Corporate investment management (стр. 16 )

Appendix 3

provisional list of STRENGThS AND WeakNESSES of leasing companies, and also threats and opportunities for them CREATED BY EXTERNAL environment *

I. Specific features (characteristics) of the existing condition of lessors

1.1. Strengths

1.2. Weaknesses

1.1.1. Availability of the necessary financial, physical, information and other resources, good level of engineering; petence of management and personnel of the company in leasing, marketing, logistical, investment, audit and entrepreneurial areas, knowledge of leasing know-how, ability to precisely valuate the property which is subject to leasing; 1.1.3. Ability to promptly raise finance required for leasing transaction; 1.1.4. Well tested system of business partnership (with the use of logistics tools) and good reputation of company in combination with the image of partner bank; 1.1.5. Strong positions in the investment market and in the market of leasing services, protection form strong competition pressure and business risks; 1.1.6. High quality of work, strict compliance with contractual obligations; petitive ability and liquidity of property transferred under leasing contracts; 1.1.8. Attractive cost characteristics of services, low costs, flexible price policy; 1.1.9. Ability to provide multiple additional, including logistical services, and diversification of business. 1.1.10. Efficient marketing, management, modern technologies and logistical schemes of work, rational organizational structure, including network of representations; 1.1.11. Scientific, analytical and research base, propensity to innovations, ingenuity in strategic planning; 1.1.12. Efficient system of interaction with authorities at various levels.

1.2.1. Low level of engineering, lack of financial, information and other resources; 1.2.2. Poor administrative experience and shortage of qualified experts, insufficient motivation of work, high turnover of employees; 1.2.3. Insufficient knowledge of the market of leasing and related services, poor marketing possibilities, poor advertising; 1.2.4. Limited opportunities for prompt mobilization of financial resources for leasing transactions; 1.2.5. High prices for offered services with low profitability of operations (high cost of used credit resources); 1.2.6. Insufficient efficiency of interaction with partners with excessive dependence on them; 1.2.7. Existence of difficult business problems and insufficient protection from possible risks of losses; 1.2.8. Deterioration of market positions and declining corporate reputation, inability to resist competition pressure; 1.2.9. Lack of strategic directions in pursued activities, lack of attestation to problems with diversification of services; 1.2.10. Poor control over performance of the long-term current solutions, poor discipline in performing tasks; 1.2.11. Outdated technologies, principles and schemes of operation, lagging behind competitors in R&D; 1.2.12. Insufficient flexibility in managing business operations and inefficient mechanism of interaction with authorities

II. Prospects of change in operating conditions of leasing companies

2.1. Favorable opportunities

2.2. Threats

2.1.1. Entry onto new markets (segments) of leasing and associated services, expanded positions on the old markets and segments; 2.1.2. Intensification of business activities and acceleration of growth in the market segment in which leasing company is operating; petitors exiting from particular segments of leasing services market, lack of competitors in the new markets; 2.1.4. Increased variety of rendered services, integration of business operations, development of strategic business alliances; 2.1.5.Establishing new and more efficient business communications, including those established with foreign partners and investors; 2.1.6. Development of international and inter-regional business and financial relationships; 2.1.7. Reduction of prices for leasing objects; 2.1.8. Obtaining additional state support and guarantees, optimization of tax, customs, tariff and amortization policies, and also other positive macroeconomic changes in the investment sphere; 2.1.9. Decrease of interest rates for bank loans; 2.1.10. Opportunity for transition to a more efficient business strategy; 2.1.11. Improved information support for business; 2.1.12. Improved economic stability of business partners.

2.2.1. Emerging of new competitors, growing competition pressure; 2.2.2. Growing sales of substitute goods (services); 2.2.3. Decreasing activity in economy and slumped growth rates of the market in which leasing company is operating; 2.2.4. A change in requirements (preferences) of lessees, declining demand for traditional objects of leasing; plicated mutual relationship with banks and insurance companies; 2.2.6. Increased negotiation power of the subjects of leasing (sellers, lessees) who interact with a leasing company; 2.2.7. Increased probability, scale and types of business risks; 2.2.8. Decreased degree of security from possible risks; 2.2.9. Worsened economic condition of partner firms; 2.2.10. Deterioration of macroeconomic conditions and international relations; plication of the system of interaction with authorities of multiple levels; 2.2.12. Deterioration of the microclimate inside the leasing company.

____

* Prepared on the base of business practice review performed by the author and on the base of expert estimates collected

Alexander Gretchenko

candidate of economic science

Education:

Russian Plehanov Academy of Economics, Moscow ()

Boras High School, Sweden ()

Bachelor of Science with a major in Business Administration

Institute of Business & Law, Bournemouth University, UK ()

MA International Business Finance

Professional interests:

Macroeconomics, the international finance, bank activity. The author of more than 40 articles about theories, experts and analysis of a condition and problems of investment and innovative activity in Russia and abroad.

Job position:

Leading expert of Corporate Credit Department, Bank VTB24

В монографии по существу содержится энциклопедия экономической мысли, обобщение наиболее ценного из трудов российских ученых-экономистов по проблематике инвестиционных перемен, охватывающих российскую экономику на рубеже 20 столетия. Глобальный взгляд на инвестиционные процессы, происходящие в мире и России как часть этого мира, рождает и видение автором фундаментальных основ стратегии инвестиционного и инновационного прорыва.

The monography contains the encyclopedia of an economic idea and generalization of most valuable transactions of the Russian scientists in economists about problematics of the investment changes covering the Russian economy on a boundary of 20 centuries. The global sight at the investment processes occuring in the world and Russia as a part of this world, gives rise to author’s vision of fundamental bases of strategy of investment and innovative break.

Dmitry Lvov

Member of Russian Academy of Sciences

Любую главу научного издания можно развернуть в самостоятельную монографию. Автор предлагает основные направления государственной инвестиционной политики, влияющие на приток иностранного инвестиционного капитала и результаты его деятельности в отечественные компаниях. Думаю, что ученые и практики должны познакомиться с монографией .

Any chapter of the scientific edition can be developed into the independent monography. The author offers the basic directions of the state investment policy influencing inflow of the foreign investment capital and results of its activity in domestic companies. I think, that scientists and experts should get acquainted with A. A.Gretchenko's monography.

Sergey Glazyev

Corresponding Member of Russian Academy of Sciences

Один из способов выжить для России – активизация инвестиционной и инновационной деятельности. Мне хотелось бы обратить внимание руководителей бизнеса, научную общественность на проблемы нависшие над отечественной экономикой и внушить им оптимизм, которым пронизана замечательная монография молодого ученого . Этот оптимизм основан на глубоком и всестороннем изучении инвестиционного потенциала нашей страны.

One of the way to survive for Russia - activization of investment and innovative activity. I would like to pay attention of heads of business, scientific community on problems hung above domestic economy and to inspire them optimism by which the remarkable monography of young scientist A. A.Gretchenko is penetrated. This optimism is based on deep and all-round studying of investment potential of our country.

Victor Ivanter

Corresponding Member of Russian Academy of Sciences, Rector of Institute of Economic Forecasting

Science edition

Gretchenko Alexander Anatolievich

CORPORATE INVESTMENt MANAGEMENT

Monograph

Science editor V. I. Osipov

Корректор

Компьютерная верстка

Подписано в печать 25.10.2007. Бумага офсетная.

Печ. л. 10,0. Тираж 1000 экз. Изд. . Заказ № 000.

Отпечатано с готового оригинал-макета в типографии

Издательства Московского гуманитарного университета,

Москва, ул. Юности, 5/1

[1] Andreyev S. A.Finansovo-ekonomicheskie rychagi upravleniya investitsionnoi dejatelnostiyu. - St. P.: Publishing House of St. P. State University of Economy and Finance. p. s; Aniskin J. P., Privalov V. V., Popov A. N., Budarov A. Yu. Upravlenie investitsionnoi aktivnostyu. IKF "Omega - L", 2002; Bishenov A. A.Upravlenie investitsionnymi protsessami v promyshlennom komplekse regiona. - M.: Finansyp. 122.; Gritsai M. A. Upravlenie investitsiyami. Ekonomicheskaya otsenka effektivnosti investitsiy i osnovy analiza investitsionnykh processov: Study guide. Omsk: Omsk State Institute of Servicep. 95.; Dronova L. A. Ekonomika i upravlenie investitsionnoi deyatelnostyu. Study guide. Khabarovsk. State Academy of Economy and Lawp. 113; Chuikin I. Investitsionnye raschety. Study Guide. - Kaliningrad. Kaliningrad State University– p. 255; Sheremet A. D., Negashev E. V. Metodika finansovogo analiza. - M.: INFRA - M., 1999; Shvandar V. A. Upravlenie investitsionnymi proektami: Study Guide. - M.: UNITI– p. 208.

[2] An’shin V. M. Investitsionny analyz: Study Guide.-M.: Delo. p. s; Voronova T. A. Inostrannyye investitsii i investitsionnaya politika Rossii i regionov. Vladivostok: Publishing House DVGAEU, 200p. s; Ivanov S. P. Investitsionnaya deyatelnost’, istochniki eyo finansirovaniya I rol’ v strategicheskom razvitii predpriyatiya.- St. P. St. P.GUAP-2003.-21 p. s; INvestitsionnaya politika sovremennoy Rossii/ Under the editorship of E. A. Oleinikov-M.: REA named after G. V. Plelhanov, 2001.-401 p.; Lvov D. S. Otsenovaniye krupnomashtabnykh investitsionnykh proektov v regione: Scientific report.-M.: Rus. Department of the AS, Economy Divisions-2001.-113 p. s; Smolik S. A. Otsenka effektivnosti investitsionnykh proektov v usloviyakh riska i neopredelyonnosti (teoria ozhidaemogo effekta). - M.: RAS TEMI-2001.-142 p. s; Tarkhanov A. V.. Ledenev S. V. Finansovye istichniki formirovaniya investitsionnogo potentsiala Rossii // Finansy I kredit, No. 10(82), 2001.-2-12 p. s; Khominich I. P. Gosudarstvenny kredit.-M.: Publishing House of the Russian Academy of Economy, 2002; Chetyrkin E. M. Finansovy analyz proizvodstvennykh investitsii. Delo, 2002

[3] We selected for our review the biggest national companies of oil and gas industries (Gazprom, LUKoil oil company, TNK-BP), electric power generating industry (RAO “UES of Russia”, “Mosenergo”, car manufacturing industry (AVTOVAZ, KAMAZ), ferrous and non-ferrous metallurgy (Severstal, Novolipetsk metallurgical combine), food industry (Whimm-Bill-Dunn Foods), chemical and petrochemical industry ( Nizhnekamskneftekhim), transport and telecommunications (Aeroflot-Russian airlines, AFK “Systema”), banking industry (Sverbank, Bank of Moscow), biggest leasing companies (Rosagroleasing, RTK-LEASING, Euro Leasing), operating in the Russian market. Among the foreign companies it is worth noting such companies as Microsoft Corporation, General Electric Company, Exxon Mobil Corporation, Pfizer Inc., International Business Machines, American International Group, Inc.

[4]Alikaeva M. V. Investitsionnaya bezopasnost v ekonomicheskom obosnovanii investitsionnoi politiki - ST. P.: Publishing House ST. P GUE, 2002. – p. 211; Bard V. S. Finansovo - investitsionnyi kompleks: teoriya i praktika v usloviyakh reformirovaniya rossiiskoi ekonomiki. - M.: Finansy i statistikap. s; Bykova E. V. Finansovyi menedzhment. - M.: Publishing House of the Russian Academy of Economy, 2000.; Kovalyov V. V. Finansovyi analiz. Upravleniye kapitalom. Vybor investitsii. Analiz otchetnosti. Finansy i statistika, 2000.; Maramyguin M. S. Finansovo-kreditnoe regulirovaniye i stimulirovaniye investitsionnoi deyatelnosti. - Ekaterinburg: Publishing House AMB– p. 196; N. L. Marenkov, N. N. Marenkov. Upravleniye investitsiyami rossiiskogo predprinimatelstva. Editorial URSS, 2001.; Pashtova L. G. Investitsionnaua sostavlyayuschaya ekonomicheskoi bezopasnosti. - M.: Publishing House GNOM i Dp. s; Slepov V. A. and others. Ekonomika firmy. - M.: Infra-M, 2000.; Tishkin S. V. Strategicheskoe upravleniye innovatsionnym proektom proryvnogo kharaktera. - M.: MAKS Press, 2002. – p. 66; D. O. Chuhlantsev. Upravlenie finansovymi potokami kompanii. Blagovest-V, 2003.; Shopenko D. V. Upravlenie investitsionnym protsessom v realnoi ekonomike. - St. P. The Russian Academy of Science, Institute for regional economies problems– p. 167

[5] Ansoff I. Strategicheskoe upravleniye. Translated from English into Russian. - M.: Economika, 1989.; Birman G., Shmidt S. Ekonomicheskiy analiz investitsionnykh proektov. / Translated from English into Russian. - M.: Banki i birzhi, UNITI, 1997.; U. Dunkan Jack. Osnovopolagayushchiye idei v menedzhmente. /Translated from English onto Russian. - M.: Business, 1996.; Holt R. N., Bernes S. B. Planirovanie investitsiy. /Translated from English into Russian, M.: Business, 1994

[6]Andreyev S. A. Finansovo-ekonomicheskiye rychagi upravlaniya investotsionnoi deyatelnost’yu.-St. P.: Publishing House of S. P. University of Economy and Finance.-2001.- p. 155; Aniskin Yu. P., Privalov V. V., POpov A. N., Budarov A. Yu. Upravlaniye investitsionnoi aktivnost’yu. IKF Omega-L’, 2002; Bishenov. A. A. Upravleniye investitsionnymi protsessami v promyshlennom komplekse regiona.-M.: Finansy.-2002.- p.122; Gritsai M. A. Upravlaniye investitsiyami. Ekonomicheskaya otsenka effektivnosti investitsii I osnovy analiza investitsionnykh proektov: Study Guide.-Omsk: Omsk State Institute of Service.-2002.- p. 95; Dronova L. A. Ekonomika i upravlaniye investitsionnoi deyatelnost’yu. Study Guide.-Khabarovsk. State University of Economy and Law-2000- p.113; Chuikin A. Investitsionnye raschety. Study Guide.-Kalinoingrad. Kaliningrad State University-2000.-p. 255; Sheremet A. D., Negashev E. V. Metoduka finansovogo analiza.-M. INFRA-M, 1999; Shvandar V. A. Upravleniye investitsionnymi proektami: Study Guide.-M. UNITI.-2001. p. 208

[7] Orlova E. P. Investitsii: Ciurse of lectures.2-nd expanded and revised edition.-M.: Omega-L, 2003, p. 8.

[8] Upravleniye investitsiyami. In 2 volumes: Reference guide for experts and entrepreneurs. // Under the editorship of V. V. Sheremet. - M.: High School, 1998.

[9] Sergeyev I. V., Veretennikova I. I. Organizatsiya i finansirovaniye investitsiy. Study Guide. - M.: Finansy i statistika, 2001.

[10] Deyeva A. I. Investitsiyi: Study Guide. – М.: Ekzamen, 2004.

[11]Kuzyk B. N., Yakovets Ju. V. Rossiya - 2050: Strategiya innovationnnogo proryva. - M.: ZAO "Publishing House "Ekonomika", 2004, p. 375-377.

[12]Ashirov S. O. Otsenka investitsionnoi aktivnosti v organizatsiyakh promyshlennosti. - Mp. s; Buzova I. A., Mahovikova G. A., Terehova V. V. Kommercheskaya otsenka investitisii. Piter, 2003; P. L. Vilensky, V. N. Livshits, S. A.Smolyak. Otsenka effektivnosti investitsionnykh proektov. Delo, 2001; Endovitsky D. A. Analiz i otsenka effektivnosti investitsionnoi politiki kommercheskikh organizatsiy: metodologuiya i metodika. - Voronezh: Publishing House of Voronezh State University, 1998. – p. 287; Zhimirov V. N. Osobennosti pokazatelei otsenki i otbora investitsionnykh proektov. - ST. P– p. 28; Investment & Credit Dictionary: In 2 volumes: Volume 1: English-Russian dictionary. More than 12500 entries. - M.: - 2001. – p. 627; Nemtsev V. N. V. N. Finansovaya otsenka investitsionnogo proekta. Study Guide. Magnitogorsk: MSTU– p. 73; Polynova L. V. Sistema makroekonomicheskikh indikatorov investitsionnogo klimata: Preprint. - St. P– p. 16.

[13] Investitsii v Rossii. 2003: Statistical digest / Goskomstat of Russia. - M.: 2003.; Investitsii v Rossii. Nos. for ; Investitsii i innovatsii: Reference Guide and Dictionary. // Under the editorship of M. Z. Bor, A. Yu. Denisov. - M., DIS, 1998.

[14] Investitsii v Rossii. 2005: Statistical digest/ Rosstat. – М., 2005, p. 174

[15]In "Gazprom" they worked out a flexible policy for implementation of major investment programs; cooperation is being expanded with independent power supply companies who have their client base and a complex of technologies to facilitate the expansion of operations in the electric power market. Plans also exist to participate in the investment projects for construction of electric power stations within the territory of the Russian Federation and abroad, also including those implemented under the program for construction of power stations and plants within the unified gas supply network.

A possibility is being considered for participation in other that gas generation projects. This would release substantial volumes of gas that are not so efficiently used in the Russian electric power industry. Gazprom today is interested in modernization of electric power industry of Russia, in construction and reconstruction of electric power stations with the use of the most up-to-date equipment. This would release extra gas supplies, which are our most valuable resource. Gazprom is the most efficient investor in the Russian electric power industry.

[16]In the Russian company OAO "RZHD" they designed strategic parameters of investment policy for the industry. The requirement experienced by the railway transport industry in investments is determined (apart from macroeconomic pre-set targets and parameters) by the prospects and targets of development of the industry itself. Investment volumes of 110-115 billion roubles per year would make it possible to maintain the railway transport at the existing level without renovation of production capacities and without growth of specific transportation costs. Annual investments of about 130-150 billion roubles will make it possible to reduce tear and wear of production assets and operating costs, new purchases of rolling stock, to implement some particular investment projects for development of infrastructure. 170-200 billion roubles of investments will make it possible to replace obsolete fixed assets in the medium term prospect, to improve quality of services, and to realize the potential for transit transportation of cargoes and passengers.

[17].

[18]OAO "RZhD" uses bank loans as a traditional method of financing investment projects. This method will be transformed into project financing for major projects with long reinvestment cycles and long payback periods. The transformation is based upon the idea of financing investment projects through the account of revenues generated by their realization with participation of various profile companies, including creditor banks, consulting firms, buyers of products, suppliers of building materials, primary and auxiliary equipment and machinery.

[19]Alikaeva M. V. Formirovaniye investitsionnoi politiki v realnom sektore economucheskoi deyatelnosti. - ST. P.: Publishing House of St.-Petersburg State University of Economy and Finance, 2001.- p. 171.; Andreyev S. A. Gosudarstvennoye regulirovaniye investitsionnoi politiki. - St. P., 20p.; Arshinov A. M. Osnovnuye napravleniya dlya sovershenstvovaniya korporativnoi investitsionnoi politiki. – St. P., 2001. p. 22.; Bagrinovsky K. A. Investment policy of business entities in free market-driven conditions: approaches to selection of

strategy. - Vladivostok, 1991.-p. 32.; Gorbatikov A. A. Sovremennye napravlaniya v formirovanii investitsionnoi poltiki v rossiiskoi ekonomike - St. P., 2002.- p. 20.; Dmitriev Ya. V. Investitsionnaya politika predpriyatii I effectivnost ispolzovaniya investitsii. Study guide. M., 1994.-p. 81.; Endovitsky D. A. Analys and appraisal of the efficiency of investment policy pursued by business entities: Methodologiya i Techniques. - Voronezh: Publishing House of Voronezh State University, 1998. – p. 287; Zubarev A. A. Formation of efficient investment policy in macro-and micro economic systems in conditions of free-market relationship. St. P.: Publishing House of St.-Petersburg State Universiry of Economy and Finance, 1998. – p. 249; Investitsionnaya politika v Rosii. Institutional and reproduction aspects, social priorities, methodology, banking sector: - M.: IE of the Russian Academy of Science. Centre of investments and innovations, 1998.-p. 239; Kurakov L. P. Investitsionnaya politika v sovremennykh usloviyakh. - M., 1996.-p. 215; Nguen K. H. Role of investment policy in the course of transformation of mixed economy: (Experience of Russia, Vietnam and China). - M.: IE of the Russian Academy of Science. 2002.-p. 139; Plotnikov A. N. Mechanism of formation of investment policy. - Saratov, Saratov State Engineering University, 2000- p. 178; Potemkin V. K. Investitsionnaya politika: teoreticheskiy analiz i problemy upravlaniya. - ST. P.: Russian Academy of Science, Institute of social and economic problems, 1996.-p. 72.

[20] Kuzyk B. N., Yakovets Yu. *****ssia - 2050: Strategiya Innvatsionnogo Proryva. - M.: ZAO "Publishing House "Economy", 2004, p.375-377.

[21]The number of research studies we performed in the machine-building sector (car manufactures, power-plant engineering industry, aerospace engineering and transport engineering industry) demonstrated the following situation: private capital, which came into mechanical engineering industry, has not created competitive companies. Strategic investors who own machine-building plants, as a matter of fact, pretend they carry out vigorous activities, they do not have business plans for a comprehensive development strategy for the nearest ten or fifteen years. Machine-building industry means technologies, first of all, the technologies serving the basis for companies growth and development. Players in the stock market keep this in mind when they buy undervalued machine-building assets. However, the majority of new owners of the machine-building plants do not have such technologies. In the Western Europe technological companies upgrade equipment each seven or ten years and purchase licenses on a continuous basis, they spend huge money for new designs and developments.

[22]Bard V. S. Investitsionnye problemy rossiiskoi ekonomiki. Ekzamen, 2003.; Bass A. Ya. Praktika i problemy investitsionnoi deyatelnosti v perehodnoi ekonomike. - Novosibirsk: Novosibirsk State Academy of Economy and Management– p. 177; Investitsionnaya politika sovremennoi Rossii / Under the editorship of E. A.Oleinikov. M.: Russian Academy of Economy named after G. V. Plekhanov, 2001. – p. 401; Investitsionnaya deyatelnost v perekhodnoi ekonomike. Study guide. Part 2. Volgograd. Volgograd state university– p. 79; Ladoshkin A. I. Investitsionnaya politika firmy v perekhodnoi ekonomike. - Samara, 1997. – p. 160; Puzikov O. S. Investitsionnaya politika i strukturnye preobrazovaniya rossiiskoi ekonomiki. - Rostov-on-Don: Rostov State University of Construction– p. 113.

[23] Gurtov V. K. Sberezheniya naseleniya - investitsionny resurs Rossii. - M.: Russian Academy of Public Service - 20p. s.

[24]Slepov V. A. Investitsii kak faktor ekonomicheskogo rosta. // Finansy, No. 1, 1999, p.19-21; Urinson I. O merakh po ozhivleniyu investitsionnogo protsessa v Rossii. // Voprosy ekonomiki, No. 1, 1997, p. 69-76; Yasin E. G. Rossiiskaya ekonomika. Istoki i panorama rynochnykh reform. Course of lectures. - M.: GUVSHE, 2002; Glaziev S. Ustojchivy rost trebuet investitsii. // Finansist, No. 5-6, 1999; Lipsits I. V., Kossov V. V. Investitsionny proekt: metody podgotovki i analiza: study guide. M.: VEK, 1996.

[25] Upravleniye-eto nauka i iskusstvo (А. Fayol, G. Emerson, F. Taylor, G. Ford) - М.: Respublika, 1992.

[26] 10 biggest (in terms of their equity capital) leasing companies in the Russian market were selected as objects of the research: (Rosagroleasing, RTK-LEASING, Leasing company "Tupolev", Euro Leasing, Moscow leasing company, etc.).

* Fig. 7.1. contains explanation of abbreviationss Ар, Лрв, Лрп, Лпр, Лпрвn

[27] Management is a science and art (А. Fayol, G. Emerson, F. Taylor, G. Ford) - М.: Respublika, 1992.

[28] Ibis.

[29] Anshin B. M. Investment analysis: Study and practical guide. М.: Delo, 2000.; Birman G., Schmidt S. Economichesky analiz investitsionnykh proektov. /translation from English. – М.: Banks and exchanges, UNITI, 1997.; Jack U. Duncan. Osnovopologayuschiye idei v managemente. / translation from English. - М.: Delo, 1996.; Holt R. N., Bernes S. B. Planirovaniye investitsii. / translation from English. М.: Delo, 1994.

[30] According to "Fortune" magazine the world biggest companies in terms of their capitalization are: Microsoft Corporation, General Electric Company, Exxon Mobil Corporation, Pfizer Inc., International Business Machines, American International Croup, Inc.

The following Russian companies are rated among the top 500 biggest global companies: "Gazprom" - 197- th position, YUKOS - 206th position, "LUKOIL" - 304th position, "Surgutneftegaz" - 339-th position.

[31] Inostrannye investitsii kak faktor globalizatsii mirovogo khozyaistva (pravovyue aspekty) (Foreign investments as a factor of globalization of the world economy (legal aspects) // Materials of Moscow forum of legal profession "Globalization, state, law, XXI-st century". January, 22-24, 2003.

[32] Guseinov G. G. Konkurentsiya v epokhu globalizatsii //Vneshneekonomicheskiy bulleten. 2002. No. 2. p. 6.

[33] Zagashvilu V., Shishkov Yu. Mirovaya torgovlya i mezhdunarodnye investitsii //MEiMO 2000. № 8. p 20.

[34] Ibid, p. 20.

* Economic crisis in Russia in 90-es of the XX-th century was expressed in the fast slumping investments: for they were reduced 4,8 times, while in the goods manufacturing industries they fall 7,1 times. Fixed assets replacement ratio fell from 8,2 in 1980 and 5,8 % in 1990 to 1,1 % in 1998; the level of wear and tear of the fixed capital in the economy as a whole increased from 38,6 % in 1995 up to 49,5 % in 2002. In 1999 the level of wear and tear of machinery and equipment achieved 68,4 %; in agriculture it accounted to 66,9 %; in construction it was 65,3 %, and for transport industry 64,1 % was reported. The flow of innovations decreased many times; the government actually discontinued supporting key innovations in the industrial sector.

[35] Zagashvili V., Shishkov Yu. World trade and international investments. // MEiMO 2000. No.8. p 20

[36] Movsesyan A. Budushcheye transnatsionalizatsii v globaliziruyuschemsya mire // Obshchestvo i ekonomika. 2000. No. 8. p. p.58-159.

[37]According to the definition of the United Nations Oganization TNC is a company with annual turnover exceeding USD 100 million. According to latest data obtained from UNKTAD more than 60 thousand transnational corporations exist worldwide which control or own 800 thousand foreign subdivisions.

[38]Movsesyan A. G. Amerikanskiye transnatsionalnye korporatsii v sovremennoi mirovoi ekonomike // Obshchestvo i ekonomika. 2001. No. 10. p. p. 03-105.

[39] Mozais P. Pryamyye inostrannyye investitsii: sovremennyye tendentsii //Ministry of Economy and International relations. 2002. № 1. p. p.–66.

[40] Nezavisimaya gazeta, 2004, May 13.

[41] Expert. 2005. №19. May 26, p. 54.

[42] Gretchecnko А. А. Analiz zarubezhnykh podkhodov v upravlenii lizingovoi deyatelnostiyu – in collection of works: “Gosudarstvennoye regulirovaniye ekonomiki XXI veka: problemy i perspektivy”. - М.: VGNA. 2006. p. p. 6-250

[43] «Price Waterhouse Coopers» («PWC») Business Report. N. Y., 2003. P.2.

[44] Gretchenko A. A. Shto interesuyet inostrannogo investora? //Bulletin of the Russian Academy of Economy named after G. V. Plekhanov, No. 4, 2004. p. p.6-67

[45] Ramzes V. Tyazhyolyye vremena i bolshie ozhidaniya ekonomiki // Yaponiya segodnya, No. 20, 2000

[46] Nezavisimaya gazeta. 2003. September 15.

[47] Estimated by the author. Investitsii v Rossii. 2005: Statistical digest/ Rosstat. – М., 2005, p. p. 5-146.

[48] Bulleten inistrannoi kommercheskoi informatsii (BIKI). № 60. p. p. 2-3.

[49] Gephardt R. with Wessel M. An Even Better Place. America in the 21stt Century New York: Public Affairs, 1999. p.33.

[50] Komarov V. V. Investitsii I lizing v SNG. М.: Financy i statistika, 2002. p. 126.

[51] Byulleten’ innostrannoi kommercheskoi informatsii (BIKI). №59. p. p. 1-2.

[52] Investitsii v Rossii. 2005: Statistical digest./Rosstat. – М., 2005, p. 146

[53] Dynkin А. Est li u Rossii shans v globalnoi ekonomike // Pro et Contra. 2002. Vesna. Volume 7. № 2. p. 42.

[54] Gretchenko А. А. O kriteriyakh investitsionnoi privlekatelnosti //Sobstvennost I rynok. – 2006. - №3. P. s 27-30.

* Currently Russia occupies merely 11th position among the most attractive countries for investors, while for 2004 year Russia;s rating was down by three level of market openness we occupy merely the 30th position. Nevertheless, the interest of both Western and domestic investors does not decrease: according to the official forecasts, in 2005 total investments into the country fixed capital will exceed USD 100 billion.

[55] For reference only: In 2004 the volume of direct foreign investments in Russia that were directly routed to the processing industry accounted to 30,9 %, real estate received 6,9 %, transport and trade industry received 12,2 %.; Calculated by the author: Investitsii v Rossii. 2005: Statistics digest /Rosstat. - M., 2005, p. p. 150-151.

[56] Bulatov A. Rosiya v mirovom investitsionnom protsesse// Voprosy economiki, № 1, 2004.

[57] Fisher S., Dornbush R., Shmalezi R. Economika // М.: Delo, 1999

[58] Yusim V. N. Kresta Keynsa ne suschestvuyet // М.: REA named after G. V. Plekhanov, digest titled “Ekonomika I tekhnologia”, issue 2, 2000.

[59] Ibis.

[60] Economic Research – Federal Reserve Bank of St. Louis // http://research. stlouisfed. org/fred2/categories/

[61] Opyt formirovaniya in relizatsii sovremennoi promyshlennoi politiki v razvitykh stranakh // reference information from the Institure of the work economy and international relations of RAS, М., 2004.

[62] * Financial leasing is an instrument for intensification of investment processes in a company.

[63] Deyeva А. I. Investitsii: Study guide. – М.: Ekzamen, 2004., p. 151.

[64] Vodyanov А. А. Investitsionny krizis: posledstviya i metody preodoleniya. // Ekonomist, № 5, 1998., p. 69

[65] Vasiliev N. M., Katyrin S. N., Lepe L. N. Leasing kak mekhanizm razvitiya, investitsii i predprenimatelstva. – М.: -konsultingovaya kompaniya “DeKA”, 1999., p. 70

[66] According to UNCT, more than 60 thousand TNCs exist worldwide that control or own 800 thousand overseas subdivisions.

[67] http://www. *****/ratings/expert400/1996/list/

[68] Russian statistical yearbook. 2005 p. 363

[69] "Magnesite" Group, the biggest Russian manufacturer of refractory materials (Chelyabinsk region) has created a joint venture for manufacture of these products in China. The total investments amount to USD 5 million. The enterprise is targeted on the Russian consumers. "Magnesite" Group includes two factories in China and one factory in Germany.

AGCO (the US manufacturer of agricultural machinery) signed the agreement with the national SM. Group for creation of a joint venture for promotion of its branded tractors and combines in the markets of Russia and Kazakhstan. It is planned to organize the assembly of AGCO machines in Russia. Foreigners will obtain the controlling block of shares in this enterprise.

[70] Gretchenko A. A. Razlichiya i skhodstvo mezhdu IAS and GAAP US i GAAP UK: problemy i voprosy izmeneniy v rossiiskikh formakh buhgalterskoi otchyotnosti. //. Mezhdunarodny bukhgalterskiy uchyotNo.Publishing House Finansy i kredit. - p. 29.

[71] http://www. *****/thematic/shorthandbooks/leasinghb2/

[72] Goremykin V. A. Osnovy tehnologii lizingovykh operatsiy. - M.: Os' - 89, 2000.; Zaslavskaya O. Kompanii ispol'zuyut finansovuyu arendu dlya modernizatsii proizvodstva. // Finansovye izvestiya, November 26, 2003.