Method of observation in jurisprudence. I

Factors affecting investments and the investment process

Investment classification

In order to take into account the analysis, planning and increase the efficiency of investments, their scientifically substantiated classification is necessary both at the macro and micro levels. Such a classification of investments allows not only to correctly take them into account, but also to analyze the level of their use from all sides and, on this basis, obtain objective information for the development and implementation of an effective investment policy both at the macro and micro levels.

Investments can be classified according to the following criteria:

1. by investment objects:

Real investments, in turn, are subdivided: into the development of production (reconstruction and re-equipment, expansion of production, production of new products, modernization of products and development of new types, acquisition of intangible assets) and expansion of the non-productive sector (housing construction, construction of sports and recreational facilities) Real investments act as a set of investments in real economic assets: material resources (elements of physical capital, other tangible assets) and intangible assets (scientific and technical, intellectual products, etc.). The most important component of real investments are investments made in the form of capital investments, which in the economic literature are also called real investments in the narrow sense of the word, or capital-forming investments,

Financial investments are divided into the acquisition of securities and investments in the assets of other enterprises Financial investments include investments in various financial assets - securities, shares and equity participations, bank deposits, etc.

2. by the nature of participation:

Direct. Οʜᴎ act as investments in the authorized capital of enterprises (firms, companies) in order to establish direct control and management of the investment object and are aimed at expanding the sphere of influence, ensuring future financial interests, and not just generating income.

Indirect, are funds invested in economic assets in order to generate income (in the form of an increase in the market value of investment objects, dividends, interest, other cash payments) and diversify risks. As a rule, portfolio investments are investments in the acquisition of securities and other assets belonging to various issuers.

3. by investment period:

Long-term;

medium-term;

Short term.

Short-term investments are usually understood as capital investments for a period of not more than one year, medium-term investments up to three to five years and long-term investments - investments for a period of more than five years, usually ten years or more.

4. by type of ownership

joint;

Foreign;

State;

Private.

Private investment is the investment of funds made by individuals.

Public investments - carry out central and local authorities authorities and management at the expense of budgets, extra-budgetary funds and borrowed funds.

Foreign investment is investment made foreign citizens, legal entities and states.

Joint investments are investments made by the subjects of a given country and foreign states.

Investments inside the country mean investments in investment objects located within the territorial boundaries of a given country.

Under investments abroad, it is customary to understand funds invested in investment objects located outside the territorial boundaries of a given country.

5. by region

Foreign

Inside the country

6. on the basis of the intended purpose of future objects:

For industrial construction;

For the construction of cultural and community institutions;

For the construction of administrative buildings;

For prospecting and exploration work.

7. according to the forms of reproduction of basic funds:

For new construction;

For the expansion and reconstruction of existing enterprises;

For the modernization of equipment;

For a major overhaul.

8. by sources of funding:

On centralized;

Decentralized.

9. by direction of use:

Production;

Non-production.

10 by risk:

Aggressive;

moderate;

Conservative.

Aggressive investments are characterized a high degree risk. Οʜᴎ are characterized by high profitability and low liquidity.

Moderate investments are distinguished by an average (moderate) degree of risk with sufficient profitability and liquidity of investments.

Conservative investments are low-risk investments characterized by reliability and liquidity.

11. According to the form of capital investments, they are divided into the following types:

Defensive investments aimed at reducing the risk of acquiring raw materials, components, maintaining price levels, protecting against competitors, etc.;

Offensive investments, driven by the search for new technologies and developments, in order to maintain a high scientific and technical level of manufactured products;

Social investments, the purpose of which is to improve the working conditions of the staff;

Mandatory investments, where satisfaction is of paramount importance state requirements in terms of environmental standards, product safety, other operating conditions that cannot be ensured only by improving management;

Representative investments aimed at maintaining the prestige of the enterprise.

12 By industry, investments are distinguished in various sectors of the economy: industry (fuel, energy, chemical, petrochemical, food, light, woodworking and pulp and paper, ferrous and non-ferrous metallurgy, mechanical engineering and metalworking, etc.), Agriculture, construction, transport and communications, trade and public catering, etc.

13. Considering the dependence on the direction of actions, there are:

Initial investment (net investment) made when acquiring or establishing an enterprise;

Extensive investments aimed at expanding the production potential;

Reinvestment, which is understood as the investment of released investment funds in the purchase or manufacture of new means of production;

Gross investment, including net investment and reinvestment.

14. The effectiveness of the use of investments largely depends on their structure. It is necessary to distinguish: the general structure of investments; structure of real investments; structure of capital investments; structure of portfolio (financial) investments. Under overall structure investment is usually understood as the ratio between real and portfolio (financial) investments.

The structure of real investments is the ratio between investments in fixed and working capital.

The structure of portfolio (financial) investments is the ratio of investments in shares, bonds, other securities, as well as in the assets of other enterprises in their total value.

15. in relation to the main activity:

Main

Auxiliary

Serving.

17. according to the degree of interaction:

Complementary;

Mutually exclusive.

18. according to the structure of financing means:

Borrowed;

Own.

19. by level of profitability:

Highly profitable;

Average profit;

Unprofitable;

Unprofitable.

20. by payback period:

Fast payback;

Long payback.

21. in size and quality cash flow:

stable and high quality;

Unstable and high quality;

Unstable and poor quality.

22. according to the degree of diversification in the investment portfolio:

Highly diversified;

Weakly diversified;

not differentiated;

23. by the frequency of the need for investment:

Constant need for investment

cyclical need;

random need.

24. in relation to the development perspective:

Strategic;

Tactical;

Current.

27. by places of acceptance management decisions:

Decision making by top management;

Decision making by middle management;

Decision making directly by the performers.

The investment process is a complex multifaceted process, which is influenced by many factors, the knowledge of which has important scientific and practical value. From a practical point of view, knowledge of such factors, the mechanism of their influence on investment activity and investment efficiency is the basis for the development of evidence-based investment policy and more effective management investment process.

Under the factor (from the Latin word factor - making, producing) it is customary to understand the reason, the driving force of any process, phenomenon that determines its nature or its individual features.

Cause (factor) and effect are closely interconnected. The consequence is the result of the impact of any factor (s) on any process or phenomenon.

In world practice, there are requirements to take into account the factors that most significantly contribute to or impede the development of the investment market. These include:

a) Macroeconomic factors:

Change in inflation rates;

Long-term rates of economic growth;

Short-term business cycle;

Changes in foreign exchange rates;

The activities of the judicial executive and legislative power expressed in the strength and impact of punitive bodies and bureaucracy

Conditions for the movement of goods, capital and labor;

Budget revenues, as well as the provision of extra-budgetary funds per capita;

Availability of funds from federal and regional budgets;

Availability of credit in foreign currency;

Development of banking cooperation;

The effectiveness of the economic and social policy pursued by the state;

Perfection of the tax system;

Political and social situation in the country;

The refinancing rate of the Central Bank of the Russian Federation and the interest rate of a commercial loan;

Perfection of the regulatory framework in the field of investment activities;

The degree of perfection of the investment infrastructure;

The effectiveness of the investment policy pursued by the state;

national output,

The amount of savings, cash income of the population,

Distribution of income received for consumption and savings,

The tax policy of the state,

financial market conditions,

Impact of foreign investors,

change in economic and political situation

B) To the factors influencing the efficiency of investments at the regional level:

The effectiveness of the ongoing economic and social policy;

Investment attractiveness of the region;

Created conditions for attracting foreign investment;

Perfection of the tax system at the regional level;

The effectiveness of the ongoing regional investment policy;

The degree of perfection of the regional investment infrastructure;

The level of investment risk, etc.

The domestic regional market is characterized by:

The passivity of issuing and investment activities and the lack of financial instruments designed to intensify the activities of market entities;

Lack of securities market infrastructure;

Scarcity of financial resources and lack of mechanisms to attract them from other regions;

Lack of control over compliance with current legislation in the stock market and ensuring the protection of investors' interests;

Incompetence of stakeholders;

Imperfection of the system of training and advanced training of specialists in the field of the stock market;

Lack of organization of exchange turnover of securities of regional issuers;

Lack of support and coordination of efforts of investment companies that attract funds from small investors, promote the creation of a network of stock stores to attract funds from the population.

c) To the factors influencing the efficiency of investments at the enterprise (organization) level:

Change to industrial enterprises;

Change in the yield of bonds with high and low ratings;

Changes in interest rates on issued securities;

Early revocation

Change in liquidity.

Business qualities and ethics of local entrepreneurs);

The effectiveness of the economic and social policy pursued by the enterprise;

Availability of an effective investment policy;

Quality and competitiveness of products;

The level of use of basic production assets and production capacities;

The degree of rationality of the use of available resources in the enterprise;

The competence of the leaders of the enterprise and the degree of perfection of enterprise management;

Quality and efficiency of implemented investment

projects, etc.

An important macroeconomic indicator affecting investment demand is the volume of the national product produced. Its increase with other equal conditions leads to an increase in investment demand and vice versa. In the same direction, there is a change in the amount of accumulation, cash income of the population. At the same time, it is not so much the absolute dimensions of these indicators that are of decisive importance, but the relative ones: relationship between accumulation and consumption within the framework of the national product being used͵ distribution of income received for savings and consumption.

Savings, by which in a market economy it is customary to understand the part of income that is not used for consumption, are a source of investment resources. The amount of real resources for savings that the economy has at each specific stage of its development, in critical depends on what priorities lie in the basis of the distribution of the produced product - current consumption or accumulation.

In turn, a change in the savings rate significantly affects shifts in the structure of the social product. When the savings rate falls, consumption rises and investment falls, so that capital outflow exceeds investment. This causes an imbalance in the economy. As saving decreases, output, investment, and consumption also decrease.

An increase in the savings rate leads to a different scenario economic development characterized by a fall in consumption and an increase in investment. The growth of investments after a certain time lag leads to the accumulation of capital in production, the level of accumulation and the level of investment increase until they reach the optimal value from the standpoint of economic stability. At the same time, as a result of the growth of savings, a higher level of consumption is ensured.

The experience of developed countries shows that those of them that, during the structural restructuring of the economy, directed a significant part of the created income of society to savings, channeling them into investments, reached high level per capita income. A fairly close positive relationship is found between the share of the final product used for investment and the level of average per capita income.

Investment growth is achieved by increasing the share of savings in income received. At the same time, the role of savings as an investment resource largely depends on the influence of such factors as the growing preference for cash, the development of a system of institutional savings (insurance, social insurance), the bulk of which is not available to enterprises in need of capital, the increasing importance of the state, ĸᴏᴛᴏᴩᴏᴇ controls part of the loan.

Big impact on investment demand expected inflation rate. In the most general sense, an increase in the rate of inflation causes a depreciation of the returns that are expected to be received from investments. However, inflation has Negative influence on the volume of investments in a number of areas: through containment driving forces economic growth in the long term, limiting the processes of accumulation and expansion of production, depreciation of production assets in all functional forms, inflationary taxation of profits, the transfer of funds from the sphere of production to the sphere of circulation, a decrease in real incomes and savings, a decrease in the capacity of the domestic market, etc. d. For this reason, the growth of inflation rates, as well as inflationary expectations, hinders the intensification of investment activity.

In a developed market economy, the formation of investment demand is associated with the functioning of the financial market, which mediates the movement of investment capital, as well as income from invested assets. Accumulating the savings of individual investors, the financial and credit system forms the main channel of investment demand. A particularly important role is played by banks, which can use not only savings, but also circulating money, emission. The conjuncture of the stock and credit markets, determining the conditions for investment, affects the volume and structure of investments. Investment income, which takes the form of dividends and interest on the financial market, reproduces the potential investment demand, which must be realized through reinvestment.

A significant impact on the dynamics of investment has interest and tax policy of the state. Regulation of interest and tax rates is an important lever of government influence on investment demand. The reduction in income taxes, other things being equal, leads to an increase in the share of savings of enterprises directed to investment.

The interest rate determines the price of borrowed funds for investors. An increase in the interest rate increases the incentive to save and at the same time limits investment, making it unprofitable. With a decrease in the lending interest rate, investment is more profitable, in connection with this, a decrease in the lending interest rate leads to an increase in investment and vice versa. At the same time, lowering the interest rate as a factor in activating investments has objective limits, since at a certain stage of lowering the interest rate, the preferences of economic agents for keeping money in more liquid cash form increase and the diversion of funds into the sphere of speculation in securities increases. In this regard, the problem arises of determining the optimal interest rate level under the given conditions, since an excessive increase or decrease in the interest rate damages investment activity. Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the impact of the interest rate on investment demand is generally ambiguous. The results of a number of empirical studies show that the dependence of investment dynamics on changes in the rate of interest is not clearly pronounced character. Determining the impact of the interest rate on the dynamics of investment demand will be incomplete without clarifying its relationship with the rate of expected profit. At the same time, when making investment decisions, it is not the nominal, but the real interest rate that plays a significant role, since the inflation factor distorts the real benchmarks and, without taking it into account, when comparing the loan interest rate with the expected net profit rate, an incorrect result should be obtained.

Profit plays a dual role in investment activity; on the one hand, it can be considered as a source of investment financing, and on the other hand, as an investment goal. Research related to the solution challenging tasks mathematical formalization of the level and dynamics of investment demand, identification of the basic parameters that determine investment demand, indicate the existence of a certain relationship between profit and investment.

Factors influencing investments and the investment process - concept and types. Classification and features of the category "Factors influencing investments and the investment process" 2017, 2018.

The concept of " investment project" has many meanings.

On the other hand, the concept of "investment project" is associated these actions(works, services, ), united by a SINGLE goal.

We will operate with the concept of an investment project in both meanings ...

Any investment project to justify the economic feasibility of investments, their volumes and.

This justification should be reflected in the developed in accordance with special standards and norms. project documentation.

Wherein practical actions relating to the direct implementation of investments are described in business plan.

Thus, investment project is a complex set of activities aimed at the creation of new goods and services or the reconstruction or modernization of existing ones for the purpose of economic benefit.

The term also covers the achievement of an investment objective, the means, the investment and the results obtained.

In essence, the investment project is physical result investment .

Factors affecting the investment project

economic(the stability of the national unit, the state of the economy, processes, the degree of development of the investment process, the level of GDP, etc.),

regulatory(the ability of the state to protect the rights of citizens and legal entities),

public(standard of living, press),

scientific and technical(level of development of science and technology),

environmental (climatic conditions, availability of natural resources).

Not all external factors have the same impact on the development of investment projects.

In particular, the influence of economic, regulatory and political factors is much higher than, say, environmental ones.

Must meet the following conditions.

First of all, it should consist of several levels(usually 6 to 8), each representing the entire project.

At the same time, the levels of the structure differ from each other only in the degree of detail. information language project.

The most common models include:

Tree of goals and results,

Production and organizational structure of the project,

Scheme of distribution of work by performers (definition of duties),

The concept of an investment project: conclusion

Today's article contains a strict definition of the concept of an investment project, accumulates information about external and internal factors affecting the investment project, touches upon issues of structure and information language investment project.

A whole layer of at least important issues: classification of investment projects, investment project, life cycle of an investment project, theory of investment project management, etc.

We will talk about all this in depth another time ...

The model of investment behavior of an enterprise characterizes only the motivational mechanism for making investments by individual business entities. This motivation is significantly enhanced or restrained by the manifestation of macroeconomic factors influencing the investment process. The most important of these factors are:

1. The intensity of the processes of formation of savings in the country's economy. Investments of the enterprise are carried out both at the expense of their own savings (own capital accumulated as an investment resource), and at the expense of the savings of other economic entities. The attraction of debt capital by an enterprise for investment largely depends on the formed investment resource potential in the country's economy as a whole, which is associated with the distribution of certain period net income of society for consumption and accumulation.

In order to accelerate the rate of savings (and, accordingly, the accumulation of capital), it is necessary to reduce the amount of current consumption of net income.

An increase in the amount of savings in society leads to an increase in the investment resource potential in the country's economy and creates the preconditions for an increase in the investment activity of individual business entities.

2. The interest rate and its dynamics. The interest rate (along with the rate of net investment profit) is the most important criterion motive for the investment of the enterprise. It is the price that enterprises must pay in order to borrow in the financial market the financial investment resources necessary for the acquisition of capital assets and other investment goods. Only if the expected level of investment profit exceeds the rate of interest will investments be economically efficient.

If the expected level of net profit for various investment projects (instruments) varies in a wide range depending on the investment period, risk level and liquidity and depends on the investment choice of the enterprise itself, then the interest rate is formed at the macro level, i.e. is objectively for the enterprise given value. With an unchanged rate of net investment profit, the investment activity of an enterprise will depend on the interest rate in the financial market, which has a significant impact on the volume of demand for investments from business entities. With an increase in the interest rate, the volume of investment demand from economic entities decreases and vice versa.

3. Technological progress. This term refers to the development of new and improvement of existing products, the creation new technology and new manufacturing processes. In the system of macroeconomic factors that determine the investment activity of enterprises, technological progress plays a very active role.

The mechanism of the impact of technological progress on the investment activity of an enterprise is determined by the formation of a higher level of net investment profit in the process of implementation innovative projects.

A feature of the manifestation of this factor is that it causes an increase in the investment activity of business entities, regardless of the increase in the volume of national income, i.e. in relation to the latter is autonomous. Even in the face of declining national income, technological progress generates additional investment demand of business entities. At the same time, the higher the level of competition in the market, the more intensively the investment demand is formed under the influence of this factor.

4. The rate of inflation. Inflationary processes in the economy have a negative impact on the dynamics of investment in general, including the investment activity of individual business entities. This is negative impact has a number of aspects.

First of all, in the conditions of rising inflation rates, the “propensity to save” decreases, i.e. the formation potential is reduced resource base investment. "Inflationary expectations", manifested in the conditions of rising inflation rates in the country, usually intensify the current consumption of the received income. Conversely, the expected decline in the price level (deflationary processes) induces households and businesses to reduce current consumption and increase savings.

In addition, rising inflation rates in all more will depreciate the nominal size of the expected net investment profit, which will have a corresponding negative impact on the motivation for the investment activity of enterprises (this Factor plays a particularly negative role in the process of long-term investment).

Finally, in the context of rising inflation rates, the value of individual financial instruments for investing an enterprise is significantly depreciated, which leads to the loss of capital invested in them. The above reasons determine the decrease in the volume of investment demand of individual business entities in the context of inflation.

Consequently, an increase in inflation rates reduces the investment activity of enterprises, while deflationary processes contribute to its growth.

5. Cyclical nature of economic dynamics. Business cycles characterized by periodic growth and decline business activity in the country, are reflected in the volumes and results of almost all types of economic activity, including the investment process. Investing in the conditions of cyclical general economic dynamics itself becomes a cyclical process that is sensitive to the processes of expansion or contraction of the economy by a corresponding change in the investment activity of business entities. Moreover, the indicator of investment dynamics is one of the most important indicators of a particular stage of the economic cycle.

During periods of economic growth, the volume of investment demand increases and, accordingly, the level of investment activity of enterprises increases. At the same time, the increase in investment volumes at the stage of economic growth is supported low level interest rates in the financial market, which contributes to the active formation of income and savings. Simultaneously with the growth of savings or accumulated capital, there is a tendency to reduce the marginal efficiency of its use in the investment process, which accordingly reduces the propensity to save.

During periods of economic downturn, the desire for increased savings will cause a decrease in investment. This is due to the fact that in a depression that reduces income levels, an increase in savings will reduce consumption. Since investments under these conditions will not lead to an increase in demand for additionally produced consumer products, the growth of savings under these conditions will contribute to the formation of disinvestment processes.

6. The level of development of the investment market. The investment activity of an enterprise is inextricably linked with this external factor of its investment activity. The volume of demand for investment goods (instruments) is the most important indicator of this activity in the sphere of investment activity of an enterprise, and the volume of their supply is one of the main conditions that ensure its implementation.

Among the parameters of the functioning of the investment market, which play a decisive role in shaping the investment activity of enterprises, one should, first of all, single out the level of its segmentation, which is understood as the purposeful division of its types into separate segments that differ in the nature of the investment instruments circulating on it.

An important parameter of the functioning of the investment market is the degree of development of its infrastructure, which contributes to an increase in the efficiency of the operations carried out by its participants. In turn, the growth of investment efficiency is a determining incentive to increase the volume of investment activity. On the present stage the infrastructure of the market for financial investment instruments requires especially extensive development.

special role the level of market competitiveness plays a role in ensuring the investment activity of enterprises, since firstly, only in a competitive market is the indicator of the rate of net investment profit fairly objectively formed; secondly, only in the conditions of a competitive market, autonomous investments of enterprises, acting as one of the effective tools their competition; and, thirdly, only under conditions of competition does the mechanism of market self-regulation work in full force and the relationship between the investment and other types of markets is unhindered, which ensures an increase in the efficiency of the investment activities of individual business entities.

7. Investment climate of the country. This term is understood as a system of legal, economic, social, political and other conditions for the implementation of investment activities in a particular country, which have a significant impact on the level of profitability and investment risk. The specificity of this most important factor in the investment activity of enterprises lies in the fact that the main parameters of the investment climate are regulated by the state with the help of a legal and economic mechanism.

Topic 17. Formation of the investment strategy of the enterprise

Investment project and its environment

The investment process is characterized by the development and implementation of an investment project - an action plan to achieve the intended result. Investment project is a model of the expected future. Usually embodied in writing through a business plan. Under the business plan, investors issue loans.

Stages of development and implementation of the investment project:

1. Formulation of goals (expected results).

2. Analysis of the available opportunities for the implementation of the project, both the technological component and the possibility of obtaining investments.

3. Selection of the most attractive project from alternative options based on the developed criteria and using available methods:

Several alternatives for the implementation of the project to solve the same problems;

Several alternatives for the implementation of the project to solve various problems.

4. Organization of implementation of decisions for the purpose of their practical implementation.

5. Monitoring the results and assessing the degree of deviation from the goals (efficiency assessment).

Investment plan- part of the long-term plan of the organization, describing the needs for investment and sources of financing. Investment plan- a regularly updated document describing all investment projects of the organization at all stages of their implementation (not limited to the budget year, the entire life stage of each project), i.e. schedule receipt of funds, making payments, as well as the reconstruction or commissioning of new assets, which applies to the current and subsequent budget periods.

The investment plan is divided into investment budgets, reflecting the volume of capital expenditures, sources of financing, financial flows, efficiency in reduction to a specific year for all ongoing and just started projects.

1. Indirect Impact: the external environment (science, technology, society, economics, politics) that affects the business sector, which determines the direction of the investment project.

2. Direct impact:

labor market through labor resources forms the project staff that makes decisions on project management with the help of knowledge and experience in project implementation (project implementation area);

The capital market, through financial resources, forms the financing of the project, determining contracts and other legal documents with the help of knowledge and experience in the legislative sphere (legal sphere of the project);

Markets, means of production and objects of labor through suppliers, logistics are formed by the material support of the project, which determines the project documentation with the help of knowledge and experience in project development (project development area);

The land market, through land use, determines a piece of land for the construction of buildings and structures based on experience and construction methods (project scope);

The consumer market, through the sphere of implementation of T, R and Y, forms the produced T, R and Y, which determine technological process with the help of engineering knowledge and experience (scope of the project);

To take into account the impact of factors on the process of managing the organization's investment activities, key external and internal parameters of investment planning are determined and set.

External forecast indicators (annual): dynamics of exchange rates of major currencies against the ruble; equipment producer price index; consumer price index, including for communication services; the basic discount rate for future financial flows of the organization; dynamics of regulated tariffs for communication services.

Internal indicators:

For effective management The implementation of investment projects is influenced by both internal and external factors that make up the environment of the project.

The environmental factors include the following:

1. Economic - structure of gross domestic product, level of taxation, insurance guarantees, conditions entrepreneurial activity and price regulation, the level of information, the stability of the national currency, the development banking system, market conditions and others.
Preference should be given to the implementation of those projects that ensure the growth of the financial performance of the enterprise, since by providing benefits, the state hopes to get a return by further increasing the volume of mandatory payments enterprises to the budget.

2. Public - conditions and standard of living of the population, level of education, freedom of movement, social guarantees and benefits, freedom of speech, level of development local government other.
The implementation of investment projects should lead to an increase in the number of jobs or the preservation of existing ones (if the company was forced to reduce their number before the project was implemented), an increase in the average wages at the enterprise. If the enterprise produces consumer goods, the project should be aimed at creating new competitive import-substituting goods or expanding the existing range of goods.

3. Political - political support of the project by the state, crime rate, interethnic and interstate relations.

4. Legal - stability of legislation, observance of human rights, as well as property and business rights.
In some states, in particular in Ukraine, there are numerous (and not always justified) changes in legislation (not always positive), which, understandably, does not contribute to the development of healthy entrepreneurship, makes some domestic and foreign businessmen “hide in the shadows”, and increases the feeling of uncertainty. Added to this is the volatility of prices and exchange rates, which makes business planning and economic forecasting more difficult, then this, of course, increases the risk of investment and reduces the possibility of attracting foreign direct investment.

5. Scientific and technical - level of development of fundamental and applied sciences, information and industrial technologies, energy development, transport infrastructure, communications, telecommunications.
The system of criteria for selecting investment projects should be aimed at introducing the latest scientific developments in the chosen industry.

6. Environmental - introduction of resource-saving, waste-free, environmentally friendly technologies, implementation of projects related to the use of modern treatment facilities.

Particular attention should be paid to the environmental and economic aspect of managing the implementation of investment projects, which involves the interaction of economic and environmental spheres, beyond which social production would not develop to the detriment ecological system, and at the same time, the ecosystem would be used as much as possible for the same production, the needs of its productive forces.

To factors internal environment The project belongs to the management style, the relationship between the project team members, the professionalism of the team, and the means of communication. The professionalism of the project team should ensure the achievement of the project goals. Management style determines the psychological climate in the team and affects it creative activity. The completeness and reliability of the exchange of information between project participants depends on the means of communication.