let's consider the modern territorial (regional) structure of investments, the data are given in Appendix E. The lowest volumes of investments fall on the regions of the North Caucasus Federal District. Let's present the 10 regions with the highest volume and the North Caucasus Federal District in Table 7.

Table 7 - Specific gravity investment in fixed capital by regions of Russia in the period 2008-2012. (as a percentage of the total)

Name of indicator
Total investment in Russia
including
Tyumen region together with the Khanty-Mansiysk and Yamalo-Nenets Autonomous Okrugs	11,7		11,5	11,8	11,5
Moscow		9,3		7,8
Moscow region	5,5	4,8	4,3	4,1	3,9
Krasnodar region	3,8	4,7	6,4	6,4	6,3
Saint Petersburg	4,2	4,2	4,4	3,3	2,8
Republic of Tatarstan	3,1	3,5	3,6	3,6	3,7
Leningrad region	1,9	2,4		2,8	2,6
Sverdlovsk region	2,8	2,5	2,9		2,7
Nizhny Novgorod Region	2,4	2,5	2,1		2,1
Republic of Bashkortostan	2,3	1,9	1,7	1,7	1,8
North Caucasian Federal District		3,3	3,4	3,1	3,2