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منوی دسته بندی

N. Economics: Scientific and technological progress, investment policy, management.

N. Economics: Scientific and technological progress, investment policy, management.

The state is forced to pay for them with national wealth, gold reserves, foreign assets of the state bank. At the same time, the hryvnia exchange rate falls and the chances of achieving its convertibility decrease. Even in the domestic financial market, hard currency beats the hryvnia, it is dollarized.

In order to characterize the financial condition of the state, it is very important to track and analyze the domestic public debt. It characterizes the financial relations within the country between the state on the one hand and businesses and individuals – on the other. In essence, domestic debt is the debt of the state to the population and groups of enterprises. It is due to the fact that the state budget lent them funds for state needs.

In form, these funds are not borrowed from the population and enterprises, but from the state bank, which stores the funds of enterprises and the population and forms a loan fund from them, the funds of which are used to lend to the state. But this does not change the essence, because they have to return the money to their owners, regardless of who kept them and who disposed of them.

Due to the deficit of the state budget, the excess of its expenditures over revenues, part of the expenditures have to be covered by borrowed funds, which leads to an increase in domestic public debt.

Domestic public debt and the state budget deficit are not so innocent for businesses and individuals. State social programs are limited, the state bank slows down the issuance of funds, there is uncertainty in the reliability of deposits and savings, there is an excessive issuance of banknotes, that is, more and more money is printed, which creates a trade deficit and inflation.

Consideration of the financial system shows that the transition to a market economy urgently requires its recovery, the establishment of the normal functioning of this system at all levels, the stabilization of money circulation, along with other areas of market relations.

List of references

Emelyanov AS, Besedin VF. Kozub VM Economics of investment in scientific and technological progress. – K.: Nauk, dumka, 1988 .– 311 pp. Ermoshenko NN Economics: Scientific and technical progress, investment policy, management. – K.: Nauk, dumka, 1990 .– 184 pp. Zhilyaeva N. The golden rule of investment // Economy and life. – 1992. – No. 1. – P. 7. Zotov MS Improving the investment process // Vopr. economy. – 1985. – № 4. – P. 83-93.Itkin OF Economic mechanisms of innovation and investment activities and restoration of main pipelines of Ukraine. – K.: Scientific World, 2002. Kameneva O., Novoselov M., Rabina A. Banks have become the vanguard of free prices // Kommersant. – 1991. – № 47. – P. 14. Korotkova MS Monetary and credit problems of stabilization of the national economy // Money and credit. – 1991. – No. 3. – P. 59-67. Krupka Ya. D., Lytvyn BM Improving the methodology of accounting for investment activities and construction production. – K.: Ekon. Dumka, 1998. Krupka Ya. D., Lytvyn BM Investment business plan. – K., 1997. Liven O. Foreign capital in Ukraine needs to be attracted more actively // Kommersant Ukrainy. – 1993. – No. 9. – P. 13.Lvov Yu. L. Fundamentals of economics and business organization. – SPb.: GMP "Formica" 1992. – 382 pp. Nemchinsky AB, Zaikin P. Economic justification of investments in the conditions of the formation of market relations. – M .: Stroyizdat, 1991 .– 152p.

04/23/2011

Innovative investments: sources of financing. Abstract

The success of economic activity in the field of innovation has recently become increasingly dependent on the degree of involvement of credit resources of banking institutions in the system of financial support of reproduction processes

The intensification of innovative activity of enterprises in a market economy is primarily associated with the search for sources and forms of investment that should ensure a balance between innovation costs and financial opportunities.

The success of economic activity in the innovation sphere has recently become increasingly dependent on the degree of involvement of credit resources of banking institutions in the system of financial support of reproduction processes.

Thus, banks become one of the participants in the innovation process, providing not only its financing, but also communication between all participants – the state, investment and innovation funds, scientific and technical institutions and consumers. However, the existing lending mechanisms and excessively high interest rates in Ukraine do not promote the inflow of financial resources into innovation.

At the same time, the real current situation is such that long-term loans, which should be the main levers for stimulating innovation activity of economic entities, represent a dangerously small share in the total volume of credit investments in the national economy.

Among the significant factors limiting long-term innovative lending are the following: high interest rates on bank loans; high credit risk, interest rate risk, unbalanced liquidity risk; mainly current and short-term nature of bank liabilities; low liquidity of collateral that can be transferred to secure an innovative loan; banks’ interest in lending to business operations with fast cash flow; limited possibility of refinancing in the NBU.

One of the promising sources of funding for innovation in enterprises, such as the chemical industry, can also be the funds of foreign investors. their use has a number of advantages over loan capital and other types of financial and credit security. Thus, in contrast to loans and credits, without increasing the external debt of the state, they contribute to obtaining funds for the development of production, attracting the interest of a foreign investor. The export of profits earned by investors through their contributions and participation in production is much less dangerous than the repayment of interest-bearing loans.

An important tool to stimulate the development of production is the provision of state guarantees on foreign credit lines, which greatly facilitates the entry of enterprises into the capital market. There are two diametrically opposed views on government guarantees for foreign loans:

without such guarantees it is impossible to support domestic production due to the weakness of the banking system of Ukraine; it is necessary to abandon foreign loans altogether or impose a moratorium on them until the economic and political situation stabilizes.

Government guarantees provide easier access to credit, so they are a form of business subsidy. The amount of this subsidy can be estimated based on the reduction of the company’s cost of paying interest on a bank loan. In case of non-repayment of the loan by the enterprise, the amount of the subsidy is equal to the amount of budget costs for its repayment and maintenance. Such cases in a market economy are virtually ruled out through the use of bankruptcy proceedings.

That is, at first glance, the provision of state guarantees in obtaining loans or state aid for their servicing does not violate the market mechanism: the state simply helps companies to obtain credit on market terms. However, from the economic point of view, this means financing projects that would not have been implemented without the participation of the state due to high costs or lack of reliability. With limited credit, this leads to the replacement (displacement) of profitable investments.

Thus, state intervention creates certain obstacles to the financing of more profitable projects and, consequently, distorts the conditions of competition and reduces the overall efficiency of the national economy.

The provision of state guarantees is usually based on an accepted system of priorities. Selective support for certain sectors of the economy leads to changes in relative prices and, consequently, in the structure of production, which as a result of such intervention ceases to correspond to consumer priority.

The experience of industrialized countries shows that the provision of state guarantees, compared to other forms of subsidies, is appropriate only when the guarantees on the market remain those companies that have a chance to maintain their profitability for a long time.

Providing state guarantees, compared to other forms of subsidies to enterprises, has two important advantages:

the state gets the opportunity to provide support to enterprises without the use of budget funds; for enterprises, the need to repay loans becomes an incentive to make the most efficient use of borrowed funds.

However, the reality in Ukraine is that government-guaranteed loans not only do not have these benefits, but even pose a serious economic problem related to government debt.

At least 11 institutions are involved in the guarantee procedure (the Ministry of Economy, Finance, Foreign Economic Relations and Trade, the State Property Fund, the agent bank, the National Agency, the sectoral departments of the Cabinet of Ministers, the central executive body of the relevant industry, an independent organization). carries out price expertise, other institutes).

Increasing the number of participants in the examination increases the cost of its implementation, but does not increase the degree of validity of the choice of innovative project.

One of the most important arguments in choosing innovative projects is their compliance with the priority areas of foreign credit and economic development. Thus, there is still no deep economic justification of priorities based on the analysis of comparative advantages and real possibilities of their use, as well as trends in the development of subsidized industries in other countries.

Most often, the priority is associated with the need to use existing production potential, ie follows from the past, rather than focusing on 123helpme.me the future. All this increases the likelihood of excluding effective projects. However, the wording "separate, extremely important objects" can serve as a basis for any subjective decision.

Thus, the analysis of the procedure for providing state guarantees shows that it has at least three serious shortcomings related to the lack of clear responsibility for decisions, non-market valuation of property that does not reflect its real liquidity, and lack of sound economic justification for using foreign loans. …

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