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What investor is necessary to us |
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What investor is necessary to us. A. idrisov. "expert" One should finally recognize that the Russian economy sharply requires not the credits and the strategic investors, but risky capital If we analyze the state of Russian companies, then the overwhelming majority of them - with exception of the "blue chips" - will fall into the range between the initial stage of development of business and the stage of its expansion. World practice attests to the fact that such companies can design, first of all, for risky capital. As the conductors of risky capital together with the funds for direct investments (financial investors) can come out investors strategic - corporations, which act in the analogous, that also the object of investment, or the adjacent regions of business. The main difference between them consists for purposes of investment. The purpose of financial investor is an increase in the cost of the business of company. Of the purposes of strategic investors are fundamentally different: an increase in sales, the reduction of expenses or the liquidation of potential competitor. The overwhelming majority of the investments of strategic investors was achieved in Russia by means of the absorption of Russian enterprises. Of course this does not mean that the strategic investors are an indispensable evil for our economy. If this investor constructs in our country in 100% his own enterprise or invests into the new SP, then honor to it and praise. But if the discussion deals with the existing Russian enterprise, which has traditions, her own brand and high potential of increase, one should think well, what investor will prove to be for it more preferable. Russian economy as any another sharply needs risky capital. Especially taking into account the planned passage from the raw economy to highly technological. In this case in contrast to THE USA and Europe, where thousands of venture funds act, in Russia actually accomplish operations not more than ten, a quantity of concluded by these funds transactions is negligibly small. Why? Financial investors, owners of risky capital, assume investment decisions, being guided by the following criteria: by the presence of operational business- model and strategy, which ensures the high potential of increase; by the level of the qualification of management; by the transparency of business; by the possibility of output (sale of actions in 4-7 years on substantially the higher price). From the point of view of formal is indicative the majority of Russian enterprises they can design exclusively for risky capital; however, they do not answer investment criteria enumerated above. Therefore with the development of measures for an improvement in the investment climate government must concentrate its attention in the measures, which contribute to enterprises in their the preparation for effective interaction with the financial investors. Potential of increase. Scarce and weakly-competitory Russian market, fortunately provides the unlimited possibilities for the growth of practically any company. When management declares, that such indices of increase are unattainable, this is most frequently connected with the strategic errors and a deficiency in the qualification. Very strong Russian managers appeared in last two years, and their number grows. However, this does not exclude the need of the education of the leaders of enterprises. Transparency of business. The long-standing discussions about the need for passage to the international standards of financial account (IAS) must be ended. The companies, which need capital, must have the capability to allow financial account in the international standards. For this it is necessary to divide tax and financial account. Output from the business. Investors never will enter into the business, if not they are clearly understand, as they will from it leave. Unfortunately, today to place on the market for action on the acceptable price is practically impossible, since the market as a whole is not very attractive for the investors: on it the first-class ripe companies (them simply very little) are not represented. On the market do not work national institutional investors including the Pension funds, which could considerably improve its liquidity. Possibly, one should think about the creation of the state ex.it- fund, which the ransom of the shareholdings on the specific cost would guarantee to investors in the case of reaching by the companies of the specific results. Russia cannot and it must not meet its demands for the risky financing only due to the foreign capital. There are two significant problems in the path of creating the Russian venture funds. The first - absence of legislation about the investment trusts and the long ago expected liberalization of currency legislation. Such funds, as a rule, are created in the ofshornykh zones, that also draws particular investors. The second - qualification of the workers of the controlling companies. The controlling company must possess two most important scopes: by the experience of examination, control of an increase in business and practical training of Russian enterprises for the financing at the early stages of development, and also by access to the information resources, which make it possible to obtain the flow of the investment proposals, from which can be selected most attractive. The creation of valuable investment market in Russia is impossible without the effective national system of risky financing.
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Investments in Russia.