Экономические науки/4. Инвестиционная деятельность и фондовые рынки

Zmiienko M.A.

National Technical University of Ukraine “Kiev Polytechnic Institute”, Ukraine

BASIC CONCEPTS FOR UNDERSTANDING OF THE CATEGORY OF “INVESTMENTS”

The current state of research the investment theory can be primarily characterized as highly fragmented and contradictory field of economics. Despite the large number of scientific papers on this issue, yet there is no generally accepted interpretation of the economic substance of the category of “investments”, which is a consequence of different interpretations of this category, according to the conceptual approach of scientists. All this causes partiality in assessing of the importance of investments as an economic category as a whole, and doesn’t make full use of all of their potential benefits.

In the domestic scientific literature there are many definitions of the categories of “investments” that can be divided into three conceptual approaches: resource, costly and complex (mixed). These approaches are the reflection of an understanding of a scientist’s nature, purpose and functional nature of the investments as an economic category.

The resource concept is characterized by the definition of investments as attachments of certain values in order to obtain economic benefits through their service quality.

In contrast to the resource concept some researchers have suggested that investments is nothing but a cost. This approach to understanding of the investments can be explained through the definition of this category as part of the costs of the national economy. So, in this aspect, investments and certain costs in the structure of the national economy are identical elements that have similar functional characteristics.

The resource and the cost approach are dialectically related to each other and nature of investments does not change depending on which angle of view to consider them. Investments - is certainly mostly temporarily free resources that can be invested in any sector of activity; investment of the resources, accompanied by their exclusion, therefore, the attachment process is both costly process. This correlation of the resource and the cost approach is a prerequisite for the emergence of an integrated approach, which is logically defensible and justified in terms of understanding of investment as an economic category, which plays a complex and multi-subject research, fulfilling their functional tasks only when taking into account all its features elements.

In this way, the complex approach, in our opinion, is the most defensible justification of its operation. Supporters of the complex approach in their interpretation of investment the essence think that this category serves as a resource and that can be invested for a specified period with a specific purpose, and as a costs, having the character of capital investments.

After analysis of all given above approaches, in our opinion, the most appropriate understanding of the essence of investments is through it’s relations that are associated with the movement of advanced capital cost during the implementation of these resources, subject to the economic benefit provided for this process. However, we would like to note that there are some ambiguous aspects that can be seen in the work of researchers of investment theory.

Quite common is the assumption that investments are long-term capital investment, although, in our opinion, this premise is also quite controversial, because the investment can be as short as well as long-term, because of the nature of investment resources, which are used in this case (for example, it refers to securities with short-term return of advanced capital and cost-effect). In other words the term should be only the classification features of category of “investments”, and in no way a defining characteristic of its, In other words the term should be only the classification features of category of “investments” and the characteristic nature should be common to all expressions of this category, rather than occurrence of certain situational features.

So, after reviewing all of the above terms, for determining the nature of the category of “investments”, we believe it appropriate to offer the following definitions:

Investments - is all kinds of material and intellectual values invested in the facilities business and other activities that aims to get a positive economic effect. In our opinion, we should also emphasize that intellectual property and values acquire the quality of investment only if they directly participate in the investment activities of the enterprises. In other words values as investments have certain signs, including the following: a clearly defined investment objective values; a certain effect, the receipt of which is the purpose of such activity; the ability to determine the equivalent of the value in monetary terms.