Investment and innovation activities of the enterprise. Course work Innovative and investment activities of an enterprise (using the example of JSC "Vyatichi Stroy") Innovative and investment activities of enterprises briefly

Section 4. Economic mechanism of enterprise management

Topic 3. Innovation and investment activities of the enterprise

Goal, tasks: Modern enterprise must constantly carry out innovation and investment activities. This is due to the need to maintain sustainable economic growth, competitiveness and maintaining its position in the market. The topic reveals the content of innovations, the organization of innovation implementation in an enterprise and their economic assessment. Since the introduction of innovations is associated with the implementation of investment projects, the characteristics of investments, the principles underlying these activities in the enterprise and approaches to the economic assessment of their effectiveness are also given.

3.1. The concept of innovation and its classification

One of the important tasks of the enterprise is to ensure sustainable long-term economic growth. This is possible by increasing production efficiency, achieving and consolidating competitive advantages, and expanding foreign economic relations.

The economic growth of an enterprise is based on the following processes:

• a change in technological structures, promoting the creation of production of new goods, increasing the efficiency of production of previously mastered goods;
• growth in the scale of production and development of organizational and economic forms of economic activity.

For characteristics innovation activity The following concepts are used.

Innovation is a field of science that studies various theories of innovation; formation of innovations, their dissemination; factors counteracting innovation; adaptation to these counteractions of humans and innovative organs; development of innovative solutions.

Innovation activities– a process aimed at realizing the results of completed scientific research and developments or scientific and technical achievements into a new or improved marketed product or technological process.

Innovation (innovation)– the final result of innovative activity in the form of a product or technological process.

Innovative potential of the organization– a set of different types of resources necessary for the implementation of innovative activities.

Innovation sphere– the area of ​​activity of producers and consumers of innovative products, including the creation and dissemination of innovation.

Innovation program– a set of innovative projects and activities, agreed on resources, performers, deadlines for the development and dissemination of new types of products and technologies.

Innovation infrastructure– organizations that promote innovation activities.

The following organizations are distinguished:

• incubator is a complex multifunctional complex that implements a wide range of information services, occupies several buildings.
• technology park– a research and production territorial complex with a complex functional structure. Its main task is to create an environment for the development of small, knowledge-intensive client firms. The structural unit of the technology park is the center. It can be in the form of: a research center, incubator, scientific and technical complex, industrial zone, marketing center, etc.
• A technopolis is an integral research and production structure created on the basis of a separate city, in the economy of which technology parks and incubators play an important role.

Smart product– the result of activity in the field of spiritual production. It comes in the form of: scientific and technical products, computer science products (computer programs, databases, etc.), cultural products. In connection with the emergence of an intellectual product, intellectual property arises.

Innovative activities at the enterprise include:

1. R&D to develop an innovation idea;
2. selection of raw materials and materials;
3. design, manufacture, testing of a sample of new equipment;
4. development of new organizational and management solutions for the implementation of innovations;
5. information support for innovation;
6. training of personnel for R&D;
7. organization marketing research to promote innovation, etc.

So, the central link in innovative activity at an enterprise is innovation (innovation). There is a classification of innovation as an object of innovative activity of an enterprise in accordance with the following characteristics:

• by content (goods, services, technical, organizational, economic, environmental, information);
• by degree of novelty (absolute, relative, conditional, particular);
• by innovative potential (radical, combined, modified);
• by features innovation process(intra-organizational, inter-organizational);
• by the duration of the stages of the innovation process;
• by level of development and distribution (state, republican, regional, industry, corporate, branded);
• by areas of development and application (industrial, financial, services, trade and intermediary, scientific and pedagogical, legal);
• by sources of financing (own funds, direct budget financing, raised funds, borrowed funds).

An important concept characterizing innovation is its life cycle. It represents a set of stages from the creation of an innovation to the discontinuation and disposal of an innovative product.

Innovation in its life cycle goes through the following stages:

• origin, when R&D, development and creation of a pilot batch of an innovation are carried out;
• growth (industrial development with simultaneous entry of the product into the market);
• mature (serial and mass production);
• market saturation (maximum production and sales volume);
• decline (curtailment of production and withdrawal of the product from the market).

A distinction should be made between the production life cycle and the innovation life cycle.

The innovation life cycle analysis is carried out in the following sequence:

• the total duration of the life cycles of a given type of product is determined;
• the main trend and the distribution of the innovation life cycle around it are determined;
• developing a strategy and tactics for growing the production of new equipment;
• analysis of factors influencing the duration of past cycles.

To analyze the innovative activity of an organization, a forecast of factors for the future period is needed.

3.2. Indicators of the innovation process at the enterprise

Innovation indicators are based on an analysis of the correlation between the results of economic activity and the costs of past experience and current trends.

To successfully implement an innovation, it is necessary to select the appropriate technological solution and the appropriate level of production organization. Analysis of the new equipment and technology used requires studying not only novelty and priority, but also the ability to adapt to current conditions, the ability to re-adjust the production apparatus. The flexibility of the production process plays a special role.

Indicators of the technical level of innovation can be divided into three groups: at the R&D stage, at the production stage, and at the operation stage.

At the R&D stage, innovation is characterized by the following indicators: novelty, patent purity, level of standardization and unification, R&D costs, economic efficiency, science intensity, design continuity, product complexity, ability to modify, ergonomic indicators, safety, environmental indicators.

At the production stage innovation is characterized by: productivity, speed, parameters and dimensions, controllability, optimal structure, optimal functioning, reliability and safety, economic indicators: labor intensity, material intensity, capital intensity, cost, labor productivity, specific capital investments, level of mechanization and automation.

At the operational stage: reliability, safety, performance and power, manufacturability, life cycle length, efficiency, design, operating costs, availability of components and spare parts, maintainability.

It is important to distinguish the most technical level of production. An increase in the technical and organizational level of production is reflected in the level of use of production factors (equipment, raw materials, labor).

Indicators of the technical level of production can be grouped according to the following criteria: scientific and technical level, organization of production, level of technology, level of technology.

The scientific and technical level of production is reflected in the following indicators: the level of R&D, knowledge intensity of products, product renewal, equipment renewal, renewal of organizational and technological structures, economic efficiency of innovations.

Organization of production characterized by the following indicators: duration of the production cycle, rhythm, rational organization of processes: continuity, isolation, consistency, parallelism, staging of production, aesthetics and production culture.

Technology level expressed in the following indicators: technological intensity, technical controllability, flexibility and adaptability of technology, novelty and priority, technological safety, waste-free and environmentally friendly.

The level of technology is revealed by the following indicators: productivity of equipment, technical and energy equipment of labor, degree of mechanization and automation, obsolescence of equipment, structure of the equipment fleet, ergonomics.

The progressiveness of the applied technical and technological solutions is related to the level of production capabilities or the technological level of production. It is characterized by: the level of technological impact, the level of technological intensity, the level of technological controllability, the level of adaptation of the technological process.

Along with the technical and economic assessment, an important role is played economic assessment of innovation. In practice, it is important to find the optimal relationship between indicators of the technical level, the quality of the innovations used and the conditions of their production and operation with economic efficiency.

To quantify the beneficial effect of an innovation, cost estimates are used. The criteria are: the minimum reduced costs and the integral (generalizing) indicator of the quality of the innovation. However, it is not always possible to establish a functional relationship between private quality indicators and reduced costs. Then use expert assessments and statistical methods for determining weighted average indicators of innovation.

But the introduction of innovations into production in the short term leads to deterioration economic indicators, disruption of stability, increased uncertainty and risk of production activities. The introduction of new technologies can lead to unprofitable production activities. Therefore, an important role in determining the quality of new technologies in market conditions is played by: adaptability, flexibility, the ability to “embed” innovation into functioning production, the synergy effect, a sound R&D strategy, highly qualified personnel, and appropriate organizational and management structures.

Comparative economic efficiency of new equipment and technology

Economic efficiency is characterized by the ratio of the economic effect obtained during the year and the costs associated with the implementation of this activity. But innovation can be characterized by lower costs and inappropriate indicators of the technical level and quality of innovation, but also by higher specific capital investments. Therefore, to determine best option innovations use comparison of present costs.

The present costs of introducing new equipment and technologies are calculated as follows:

Z t – reduced costs per unit of production for period T, rub.;

C t – cost of production in period T;

E n – standard efficiency coefficient;

Kud – capital investments per unit of production, rub.;

E n ×K ud – standard profit, rub.

Annual economic effect new equipment and technology is calculated as the difference between the economic effect of the base year before the introduction of innovation and the economic effect after the introduction of innovation into production as follows:

Ent = (Zt base - Zt new) * Q new = [ (St base + E n *Kud base) - (St new + E n *Kud new) ] * Q new,

E nt – economic effect of new technology, rub.;

3 base – reduced costs for producing a unit of product using the basic version of equipment and technology, rub.;

Zt new – reduced costs of production using new equipment and technology, rub.;

Q new - annual volume of production using new equipment and technology, pcs.

In a market economy, the main way to introduce innovations into production is the project approach. The basis of the project approach is cash flow analysis. Regulatory document regulating the development of these projects are “Methodological recommendations for assessing the effectiveness of investment projects and their selection for financing”, approved by the State Construction Committee, the Ministry of Economy, the Ministry of Finance, the State Committee for Industry of the Russian Federation on March 31, 1994. This document establishes the following indicators of the effectiveness of an innovative project:

• financial (commercial) efficiency, taking into account the consequences for project participants;
• budgetary efficiency, taking into account the financial implications for budgets at all levels;
• national economic economic efficiency, taking into account costs and results that go beyond the direct financial interests of project participants and allow for cost measurement.

The main methods for assessing the effectiveness of a project are: methods based on discounted estimates and based on accounting estimates.

Methods based on accounting estimates include calculation of the payback period, investment efficiency, and debt coverage.

Methods based on discounted valuations include the calculation of the profitability index, net present value, and internal rate of return.

3.3. Concept and types of investments

Investments are divided into short-term and long-term investments.

By type, investments are divided into risk (venture), direct, portfolio, and annuities.

Risky (venture) investments– investments in new areas of activity with high risk.

Direct investments– investments in the authorized capital of the enterprise.

Portfolio investment– investments in securities and other valuables.

Annuities are investments that bring the investor a certain income at regular intervals (investments in insurance and pension funds).

3.4. Investment principles

For investments to be effective, an enterprise must adhere to certain principles in implementing its investment policy.

The most important principles are the following. These are the marginal efficiency of investment, the “putty” principle, the principle of combining material and monetary assessments of the effectiveness of capital investments, the principle of adaptive costs, the multiplier principle, the Q-principle.

Principle of marginal efficiency investment guides the enterprise in making investments to achieve maximum profit, provided that the marginal revenue is equal to the marginal cost of producing an additional unit of output.

The "putty" principle reflects the investment process over time. That is, from a certain moment of investment on a certain project, the enterprise has a narrowed choice in making decisions on the reorientation of investments.

The principle of combining material and monetary assessments of the effectiveness of capital investments allows you to more accurately assess the effectiveness of investments in conditions of inflation and other fluctuations in the stock market.

The principle of adaptive costs guides the enterprise towards balancing the profitability of the enterprise with the losses from embedding new technology into the production process.

Multiplier principle allows you to assess the role of relationships between related industries and types of production activities. The multiplier reflects the economic strength of a specific innovation and signals the feasibility of further investment or reorientation of investment flows.

Q-principle. It reflects the establishment of a relationship between the valuation of assets on the stock exchange and their real replacement cost. If this ratio is greater than one, then investing is profitable. The Q-principle reflects the relationship between the demand price and the supply price, that is, it is effective in a market economy.

3.5. Methods for assessing the effectiveness of investments

Since investment is carried out in the form of projects, profitability analysis is carried out investment project. The analysis includes the following types:

• technical analysis to determine the most appropriate equipment and technology for the enterprise;
• commercial analysis, revealing the peculiarities of the economic conditions of the product sales market;
• institutional analysis assessing the state external environment enterprises;
• social analysis, which provides insight into the future impacts of the project on the local population;
• analysis environment, predicting environmental damage and determining measures to reduce the load on the environment;
• the financial analysis;
• economic analysis.

The following methods are used as specific methods for evaluating an investment project.

Determination of project profitability. Two alternative situations are compared: the result after the project was implemented and the result if the project had not been implemented.

Profitability of an investment project = (Changes in benefits (income)) - (Changes in costs due to project implementation)

Discounting method. Determination of the future value of the current value obtained from investing for a number of years:

,

PV – current value;

FV – future value;

r – interest rate;

n – number of years.

conclusions

• One of the important activities of an enterprise is innovation. It finds its expression in improving the product or mastering the production of a new product, in the constant introduction of new technologies into production, in improving the organization of production, in the development of new markets.
• Innovative activities at an enterprise include a complex of scientific, technical, organizational, financial and commercial activities.
• The choice of method and directions of innovative activity of an enterprise depends on the resource, scientific and technical potential of the enterprise, market requirements, stages of the life cycle of equipment and technology, and the characteristics of its industry.
• In order for an enterprise to remain competitive, improve product quality, and reduce production costs, it must invest in economic activity. Investments represent all types of assets invested in economic activities in order to generate income.
• Investment activity at an enterprise is a set of practical actions to implement investments. It is implemented on the basis of principles and at the expense of both own and borrowed funds.
• Investment activity can be in the form of capital-forming and financial investments.
• Investments require a comprehensive analysis of the project, including technical, commercial, institutional, social, financial, economic, and environmental analysis.

Self-test questions

1. Reveal the content of innovation activity at the enterprise.
2. What is the innovation life cycle and what are its stages?
3. How is an economic assessment of the effectiveness of new equipment and technology carried out?
4. What is the essence of investment and what types of investment activities are there?
5. What are the basic principles of investment activity?
6. How is the effectiveness of investments assessed?

Literature

1. Economics of Enterprise: Textbook for Universities / Ed. prof. V. Ya. Gorfinkel, prof. V. A. Shvandara. – 4th ed., revised. and additional – M.: UNITY-DANA, 2006.
Workshop name

annotation Practical work

Investments of an enterprise are long-term investments of capital in various areas of its activity in order to make a profit and also to achieve other economic effects. An enterprise's investments can be classified according to the following main characteristics. By areas of investment: real construction of new enterprises, expansion of existing enterprises, reconstruction of technical re-equipment of existing production; modernization of existing production facilities; re-profiling of the enterprise; acquisition of intangible assets etc.

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Section 10

Lecture No. 16

10.1. Economic essence and investment classification

Development of production and increasing its efficiency requires constant attraction of available funds, primarily financial resources, i.e. investments.

Enterprise investmentsthese are long-term investments of capital in various areas of its activity in order to make a profit, as well as to achieve other economic effects. An enterprise's investments can be classified according to the following main characteristics.

1. By investment areas:

real (construction of new enterprises, expansion of existing enterprises, reconstruction, technical re-equipment of existing production; modernization of existing production facilities; re-profiling of an enterprise; acquisition of intangible assets, i.e. investing in the purchase of licenses, patents, know-how; expansion of inventories of tangible current assets, etc. .P.);

financial (purchase of bonds, shares and other valuable papers; placement of temporarily free funds on deposits, etc.).

1. In relation to the enterprise investor:

internal (investing funds in the development of the enterprise itself);

external (investing capital in the assets of other enterprises).

1. By investment period:

short-term (up to one year);

long-term (more than one year).

1. By level of profitability:

highly profitable;

middle income;

low income;

unprofitable.

1. By risk level:

risk-free;

low risk;

medium risk;

high-risk.

1. By type of ownership:

private;

corporate;

state (municipal);

mixed.

Investments in a market economy as a process of investing capital in any form are inextricably linked with obtaining income or some effect. Thus, the essence of investment contains a combination of two sides of investment activity: the expenditure of resources and the receipt of results. If resource costs, i.e. investments do not lead to the desired result, then they become useless.

10.2. Sources of investment

The main sources of investment resources are domestic sources (individuals and legal entities, as well as the state) and foreign sources (foreign states, foreign citizens, as well as legal entities of other countries: enterprises, firms, companies).

Domestic sources of investment, in turn, are divided into own and borrowed (Fig. 10.1.).

The most reliable sources of investment are its own internal sources, which include profits remaining at the disposal of the enterprise, depreciation charges, additional issue of shares of the enterprise and their sale on the stock market. Own external sources of investment resources are not so reliable and, as a rule, are small in volume.

Rice. 10.1. Main sources and types of investment resources.

Borrowed investment resources (bank loans, loans, state targeted and preferential loans, leasing), used by almost every enterprise, are a necessary way of financing investment activities. This is due to the fact that the investor’s enterprise often lacks its own investment resources to implement large investment programs and projects.

The activities of the state play an important role in determining the sources of investment and their structure. Through financial and monetary policy, it directs investment activity in the required direction and either stimulates it or discourages it.

10.3. Organization of investment activities at the enterprise

In practice, the process of implementing investments in an enterprise is carried out in the form of investment activities. In accordance with the federal law “On investment activities in Russian Federation» investment activitiesrepresents an investment and the implementation of practical actions in order to make a profit or achieve another useful effect.

Investment activity consists of two main stages:

formation of investment resources;

investment of investment resources in specific investment objects.

The movement of investments from the beginning of the formation of investment resources to the receipt of income and return on invested funds is calledinvestment cycle.

To begin investment activities, any enterprise must solve the following tasks:

determine investment goals;

develop an investment policy;

develop an investment project;

justify the developed investment project;

determine the ratio of own and borrowed funds;

determine the risks of future investment;

evaluate the effectiveness of the developed investment policy.

Investment policyenterprise is a set of techniques, methods, decisions that determine the feasibility and efficiency of using resources in the process of implementing the enterprise strategy. There are three types of investment policies: conservative, compromise and aggressive. All these types of investment policies allow enterprises to develop an investment project.

Investment projectthis is a set of documents confirming the economic feasibility of investing money in real objects.

Thus, the investment activity of an enterprise is a process of justification and implementation of the most effective forms of capital investment aimed at expanding the economic potential of the enterprise.

10.4. Capital investments

Capital investmentsthis is an integral part of investments, which represent costs allocated to the creation and reproduction of fixed assets.

Capital investments include: costs of construction and installation work; costs for the acquisition of fixed assets (machines, machinery, equipment); costs of research and development (R&D), design and survey work, etc.; investments in labor resources; other costs.

The most important areas for using capital investments are the following:

New construction;

expansion of existing enterprises through the commissioning of additional workshops and production facilities;

reconstruction, i.e. partial or complete reorganization of production without the construction of new or expansion of existing workshops;

technical re-equipment of an existing enterprise, i.e. increasing the technical level of individual production areas and units through the introduction of new equipment and technology, mechanization and automation, and equipment modernization.

The choice by an enterprise of one direction or another of capital investments depends on the goals it pursues when making investments.

Lecture No. 17

Topic: Innovation and investment activities of the enterprise

10.5. Concept and classification of innovations

The entire history of human development is a continuous process of improving production activities and increasing socio-economic efficiency, achieved through the development and application of various innovations.

In the process of formation and development of market relations in our country, the development and implementation of various innovations becomes the most important prerequisite for the survival of any enterprise in conditions of fierce competition.

The main product in the innovation market is the result of scientific and scientific-technical research, which is a product of intellectual activity, which is subject to copyright and other rights. Suppliers of the innovation market are scientific organizations, academic and industry research institutes, higher education institutions educational establishments, research departments of enterprises, venture organizations.

The term “innovation” was first introduced into scientific circulation by the Austrian scientist J.A. Schumpeter at the beginning of the twentieth century, and means innovation, i.e. the result of the process of introducing any innovation. Innovation usually represents the result of scientific research or development in some area of ​​human knowledge.

There are two main types of innovation: product innovation and process innovation (Fig. 10.2.).

Rice. 10.2. Classification of innovations.

Product innovations are aimed at creating new types of products (basic) or significantly improving consumer properties and improving the quality of mastered types of products (improving). Process innovations are associated with the development of new forms and methods of organizing production when releasing new products (labor technologies, organization, production management).

Thus, in relation to an industrial enterprise, innovation should be understood as the development, implementation in production, launching into the market of a new or improved product, or a new, more efficient way of obtaining them.

10.6. Innovative activity of the enterprise

Innovative activity of the enterpriseis a field of activity that is aimed at the practical use of scientific, scientific and technical results and intellectual potential with the aim of updating productive forces, obtaining new or improving manufactured types of products, and methods of their production.

The main motives for the development of innovative activities at the enterprise are the following:

desire to expand markets for goods and services;

the need to increase the competitiveness of manufactured products and the enterprise as a whole;

real opportunities to increase the profit of the enterprise.

In the process of its innovative activities, the enterprise formsinnovation program, which is a set of investment projects and activities planned for implementation, agreed on resources, performers and timing of their implementation.

The innovative activity of an enterprise is a complex multi-stage process. The process of organizing innovative activity at an enterprise consists of the following enlarged stages:

search for new ideas that contribute effective achievement enterprise goals;

selection and preliminary assessment of innovations necessary for the implementation of selected ideas, i.e. implementation of innovative marketing research;

formation of a business plan for the implementation of an innovative project;

implementation of an innovative project;

launching an innovative project into production and managing it.

The organization of innovative activities at an enterprise is determined by the level of government support. The essence of the strategy of active state intervention in the innovation process is the recognition by the state of scientific, scientific-technical and innovative activities as the main and determining component of the economic growth of the national economy, as well as the need to enshrine in legislation mechanisms for stimulating the development of innovative processes. Such mechanisms include:

creating conditions conducive to increasing innovation activity;

allocation of public resources to generate initial demand for innovation;

creation of innovation infrastructure;

security favorable conditions for the acquisition of foreign licenses and patents.

10.7. Innovation life cycle

The innovation life cycle is a set of interrelated processes and stages of innovation creation.

Innovation life cyclethis is the period of time from the origin of an idea to the discontinuation of an innovative product. A generalized diagram of the innovation life cycle is presented in Fig. 10.3. Innovation in its life cycle goes through a number of stages, including:

inception, accompanied by the completion of the required amount of research and development work, the development and creation of a pilot batch of innovations;

growth (industrial development with simultaneous entry of the product into the market);

maturity (stage of serial or mass production and increasing sales volume);

market saturation (maximum production volume and maximum sales volume);

decline (curtailment of production and withdrawal of the product from the market).

The stage of inception of an innovation is the most labor-intensive and complex. There is a large amount of expenses for mastering production and releasing a pilot batch of a new product. At this stage, technology is developed and improved, and regulations for the production process are worked out.

The growth stage is characterized by a slow and extended increase in output.

The maturity stage is characterized by a rapid increase in production, a significant increase in capacity utilization, well-established technological process and production organization.

The stage of market saturation is characterized by a steady pace of the highest volumes of product output and the maximum possible utilization of production capacity.

The decline stage is associated with a drop in capacity utilization, curtailment of production of a given product and a sharp decrease in inventory.

Rice. 10.3. Innovation life cycle diagram.

10.8. Venture organizations

The innovation process must be considered as a probabilistic system, since during its implementation various unfavorable situations are possible, i.e. risk situations may arise.

Financial costs for carrying out technical activities, the time gap between the introduction of innovations and obtaining useful result, as well as the likelihood of losses from innovations, lead to the need to assess the risk of innovative solutions.

External and internal risks of innovation are distinguished.

External risks include:

risk of partnership stability;

banking risk;

risk of stable supply;

risk of changes in tax policy;

risk of changes in budget allocations;

contracting partnership risk;

market risk;

risk of decreased demand;

risk of oversupply;

risk of rising inflation and other risks.

TO internal risks include:

risk of failure of planned programs;

risk of funding cuts;

the risk of insufficient scientific and technical potential;

the risk of erroneous economic forecasts and other risks.

To implement an innovative project associated with significant risk,venture organizations.

Venture capital organizations are busy developing scientific ideas and turning them into new technologies and products. The initiators of such an enterprise are most often a small group of people - talented engineers, inventors, scientists, innovative managers who want to devote themselves to developing a promising idea and at the same time work without the restrictions that are inevitable in the laboratories of large companies, subordinated in their activities to rigid programs and centralized plans. This method of organizing research makes it possible to maximize the potential of scientific personnel, who in this case are freed from the influence of bureaucracy. Risky enterprises are a unique form of protecting talent from losses at the starting stages of the innovation process, when the novelty of a scientific or technical idea interferes with its perception by the administrative managers of the company.

The advantages of venture organizations: flexibility, agility, the ability to reorient themselves, change search directions, quickly capture and test new ideas. The desire for profit, market and competition pressure, a specific task, and strict deadlines force developers to act effectively and quickly, intensifying the research process.

Large organizations, having expensive equipment and stable positions in the market, are not very willing to undertake technological restructuring of production and various kinds of experiments. It is much more profitable for them to finance small innovative companies and, if the latter are successful, to move along the path they have trodden.

It is estimated that venture (risk) capital invested in the implementation of projects is completely lost in 15%, brings losses in 25%, and gives a very modest profit in 30%. However, in the remaining 30% of cases, the success achieved and the profit obtained in this case make it possible to cover the invested funds by 30-200 times.

Self-study questions:

1. Risks and effectiveness of venture entrepreneurship.

Main sources of investment resources

Borrowed

public

Direct investments

Targeted loans

Briefcase

investments

Domestic

sources

Profit,

remaining at disposal

enterprises

Depreciation

Foreign

Domestic

External

sources

Capital

investors

Emission and

sale of shares

Funds from state and municipal budgets allocated free of charge

Free financial

help

Bank loans

State targeted and preferential loans

Commodity

(commercial) loans

Leasing

Organization

Improving food

Basic grocery

Process

Grocery

Labor technology

Control

Innovation

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	However, a lot of time passed from the idea of ​​leasing to the creation of the first leasing company. In the late 80s and early 90s, the lead in this indicator was held by Australia, where 3033 industrial investments were carried out on the basis of leasing. The development of leasing and the creation of leasing companies occurred in the early 90s. Leasing is a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a certain fee for a certain period and under certain conditions...
9906.		Service activities of the catering establishment pizzeria "Pepino"	36.14 KB
	Service consumer Catering a citizen using food and leisure services. The type of public catering establishment is a type of enterprise with the characteristic features of servicing the range of culinary products sold and the range of services provided to consumers. Depending on the characteristic features servicing the range of products sold and the range of services provided to consumers, public catering establishments are divided into the following types: restaurants, bars, cafes...

Enterprise development factors: extensive and intensive

There are two ways of developing an enterprise: extensive and intensive.

Extensive development path- a way to increase production volumes due to quantitative factors of economic growth: additional attraction of labor, expansion of acreage, increased production of raw materials, construction of new facilities. The possibilities of an extensive development path are always limited by the availability of natural and labor resources.

Intensive development path- a way to increase production volumes due to qualitative factors of economic growth: the use of progressive (resource-saving) equipment and technology, scientific achievements, scientific and technical information; improving the qualifications of workers.

Innovation - the final result of innovation activity, realized in the form of a new or improved product sold on the market, a new or improved technological process used in practical activities.

The concepts of “novelty” and “innovation” are often identified, although there are differences between them.

Innovation means a new order, a new method, an invention, a new phenomenon. The phrase “innovation” literally means the process of using an innovation. From the moment it is accepted for distribution, an innovation acquires a new quality and becomes an innovation (innovation). The period of time between the emergence of an innovation and its implementation into an innovation (innovation) is called the innovation lag.

The concept of innovation as an economic category was introduced into scientific circulation by the Austrian economist J. Schumpeter. He first considered the issues of new combinations production factors and identified five developmental changes, i.e. innovation issues:

The use of new equipment, technological processes or new market support for production;

Introduction of products with new properties;

Use of new raw materials;

Changes in the organization of production and its logistics;

Emergence of new markets.

In accordance with international standards, innovation is defined as the final result of innovative activity, embodied in the form of a new or improved product introduced on the market, a new or improved technological process used in practical activities, or a new approach to social services.

The motto of innovation - “new and different” - characterizes the diversity of this concept. Thus, innovation in the service sector is an innovation in the service itself, in its production, provision and consumption, and in the behavior of workers. Innovations are not always based on inventions and discoveries. There are innovations that are based on ideas.

Innovation does not have to be technical or anything tangible at all. Few technological innovations can rival the impact of an idea like installment sales. Using this idea literally transforms the economy. Innovation is a new value for the consumer; it must meet the needs and desires of consumers.

Thus, the essential properties of innovation are their novelty, production applicability (economic feasibility) and it must necessarily meet the needs of consumers.

Systematic innovation consists of a purposeful, organized search for changes and a systematic analysis of the opportunities that these changes can provide for the successful operation of an enterprise.

The whole variety of innovations can be classified according to a number of characteristics.

1. By degree of novelty:

radical (basic) innovations that realize discoveries, major inventions and become the basis for the formation of new generations and directions for the development of engineering and technology;

Improving innovations that implement average inventions;

Modification innovations aimed at partially improving outdated generations of equipment and technology, production organization.

2. By object of application:

Product innovations focused on the production and use of new products (services) or new materials, semi-finished products, components;

Technological innovation aimed at creating and applying new technology;

Process innovations focused on the creation and operation of new organizational structures, both within the company and at the inter-firm level;

Complex innovations, which are a combination of various innovations.

3. By scale of application:

industry;

Intersectoral;

Regional;

Within an enterprise (firm).

4. For reasons of occurrence:

reactive (adaptive) innovations that ensure the survival of the company as a reaction to innovations carried out by competitors;

Strategic innovations are innovations, the implementation of which is proactive in nature with the aim of gaining competitive advantages in the future.

5. In terms of efficiency:

Economic growth.

The experience of developed countries indicates that radical transformations in the field of productive forces in the era of scientific and technological revolution, the rapid turnover of its waves, and, consequently, new combinations of production factors, and the widespread introduction of innovations have become the norm of modern economic life. And if the innovative approach plays an increasing role in developed countries, then in modern Russia, in the context of the transition to a market economy and the need to overcome a deep crisis, this role is especially great.

45. Investments: concept, composition, classification.

Investments.

Investment concept.

The Federal Law “On investment activities in the Russian Federation, carried out in the form of capital investments” dated February 25, 1999 No. 39-FZ gives the following definition of investments: “... investments - cash, securities, other property, including property rights, other rights with a monetary value, invested in objects, entrepreneurial and (or) other activities in order to make a profit and (or) achieve another useful effect."

Exist different approaches to the definition of the concept of “investment”. This is due to the specifics of specific stages of the country’s historical and economic development.

In the Soviet economy the term was not used; the concept of “capital investments” was used. Was introduced after the 80s. from foreign literature and 2 identical concepts of “investment” and “capital investments” are considered.

The economic essence of investments was determined by 2 approaches: the cost method (costly reproduction, where production is in 1st place) and the resource method (financial resources for investment). Both methods had the following disadvantages:

1. static;

2. allocation of one element (either separately costs, or separately resources);

3. priority of a separate stage of turnover of funds (either separately the production or financial side).

In Western economic literature, all concepts of “investment” have in common the receipt of income by the investor.

There are also 2 sides of investment:

1. resources for the purpose of accumulating income;

2. investment (use) of resources that provide capital growth.

Investments – funds, targeted bank deposits, shares, shares and other securities, as well as technologies, machines, equipment, licenses, trademarks and other property, and property rights, as well as intellectual values ​​that are invested in enterprise objects. and other types of activities in order to generate profit (income) and achieve a positive social or other type of effect (Federal Law “On investment activities in the Russian Federation, carried out in the form of capital investments” No. 22 of 01/02/2000).

Investments– (invests – from English – investments) - these are all types of property and intellectual values ​​invested by legal and individuals into businesses and other activities in order to generate income and achieve a positive social effect.

Investment is a process of interaction between 2 or more parties.

In modern literature, it is generally accepted that this is the process of using material, labor, and financial resources for the purpose of profitable placement of capital; as a result of the placement of capital, savings are formed that precede investments and are their source 1 .

Related information.

1. Investments and investment activities of the enterprise.

2.Classification of investments.

3. Indicators of the efficiency of the enterprise's investment activities.

4. Innovations and innovative activities of the enterprise.

1. Capital is one of economic resources(factors of production) . It includes means of production - machines, equipment, tools, enterprise vehicles, buildings, structures, transmission devices, raw materials, stocks of goods and semi-finished products at various stages of production ( physical capital), as well as the knowledge and skills of enterprise personnel obtained through education and practical experience ( human capital).The process of accumulating and adding capital to an enterprise is called investing.

Investments– all types of values ​​invested in objects of entrepreneurial and other types of activity with the aim of generating profit (income) or achieving a positive social effect. Cash, bank deposits, shares, shares and other securities, loans, any property and property rights, and intellectual values ​​can be used as invested values.

Investment activities represents an investment (investment) and a set of practical actions for the implementation of investments.

Subjects of investment activity– individuals and legal entities, the state, foreign entrepreneurs and organizations participating in investment activities as investors, customers and performers of work, suppliers, contractors, financial intermediaries, etc.

Objects of investment activity– directions for investing investment resources (newly created and modernized fixed assets, working capital, securities, targeted cash deposits, scientific and technical products and other property, property rights and intellectual property).

2. Investments can be classified according to various criteria.

1.By object of investment they distinguish

1.1. Real (capital-forming) investments– investments in tangible and intangible assets that provide an increase in the value of capital. These include: capital investments, innovative investments, investments in human capital. Capital investments include: costs of construction and installation work; costs of purchasing machinery and equipment; costs of design and survey activities; cost of capital works.

1.2. Financial investments– investments in various financial assets that provide the investor with income, but do not increase the total amount of capital in the economy.

2. According to the purpose of investment and acquired control, they are distinguished

2.1. Direct investments– investments in the authorized capital of a business entity in order to generate income and the rights to participate in the management of this entity.

2.2. Portfolio investment– investments in financial and non-financial assets in the process of forming an investment portfolio. An investment portfolio is a specially formed set of investment objects designed to achieve investment goals: high rates of capital or income growth, minimizing investment risks, ensuring sufficient liquidity of investment objects.

3. According to the nature of the subjects’ participation in investing, investments can be direct (immediate) and indirect (indirect, realized through financial intermediaries).

4. According to the investment period, investments are divided into short-term and long-term.

5. On a territorial basis, domestic and external (foreign) investments are distinguished.

6. According to the form of ownership, private, state and municipal, mixed, foreign and joint investments are distinguished.

Sources of investment financing are divided into internal and external. Internal sources are the enterprise’s own funds (profit, depreciation, etc.), external sources are borrowed funds (credits and loans, budget investments, equipment leasing) and attracted funds (issue of securities, foreign investments, funds from individual developers, etc.)

Investment methods– self-financing, corporatization, lending, leasing, selling, etc.

2. Investment policy of the enterprise– a set of management decisions that determine the goal, main directions and volumes of investment.

Investment project– a system of organizational, legal, settlement and financial documents necessary for carrying out investment activities.

Design analysis– analysis of the profitability of the project based on a comparison of the costs of its implementation and the benefits that will be received from it. Includes technical, commercial, institutional, social, environmental, financial, economic analysis.

The main indicators of the effectiveness of the investment project are its financial (commercial), budgetary and economic efficiency, taking into account the consequences of the project for its direct participants, for the budget and economy of the country (region).

Indicators of commercial efficiency of projects:

1. Net present value(NPV, NPV) – the difference between the amounts of cash flow reduced to the present value (results minus costs) for the entire period of the project implementation and the amounts of investments for the same period.

3. Payback period (period) is the minimum time interval from which investments and other costs of the project are covered by the total results of its implementation.

4. Internal rate of return (IRR, IRR or i in) – the interest rate at which the value of the reduced cash flow will be equal to the reduced volume of invested funds.

,

(12.3)

The project is effective if NPV> 0, R.I.> 1, IRR not less than the investor's required rate of return on capital.

Before assessing the effectiveness of a project, its social significance is determined by an expert, i.e. the possibility of it positive influence not only on the activities of its direct participants, but also on other economic entities, the population, and the economy of the region. Large-scale, national economic and global projects are considered socially significant.

Next, the assessment of the investment project is carried out in two stages: 1) indicators of the effectiveness of the project as a whole are calculated; 2) an assessment of the effectiveness of investments is carried out for each individual project participant.

3. Innovation is a complex process of creating, disseminating and using innovations (products, technologies, knowledge, management methods) to meet changing human needs.

Life cycle of innovation– the period of time from the origin of an idea, the creation and dissemination of an innovation to its use. These life cycle stages form the innovation process.

Innovative activity of the enterprise– a system of measures to use its scientific, scientific, technical and intellectual potential in order to obtain a new or improved product (service), a new method of their production to meet the demand and needs of society for innovations.

Innovation policy of the enterprise- an integral part of its general economic policy, which determines the goals of innovation activity and the means of achieving them, depending on the scientific and technical potential of the company, its market goals and competitive position. There are innovation policies of “technological push”, demand orientation, social orientation, and transformation of the economic structure.

Innovation strategies of companies can be divided into two classes:

– defensive strategies (response to demand, imitation of other people’s innovations, waiting);

– offensive strategies (active R&D, aggressive marketing, “mergers and acquisitions”).

Technical preparation of production– a complex of consistently linked design, technological, production and economic work on the creation, development and implementation of new equipment and technology. Includes design and technological preparation of production. In order to effectively organize work on technical preparation of production, a Unified system of technical preparation of production (USTPP), components which are unified systems of design (ESKD) and technological documentation (ESTD).

To increase profits at an enterprise, it is necessary to improve its investment activities. The following activities are expected:

Improving investment activities through equipment leasing;

As a result of the implementation of measures to improve the technology for repairing brewing equipment and the introduction of new equipment, the labor intensity of work is reduced, which makes it possible to increase labor productivity, increase revenue from the sale of work and reduce operating costs.

An indispensable condition for increasing the efficiency of managerial work is optimal information technology, having flexibility, mobility and adaptability to external influences.

In order for the renewal of fixed production assets to occur cyclically (every 5-10 years), it is necessary to solve the problem of organizing the investment process - to compress it in time. This means project development, construction, development to full design capacity production facilities must be carried out within strictly regulated periods.

Directions for improving the innovative activity of an enterprise

When it comes to innovation, a clear line needs to be drawn between which principles are necessary to create an effective innovative product, and which principles should not be used.

The principles necessary to create an effective innovative product:

Purposeful systematic innovation activity requires continuous analysis of the capabilities of the above sources of innovation;

Innovation must correspond to the needs, desires, and habits of the people who will use it;

Innovation must be simple and have a precise purpose.

Innovate more efficiently with little money, few people, and limited risk. Otherwise, there is almost always not enough time and money for the numerous improvements that the innovation requires.

Effective innovation must be aimed at leadership in a limited market, in its niche. Otherwise, it will create a situation where your competitors will get ahead of you.

Principles, the use of which negatively affect the creation of an innovative product:

The complexity of the design of an innovative product - problems arise during operation;

Incorrectly planned stage of creating an innovative product;

Innovation is changes in the economy, industry, society, in the behavior of buyers, producers, and workers. www.barmashova.ru Therefore, it must always focus on the market and be guided by its needs.

For an enterprise to carry out innovative activities, it must have a structure and mindset that would contribute to the creation of an atmosphere of entrepreneurship and the perception of the new as an opportunity. In this case, it is necessary to take into account a number of important points.

The basic organizing principle for innovation is to create a team of the best workers freed from their current jobs.

All attempts to transform an existing division into a carrier of an innovative project end in failure. This conclusion applies to both large and small businesses. The fact is that maintaining production in working order is already a big task for the people involved in this. Therefore, they have practically no time left to create something new. Existing divisions, no matter in what area they operate, are generally only capable of expanding and modernizing production.

Entrepreneurial and innovative activities do not necessarily have to be carried out on permanent basis, especially in small enterprises where such a statement of business is impossible. It is necessary to appoint an employee personally responsible for the success of innovation. He must be responsible for the timely identification and replacement of obsolete products, equipment, technology, for a comprehensive analysis of production and economic activities (x-ray of the business), for the development of innovative activities. The employee responsible for innovation activities must be a person of sufficient authority in the enterprise.

It is necessary to protect the innovation department from unbearable loads. Investments in the development of innovations should not be included in regularly conducted analysis of the return on investment until the new products or services are established in the market.

The profit from the implementation of an innovative project differs significantly from the profit received for the release of well-functioning products. Over a long period of time, innovative endeavors may produce neither profit nor growth, but only consume resources. Then the innovation must grow rapidly over a long period of time and return the funds invested in its development by at least 5-10 times, otherwise it can be considered a failure. Innovation starts small, but its results must be large-scale.

The enterprise should be managed in such a way that it creates an atmosphere where the new is perceived not as a threat, but as an opportunity. Resistance to change is rooted in fear of the unknown. Every employee must realize that innovation is the best way to preserve and strengthen their enterprise. It is necessary to understand that innovation is a guarantee of the employment and well-being of every employee. Organizing innovative activities based on these principles will allow the enterprise to move forward and achieve success.

Thus, to improve the innovative activity of an enterprise, the following stages are necessary:

Implementation of a system of continuous improvements;

Improving the incentive and motivation system to encourage innovation (innovations);

Overcoming employee resistance to innovation;

Modification of the system for collecting internal and external marketing information;

Improving strategic management at the enterprise, regulating procedures for the development, consideration, approval, implementation and monitoring of innovative projects.

According to the chairman of the board of directors of General Electric, Jack Welch, whom Fortune magazine named the best manager of the 20th century: “Business is a simple thing: you have to produce cheaper, faster and better than everyone else, and for this you need to increase the productivity and efficiency of business management , and also innovate as much as possible.” This statement once again confirms the decisive role of innovation activity and the innovations resulting from it in the development of economic systems. However, it should be noted that increased productivity and business management will also be the result of innovative transformations.

The areas of innovation activity are understood as innovative projects aimed at both the development and mastery of new products and technologies. In this case, it is advisable to carry out comparative analysis profitability of each area of ​​innovation activity, i.e. it is necessary to determine the likely increase in profit for each area of ​​innovation and choose the one that will provide the greatest results.

Carrying out similar work for domestic enterprises This is especially relevant since most of them are in crisis conditions and have limited financial resources that can be used to improve innovation activities and many of which are faced with the need to choose the most optimal paths of development through innovative transformations. In this case, comparing the profitability of alternative directions for improving innovation activity is the most important tool for justifying decisions in the innovation field.

One of the most effective ways the introduction of a new product to the market is advertising.

Reaching a wide audience;

The possibility of a complex impact on the viewer (sound, image, movement and other means);

Targeting makes it possible to more accurately target your advertisement to the desired audience, selecting it according to geographical location(placement on regional channels or broadcasts), interests (placement in thematic programs), time of day.

Interview with a company manager or employee;

Informative article about the company.

Up to 90% of the population uses various types of transport (buses, trolleybuses, minibuses, metro) in any city. In large cities, a large number of visitors are added to them. The advertising possibilities of various vehicles are very wide.

The Internet today is the most rapidly developing sector of the domestic economy. And the most revolutionary event can be called the conquest of previously untapped advertising spaces by the Internet. Banners are still the main advertising field on the Internet. These are graphic or animated rectangles with bright drawings with enticing content, serving as a link to go to the advertised resource and posted throughout the Web. They are best placed immediately after opening the site, when you want to quickly inform about yourself.

The next element of advertising on the Internet can be special direct links, including announcements or the most interesting excerpts from the content of sites. This type of advertising is best for information and news sites, and attracts the largest number of visitors, provided that links are published on related sites.

The advertising function can be performed by creating a newsletter (with the publication of announcements and links) and participating in various reviews and forums. Thus, you actively advertise your resource among the general public.

Partnership is a truly powerful tool for promotion on the Internet.

As for taking part in exhibitions and conferences, this type of advertising is the most effective in finding new clients.

The following benefits are expected from participation in the exhibition:

Improving the company's image

Attraction of new clients;

Increase in company profits in the coming period.