Инвестиционная политика муниципального образования

66K 65.290-56fl7 Y,[IK 330.322(075) OrAaBACHHC C12 Bsenenae , 6 Diana 1. Opranaaauaoaao-asoaosnorecxae OCIIOBbI...

Author: Саак А.Э. | Колчина О.А.

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66K 65.290-56fl7

Y,[IK 330.322(075)

OrAaBACHHC

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ECJIH HCXO,n;HTb H3 aroro onpenenenaa, TO HHBeCTHUHH, BJIO)f(eHHbIe B 060pornsre cpencrna, He MoryT CqHTaThCHKanHTaJIbHblMH BJIO)f(eHHHMH.

Hneecmuuuonuuii npoexm -

onpeneneunsrf CpOK BJIO)f(eHHH HHBeCTHUHOHHbIX cpencrn; ueJIeHanpaBJIeHHbIH xapaxrep BJIO)KeHHH HHBeCTHUHOHHblX pecypcos

o

oCYIUeCTBJIeHHe BJIO)f(eHHH JIHuaMH (HHBeeTopaMH), HMeIOIUIfMH HH,n;HBH,lJ;YaJIbHbIe ueJIH, He scerzta COBna.n;aIOIUHe C 06IUe3KOHOMHQeCKOH BbIro,n;OH;

o

HaJIHqHe pHCKa BJIO)f(eHHH KanHTaJIa npn npHHHTHH peIIIeHHH 06 OCYIUeCTBJIeHHH HHBecTHUHH B yCJIOBHHX HenOJIHOH onpeneneaaoCTH.

215-
nee -
060CHOBaHHe 3KOHOMHqeCKOH ue.necoofi-

.pa3HOCTH, 06beMa H CpOKOB OCYIUeCTBJIeHHH KanHTaJIbHbIX BJIO)f(eHHH,B TOM qHCJIe He06xo,n;HMaH npOeKTHaH ,n;OKyMeHTaUHH, pa3pa60TaHHaH B COOTBeTCTBHH C 3aKOHo,n;aTeJIbCTBOM POCCHHCKOH
Ee3 oCYIUeCTBJIeHHH HHBecTHUHH HeB03MO)f(HOpa3BHTHe X03HHCTBYlOIIUlX cy6beKToB, OTpaCJIH, peraona, CTpaHbI B ueJIOM. I1HBecTHUHH KaK 3KOHOMH'1eCKaHxareropas BbInOJIHHIOTpazt Ba)f(UeHIIIHX epyHKUHH, H POJIb HHBeeTHUHH na MaKp03KOHOMHqeCKOM ~ MHKP03KOHOMHqeCKOM ypoBHHX HeCKOJIbKO pa3JIHqaeTCH. Ha M.aKp03KOHOMUllecKOM yp06He HHBeCTHUHH HBJIHIOTCH OCHOBOn MH OCYIUeCTBJIeHHH nOJIHTHKH pacumpeauoro BocnpOH3Bo,n;CTBa, yCKopeHHH naysuo-rexua-recxoro nporpeeca, nOBbIIIIeHHH xaxecrsa TOBapOB H

HOMHKH H C6aJIaHCHpoBaHHoro pa3BHTHH scex ee OTpaCJIeH,epyHKUHOHHpoBaHHH epHHaHCOBbIX PbIHKOB H 6aHKOBCKOH crpepsr, peaJIH3aUHH COUHaJIbHOH nOJIHTHKH, 06eCneqeHHH HaUHOHaJIbHOH 6e30naCHOCTH CTpaHbI,

Ha M.UKP03KOHOMUlleCKOM yp06He anasenae HHBeCTHUHH 3aKJIIOQaeTCH B 06eCneqeHHH peIIIeHHH TaKHX aaaas, KaK C03,n;aHHe OCHOBHbIX epOH,n;OB, peKOHcrpyKUHH H paCIIIHpeHHe ,n;eHcTByIOIUHx npennpnsran, HX TeXHHQecxoe nepeaoopyacenae, otiecnesenae cTa6HJIbHoro epHHaHCOBoro COCTOHHHH H MaKCHMH3aUHH npH6blJIH X03HHcTBYIOIUero cytisexra,

ofecneveaae KOH-

xypenrocnocofiaocrn nsmycxaeaoli rrponyxuna, nonysenae ,n;orrOJIHHTeJIbHbIX ,n;OXO,n;OB

rtyrexr

noxyrnca ueHHbIX 6yMar, ocymecranenae npupono-

oxpannsrx MepOnpHHTHH H r.n. [58].

1.2. CY~HOCTb H 3KOHOMH'IeCKOe cOAep>t
nOTeHUHaJIbHaH cnocotiaocn, HHBecTIjUHH naaars 3KOHOMHl.JeCKHH H COUHaJIbHblH 3epepeKT;

HHBeCTH~HOHHOH AeATeAbHOCTH

o

HCnOJIb30BaHHe pa3HbIX HHBeCTHUHOHHbIX pecypcon, xapaxrepnsy-

PoccHii~KOii <1>e.1\epa~HII. ocymecrsnaeaoa

oxpaau

OKpY)f(aIOIUeH cpeznr [57].

o

IOIUHXCHcnpOCOM, npe,n;JIO)f(eHHeMH uenoa, B nponecce oCYIUeCTBJIeHHH HHBecTHuHH;

ycnyr,

06eCneqeUHH HX KOHKypeHTocrroc06HOCTH, CTpyKTypHOH nepecrpollxa 3KO-

HaH60JIee cYIUeCTBeHHbIMH npH3HaKaMH HHBeCTHUHH ~BJIHIOTCH [57]:

<1>3 ~06 HHBecTH~HoHHOii .1\ellTeJIbHOCTH B B ¢>opMe KarrHTaJIbHbIX BJIOlKeHllih.

11

B 06beKTbI npennpanaaareascxoa H HHOH ,n;eHTeJIbHOCTH;

sonpocoa HHBecTHUHoHHOH,n;eHTeJIbHOCTH UeJIeC006pa3HO nposonan, B repMHHax, onpeaeneanux ,n;eHcTByIOIUHMH 3aKOHo,n;aTeJIbHbIMH aKTaMH POCCHHCKOH
11 3KOHOMI1yecKoe COAeplKaHVle VlHBeCTI1I..lV1OHHOH AeSITeAbHOCTVl

Hneecmuuuonnas oesmeseuocm» -

BJIO)f(eHHe HHBeCTHUHH H ocYIUeCTBJIe-

HHe npaKTHl.JeCKHx,n;eHcTBHH B ueJIHX nOJIyqeHHH npn6blJIH H (HJIH) ,n;OCTH)f(eHHH HHOro noneanoro 3ep¢eKTa1•

Crarss 1 <1>3 406 HHBeCTH~HOHHOii.1\ellTeJIbHOCTH B Poccnrtcxoa <1>e,l\epa~HH, ocymecrBJIlieMOH B ¢>0pMe KanHTaJIbHblX BJIOlKeHllii•.

rAaea 1. OpraHI'1JaI..\1'10HHO-3KoH0Ml014ecKi1e OCH08bII'1HBeClVlI..\I'1I1

12

I1HBeCTHQHOHHmI ,n;eSlTeJIbHOCTb JISlMH, 3a,ZJ;aqaMH,

mrrepecaxa

xaorooopaaaa

H 06yCJIOBJIHBaeTCSI ne-

X03S1HcTBYlOmHx cy6beKToB, HX B03MO)KHO-

CTSlMH ysacrsoaare B peaJIH3aQHH HHBeCTHQHOHHoro npoexra.

B Y3KOM

CMbICJIe

uneecmuuuonuan Besmenvnoam. (uueecmupoeanue) -

npouecc npeoopaaoaaaas HHBeCTHQHOHHbIX pecypcos BO BJIO)KeHHSI [52].

Hcxons

H3 onpenenenaa HHBecTHIIHoHHOH ,n;eSlTeJIbHOCTH ,n;BH)KeHHe

1.2. (Yll\HOCTb 1'1 3K0HOMlo14ecKoe cOAep)l(aHl'1e I'1HBeCTI'1I..\I'1OHHOI1 AeSITeAbHOClVl COC)CTBeHHO IIIHBElCTlIIl..\IiIOHHaSi ABSlTellbHOCTb

----.

xona H ,n;OCTH)KeHHe HHOro nOJIe3HOrO 3
B

[52].

xozte aocnpoaasoncrna KanHTaJIa C HHBeCTHIIHOHHbIMH pecypcasra

[120]: H3

,n;eHe)KHbIX pecypcos OHH npespa-

malOTCSI B HHBeCTHIIHOHHble TOBapbI, H3 TOBapHbIX pecypcos -

znrrensnsre CJIe,n;HHX -

B npOH3BO-

HHlleCTHQHH B ¢opMe npOH3Bo,n;HTeJIbHOrO KanHTaJIa, H3 IlOB

H, HaKOHeQ,

nOllytlBHIIIB AOXQAa. PacnpeAelleHllle AOXOAQ Ha nOTpeC)llBHlote III HaKOnlleHIIIB

I PHC.

1.1. 060poT HHBecTHUHjtI

pe3YJIbTaT HHBeCTHpOBaHIDI$>,

rrpezmonaraerca 0KYTIaeMOCTb ocymeCTBJIeHHbIX aarpar, nonyseaae lI.0-

npoacxonnr pan H3Me,HeHHH

----.

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ocymeCTBJISleTCSI c06CTBeHHO HHBeCTHQHOHHmI ,n;eSlTeJIbHOCTb;

2) aa BTOPOH CTa,ZJ;HH, @JIO)KeHHecpe,n;CTB -

npeAnplIIHIIIMaTellbCKaSi AeSlTellbHOCTb

t

HHBecTHIIHH BKJIlOqaeT nne OCHOBHble CTa,ZJ;HH:

1) na nepsoa CTa,ZJ;HH, «HHBeCTHIIHOHHble pecypcsr -

Pe3YllbTaT IIIHBeCTIIIUIotOHHOiii AeSlTellbHOCTIot

l!IcnOllb30llaHllle IIIHBecTIIIUllliii

npeOC)pa30BaHllle peCYPCOB BO B1l0)l(eHIIISI

13

nponyxrsr npOH3Bo,n;CTBa, nocrynatoutae aa PbIHOK (roaapsr), B ztenexcnsre pecypcu (ztensra, noxysennsre B pe3YJIbTaTe

Cy6'beKTbI HHBeCTHU,HOHHoit ,n;eJITeJlbHOcTH. COrJIaCHO <1>3 .06 HHBeCTHIIHOHHOH ,n;eSlTeJIbHOCTH B

Poccailcxof

e,n;epaIlHH, ocymeCTBJISleMOH

B ¢opMe KanHTaJIbHbIX BJIO)KeHHH. cy6'beKTaMH HHBecTHIIHoHHOH neatensHOCTH SlBJISlIOTCSI HHBeCTopbI, 3aKaaqHKH, nonpansaxa, nOJIb30BaTeJIH 06beKTOB KanHTaJIbHbIX BJIO)KeHHH H npyrae JIHQa.

Hneecmopu -

3TO cy6'beKTbI HHBecTHIIHoHHOH ,n;eSlTeJIbHOCTH, ocyure-

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B

xasecrae HHBeCTopOB MOryr

nsrcrynars:

(J ¢H3HQeCKHe JIHQa; (J IOpH,n;HQeCKHe JIHQa;

npOH3Bo,n;CTBa KaK ,n;eHe)KHbIH noxon), .llBH)KeHHe HHBecTHIIHH, B xozte KOTOpOroOHH nOCJIe,n;OBaTeJIbHO npoxoasr

(J 06'be,n;HHeHHSI IOpH,n;HQeCKHX JIHII,

coanasaeasre na

OCHOBe ztoronopa

see ¢aabI BocnpOH3Bo,n;CTBa OT' MOMeHTa M06HJIH3aIlHH' HHBeCTHQHOHHbIX

o COBMeCTHOH ,n;eSlTeJIbHOCTH H He HMelOmHe craryca IOplf,ZJ;HQeCKOrO

pecypcos no nOJIyqeHHSI 3KOHOMHqeCKOrO H COQHaJIbHOrO 3¢¢eKTa H B03-

JIHQa;

sucrynaerxax H COCTaBJISleT uneecmuuuonuuii U,UKll [52].

MemeHHSI BJIO)KeHHbIX cpeztcra,

Kpyro060pOT HHBecTHIIHH

(J

3TO ,n;BH)KeHHe HOCHT nOCTOSlHHO nOBTOpSllOmHHcSI xapaxrep, TaK xax

,n;OXO,n;, 06pa3yeMbIH B pe3YJIbTaTe HHBecTHIIHOHHOH ,n;eSlTeJIbHOCTH, Ka)K,ZJ;bIH paa pacnpenenserca na nOTpe6JIeHHe H HaKotIJIeHHe,SlB.iISllOmeecSI OCHOBOH cneayiourero HHBeCTHIIHoHHOro IIHKJIa. TaKHM

oripaaox, C O,n;HOH CTOpOHbI,

rtponcxoaar peaJIH3allHSI lIeJIH HHBecTHIIHoHHOH ,n;eSlTeJIbHOCTH, a C,n;pyroH CTOpOHbI, C03,n;aIOTCSI MaTepHaJIbHble, 3KoHoMH'qeCKHe yCJIOBHSI, HCTOqHHK ,n;JISI aaxana aosoro QHKJIa icpyroofiopora HHBeCTHQHOHHbIX ¢OH,n;OB.

Cosoxynaocrs

Kpyro060poTOB

npe,n;CTaBJIeHHbIH na pHC.

ssrcrynaer

(J

KaK

o6opom useecmuuuii,

1.1.

rocynapcraennsre opraaa: opranu MeCTHoro caaoynpanneaaa;

(J HHOCTpaHHble cy6'beKTbI rrpe,n;npHHHMaTeJIbCKOH ,n;eSlTeJIbHOCTH.

.llonycKaeTcSI 06'be,n;HHeHHe cpencrs HHBeCTopaMH MSI ocymeCTBJIeHWI. COBMecTHoro HHBeCTHpOBaHHSI, ¢HHaHCHpOBaHHSI HHBecTHQHOHHhlX npoeKTOB, rpeoyioutax 60JIbIIIHX KanHTaJIbHbIX BJIO)KeHHH.

B COOTBeTCTBHH co CT. 6 <1>3.06 HHBecTHQHOHHOH ,n;eSlTeJIbHOCTH B POCCHHCKOH e,n;epaQHH, ocymeCTBJISIeMOH B ¢opMe KanHTaJIbHbIX BJIO)KeHHib HHBeCTopbI HMelOT

pasnue npana aa cnezryiomae Blf,ZJ;bI ,n;eSlTeJIbHOCTH:

(J ocyutecraneane HHBecTHQHoHHOH ,n;eSlTeJIbHOCTHB ¢opMe KanHTaJIb-

TaKlfM 06pa30M, ¢HHaHcoBo-3KOHOMHqeCKHM coztepzcanaea HHBeCTH-

HbIX BJIO)KeHHH;

xoropue B03HHKalOT Me)K-

(J caMOCTOSlTeJIbHoe onpenenenae otJbeMoB H HanpaBJIeHHH KanHTaJIbHbIX

,n;y yqaCTHHKaMH HHBeCTHIIHoHHOro npouecca B xozte ¢OpMHpoBaHHSI, pac-

BJIO)KeHHH, a TaK)Ke 3aKJIIOQeHHe norosopos C ,n;pyrnMH cy6beKTaMH

IIHOHHOH ,n;eSlTeJIbHOCTH SlBJISlIOTCSI OTHOIIIeHHSI,

npenenenna, 06MeHa H nOTpe6JIeHHSI HHBeCTHQHOHHbIX pecypcos B QeJISlX YBeJIHqeHHSI KOJIHqeCTBa H yJIyqIIIeHHSI xasecrsa npoaasoncraennoro H l!>HHaHCOBoro KanHTaJIOB

[48].

JI.JI. lfHBecTHUHH: YQe6Hoe nocofiae / non pen. B. A. Caenosa, - M.: 3KOHO2004.

HZOHUHa MHCTh,

14

rMBa

1. OpraHI-lJaI..ll'1OHHO-3KOHOMJ.1YeCIG1e OCHOBbll-lHBeCTl1l..\l-l1il

HHBeCTHUHOHHOH ,lJ;eHTeJIbHOCTH B COOTBeTCTBHH C fp
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1S

npoexrno-caernof opraaaaauaeli

H OnJIaqHBaCT npoeKTHo-H3bICKaTeJIbCKHe pa60TbI, 3aKJIIOqaeT norosop

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C nO,lJ;pH,lJ;qHKOM, npHHHMaeT H onnavaaaer BbInOJIHeHHbIe HM 06'beMbI

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HHH; Q nepenaxy no noroaopy H

rocynapcrseaaoay

KOHTpaKTy CBOHX npas

na ccyurecrsnenae KanHTaJIbHblX BJIO)«eHHH H na HX pe3YJIbTaTbI !pH3H'IeCKHM H IOpH,lJ;H'IeCKHM JIHuaM,

rocynapcrseansrv opraaax

caxoynpaaaenas

B COOTBeTCTBHH C 3aKOHO,lJ;a-

H opraaaa MecTHoro

TeJIbCTBOM POCCHHCKOH e,lJ;epaUHH;

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npaa,

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,lJ;orOBOpOM Me)((,l(y

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psre

yCTaHOBJIeHbI

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H (HJIH)

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B COOTBeTCTBHH C 3aI\OHO,lJ;aTeJIbCTBOM POCCHHCKOH e,lJ;epaUHH. [[OOpRCftlUKU -!PH3HQecKHe H IOPH,lJ;HQecKHe JIHua, xoropsre BbIllOJIHHIOT

pa60TbI no noroaopy nonpana H (HJIH)

,lJ;aTeJIbCTBOM POCCHHCKOH e,lJ;epaUHH; [J ocyutecraaeaae apyrax

np, IIPH

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[J ocyutecranenae KOHTpOJIH aa ueJIeBbIM HCnOJIb30BaHHeM Cpe,lJ;CTB,

[J 06'be,lJ;HHeHHe

.eKT B aKCnJIyaTaUHIo H

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[1].

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POCCHHCKoi\
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[1].

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4 <%>3 .06 IIHBecTHUHOHHOH nearexsaocra B

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:. I

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3TO"

caxoynpaaneaaa,

a raiose C yrsep-

iK.lieHHbIMH B yCTaHOBJIeHHOM nopaaxe CTaH,lJ;apTaMH (HopMaMH H npi!-BHJlaMH);'

o

HCnOJIHHTb Tpe60BaHH5I,

..

npensaanaexue rocynapcrneansnra oprana-

MH H HX ,lJ;OJI)«HOCTHbIMH JIHuaMH, He nporasopesamae HopMaM 3aKOHO,lJ;aTeJIbCTBa POCCHHCKOH e,lJ;epaUHH;

16

rAaBa

1. OpraHl-13a~I-1OHHo-3KOHOMl-14ecKl-1e OCHOBbll-1HBeCTl-1~l-1i1

1.3. KAacCl-1¢l-1Kal..l\o1~

l-1HBeCTl-1~l-1i1

17 Ta6nHl.la 1.1

lJ HCnOJIb30BaTb cpencraa, aanpannaexsre na xamrransnue BJIOJKeHH5I,

KnaccMclu4K814MR BMAOB MHBeCTM14MAl

no QeJIeBoMy Ha3Ha'leHHIO. OCHOBHbIM

npasoaua

AOKyMeHToM,

perynapyiouraa

3KOHOMH'IeCKHe

B3aHMOOTHOIlleHH5I cy6'beKTOB HHBecTHUHoHHOH Ae5lTeJIbHOCTH, 51BJI5IeTCH

KnaccHcIlHKa~HoHHbIenpaanaxa

BH,lUoI HHBeClllIudl

ITo 06'bcKTaM BJlolKCHHfI

PCaJIbHbIC HHBCCTHUHH.
OOl080P WlU locyoapCmOe1l1lblU xonmpaxm MeJKAY HHMH [1]. 3aKJIIO'IeHHe norosopos H KOHTpaKToB, BbI60p

IIHBccTHUHH B HCMaTepHaJIbHbIe aKTHBbI

napruepos, onpeaeneaae 06513aTeJIbCTB,

JII06bIX npyrax yCJIOBHH X0351HcTBeHHblx B3aHMOOTHOIlleHHH, He npOTH-

ITo UeJIH HHSCcTHpoBaHHH

ITOPT
aopexanmx 3aKOHOAaTeJIbCTBY PeD, 51BJI5IeTC5I HCKJIIO'IHTeJIbHOH KOMneTeHQHeH cy6'beKTOB HHBeCTHUHOHHOH Ae5lTeJIbHOCTH.

B

ocymeCTBJIeHHH

ITo HCTOlJHHKaM Cpe,1J,CTB

roCYAapCTBeHHbIX opranos H AOJIJKHOCTHbIX JIHU, BbIXOA5Imee aa

npenensr

Y CJIOBH5I AOroBOpOB

H KOHTpaKTOB, 3aKJIIO'IeHHbIX MeJKAY cy6'beKTaMH

HHBeCTHUHOHHOH Ae5lTeJIbHOCTH, COXpaH5IIOT CBOIO CHJIy na necs CpOK HX AeHCTBH5I.

B

CJIy'lMX, eCJIH nOCJIe HX 3aKJIIO'IeHH5I 3aKOHOAaTeJIbCTBOM,

(nenpaasre) HHBCCTHUHH

C06CTBCHHbIC HHBCCTHUHH. ITpHBJlelJeHHbIC HHBCCTHUHH

AOroBOpHbIX OTHOIlleHHH MeJKAY HHMH He nonycxaerca BMemaTeJIbCTBO HX KOMneTeHQHH.

ITPHMblc HHBCCTHUHH.

C rr03HUHfi IKH3HCHHOro UHK-

HalJaJIbHbIC HHBCCTHUHH (HCTTO-HHBCCTHUHH).

J1a X03HikTByIOUlHX Cy6'bCK-

3KCTCHCHBHbIC HlIBCCTHUHH.

TOB, UCJlCH H HanpaBJlCHHOCTH

PCHHSCCTHUHH.

HX ,1J,cikTBHH

npyTTo-HHBCCTHUHH

ITo 06'bCMy Bocrrpm13BO,1J,CTBa

BaJIOBbIC HHBCCTHUHH.

AeHcTBylOmHM na repparopaa PeD, YCTaHOBJIeHbI yCJIOBH5I, yxymuaioume

xanarana

tIHcTblC HHBCCTHUHH

nOJIOJKeHHe naprnepon, AOroBOpbI (KOHTpaKTbI) MoryT 6bITb H3MeHeHbI.

ITo xapaxrepy nocnpoaason-

IIHBccTHUHH B HOBoe CTpOHTCJlbCTBO.

CTBa OCHOBHbIX
IIHBCCTHUHH B pacunrpenae ,1J,CflCTByIOIIIcro

06'beKTbJ HHUeCTHQHOHHoit AeSTeJIbHOCTH.

B COOTBeTCTBHH C eD3 ~06

HHBeCTHQHOHJ!:OH Ae5lTeJIbHOCTH B POC~HHCKOH eDeAepaUHH, ocymeCTBJI5I-

rrpoH3BO,1J,CTBa,

eMOH B ¢opMe KanHTaJIbHbIX BJIOJKeHHH. 06'beKTaMH HHBeCTHQHOHHOH

I1HBCCTHuHH B pCKOHCTpyKUHIO OCHOBlIbIX

Ae5lTeJIbHOCTH 51BJI5IIOTC5I HaXOA5ImHeCH B 'IaCTHOH, roCYAapCTBeHHOH, MY-

HHQHnaJIbHOH H HHbIX

rpopuax c06CTBeHHOCTH BHOBb ccanaaaeaue H MO-

nepnuanpyeasre OCHOBHble ¢OHAbI H 060pOTHble cpencrsa BO ncex OTpaCJI5IX H crpepax naponnoro X0351HCTBa P
111IBCCTHUHH B TCXHHlJCCKOC rtepeaoopyzcenae ,1J,eHcTByIOIIIHX OCHOBHbIX
ITaccHBHbIC HHBCCTHUHH.

HbIH H KOJlH'ICCTBeHHbIH pocr

AKTHBHbIe HHBCCTHUHH

a TaKJKe HMymecTBeHHble npana H npasa na HHTeJIJIeKTyaJIbHylO co6CTBeH-

rrpOH3BO,1J,CTBCHHoro rrOTCH-

HOCTb.

UHaJIa

B POCCHH aanpeuteno HHBeCTHpOBaHHe B 06'beKTbI, C03AaHHe H HCnOJIb30BaHHe KOTOpbIX He orsesaer Tpe60BaHH5IM 3KOJIOrH'IeCKHX, caHHTapHO-

C n03HUHH B3aHM03aBHClf-

HC3aBHCUMbIe HHBCCTHUHH.

MOCTH

B3aHMoaaBHCHMbIC HHBCCTHUHH.

rHrHeHH'IeCKHX H zipyrax CTaHAapTOB H HOpM, ycraHOBJIeHHbIX 3aKOHOAaTeJIbCTBOM, AeHcTBylOmHM na reppnropan PeD, HJIH HaHOCHT

yutepf

OXpaH5IeMbIM 3aKOHOM npanav H mrrepecav rpascnan, IOpHA~'IeCKHXJIHQ H roCYAapCTBa.

BaaHMOHCKJlIOlJaIOIIIHe HHBeCTHUHH ITo ypOBHIO ,1J,OXO,1J,HOCTH

BblCOKO,1J,OXO,1J,HbIe HHBCCTHUHH. CPC,1J,HC,1J,OXO,1J,HbIC HHBCCTHUHH. HH3KO,1J,OXO,1J,HbIC HlIBCCTHUHH. nca,1J,OXO,1J,HbIe HHBCCTHUHH

1.3. KAaccH~HKal.lHR HHBeCTHl.IH~ }lJI5I I~eJIeH aHaJIH3a H aKTHBH3aQHH HHBeCTHQHOHHOH Ae5lTeJIbHOCTH He06XOAHMa aayxao 060CHOBaHHaR KJIaCCH¢HKaQIi51 IiHBeCTHQHH. KJIaCCH¢HKaQH5I HHBeCTIiQIiH HOCIiT MHoroKpHTepHaJIbHbIH xapaxrep H MOJKeT 6bITb npoaenena no CJIeAYlOmHM OCHOBHbIM npH3HaKaM, npHBeAeHHbIM B Ta6JI.

1.1.

Ilpooosscenue ,p COCTaBJleHO no: HzoHuHa Jl. Jl. I1HBecTH~HH: YQe6HOe nocofiae / Ilozt pen, B. A. Cnenoaa. - M.: 3KOHOMHCTb,2004; Heouiu« H. B. I1HBecTH~HH. OpraHH3aUHlI ynpaBJIeHHJI H HHaHcbI, IOHI1TI1, 2000; IloouiueaJ1eHKO r.1I., Jlaxuemxuua H. H., Maxapoea M. B. U I1HBecTH~HH: YQe6Hoe nocooac. 3-e M3t1., nepepa6. Mnon. - M.: KHOPYC, 2006.

ap.

rAaaa 1. OpraHI1 3allHOHHO-3KOHOMI1'"leCKl1e OCHOBbII1HBeC1l1l\1111

18

1.3. KAaccI1<jlI1KallHSlI1HBec1l1l1Hl1

Ta6nH~a 1.1 (npoAOn)l(eHl-1e)

~CCH$Hka~OHHwenpHaHaKH ITo

pacxaa

6IO,ll)KeTOB, HCIIOJIb3yeMbIe aa BOCllPOH3BO.ll.CTBOxamrrana, xpeaarnsre

BIW>I HHoecTHu,ul

pecypcsr 6aHKoB; ,lleHe)KHbIe c6epe)KeHHH rpaxctaa

Arpeccasnsre HHBecTHl.\HM.

pOBaHH~ a r.z. [120].

YMepeHHble HHBeCTHl.\HH.

TaKHe BJIO)KeHH~ caMH 110 ce6e He ztaior IIpHpaI.UeHH~ peansnoro Be-

KOHCepBaTHBHble HHBeCTHl.\HH ITo nepHOAY HHBecTHpoBaHHlI

IUeCTBeHHoro xanarana, a YBeJIHtIHBaIOT
Cpenaecpoxnsre HHBeCTHl.\HH.

sarparsr, BbillOJIH~IOIUHe
,llOJIrocpO'lHble HHBecTHl.\HH

uecca BocrrpOH3BO,llCTBa xamrrana KaK B MacIIITa6e napoaaoro X03HH-

[OCYAapCTBeHHble HHBeCTHl.\HH., MYHHl.\HlIaJIbHWe HHBeCTHl.\Hli.

CTBa, TaK H B KCOK,llOM era CTpyKTypHOM 3BeHe [120].

ITo OTpaCJIeBoMy npH3HaKY

H rrOBbIlIIeHHe KBaJIH
(cxeurannue) HHBeCTHl.\HH

HhIe

paJpa60TKH, npoeKTHO-H3bICKaTeJIbCKHe pa60TbI, npnofiperenae HMY-

I1HBeCTHl.\HH aa py6eiKoM

IUecTBeHHbIX npas, JIHUeH3HH, rraTeHTOB aa H306peTeH~,CBH.lI.eTeJIbCTB

IT POH3Bo,llCTBeHHbIe HHBeCTHl.\HH.

na HOBbIe TeXHOJIOrHH H npoMbIIIIJIeHHbIe 06paJUbI, nepenaxy

HenpOH3BO,llCTBeHHble HHBeCTHl.\HH

aoy-xay H npyrne 06'beKTbI HHTeJIJIeKTYaJIbHOH c06CTBeHHOCTH.

I1HBecTHl.\HH B npOMbIIIIJIeHHoCTb.

I1HBeC'THUHH B HeMaTepHaJIbHb~e aKTHBbJ ofecneaasaior HHHOBauHOH-

HH~

Hoe BOCllPOH3BO.ll.CTBO KaIlHTMa. OHH MaTepHaJIH3yIOTCH sacro B

I1HBecTHl.\HH B cTpOHTeJIbCTBo.

cPoPMauHH, HMeIOT PHCKOBbIH xapaxrep, O.ll.HaKO MOryT ztars IiaH60JIb- _ IIIHH ztoxon H COUHaJIbHbIH 3
C03.l1.aIOTC~ HOBbie TeXHOJIOrHH, HOBbIH IIpO.ll.yKT, pa3pa6aTbIBaIOTC~

311HCTBO H T. II.

HOBbIe

Peanmtue uueecmuuuu -

31'0 BJIO)KeHH~ B MaTepHaJIbHbIe aKTHBbI,

C03,llaHHe H BOCllPOH3BO,llCTBO OCHOBHbIX cpeacrs.

aarparsr

Peansnue

cnocoosr opraHH3aUHH

IIpOH3BO,llCTBa, rpyna, MapKeTHHroBoH

CHCTeMbI, B03HHKaIOT noy-xay H

Ilo 06bel,maM8JlO:JICellUu MO)KHO BbI,llemfTb TpH rana HHBeCTHUHH. HHBe-

aa HOBoe CTpOHTeJIbCTBO, pexoncrpyx-

r.z,

[120).

Ilo ",eJlU uueecmupoeanus paJJIHtIaIOT npaxsre H 1I0pT
a

lIpJl.Mble U1l8eCmU",UU - 31'0 nonrocposnsre BJIO)l(eHH~ B peansnsre aKTHBbI, B YCTaBHbIe KarrHTaJIbI IIpe.ll.llpH~THHC uenuonenocpeztcrsen-

UHIO HJIH TeXHHtIeCKOe nepesoopyzceane ,lleHcTByIOlUHx npezmpn-

~THH, IIpH06peTeHHe MallIHH, 060pY,llOBaHH~; pa3BHTHe Pa3JIHtIHbIX

noro ytIaCTH~ nasecropa B HHBeCTHUHOHHOM npouecce, ycTaHOBJIeHHH

06'beKTOB IIPOH3BO,llCTBeHHoro H COUHaJIbHO-6bITOBoro 06CJIy)KHBa-

KOHTpOJI~ H ynpasneaaa 06'beKTOM HHBeCTHpOBaH~.IIpHMbIe HHBe-

HH~ C ueJIbIO xasecrsemroro H KOJIHtIeCTBeHHoro pOCTa OCHOBHbIX

CTHUHH opHeHTHpOBaHbI na paCIIIHpeHHe C

6y.n;YIUHX
~BJI~IOT

CH HHBeCTHUHH, OCYlUeCTBJI~eMbIe B <popMe ,lloJIrOCpOtIHbIX KaIlH-

a

onsrra,

I1HBecTHl.\l;fH B CeJIbCKOe x0311ikTBO.

I1HBeCTHl.\HH B iKHJIHIIIHO-KoMMyHaJIbHOe xo-

CTHUHH BKJIIOtIaIOT

ycnyra, HayqHo-HCCJIe,llOBaTeJIbCKHe H OrrbITHO-KOHCTpyKTOpCKHe

I1HBecTHl.\HH BHYTpH CTpaHbI.

I1HBeCTHl.\HH B rpancnopr H CB1I3b.

a

nonrocposnsre BJIO)KeHH~

B nonnepxanne H pa3BHTHe nayxaoro rrOTeHUHaJIa, 1I0,llrOTOBKY Ka,llPOB

I1HoCTpaHHble HHBeCTHl.\HH. COBMecTHble

a Hneecmuuuu 8 neuamepuassuue a1CT7lU8bl -

tIacTHbIe HHBeCTHl.\liH.

ITo cqiepe BJIO)KeHHlI

Cyur-

HOCTb
auaecrapyeaoro KalIHTaJIa

pernoaaa

na ueJIH HHBeCTH-

KpaTKOCp0'lHbleHHBeCTHl.\HH.

ITo
ITo

19

rrpoeKToB[52].

a

IlOpmpeJlbllble (llenpJl.Mble) uueecmuuuu - BJIO)l(eHHe cpencrs B 3KO-

TaJIbHbIX BJIO)KeHHH (KallHTaJI006pa3yIOlUHe HHBeCTHUHH) [52].

HOMHtIeCKHe aKTHBbI C UeJIbIO H3BJIetIeHH~ noxona B <popMe ,llHBH.lI.eH,llOB,

cPUllallC08bleU1l8ecmu",uu - 31'0 BJIO)KeHH~ cpeacra B PaJJIHtIHbIe
npouearoa H ztpyrax ,lleHe)l(HbIX BbIIIJIaT, a TaIOKe C ueJIbIO nnaepcadia-

HaHCOBbIe aKTHBbI -

uennsre

6yMarH, aKTHBbI .lI.PYrHX npennpasrua,

6aHKOBClme ,lleIl03HTbI HI'. II. (52].

K
HHBeCTHUHHM 01'-

KaUHH pllCKOB [52]. qalUe scero 31'0

BJIO)KeHH~ B uennsre 6yMarH

(aKUHH, 06JIHraUHH, 3aHMbI H np.), IIpHHa,llJIe)KaIUHe pa3JIHtIHbIM 3MH-

HOCHT TaIOKe ,lleHe)KHbIe cpeztcrsa IIpe,llrrpHHTHH, 6IO.lI.)KeTHbIe pecypcsr

TeHTaM,

HHBeCTHUHOHHbIX IIpoeKTOB 110 csoexy yCMOTpeHHIO, OCHOBbIB~Cb aa

xoropue paJMeIUaIOT IIpHBJIetIeHHhIe cpeacrsa B peaJIH3aUHIO

20

rAaBa

1. OpraHI-13aUI-10HHO-3KOHOMI-14eCKl-1e OCHOBbII-1HBeCT\.1UI-1H

npOrH03aX peHTa6eJIbHOCTH roro HJIH HHOro npoexra.

1.3. KAac01
Jlopnpexsuue

npOH3BOnCTBa, ero paUHOHaJIH3aUHIO; nHBepcH
HHBeCTHUHH
Ilpa

CTBa, B pe3YJIbTaTe KOTOpOH MeH}lIOTC}I He TOJIbKO HOMeHKJIaTypa

ncexr MHoro06pa3HH UCmOllllUKOB ¢ullallCUpOBallUR B KOHelJ:HOM

BbmycKaeMoH

cxere HHBeCTHUHH MOJKHO CBeCTH K c06cTBeHHbIM H npHBJIe'leHHbIM.

CKHX pa60T H T. n.

npouecce
Ilo

3anaCOB, na BocnpOH3BOnCTBO ncex HHBeCTHUHOHHbIX TOBapoB, npeztHa3Ha'leHHbIX KaK na aaaemeaae KanHTaJIa (MallHH, 060pynoBaHH}I,

coopyaceaan, csrpsa H T. a.), norpetineuaoro B xozte npoaaaoacrsa B re-

C nosuuuii JlCU31lell1l0lO uuxia x03RUcmBYIO~UXcy6beKmOB, ueseii U uanpaeneuuocmu ux i)eucmBuu peaasnue HHBecTHUHH MoryT 6bITb pasaeneasr aa xersrpe rpyrmsi: nasansnsre HHBecTHUHH, 3KcTeHcHBHbIe, peI1HBeCTHUHH,

KYll.leM

HaIWnJIeHH}I

o 3TO BJIOJKeHHe

[52]; 3TO aarparsr sa npnpocr KanHTaJIa, HCTO'lHHKaMH KOTOpux }lBJI}lIOTC}I npH6bIJIb npeanpasraa H ztpyrne
JIeHHH)

npH}lTH}I, 06ueKTa npennpanmrarenscraa H T. n. BKJIanbIBaeMbIe HHBeCTopoM cpencrsa HCnOJIb3YIOTC}I rrpa 3TOM na npaofiperenae aeaensaoro ysacrxa, cTpOHTeJIbCTBO HJIH noxynxy 3naHHH, coopyxce-

no nOKa3aTeJIIO lJ:HCTbIX HHBeCTHUHH ( CooTHOIIIeHHIO BaJIOBbIX HHBe-

rpaacnoprnsrx openers, npaoopereane H MOHTaJK060py.l(OBaHH}I,

CTHUHH H aMopTH3aUHOHHbIX OTlJ:HCJIeHHH) cyztar 0 COCTO}lHHH 3KO-

C03naHHe we06XOnHMbIx MaTepHaJIbHbIX aanacos, 06pa30BaHHe 060-

o

. HOMHKH CTpaHbI: B KaKoM <pa3e pa3BHTH}I OHa HaXOnHTC}I " KaKoBbI ee

[57].

3KCmellCUBllbte uueecmuuuu -

HHBeCTHUHH,

aanpaanaesrue

nepcnexrnsst. lIpHHUHnHaJIbHa}l 3KOHOMH'IeCKa}I POJIb HHBeCTHUHH na pac-

B BocnpOH3BOnCTBeHHOM

umpeaae cyutecrnyroumxrrpennpaarna H opraHH3aUHH, ua C03naHHe yCJIOBHH H npennOCbIJIOK nJI}I yBeJIH'leHH}I 06beMoB npOH3BOnCTBa ro nOTeHUHaJIa npennpnaran, B TOM lJ:HCJIe npennoaaraiomaa pacum-

o Peuueecmuuuu -

HHBeCTHUHH, CB}l3aHHbIe C npoueccon socnpoaason-

CTBa OCHOBHbIX <poHnoB H H3MeHeHHeM

/

____---~.A

crpyxrypsr

PaCWMpeHHoe BOcnpOM3BQACTlIO

.A~

0

\f

[

[109].

npouecce OTpaJKeHa na pHC. 1.2.

COKpalq8HHOe BocnpOM3BOACTBO

npOnYKI~HH HJIH npenOCTaBJIeHH}I ycnyr, npnpocr npOH3BOnCTBeHHO-

peane cdiepsr ne}lTeJIbHOCTH

[120J.

[[ucmbte uueecmuuuu OTpaJKalOT 06beM BaJIOBbIX HHBecTHUHH, aa BbIlJ:eTOM cpeztcrs, nnyutax na noaaeinenae (aMopTH3aUHoHHbIX OTtIHC-

CpenCTB, ocyutecranaeaoe npa npH06peTeHHH HJIH OCHOBaHHH npez-

POTHbIX cpeacrs H np.

rony, TaK H na npHpOCT npoaaaoznrrensnoro KanHTaJIa.l1cTO'I-

HHKOM BaJIOBbIX HHBecTHUHH }lBJI}lIOTC}I <poHn B03Mell.leHH}I H <poHn

6pyTTO-HHBecTHUHH.

HHH,

3TO cOBoKynHbIH 06beM HHBeCTHUHH, aanpas-

JIeHHbIH na nOKynKY CpenCTB npOH3BOnCTBa, CTpOHTeJIbCTBOH npapocr

aaenasre

anocrpaaaue HHBecTHUHH H T. n.

o Hauansnue uueecmuuuu (nemtno-uneecmuuuu} -

[52].

KpHTepHIO 06beMa eocnpouseoocmea «anumana BbI)l,eJI}lIOT BaJIOBbIe

o Banoeue uueecmuuuu -

npeanpaaraa;

H 'IHCTbIe HHBeCTHUHH.

o K npueseuenuuu uneecmuuusu OTHOC}lTC}I cpencrsa, nonysaeusre OT npoaaxn aKUHH, aCCHrHOBaHH}I H3 6IOnJKeTOB scex ypOBHeH,

rrporpam,

[109].

UHH) H peHHBeCTHUHH

BecTHUH}lM MOJKHO OTHecTH YCTaBHbIH <PaM, OTtIHCJIeHH}I OT npH6bIJIH, rpIDKJJ.aH H IOpH)l,H'leCKHX JIHU, crpaxosue B03MemeHlm H np,

HO nnorzra H

o Bpummo-uneecmuuuu BKJIIO'IaIOT B ce6}1 aasansasre (HeTTo-HHBecTH-

TaJIa xosaticrayromero cy6beKTa, a TaKJKenOTOKa CpenCTB, <PaPMHpyeMo-

aMopTH3aUHoHHbIe OTtIHCJIeHH}I, neHeJKHbIe HaKOnJIeHH}I H c6epeJKeHH}I

npoayxuna,

nposeneaae Hay'lHO-HCCJIenOBaTeJIbCKHX H onbITHO-KOHCTpyKTOp-

o Coicmeeuuue uueecmuuuu 06eCne'IHBaIOTOI aa cxer coocrseanoro xanaro B

21

--..

\

•

4V1CTble V1HBeCTVlUVIVI

<0

J

4V1CTble V1HBeCTVlUIIIIII

>0

npoH3BOnCTBa

nocpeztcrnoa HMeIOIUHXC}I y opraHH3aUHH BbICB060nHBllHXC}I HHBe-

npOCToe BocnpoM3BOACTBO

CTIfUHOHHbIX CpenCTB, COCTO}lmHX H3 aMopTH3aUHoHHbIX OT'lHCJIeHHH H npH6bIJIH, HanpaBJI}leMOH ua pa3BHTHe npOH3BOnCTBa. X03}1HCTBY IOmHe

PHC.

1.2.

COCTOHHHH BocnpOH3BO,l\CTBeHHoro npouecca'

cyfisercrsr pacXOnYIOT HX na aaaeny
nanoureaaoro H MOpaJIbHO ycrapeaureroocopyztoaaaaa,

ycrapesutax

TeXHOJIOrHlJ:eCKHX nponeccos HOBbIMH; nossmreane 3eKTHBHOCTH

)f(aallo8 B. Il. I1HBeCTHQHOHllbleMexaHH3Mbl peraouaasaoro pa3BHTHH. - Kanaaaarpaa:

6113<1>.2001.

22

rAaBa

1. OpraHI-13al.\I-lOHHO-3KOHOMl-lyeCKl-le OCHOBbII-1HBeCTI-1l.\I-l~

ECJUf lJ.HCTbIe HHBeCTHQIUf npe.ucTaBJUIIOT C060H nOJIoX
1.3. KAacCI-l¢I-lKal.\I-lSlI-lHBeCTl-1l.\1-1~ [J

npusmuii -

aMOpTH3aQHH, TO ::lKOHOMHKa HaXO.uHTOI na CTa.uHH ::lKOHOMHlJ.eCKOrO

TeXHHKO-::lKOHOMHlJ.eCKoro ypOBHJi OT.ueJIbHbIX npoH3Bo.uCTB ua OCHO-

nozrsesra,

[52].

aaro-

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mypou uueecmuuuii [58].

cmeeuuuii

Korna

MOryT 6bITb

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xensure CYMMbI

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[J

U

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[J

IQ.eCTI~a [120].

nanpaanaeasre

B3aMeH YBOJIHBllIerOCSI [109J. Axmueuueuueecmuuuu 06eCnelJ.HBaIOT nossnnenae KOHJ
JIo xapaxmepu eocnpouseoocmea OC1l0BHbIX cjJOHa06 pa3JIHlJ.aIOT HHBeCTHna HOBoe CTpOHTeJIbCTBO, na

pacmapenae

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Hoeoe cmpoumenscmeo -

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S1THH,3.uaHHH, coopyacemni, xoropoe oCYIQeCTBJISleTCJi na HOBblX nJIO-

[85]. AKTHBHbIe HHBeCTHQHH aa-

npaanenu He TOJIbKO na Bbf)l(HBaHHe rrpennpazrari, a H rra 06ecnelJ.eHHe HX YCTOHlJ.HBOro nOJIox<eHHSI na puaxax TOBapOB H yCJIYr, nonsnneaae

[58].

npH6bIJIbHOCTH B 6y.uyIQeM, POCT npOH3Bo.uCTBeHHoro xarnrrana

noro H 06CJIyX
C no3UlJ,UU e3aUM03aBUCUMocmu

[109].

pa3JIHlJ.aIOT HHBeCTHQHH He3aBHCHMbIe,

B3aHM03aBHCHMble H B3aHMOHCKJIIOlJ.aIOIQHe.

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[J

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na ¢HHaHcHpoBaHHe HHBe-

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Bo.uCTBa, HO B pasncax reppnropan .ueHcTByIOIQerO npennpnaraa HJIH

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23

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[57].

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24

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31

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HOCTH paCCMaTpHBaIOTCH H B nOCTaHOBJIeHHHX llpaBHTeJIbCTBa POCCHHCKOH

aasecropaa, He HBJIHIOmHMCH npo¢leCCHOHaJIbHbIMH Y'!aCTHHKaMH;

<1>eAepaUHH.·

o

AOnOJIHHTeJIbHble Tpe60BaHHH K npo¢leCCHOHaJIbHbIM yqaCTHHKaM, npeAOCTaBJIHIOmHM ycnyrn HHBeCTopaM na psnnce ueHHbIX 6yMar;

o

npaaan ¢lOpMHpoBaHHH H HCnOJIb30-

BaHHH 6IOLl)KeTHbIX aCCHfHOBaHHH I1HBecTHQHoHHoro qxmLla POCCHHCKOH

LlOnOJIHHTeJIbHble YCJIOBHH paaaeuteaas 3MHCCHOHHblX ueHHbIX 6yMar

neorpaamennoro xpyra HHBeCTopOB aa pbIHKeueHHbIX 6yMar;

HOBaHHH I1HBeCTHUHOHHOro ¢loHLla P
CpeAH

o

.

llOCTaHOBJIeHHe «06 yTBep)l(AeHHH

AOnOJIHHTeJIbHbIe MepbI no saunrre npan H aaKOHHbIX HHTepeCOB HH-

KOMnJIeKCHblX HHBeCTHUHOHHbIX H KOHueCCHOHHbIX npoexros, HMeIOIUHX

BeCTopOB na psnnce QeHHblX 6yMar H OTBeTCTBeHHOCTb 3MHTeHTOB

06merocYAapCTBeHHoe anasenae H ocymeCTBJIHeMbIX ua YCJIOBHHX rocynap-

H HHbIX JIHU aa napyurenae 3THX npas H HHTepeCOB.

CTBeHHO-qaCTHoro naprnepcrsa,

eranu H npoueaypy HX

orfiopa, OCHOBHbIe

Tpe60BaHHH K npeACTaBJIHeMOH AOKyMeHTauHH H npOBeAeHHIO KOHTpOJIH CTaTbJI

18 <1>3 .0 6aHKax

H 6aHKoBcKOH lleJITeJlbHOCTH•.

H MOHHTopHHra xozta HX peaJIHaaUHH. 2-11""1

34

rt\CIBa

1. OpraHI13a1lI1OHHQ-3KoHOMlo14eCKl1e OCHOBbII1HBeCTlo111I1~

HOpMaTHBHbIe npasoaue aKTbl cy6'beKTOB POCCHHCKOH
rAaBa

HHIJ:HnaJIbHbIX 06paaoBaHHH B 06J1aCTH HHBeCTHIJ:HOHHOH ,lJ,e~lTeJlbHOCTH KOHKpeTH3HpylOT nOJlO)f(eHH5I epe,lJ,epaJIbHbIX 3aKOHOB.

2. Oco6eHHOCTH cl>YHKLlHOHHpOBaHHR

HHBeCTHLlHOHHoro pblHKa

B caoeii OCHOBe OHH

nanpaaneau na npaanesenne HHBeCTHIJ:HH B CBOH pernon H C03,1J,aHHe pezca Ma MaKCHMaJIbHOro 6J1aronpH5ITCTBOBaHH5I ,lJ,Jl5I cy6'beKTOB HHBeCTHIJ:HOHHOH ,lJ,e5lTeJlbHOCTH,npenocraanenne ,lJ,OnOJlHHTeJlbHbIX HaJIOroBbIX nsror H 61O,IJ, )f(eTHbIX rapaarna HHBeCTopaM.

KOHTPOAbHble BOnpocbl

2.1. MexaHH3M cl>YHKUHOHHpOBaHHSI

1. B tIeM 3aKJIlOtIaeTC5I CYlI(HOCTb HHBeCTHIJ:HH? 2. LlaHTe onpeaenenue KanHTaJIbHblX BJlO)f(eHHH. 3. lho nOHHMaeTC5I non HHBeCTHIJ:HOHHbIM npoesrox? 4. KaKHe epYHKIJ:HH BbIllOJlH51IOT HHBeCTHIJ:HH B cOBpeMeHHoH 3KOHOMHKe?

HHBeCTHUHOHHoro pblHKa

5. qTO nOHHMaeTC5I non HHBeCTHIJ:HOHHOH nearensnocrsjo? . 6. Kaxae CTa,IJ,HH npOXO,lJ,51T HHBeCTHIJ:HH

Ynpasnenae HHBeCTHIJ:HOHHOH ,lJ,e5lTeJlbHOCTblO nepaapsrano CB5I3aHOC OIJ:eH KOH epyHKIJ:HOHHpOBaHH5I H npOfH03HpOBaHH5I pa3BHTH5I HHBeCTHIJ:HOHHOro psnnca, KOTOpOMy B PblHO'lHOH 3KOHOMHKe npHHa,IJ,Jle)f(HT HCKJlIO'lHTeJlbHM POJlb B epOpMHpoBaHHH H HCnOJlb30BaHHH HHBeCTHIJ:HOHHbIX pecypcos. HIlBecmuu,UOllllblU Pbl1l0K -

B XO,lJ,e csoero ,lJ,BH)f(eHH5I? qTO

raxoe HHBeCTl1IJ:HOHHbIH IJ:HKJI?

7. Haaomrre OCHOBHbIe cy6'beKTbI H 06'beKTbI HHBeCTHIJ:HOHHOH nearens HOCTH COrJlaCHO 3aKOHO,lJ,aTeJlbcTBY POCCHH.

8. KaKHe npH3HaKH Jle)f(aT B OCHOBe KJIaCcHepHKaIJ:HH HHBeCTHIJ:HH? 9. IIpHBe,lJ,HTe OCHOBHbIe BH,IJ,bI HHBeCTHIJ:HH. 10. Paccaorpnre KJIaCcHepHKaIJ:HIO HHBeCTHIJ:HH no 06'beKTaM BJlO)f(eHHH. 11. B tIeM COCTOHT ocooenaocrs npaxstx H noprrpensnsrx HHBeCTHIJ:HH? 12. KaKoH KpHTepHH Jle)f(HT B OCHOBe KJIaCcHepHKaIJ:HH HHBeCTHIJ:HH Ha c06cTBeHHbIe H npaanexeaasre? 13. KaKHe BH,IJ,bI HHBeCTHIJ:HH BbI,IJ,eJl5lIOT no xapaxrepy BocnpOH3BO,lJ,CTBa

npocasr

H peryJlHpOBaHH5I B YCJlOBH5IX H3MeH5IIOlI(erOC5I cnpoca H npe,lJ,JlO:>KeHH5I, a TaK:>Ke YCTaHOBJleHH5I IJ:eHbI aa HHX. OCHOBHbIMH IJ:eJl5lMH epyHKIJ:HOHHpOBaHH5I HHBeCTHIJ:HOHHOro psnnca 51B Jl5IIOTC5I ooecneseaue npouecca caxoperymfpOBaHH5I HHBeCTHIJ:HOHHOro rrpo

uecca, M06HJlH3aIJ:H5I

OCHOBHbIMH COCTaBJl5I1OlI(HMH HHBeCTHIJ:HOHHOro psnnca 51BJI$lIOTC5I HH BeCTHIJ:HOHHbIH cnpoc H HHBeCTHIJ:HOHHOe

MepOnpH5ITH5I no C03,naHHIO 6J1arOnpH$lTHbIX YCJlOBHH ,lJ,Jl5I

pa3BHTH5I HHBeCTHIJ:HOHHOH ,lJ,e5lTeJlbHOCTH,oCylI(ecTBJl5IeMoH B epopMe KanHTaJIbHbIX BJlO)f(eHHH?

18. B qeM 3aKJlIOtIaeTC5I npanoe yxacrae rocynapcrsa B HHBeCTHIJ:HOHHOH

Ilomeuuuammuu uneecmuuuouuuu cnpoc orpazcaer

rapanrmr npe,lJ,OCTaBJI5IIOTC5I BceM cy6'beKTaM

HHBecTHIJ:HOHHOH ,lJ,e5lTeJlbHOCTH HeaaBHCHMO OT epOPM co6cTBeHHocTH?

[52].

BeJlH'lHHY aKKyMy

naposannoro 3KOHOMH'leCKHMH cy6'beKTaMH ,lJ,OXO,lJ,a, KOTOpbIH MO)f(eT 6b1Tb aanpasnea na HHBeCTHpOBaHHe H COCTaBJl5IeT nOTeHIJ:HaJIbHbIH HHBeCTHIJ:H OHHbIH KanHTaJI.

Peassnui: uneecmuuuonuuii cnpoc xapaxrepnayer ,lJ,eHCTBHTeJlbHYIO

no

rpeoaocrs X0351HCTBeHHbIX cy6'beKTOB B HHBeCTHpoBaHHH H npe,lJ,CTaBJI5IeT C060H HHBeCTHIJ:HOHHbIe pecypcsr, xoropsre HenOCpe,lJ,CTBeHHO npenuaaua lJeHbI ,IJ,JI5I HHBeCTHIJ:HOHHbIX IJ:eJleH, - naaaapyexsre HJlH npenaaaepenuue HHBeCTHIJ:HH. I1HBeCTHIJ:HOHHbIH cnpoc epopMHpyeTc5I nozt B03,1J,eHCTBHeM MaKp03KO

,lJ,e5lTeJlbHOCTH, ocymecranaeaoii BepopMe KanHTaJIbHbIX BJlO)f(eHHH?

rocynapcrsennsre

[120].

PaaJlH'laIOT nOTeHIJ:HaJlbHbIH H peaJIbHbIH HHBecTHIJ:HOHHbIH cnpoc

CTHIJ:HOHHYIO ,lJ,e5lTeJlbHOCTb B POCCHHCKOH
KaKHe

rtpeztnoaceune, npa B3aHMO,lJ,eH

CTBHH KOTOpbIX B YCJlOBH5IX HOpMaJlbHOH HHBeCTHIJ:HOHHOH aKTHBHOCTH

HOMHtIecKylO POJlb HHBeCTHIJ:HH B HeM.

15. qTO npe,lJ,CTaBJl5IeT C060H rexnonorasecxaa crpyxrypa HHBeCTHIJ:HH? 16. Ha30BHTe nopaarnansre npaeossre aKTbI, pernaaerrrapyioume HHBe

npouecca

C MHHHMaJlbHbIMH 3aTpaTaMH H B OnTHMaJIbHbIe CpOKH oKynaeMOCTH.

14. Oxapaxrepasyare COCT05lHH5IBocnpOH3BO,lJ,CTBeHHoro npouecca H 3KO

19.

HHBecTHIJ:HOHHbIX pecypcos ,IJ,JI5I epHltaHCoBoro, MaTe

pHaJIbHOrO H HHTeJlJleKTyaJIbHOrO ooecneseaas HHBeCTHIJ:HOHHOro

,lJ,OCTHraeTC5I HX OTHOCHTeJlbHOe paBHOBeCHe

OCHOBHblX epOH,IJ,OB?

17. KaKoBbI

crpepa 3KOHOMHqeCKHX OTHOIlleHHH no BO

xynna, nponazca H paaaemeaaa HHBeCTHIJ:HH, HX BocnpOH3BO,lJ,CTBa

HOMHqeCKHX H MHKP03KOHOMHqeCKHX epaKTopoB, KOCTh H ,lJ,HHaMH3M

z·

[52].

onpeztenaiomax era fH6

rAaBa

36

2. Oco6eHHQCTIo1 tPYHKI..\l'lOHl-lPOBaHl-lSil-lHBeCTl-lllJo10HHorO PblHKa

K MaKp03KOHOMHlJecKHM <paKTopaM OTHOCSlTCSI:

2.1. MexaHl-l3M YH1
31

06IQee COCTOSlHHe .uHHaMHKH, H3MeHlJHBOCTb HHBeCTHQHOHHoro psnnca

[J 061>eM npoaanoncrsa;

npeacraanaer co6oH '1pe3BbIlJaHHO CJIO)KHoe 3KOHOMHlJecKoe SlMeHHe, TaK KaK

[J BeJIHlJHHa HaKOnJIeHHH, .ueHe)KHbIX .uOXO.uOB HaCeJIeHHSI;

OHO
[J pacnpenenenae

noay-raexux

.uOXO.uOB aa nOTpe6JIeHHe H cfepesce-

npaBJIeHHbIX BHYTpHPbIHO'lHbIX H 06IQe3KoHOMHlJecKHx <PaKTOpoB KOHblOHKTTlypa

HHe; [J O)l(H,l{aeMbIH

uueecmuuuounozo puuxa -

[33].

cosoxynaocrs <paKTOpOB, onpe

.ueJUlIOIQHX CJlO)KHBIlleeCSl COOTHOmeHHe cnpoca, npe,l{JIO)KeHHSI, ypoBHSI QeH,

rexn HH
KOHK)'peHQHH H 06'beMOB peaJIH3aQHH na HHBeCTHQHOHHOM psrmce

[J CTaBKa ccynaoro npoueara;

[52].

B nponecce npHIDITHSI ynpaBJIeH'IeCKHX peureaaa B c
[J HaJIOrOBaSI nOJIHTHKa rocynapcrsa;

HHSI HHBeCTHQHH Heo6xo.uHMO nOCTOSlHHO aaysars KOHl>IOHKTYPY HHBeCTH

[J H3MeHeHHe 3KOHOMH'IeCKOH H nOJIHTH'IeCKOH cHTyaQHH H np.

QHOHHOro psnnca, 'ITO npennonaraer aHaJIH3 TeKYIQero COCTOSlHHSI, BhISlB

K MHKp03KOHOMH'IeCKHM <paKTopaM, BJIHSlIOIQHM aa BelIH'IHHy cnpoca,

JIeHHe OCHOBHhlX TeH.ueHQHH ee pa3BHTHSI H nporaosaposaaae 6YlJ.YIQeH KOHl>IOHKTYpbI.

OTHOCSlTCSI: [J

Hayseaae PbIHO'lHOH KOHl>IOHKTYpbI ocotieaao Ba)I(HOlJ.JlSl

HHBeCTopOB no npH'IHHe 60JIbIllHX pHCKOB, BJIeKyIQHx aa C060H CHH)I(eHHe

uopxa O)KH,l{aeMoH npH6h1JIH;

.uOXO.uOBH 3a'lacTYIO norepto aasecrapyevoro KanHTaJIa.

[J H3.ueP)KKH na oCyIQeCTBJIeHHe HHBeCTHQHH;

JlJISI cerMeHTOB HHBecTHQHOHHoro psmxa xapaxrepnsr xersrpe OCHOBHble

[J O)l(H.uaHHSI npennpaaaaareneit;

CTa,/{HH pa3BHTHSI - KOHl>IOHKTYPHbIH nozrsex, KOHl>IOHKTYPHhlH 6yM, oCJIa6

[J H3MeHeHHSI B TeXHOJIOrHH.

JIeHHe H cnaa KOHl>IOHKTypbI

Hneecmuuuounoe npeonoscenue

[52].

COCTaBJISlIOT Haxo.uSlIQHeCSI B '1aCTHOH,

lIodbeM 1COllbIOHKTTlYPlJI. HHBeCTHQHOHHOro psnuca xapaxrepaayercs yse

rocynapcraeaaon, MYHHQHnaJIbHOH H HHbIX
JIHlJeHHeM cnpoca na 06l>eKTbI HHBeCTHpOBaHHSI, pOCTOM QeH na HHX, O)KHB

coaaasaeasre

H Mo.uepHH3HpyeMbIe OCHOBHbIe
CTBa BO scex orpacnax H

crpepax naponaoro X03SlHCTBa P,

QeHHbIe 6yMa

ra, QeJIeBbIe .ueHe)l(Hble BKJIa,/{bI, HaY'llio-TeXHHlJeCKaSI npo.uYKQHSI, npyrne

JIeHHeM HHBeCTHQHOHHoro

psrmca, 'ITO CBSl3aHO C 06IQHM nossrmeaaea

.ueJIOBOH aKTHBHOCTH B 3KOHOMHKe. KOHblOHKTTlYPllblU 6YJrt

asrpaxaerca B pe3KOM B03paCTaHHH 06l>eMOB pea

06l>eKTbI c06CTBeHHOCTH, a TaK)Ke HMYIQeCTBeHHble npasa H npana HaHH

JIH3aQHH aa HHBeCTHQHoHHOM psmxe, yBeJIH'IeHHH npe,l{JIO)l(eHHSI H cnpoca

TeJIJIeKTyaJIbHyIO c06CTBeHHOCTb.

na 06l>eKTbI HHBeCTHpoBaHHSI npa onepescaiontex pOCTe nocxeaaero, COOT

OpMHpOBaHHe HHBeCTHQHOHHoro npe,l{JIO)l(eHHSI onpenensercs TaKHMll <paKTOPaMH, KaK

[52]:

B'eTCTBYIOIQeM nOBbImeHHH QeH aa 06l>eKTbI HHBeCTHpOBaHHSI, .uOXO.uOB HHBeCTopoB H HHBeCTHQHOHHbIX nocpenaaxoa. OCJla6JleHUe 1C01lb1OHKTTlypbl npOSlBJISleTCSI B OTHOCHTeJIbHO nOJIHOM ynos

[J ueaa na HHBeCTHQHOHHbIe TOBapbI;

JIeTBOpeHHH cnpoca aa 06l>eKTbI HHBeCTHpOBaHHSI npa HeKOTopOM H36bITKe

[J nopaa .uOXO.uHOCTH;

HX npe,l{JIO)l(eHHSI, CHH)KeHHH QeH na 06l>eKTbI HHBeCTHpoBaHHSI, YMeH~me

[J H3.uep)l(KH;

HHH .uOXO.uOB HHBeCTopoB H HHBeCTHQHoHHbIX nocpenaaxos, 'ITO CBSl3aHO

[J coaepureacrsonaane TeXHOJIoruH;

C 06IQe3KOHOMH'IeCKHM cnanox.

[J HaJIoroBaSI nOJIHTHKa;

Cnao 1C01lblOHKTTlypbl na HHBeCTHQHOHHOM psraxe OTJIHlJaeTCSI KpHTHlJecKH

[J yposeas KOHKypeHQHH H T. .u.

HH3KHM yposnex HHBeCTHQHOHHOH aKTHBHOCTH, pe3KHM CHH)KeHHeM cnpo

TaK KaK npa onpeneneaaoa COCTaBe HHBeCTHQHOHHOro npe.uJIO)l(eHHSI

caa

npe,l{JIO)KeHHSI aa 06l>eKTbI HHBeCTHpOBaHHSI npa npessnueaaa npen

HHBeCTHQHoHHbIH cnpoc opHeHTHpOBaH aa 60JIee noxoansre aKTHBbI, 06"1>

JIO)KeHHSI. Ha CTa,/{HH KOHl>IOHKTYpHOro cnana QeHbI na HHBeCTHQHOHHbIe

eM H CTpyKTYpa HHBeCTHQHOHHoro npe,l{JIO)l(eHHSI B03.ueHCTBYIOT na 06MM

o6oeKTbI cyIQecTBeHHO CHH)KaIOTCSI,

H CTpyKTYPY HHBeCTHQHOHHOro cnpoca. TaKHM 06pa30M, HHBeCTHQHOHHoe

nocpeaaaxoa naaaior .uo CaMhiX HH3KHX 3HalJeHHH, HHBeCTHQHOHHaSI aes

npeanozcenae SlBJISleTCSI OCHOBHbIM <paKTOpOM, onpe.ueJISlIOIQHM MacmTa6bI

TeJIbHOCTb B pane cnysaes CTaHOBHTCSI y6bITO'lHOH.

psnnca,

He06xo.uHMO OTMeTHTb, 'ITO lJ.JISI pa3JIH'IHbIX cerMeHTOB HHBeCTHQHOH

OaJIaHCHpoBaHHe HHBeCTHQHOHHOro cnpoca H npe,l{JIO)l(eHHSI nponcxoaar B PbIHO'lHOH CHCTeMe nocpeztcrsosr YCTaHOBJIeHHSI

noxonsr HHBeCTopOB H HHBecTHQHOHHbIX

paanoaecaux QeH.

aoro psnnca CTa,/{HH pa3BHTHSI Heo.uHHaKOBbI, 'ITO naer B03MO)KHOCTb nepe JIHBaHHSI HHBeCTHQHOHHoro KanHTaJIa H3 06l>eKTOB HHBeCTHQHH psmxa aa

rMBa

38

2. Oco6eHl-lOCTI'I <jlyHKl..\l1OHl-1poeaHI-1SlI-1HSeCTl1l..\I1OHHOrO pblHKa

2.2. CrpYKJ)lpa I1HBeCTl1l..\110HHOfO PblHKa Pb11l07C ueoeuscuuocmu

cnane B 061>eKTbl psnnca na nozrsesre. 3TO C03.uaeT npennocsrmca onTHMH 3aUHH HHBecTHUHoHHOH .ueBTeJIbHOCTH

craoansaoro H

mmecropa

C

uensio

nOJIyqeHHB

BbICOKOro ztoxona OT 3TOH .ueBTeJIbHOCTH.

39

- crpepa BJIO)l(eHHB KaIlHTaJIa'B 06beKTbI He.uBH

npasossrx, 3KOHOMHqeCKHX H opraHH3aUHOHHbIX 01 HomeHHH Me)lCJly cy6beKTaMH psnnca He.uBH)l(HMOCTH 110 1I0BO.uy C03.uaHHH.,

)l(HMOctH H CHCTeMa

¢OpMHpOBaHHH., paCIIpe.ueJIeHHB, 06MeHa, lIoTpe6JIeHHH. nOJIe3HhlX CBOHCTB, a

2.2. CTPYKTYP8 HHBeCTHUHOHHoro PblHKa Mnoroofipaaae BH.uOB HHBeCTHUHOHHoro BJIO)lCeHHfi

KJIaCcH
na peansaue,
HHBeCTHUHH B HeMaTepHaJIbHbIe

aKTHBbI n03BOJIHJIa paCCMaTpHBaTb HHBeCTHUHOHHbIH PbIHOK KaK COBO

xyrmocrs

PhlHKOB 06'beKTOB

peansnoro

H 06H.3aliHOCTeH, BbITeKalOmHX H3 06JIa,n:aHHB 06'beI
K llea6u:HCUMf)/.M Be~a.M (lleaBUJICUMOe UMy~cmBo, uea6UJlCUMocmb)OT

HHBeCTHUHH 06yCJIOBJIHBaeT CJIO)lCHYIO CTpyKTYPY

psnnca.

raiose npas

He.uBH)l(HMOCTH.

HHBeCTHpOBaHHB, 06'beKTOB «pH

HaHCOBoro HHBeCTHpOBaHHB H 06beKTOB HHHOBaUHOHHbIX HHBeCTHUHH

neap, 060c06JIeHHble Bo.uHble 06'b ace, qTO IIPOqHO CBB3aHO C 3eMJIeit, roecrs 06'beKTbI, nepeaeineane KOTOpblX 6e3 aecopaaxepaoroyiuepfia HX Ha3HaqeHHIOHeB03MO)l(HO, B TOM qHCJIe neca, MHoroJIeTHHe HaCa)lCJleHlfH., 3.uaHHH., coopyxemor, 06beKTbI HOCH.TCH. -3eMeJIbHbIe yqaCTI
aeaasepmeaaoro ,CTpOHTeJIbCTBa'. PhlHOK He.uBH)l(HMOCTH H.BJIH.eTCH. IIpHBJIeKaTeJIbHblM CIIOC060M

(pHc.2.1).

coxpane c6epe~

HHH. H YBeJIHqeHHH. CTOHMOCTH KaIlHTaJIa. OH CIIOC06CTByeT nepesony

)l(eHHH H HaKOllJIeHHH HaCeJIeHHH. H IOpH,llHqeCKHX JIHU H3 lIaCCHBHOH ¢OPMbI MH••CTM"MOHHIoI" pWHOK

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xamrran, npHHOCH.mHH .UOXO.U BJIa

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caoeofipaanon CTpaXOBOH rapaaraen HHBeCTHQHOHHblX pHCKOB.

aa puuxe np01lUX 06oelCTTlOB pe ansnozo uneecmupoeauus OTHOCBTCB HHBeCTHUHH B xarepaansasre ueHHO K OCHOBHblM ¢opMaM HHBeCTHpOaaHHH.

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AeHelKHblH PblHOK

PblHOK HHTenneKTyBnbHblX HHSeCTlIIlJ,HA PblHOK

PblHOK He.QSl1lKI1MOCTI1

¢lOHAOBblH PblHOK

lIelleJICllblUPbl1l07C - 0.uHaH3 paJHOBH,llHOcTeH psmxa KYIIJIH-IIpO,lijVKH TOBapoB B BH,lle .ueHe)l(HbIX Cpe.uCTB, xacrt, psraxa ccynasrx KaIlHTaJIOB.

C no

MomblO neaeacaoro puaxa M06HJIH3yIOTCH. BpeMeHHO caooonnsre .IleHe)l(HbIe

PblHOK npo~11X 06bElKTOB peansaon I1HBeCTHpOBaHl1S'

cpencrsa H TpaHc¢opMHPYIOTCB B HHBeCTHUHH, 06eCIIeqHBaeTCH. .uBH)l(e.HHe 060poTHoro KanHTaJIa X03H.HCTBYlOmHX cy6'beKTOB, ¢OPMHPYIOTC$I KpaTKO

PIle. 2.1. Crpyxrypa HHBeCTHUHoHHOro psmsa

cposnsre pecypcu 6aHKoB, ocymeCTBJIH.IOTCH. BKJIa.ubI H nOJIyqalOTCH. xpar xocposnsre xpenarsr rocynapcrsoa, yqpe)l(.ueHHH.MH H qaCTHblMH JIHuaMH. WOllaOBblU Pbl1l0K

Pbl1l0K 06belCTTlo6 peassnozo (uamepuasenozo) U1l6eCmUp06a1lUR BKJIlOqa er B ce6B PbIHOK KanHTaJIbHhlX BJIO)lCeHHH, PbIHOK He.uBH)lCHMOCTH, a raiose punox npoxax 06'beKTOB

H3.ueJIHH.

HbIH PbIHOK H ¢OH.uOBbIH PbIHOK (pbIHOK ueHHbIX 6yMar) [52].

Ha~HO-TeXHIII~eCKIllX

HOS811IllH

ztparouennsre MeTarrJIbI H

np, Pbl1l0K 061Je7CmOB drunaucoeozo UIlBeCmUpOBallUR BKJIlOqaeT B ce6B .ueHe)l(

H3 HHX H

peansnoro HHBeCTHpOBaHHB

[52].

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xanumansnux 6JlOJICe1lUU - c
qeCKHX OTHomeHHH no aonpocaa
(aaase rosopa, Pbl1l0K uetatux 6yMal)

C060H ¢OPMY xynna-nponaaor

ueaasrx

6yMar.

K ueHHbIM

IIpe.uCTaBJIBeT

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cfieperarensnsrf cepTH¢HKaTbI, 6aHKOBCKaH. c6eperaTeJIbHaH. KHH)l(Ka na

ri'pe.u'bH.BHTeJIjI, KOHocaMeHT, aKQHH., IIpHBaTH3aUHOHHbIe uenaue 6yMaru H npyrae .uOKyMeHTbI, xoropue 3aKOHaMH 0 ueHHbIX 6yMarax HJIH B ycra HOBJIeHHOM HMH nopanxe OTHeceHbI K qHcny ueHHbIX 6YMar2.

UHH B OCHOBHOH KaIlHTaJI, B TOM qHCJIe BJIO)lCe.nHH B HOBoe CTpOHTeJIbCTBO, pacumpeaae, peKoHcTpyKUHIO H TeXHHqeCKOe IOmHX

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CTaM 130q. 1 I'paxnaacsoro ICO.lleKCa P
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40

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41

2.3. VlHq>pacrpyKlYPa I-1HBeCTI-1l..1l-1OHHOrO noouecce

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2.2).

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pecypcu, xoropsre

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xoropue MO)KHO

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I

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UHH

II BecTHHK Tl1eEI1, 2004. -

N.! 1.

42

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43

HHBeCTHUHOHHble nOCpe,lJ:HHKH npe,lJ:CTaBJIeHbI

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[52]:

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[52].

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44

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na npaesre BKJIa,z:(OB

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Kpenarnue nOTpe6HTeJIbCKHe sooneparasu rpaxztaa MOryT coanasars rpyaoaoa .n;eHTeJIbHOCTH, rrporpeccaoaansnoa npHHa,lJ;JIe)l(HOCTH HJIH JII060H HHOtt 06mHocTH rpax nan, qHCJIO qJIeHOB nOTpe6HTeJIbCKoro xoorreparaaa He MO)l(eT 6bITb MeHee 'IeM rraraaztuars H 60JIee 'IeM..n;Be TblCH'lH 'IeJIOBeK.

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na OCHOBaHHH aorosopa JIHqHbIe c6epeJKeHH51 B

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45

2.3. l-1H4>pacrpYJ
rtpeaycuorpeanox YCTaBOM xpezurr xooneparnaa:

o

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47

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o ycxopeaae npouecca pacseros Me)i(,l{y qJIeHaMH H HXKOHTpareHTaMH; o C03.naHHe .nonOJIH.SIlOmeH rocynapcraennyio cncrexy
o

,

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cpencrs:

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49

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N! 75-<1>3

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II P

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50

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u

51

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o ocymeCTBJIHTb

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.

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52

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53

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Ha.nJIe)KaIl.{HX exy HHBecTHnHOHHbIX naes H npexpauteaas TeM caMbIM

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,lI;OrOBOpa ,lI;OBepHTeJIbHOrO ynpaBJIeHH5I naeBbIM HHBeCTHI.{HOHHbIM

C yCJIOBHeM 06'be,ll;HHeHH5I3TOrO HMyll.{eCTBa C HMyll.{eCTBOM HHbIX yspean

TeJIeH noseparensaoro ynpaBJIeHH5I, H H3 HMyll.{eCTBa, rtoxysennoro B npo-

lIaCTH npaaaanesautax eMy HHBeCTHnHOHHbIX naea:

Crarss 2 <1>3 «06 IfHBecTHllHOHHbIX q,oH,lJan.

Crarsa 10 <1>3 .06 HHBeCTHllHOHHbIX «PoH,lJax••

norameaas

54

rllaBa

2. Oco6eHHOCTI'1 YH KIlI1OHI1POBaHI1Sl I1HBe CTl1l..l11o HHOr o

PbIHKa

lJ HaJIH'me y BJIa,n;eJIbQaHHBeCTHQHOHHbIX naen npasa B reseaae cpoxa, yCTaHOBJIeHHOrO npaBHJIaMH ,ltOBepHTeJIbHOrO ynpaBJIeHH}I naeBbIM HHBeCTHQHOHHblM
2.3. V1HPacrpyt
55

aaroxaravecxoe peanaecrapoaaaae, qTO 06ecneqHBaeT pacnpeaenenae PHC KOB H nossnueaae JIHKBH,ltHOCTH HHBeCTHpyeMbIx cpencrs [52; 128].

Bpoxep -

nporpeccaonam.nua yxacraax

psmxa QeHHbIX 6yMar, ocyme

norauremra scex npanaaneacautax exy HHBeCTHQHOHHbIX naes H npe

CTBJISIIOlllHH ,lteSITeJIbHOCTb no COBepweHHIO rpaanaacso-npasoasrx C,lteJIOK

KPallleHHSI TeM caMbIM noroaopa aoaeparensnoro ynpaBJIeHHSI naeBbIM

C QeHHbIMH 6yMaraMH OT HMeHH H aa cser KJIHeHTa (B TOM qHCJIe aMHTeHTa

HHBecTHQHOHHbIM
npnaannexamax eMy HHBeCTHQHOHHblX naea:

lJ OTCyTcTBHe y BJIa,n;e.JIbQa HHBeCTHQHOHHbIX naes npasa Tpe60BaTb OT ynpaaenomea KOMnaHHH npexpaureaaa norosopa ,ltOBepHTeJIbHOrO

aMHCCHOHHbIX QeHHbIX 6yMar

npa HX paaaemeaaa) HJIH OT csoero HMeHH

H aa cxer KJIHeHTa na OCHOBaHHH B03Me3,ltHbIX noroaopon C KJIHeHTOM [5]. COrJIaCHO CT. 3 e,ltepaJIbHOrO 3aKOHa ~O puaxe QeHHbIX 6yMan. zteaeac aue cpencrsa KJIHeHTOB,

nepenaansre HMH 6poKepy .ztJISI HHBecTHpoBaHHSI neaeacnsre cpencrsa, nonyseaasre no C,lteJIKaM,

ynpaBJIeHHSI naeBbIM HHBeCTHQHOHHbIM
B QeHHbIe 6YMarH, a TaK)J(e

ero ,lteHCTBHSI.

coaepureaasnr 6poKepoM na OCHOBaHHH norosopon C KJIHeHTaMH, ,ltOJI)J(HbI

Ilaessre HHBeCTHQHOHHbIe
orxpsrroro H HHTepBaJIbHOrO naeasrx HHBeCTHQHOHHbIX
HaXO,ltHTbCSI na OT,lteJIbHOM 6anKoBcKoM cxere, OTKpbIBaeMOM 6poKepoM B Kpe,ltHTHOH opraHH3aQHH (cneQHaJIbHbIH 6poKepcKHH cser). 3aH BeCTH yxer

Bpoxep srrpaae npenocraansrs KJIHeHTy B 3aeM ,lteHe)J(HbIe cpencrsa HJIfi QeHHbIe 6yMarH ,ltJISI COB~pweHHSI C,lteJIOK xynna-npoaazca QeHHbIX 6YMar. C,lteJIKH, cosepuraexsre C HCnOJIb30BaHHeM ,lteHe)J(HbIX cpeztcrs HJIH

He OrpaHHqHBaeTCSI. KOJIHqeCTBO HHBeCTHQHOHHbIX naes, BbI,ltaBaeMbIX

saxpsrroro naesoro

KtlMU.

HHBeCTHQHOHHoro
YKaabIBaeTCSI B npaBHJIaX nosepareasaoro ynpaBJIeHHSI aTHM naeBbIM HH

uenusrx

nepeaannax 6poKepoM B saex, HMeHYIOTCSI Map:HCUH(1JI.bHbl.MU coen

Iluxep

-r-r-

np<>
waIOIllHH C,lteJlKH xynna-nponazor QeHHbIX 6yMar OT caoero HMeHH H aa CBOH

Bec:rHQHOHHblM
B aacrosuiee

Bpoxep 06SI

cpeztcrs Ka)J(,ltOrO KJIHeHTa, HaxoWlIllHXCSI aa

. cneQHaJIbHOM 6poKepcKoM cxere, H OT'lHTbIBatbCSI nepea KJIHeHTOM.

6yMar,

ynpaBJISIIOllleH KOMnaHHeH

zteneacasrx

BpeMSI B POCCHH HH O,ltHH
cxer

nyrex ny6JIHqHOro 06bSIBJIeHHSI QeH nOKynKH H nponaxa onpenenen

onpeaeneana HHBeCTHQHOHHbIX KOMnaHHH, He CYIlleCTByeT TaK)J(e qeTKOH

HbIX QeHHbIX 6yMar C 06SI3aTeJIbCTBOM nOKynKH H rrpoztaxa aTHX QeHHbIX

HopMaTHBHo-npaaOBOH perJIaMeHTaQHH HX
6yMar no 06bSIBJIeHHbIM JIHQOM, OCYllleCTBJISIIOIllHM TaKyIO ,lteSITeJlbHOCTb,

BHJIO, OCYIllecTBJISISI ,lteSITe.JIbHOCTb no aKKyMyJIHpOBaHHIO neaexasrx cpeztcrs

QeHaM[5].

HH,ltHBH,ltYaJIbHbIX H HHCTHTYQHOHaJIbHbIX HHBeCTOpOB H

pasaemenmope

.llHJIepoM MO)J(eT6bITb TOJIbKO IOpH,ltHqeCKOe JIHQO,SIBJISIIOllleeCSI KOMMep

opraaasauaea.

CypCOB na nepBHqHOM H BTOpH':IHOM psnncax QeHHbIX 6yMar, UH6ecmU~UOH

qeCKOH

CYllleCTBeHHbIe yCJIOBHSI ztorosopa xynnn-npoztaxa QeHHbIX 6yMar: MHHH'"

KpOMe QeHbI, ,ltHJIep HMeeT npaao 06bSIBHTb HHbIe

H
nue KOMnaHUU
MaJIbHOe H MaKCHMaJIbHoe KOJIHqecTBO noxynaesnrx H nponaaaeasrx ueaasrx

CTHQHOHHbIe KOMnaHHH He OCYllleCTBJISIIOT KOHTpOJISI aa ,lteSITeJIbHOCTbIO

6yMar, a TaK)J(e CpOK, B rexeaae xoroporo ,lteHcTByIOT 06lJSIBJIeHHbIe QeHbI.

xopnopauaa,

I1HBeCTHQHOHHbIe 6pOKepbI H ,ltHJIepbl ,ltOJI)J(HbI OKa3bIBaTb KOHcyJIbTa

B peaJIbHOH

npaxrmce 3aqaCTYIO HHBeCTHQHOHHbIe
xoropsre onpeneneanox cerxenre

CTpyKTypHblMH nonpaaaenenaaaa HHBeCTHQHOHHbIX KOMnaHHH, B 3aBHCHMOCTH OT HanpaBJIeHHOCTH pa60TbI B

QlfOHHyIO noxoms CBOHM KJIHeHTaM, TO ecrs onpe,lteJISITbB03MO)J(HbIH pHCK H ,ltOXO,ltHOCTb HHBeCTHQHOHHoro nponecca, CBoeBpe,MeHHO HH
IOIllHMH 6oJIbwoe KOJIHqecTBO BKJIa,n;qHKOB, SIBJISIIOTCSI WHpoKHe B03MO)J(HOCTH

noroaopenuocra [65]. 6up:»ca C03,ltaeTCSI B <popMe HeKOMMepqeCKoro napraepcrsa, HBJISIeTCSI opraaaaaropox TOproBJIH na psnnce QeHHbIx6yMar, npenocras JIHeT ycnyra, aenocpeztcrseano cnoC06CTByIOIllHe 3aKJIIOqeHHIO rpaacaaa

.ztHBepcH
CKo-npaBOBbIX C,lteJIOK C QeHHbIMH 6yMaraMH Me)J(,lty yqacTHHKaMH psnnca

HHe
QeHHbIX 6yMar.

psnnca QeHHbIX 6yMar
npeaayntecrsaxa

HHBeCTHQHOHHbIX KOMnaHHH, npHBJIeKa

TOH

([)OHa08aJl

rAaBa

56

B

2. Oco6eHHCJCTl.1
COOTBeTCTBHH co CT. 9

<1>3 .0

psnnce QeHHbIx 6yMan. opranaaarop

KOHTpol\bHble soopocu

5.

o npasana aonycxa yxacrumca psnnca ueauux 6yMar K ropraa: o npaaana nonycxa K ropraa ~eHH&IX 6yMar; o npasana 3aKJIIOlfeHHSI H CBepKH C,lteJIOK; o npasnna perncrpanaa caenox; o nopaaox HCnOJIHeHHSI C,lteJIOK; o npanana, orpaaaxaaaioume MaHHnyJIHpOBaHHe QeHaMH; .

o

pacrracanae npe,ltOCTaBJIeHHSI ycnyr OpraHH3aTOpoM TOproBJIH na pun xe ~eHHbIX 6yMar;

o pernaxeur BHeceHHSI H3MeHeHHH H ,ltOnOJIHeHHH B BbIIIIenepelfHCJIeH cnHCOK QeHHbIX 6YMar,

nonymeanux K roprau.

Ha ¢OH,ltOBOH 6Hp)l(e oCYll.leCTBJISIIOTCSI C,lteJIKH C 3aperHCTpHpOBaHHbI MH (KoTHpyeMbIMH) aa HeH ¢OH,ltOBbIMH QeHHocTSlMH,

0

KroK,ltOH cnenxe,

3aKJIIOlfeHHOH B cOOTBeTCTBHH C YCTaHOBJIeHHbIMH opraaasaropou ropros JIH npaBHJIaMH, JII060My aaaarepecoeanaoxy JIHQY npe,ltCTaBJISleTCSI cneay IOIl.lCUIHH¢OpMaQHSI

6. OnHIIIHTe PbIHOK ¢HHaHcoBbIX HHBecTHQHH. 7. KaKoBbI ocooeauocra psnnca 06'beKTOB HHHOBaQHOHHbIX 8.

KaKHe CYll.leCTBYIOT BH,ltbI HHBeCTHQHOHHoro nocpeaaaxecraa B HHBe CTHQHOHHOH ,lteSlTeJIbHOcTH?

9. KaKHe THnbl HHCTHTYTOB HHBeCTHQHOHHOro npouecca BaM H3BeCTHbI? PaCCMOTpHTe HX POJIb H ,lteSlTeJIbHOCTb B pOCCHHCKOH 3KOHOMHKe.

10. KaKOBbI ocofieunocra ¢YHKQHOHHpOBaHHSI B HHBeCTHQHOHHOM npo uecce YHHBepCaJIbHbIX H KOMMeplfeci
[5]:

12. Kazosa POJIb neHCHOHHbIX
.

16. B lfeM OCo6eHHOCTH ¢YHKQHOHHPOBaHHSI ¢OH,ltOBOH 6Hp)KH?

o ztara H BpeMSI 3aKJIIOlfeHHSI C,lteJIKH;

o HaHMeHOBaHHe QeHHbIX 6yMar, S1BJISIIOIl.lHXCSI npenxero» C,lteJIKH; o rocyaapcrseaaan perHCTpaQHOHHbIH HOMep QeHHbIX 6yMar;

o QeHaO,ltHOH QeHHoH 6yMarH; o

KOJIHlfeCTBO QeHHbIX 6yMar.

TaKHM 06paJOM, ¢OH,ltOBCUI 6Hp)Ka S1BJISleTCSI opraHH30BaHHbIM H pery JISipHO ¢YHKQHOHHPYIOIl.lHM HHBeCTHQHOHHbIM HHCTHl)'TOM, OCYll.leCTBJISI IOIl.lHM Mo6HJIH3aQHIO H nepepacnpeaenenae BpeMeHHO CBo6o,ltHbIX aeaex HbIX cpencrs Me)K,l{y X03S1HCTBYIOIl.lHMH cy6'beKTaMH, OTpaCJISlMH H c¢epaMH 3KOHOMHKH, YCTaHaBJIHBaIOIl.lHM pblHOlfHyIO CTOHMOCTb QeHHbIX 6yMar.

KOHTPOAbHble BOnpOCbl

1. qTO raxoe HHBecTHQHoHHbIH pbIHOK? 2. Onpeaenare nOHSITHSI .HHBecTHQHOHHbIH cnpoc-, .HHBeCTHQHOHHoe npennozcenae•• KaKoBbI ocooeaaocra HX ¢OpMHpoBaHHSI?

3.

,ll.aHTe xapaxrepacruxy OCHOBHbIX CTa.ztHH KOH'bIOHKTypHOro QHKJIa HHBeCTHQHOHHOro psnnca.

4.

HHBeCTH

QHit?

,ltHTHbIX HHCTHTyTOB.

nsre n03HQHH;

o

KaKHe BH,llbI PbIHKOB BKJIIOlfaeT B ce6S1 PblHOK 06'beKTOB peansnoro HHBecTHpoBaHHSI?

TOproBJIH na psmxe QeHHbIx 6yMar o6S13aH pacxpsrrs JII060My aaanrepeco BaHHoMy JIHQY CJIe,ltyIOIl.lYIO HH¢OpMaQHIO:

57

Kaxosa crpysrypa HHBeCTHQHOHHOro psnnca?

,.

3.1.

rAaBa 3. CneL&H~HKa ~HBeCTHL&HOHHOH

AeSiTeAbHOCTH HaypoBHe

MyHHL&HnaAbHoro o6pa30saHHSI

Cl-1CTeMa l-1HBeCTl-1I..\l-10HHO~ AeslTeAbHOCT", MyHl-1l..\",naAbHOrO 00pa3OB1lHl-1Sl

59

'IaIOmeeC5I B oCyIQeCTBJIeHHH npaKTH'IeCKUX ,lleHCTBHH C ueJIbIO nOJIyqeHHjI 3KOHOMH'IeCKOH

suronsr, COllHaJIbHOro H 3KOJIOrH'IeCKOrO 3
ComaCHO onpeaeneamo, npaaeaeanoay B yqe6HHKe ~CHCTeMa MYHHllH nansnoro ynpaBJIeHH5I*, [110], HHBeCTHllHOHHa5I ,lleHTeJIbHOCTb 51BJIHeTCjI

caxoynpaanenaa no ynpaBJIeHHIO pecypcaua MyHHUHnaJIbHOro 06paaoBaHHjI, 3aKJIIO'IaIOIQHXCH B HX 3eKTHB

O,llHOH H3
HOM HCnOJIb30BaHHH H nOBbIrneHHH yposaa H xasecrsa )KH3HH HaCeJIeHHH.

i

HHBeCTHllHOHHa5I ,lle5lTeJIbHOCTb B CHCTeMe 3KOHOMH'IeCKHX
xecraoro caxoynpannenas rrpeacraaneaa na pHC. 3KOHOMI1'leClCI1H aHBnl13, nllaHl1poBaHl1e 11 nporH0311pOBaHI1e

3.1. CHCTeMa HHBeCTHLlHoHHOH AeATeAbHOCTH

MYHHLlHnaAbHoro 06pa30BaHHA

3.1.

UeHosoe 11 Tapl1cj>Hoe

YnpaaneHl1e MYHl1l..\l1nBnbHoi:1 co6CTseHHOCTblO

peryll~pOBaHl1e

4:;:::::

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MHoroypoBHeBOH CTpaTerHH TeppHTOpHaJIbHOrO pa.3BHTHH POCCHH,

CO'IeTaIOmeH npamtansr ynpaBJIeHHH csepxy H sayrpeaaero caaoperyna pOBaHIDI, ropozta CTaJIH cy6'beKTaMH caMOCTOHTeJIbHOro npHHHTHH 3KOHO MH'IeCKHX peureaaji H

nposeneuaa onpeneneaaoa COllHaJIbHO-3KOHOMH'Ie

\IIHBeCTI1I..\110HHaJl AeJITellbHOCTb

3KOHOMM'l8C1tM8 cl»YHK"'MM M8CTHorO c8MoynpalUleHMII

BHeWHe3lCOHOMI1'lecKaA AeJlTellbHOCTb

CKOH nOJIHTHKH aa CBOHXTeppHTopHHX. llpHHHTHe B 1995 r., a 3aTeM B 2003 r. e,llepaJIbHoro 3aKOHa e,llepallHHJ.r> H OTHeceHHe K

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Be,lleHHH MYHHllHnaJIbHbIX 06pa.30BaHHH BOnpOCOg KOMn.rieKcHoro COllHaJIb HO-3KOHOMH'IeCKoro pa.3BHTHH C03,llaJIO opranaaauaoano-rrpaaoayio OCHO

Cl>I1HaHcoBoe nllaHl1posaHl1e paaSI1TI1J1 Teppl1TOpl111

By caMOCTOHTeJIbHOrO ynpaBJIeHHH pa.3BHTHeM na yposne ropozta. COrJIaCHO e,llepaJIbHOMY saxony OT 6 OKTH6pH 2003 r.

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06ill:HX npaauanax opraaaaauan MecTHOro cauoynpaaneaas B POCCHHCKOH e,llepallHHJ.r>

Myuuu,unOJlbUOe 06pll308a1lUe - 3TO ~ .•.rop0,llCKOe HJIH CeJIb

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roponcxon oxpyr JIH60 BHyTpH

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B YCJIOBIDIX orpaHH'IeHHOCTH c06cTBeHHbIx
ropona.Zlpyraxa

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Ilon uueecmuuuonuoii oesmensnocmuo na upoene MyuUl"UnOJlbUOlO o6pa 308aUUJl nOHHMaeTCjI BJIO)KeHHe HHBeCTHUHH, HJIH HHBeCTHpOBaHHe, B co llHaJIbHO-3KOHOMH'IeCKOH CHCTeMe MYHHllHnaJIbHoro 06pa.30BaHHH, 3aKJIIO

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M. KeiiHc B
er, 'ITO 4:MYHHllHnaJIbHbIe oprausr, oCyIQeCTBJIHH HHBeCTHUHH, npHMO HC XO,ll5lT B Ka'IeCTBe 06meii npezmocunxa H3 npHHOCHMbIX HMH nepcnexrns HbIX COUHaJIbHO nOJIe3HbIX pe3yJIbTaTOB, KaK 6w CHJIbHO HH Pa3JIH'IaJIHCb 3TH HHBeCTHllHH no HX KOMMep'IeCKOH BbIro,llHOCTHJ.r>,
CIfCTeMa MYHlfl.\lfIIaJIbHOro yIIpaBJIeHIDI: Y'Ie6HIfK IVUI ByaOB. 3-e ml,ll.! TOBa. -

Cn6.: Ihrrep. 2007.

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61

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I

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63

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K CHCTeMe euetuuux uueecmuuuii MyHHl{HnaJIbHOrO oripaaosanas

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[48].

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(peUHnHeHT)

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BeCTHUHoHHOro HanpaBJIeHHH.

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64

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65

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i

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xoropue

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67

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[59; 125]:

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[59]:

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rAaBa 3. Cnel\l-1Qll-1Ka l-1HBeCTl-1l\l-10HHOO AeSlTeAbHOCTl-1

68

3.2. MerO#Jl ynpallAeHl-1S1l-1HBeCTl-1l\l-10HHOi1 AeSlTeAbHOCTblO Ha MeCTHOMypoBHe

liH¢opMarUiH 0 ¢HHaHCOBO-X03HHcTBeHHoH ~eHTeJIbHOCTHnpennpn

aa HHBeCTUQHOHHbIe

HTHH, npeMOJKeHHH no 3aI.l.\HTe anaecropa OT pHCKOB);

pHc.3.4.

npoueccsr

69

B repone [108], npe~CTaBJIeHHYIO na

CJ c03~aHHeM 3¢¢eKTHBHoH HH¢opMaQHOHHOH CHCTeMbI ~JIH npHBJIe tIeHHH nOTeHQHaJIbHbIX HHBeCTopoB,. y~OBJIeTBOpHIOI.I.\eHTaKHM rpe

M8TOAbI ynpallll8HMA MHB8CTML4MOHHOA AeAT8m.HOCTblO

Ha YP08H8 MYHM~MnllllbHoroo6pa30BaHMA

60BaHHHM, KaK anpecnocrs, nOJIHOTa H aKTyaJIbHOCTb. PaJBHTHe HHBecTHQHoHHoro npouecca na TeppHTOpHH MYHHQHnaJIbHOrO 06paJoBaHIDI onpeaenaerca He TOJIbKO TeMH rpatcropaxa, JIeHbI asnne.

xoropsre nepe-nrc

Opraau MecTHoro casroynpasaeaaa ~OJIJKHbI BbIHBHTb H cdop

no xapaerepy ynpaBJIeH'lecKHx B03AeHCTBHH

MHpOBaTb CBOH H~HB~aJIbHbIH, BJIHHIOI.I.\HH na 06'beMbI HHBeCTHQHH B ro

no BHAY HCnOnb3yeMbIX HHCTpyMeHToB

perynlo1pylO~X

npSlMbie

MMHHHCTpaTHBHble

KOCBeHHble

3KOHOMH'leCKHe

pone Ha60p ¢aKTOpOB, H3MeHHH xoropste MOJKHO B03~eHCTBOBaTb aa CHCTeMY HHBeCTHQHOHHOH ~eHTeJIbHOCTH MYHHQHnaJIbHoro 06paJoBaHIDI.

~HCTMTY4HOHanbHble

3.2. MeroAbI ynpaBAeHHSI HHBeCTHUHOHHOH

C04HanbHOrO napTHepCTBa

AeSiTeAbHOCTblO t:la MeCTHOM ypOBHe

HHBeCTHQHOHHbIH npouecc no cnoea.cyra xpanne ~HHaMHtIeH H, CJIe~OBa

Puc. 3.4. CHcTeMaTH3aUIHI MeTOllOB yrrpaBJIeHHJI IiHBecTHUIiOHHOH

TeJIbHO, rpefiyer npHMeHeHHH m6KHX ¢OPM ero opraHH3aQHH H ynpaane

lleJlTeJIbHOCTblO na yposne MYHHUHlIaJIbHOro o6paaoBaHHJI

HHH.

Ilpouecc tmpaeneuus: U1l8ecmuu,U01l1l0U aeRmellb1locmblO 3aKJIIOtIaeTCH B BbI HBJIeHHH HaH60JIee 3¢¢eKTHBHbIX (npasea paCCMaTpHBaeTCH He TOJIbKO

ITo xapaxrepy ynpaanemecxax .B03~eHCTBHH BbI~eJUIIOT MeTO~bI npaxo ro H xocaenaoro B03~eHcTBHH.

3KOHOMHtIeCKaH, HO H COQHaJIbHaH 3¢¢eKTHBHOCTb) 061>eKTOB HHBeCTHpo

CYTb MemOa08 npnuozo 803aeuCm8Wl3aKJIIOtIaeTCH B TaKOM ynpaBJIeHHH

BaHHH, B nOHCKe He06xo~HMbIX~JIH 3TOro pecypCOB, paapaoorxe COOTBeT

opransr MecTHoH BJIaCTH no cpeacrsox ~MHHHcTpaTHBHoroBJIHHHHH, HCnOJIb3yH npHH~JIeJKaI.l.\HeHM

CTBYIOI.I.\eH HHBeCTHQHOHHOH nporpaMMbI H KOMnJIeKCe MeponpHHTHH no ee

peaJIH3aQH~ C QeJIbIO

COrJIaCOBaHHH HHTepeCOB cy61>eKTOB CHCTeMbI HHBe

CTHQHOHHOH ~eHTeJIbHOCTH MYHHQHnaJIbHoro 06paJOBaHIDI. TaK KaK HHBeCTHQHH HBJIHIOTCH

O~HHM H3 pellIaIOI.I.\HX ¢aKTopOB KOM

nnexcaoro COQHaJIbHO-3KOHOMHtIeCKoro pa3BHTHH MYHHQHnaJIbHOrO oopa 30BaHHH,

opransr

MecTHoro

caxoynpaaneaaa

~OJIJKHbI

HCnOJIb30BaTb sees

apcenan MeTO~OB CTHMyJIHpOBaHHH HHBeCTHQHOHHOH ~eHTeJIbHOCTH, anex

HHBeCTHQHOHHbIM npoueccosr, npa KOTOpOM

061>eKTbI H pecypcsr, HanpHMyIO cTHMyJIHpyIOT HJIH orpaHHtIHBaIOT HHBe CTHQHOHHYIO ~eHTeJIbHOCTb na repparopaa MYHHQHnaJIbHoro 06paJoBaHHH.

ITpeHMYI.I.\ecTBa~aHHbIxMeTO~OB COCTOHTB oneparaaaocra HX npHMeHeHHH H JKecTKoH npasonoa perJIaMeHTaQHH [108].

Memoou KOC8e1l1l0ZO 803aeUcmBWl npeanonaraior onocpenonaaaoe ynpan JIeHHe HHBeCTHQHOHHbIM

rtpoueccox rryrex C03.uaHHH yCJIOBHH H MOTHBa

BaTHbIX COBpeMeHHoMy COCTOHHHIO CHCTeMbI MecTHOro

QHH X03HHCTBYIOI.I.\HX cy61>eKTOB CHCTeMbI HHBecTHQHoHHOH ~eHTeJIbHOCTH

HOCTb npHeMOB H cnocooos B03~eHCTBHHopranoa MecTHoro caaoynpaaneaas

aanas TeppHTOpHaJIbHOrO pa3BHTHH [38]. ITpeHMYI.l.\eCTBa~aHHbIxMeTO~OB

na HHBeCTHQHOHHbIH nponecc na reppirropaa MYHHQHnaJIbHoro ofipaaosa

3aKJIIOtIaIOTCH B C03~aHHH MOTHBaQHH, npn KOTOpbIX

HHH MH ~OCTHJKeHHHQeJIeH ero KOMnJIeKcHoro COQHaJIbHO-3KOHOMHtIeCKO

6Y~YT nOJIHOCTbIO HJIH tIaCTHqHO COBn~aTbC mrrepecaxn MeCTHoro coofi

ro paJBHTHH.

I.I.\eCTBa.

caaoynpaanenas. Memoo ynpa8Jle1lWl U1l8ecmuu,U01l1WU aeRmellbllocmblO - 3TO cosoxyn

B COBpeMeHHOH JIHTepaType,

nOCBHI.I.\eHHOH peryJIHpOBaHHIO HHBecTH

QHOHHOro npouecca, cyuiecrsyer 60JIbllIoe KOJIHtIeCTBO caMbIX paanootipaa HbIX npH3HaKOB,

xoropsre MoryT 6bITb nOJIOJKeHbI B OCHOBy KJIaCCH¢HKaQHH

MeTO~OB ynpaBJIeHHH HHBeCTHQHOHHOH ~eHTeJIbHOCTbIO.

CHCTeMaTH3HpOBaB pa3JIHtIHbIe nO~XO~bI K np06JIeMe, MOJKHO npeztno JKHTb CJIe~yIOI.QYIO crpyxrypy MeTO~OB ynpaBJIeHtIeCKOrO B03~eHCTBHH

MYHHQHnaJIbHOrO 06paJoBaHHH MH npHBJIetIeHHH HX pecypcos K

pemenmo

xacrnue mrrepecsr

ITo B~y HCnOJIb3yeMbIx peryJIHpyIOI.I.\HX HHcTpyMeHToB paJJIHtIaIOT Me TO~bI: ~MHHHcTpaTHBHbIe,3KOHOMHtIeCKHe,

HHCTHTYQHOHaJIbHbIe, COQHaJIb

noro napraepcrsa (MOTHB006paJyIOI.I.\He)..

AaMU1lucmpamU81lble uemoou - 3TO cosoxynnocrs npaeaon H cnocofos npaxoro B03~eHcTBHH na ¢YHKQHoHHpoBaHHe X03HHCTBYIOI.I.\HX cyfrsex TOB, ytIaCTBYIOI.I.\HX B HHBeCTHQHOHHOM npouecce, C QeJIbIO peaJIH3aQHH

70

rMBa

3. CneLl"'$1Ka ..,HBeCTJo1I..1l1OHH017t AellTeAbHOC1l1

3.2. MeTOAbI ynpaBAeH..,Sl ..,HBeCTIo11..1l10HI-IOI't AeSlTeAbHOCTblO HB MeCTHOMyposae

Ta6nHl..la3.2

npHopHTeTOB HHBecTHUHoHHOH crpareraa MyHHUHnaJIbHoro 06paaoBaHIDI.

3KOHOMM'I8CKM8 M8TOAW ynpaBJIeHMSI MHB8CTM14MOHHOAAeSlTenbHocTblO Ha ypoBHe MYHMI4Mnan.tioro o6pa30BaHMIl 1

A.!tMHHHCTpaTHBHbIe MeTOJlbI OTJIHqaeT OT ztpyrax qeTKIDI aapecaocrs JlHpeK

pacnopaaceaaa H ~HHH, HeBbInOJIHe npauoe napyureaae YCJIOBHH ocynte CTBJIeHHjI HHBecTHUHoHHOH .n;ejlTeJIbHOCTH aa repparopaa MyHHUHnaJIbHoro THB, 06513aTeJIbHoGTb BbInOJIHeHIDI HHe KOTOpbIX

paccsrarpaaaerca

KaK

onpezeaeanae B3blCKaHIDI [104]. An:MHHHcTpaTHBHble MeTOJlbl He casaaau C C03JlaHHeM JlOnOJIHHTeJIbHblX

06paaoBaHH5I H BJIeqeT aa C060H

MaTepHaJIbHblX CTHMyJIOB .n;JIjI HX peaJIH3aUHH H MOryT 3HaqHTeJIbHO orpa HHqHBaTb cB060JlY 3KOHOMHqeCKOrO Bbl60pa cy6'beKTOB HHBecTHUHoHHOH JlejlTeJIbHOCTH HJIH HCKJIIOqaTb ee

B ynpaBJIeHHH

[108].

HHBeCTHUHOHHblM

npoueccoa

npOjlBJIeHHjI aJtMHHHcTpaTHBHblx MeTOJlOB

lJ 06j13aTeJIbHOe

npenrracaane

npJlMbie MeTOAbi

E1Oihtcemllbl6 .
Ilpeaocraaxeuae 61011)KeTHbIXcy6cH

crpyxrypu llOXOllOB H pacxonon MeCT

llHH ua pa3BHTHe COUHaJIbHO 3Ha'lHMbIX

noro 61011)Kera.

06'beKToB.

Ilpenocraaneaae Cy6CHllHH na nOllro·'

B03MOiKHbl TpH
HqlHHaHcHpoBaHHe HHBecTIUIHOHHblX

TOBKy H 06y'leHHe CneUHaJIHCTOB

npaxas, aanper

Ta"KoHKYPCH~H ortiop HHBeCTHUHOH-,

[104]:

npoexros H3

(3aKoH, nOJIOiKeHHe,

lJ COrJIaCHTeJIbHbIe (JlOrOBOp 0 COTpYJlHHqeCTBe, KOHCYJIbTauHjI, KOM

npoxacc): peKOMeHJlaUHH, nOiKeJIaHHjI (coser, passacneaae,

rrpeaacxeaae, 06

tuenae H T. n.).

cpeacrs MecTHoro6IOll)Ke

nopaarnaao-npaaosoa

6aabl,

pernaaearupyiontef

YCTaHOBJleHHe nopamca H YCJJOBHH

KOHTpOJIb aa ueJleBbIM HCnOJlb30BaHH

npenocraanenua 61011)KC~HbIX xpezta-

eM 61O,lVKeTHbIX cpeztcra, BbIlleJiHeMblX

TOB.

na
OlOll)KeTHble rapaurua 'laCTHbIM HHBe-

HHBeCTHUHOHHblX npoexroa

CTopaM. CTHMy.napyiouiae cy6BeHUHH

llJJH npeanpaarna, HaXOllHIllHXC}{

ocytue

B CJlO)KHbIX ::lKOHOMH'leCKHX'

CTBJIeHHe HHBecTHUHoHHOH JlejlTeJIbHOCTH B MYHHUHnaJIbHOM '06pa 30BaHHH;

o paapafiorxa MYHHUHnaJIbHblX HHBeCTHUHOHHblX nporpaxsr; o ynpaanenae MYHHUHnaJIbHblMH yHHTapHbIMH npennpaarusxa; o MYHHUHnaJIbHblH 3aKa3; lJ yCTaHOBJIeHHe npaBHJI npHBaTH3aUHH 06beKToB MyHHUHnaJIbHOH

YCJlOB.lHIX

Hanozoeue Onpeaeneaae COCTaBa, CTaBOK, nopaztxa H CpOKOB ynnarsr nanoroa, 3a'lHC JlHeMblX B MecTHblH 61011)KeT

Ilpenocraanenae uanoroaux CKHllOK ua HHBeCTHUHH (HaJIOroBblH xpezurr), Y CKopeHHM aMopTH3aUHHocHoBHOro KanHTaJIa.

"

Ilpeztocraaaeuae HaJIOroBbIX nsror

c06cTBeHHocTH;

lJ saunrra rrpas H 3aKOHHblX HHTepeCOB cy6beKToB HHBeCTHUHOHHOH

H CneUHaJIbHbIX HaJIoroBbIX pe)KHMOB

"

HHBeCTopaM

JlejlTeJIbHOCTH;

lJ yCTaHOBJIeHHe OTBeTcTBeHHOCTH cyfisexros HHBeCTHUHOHHOH .n;ejf,. TeJIbHOCTH sa npasoaapyurenaa,

B 06J1aCTH HHBecmUH0HHoro MeHe.ll)KMeHTa.

HblX npOeKTOB.

IIpHMepaMH aJtMHHHCTpaTHBHblX MeTo.n;OBMOryT PblTb CJIeJlYIOll.{He [108]: lJ C03JlaHHe

KOCBeHllble MeTOAbi

PaJpa60TKa,yrBep)KlleHHe

HT. n.);

o

71

npeaycxorpeaaae aJtMHHHCTpaTHBC'

HbiM 3aKOHOJlaTeJIbCTBOM, H np. 37COllaMUtleCKUe Memodbt npezrcraanmor C060H ynpaaneasecxoe B03JleH CTBHe na 3KOHOMHQeCKHe HHTepeCbI cy6beKToB HHBecTHUHOHHOH .n;ejlTeJIb

Kpeoum1l0-0eHe:JlC1lble

Bsmycx MynHUHnaJIbHblX ueansrx

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6yMar.

H KopnopaTHBHbIMH UCHHblMH 6yMara

~JleBOeKpellHTOBaHHe

MH Ha
\\

nucrynaiourax B pOJIH BJIaJtCJIbueB, pacnopsnarexea- HJIH nOJIb30 BaTeJIeH HHBeCTHUHoHHbIX pecypcos, )laHHbie MeTOJlbI' npeJlOCTaBJIjlIOT

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CB060JlY 3KOHOMHQeCKOrO BbI60pa X03j1HCTByIOll.{HM cy6'beKTaM H n03BO JIjlIOT COrJIaCOBbIBaTb xacraae HHTepeCbI C anrepecaxa MeCTHoro coofinte CTBa. 3KOHOMHQeCKHe MeTOJlbI MOryT 6b1Tb MeTOJlaMH rrpaaoro H KOCBeH noro B03JleHCTBHjI. OHH npeJlCTaBJIeHbI B Ta6JI.

3.2.

, CQ.MOZOpO()CKllR M. H. CllCTeMaTH3aUHJI MeTolloB ynpaBJIeHHH peaJIH3aUHeH pernonans ., HOH HHBecTHUHOHHOH crpareran II PerHOHaJIbHaJi 3KOHOMHKa: TeOpHJI H npaxrmca,

2004. -Joe 10.

'

72

rAaBa 3., Cnel..ll-1l-1Ka l-1HBeCTIoll.\I1OHHOO AeslTet\bHQCTI.1

Ta6nHL¥J 3.2 (npo,qonllCeHHe) llpJlMble MeroJl,lJl

3.2. MerO/>J;>1 ynpa8l\eHI1S1I1HBeCTI1L.J,I10HHoi1 AeslTet\bHOCTblO Ha MeCTHOM ypoBHe

73

[J I>aaBHTHe HH¢>opMaUHoHHbIX H peKJIaMHbIX areHTCTB, BbICTaBOlJHbIX, KocBeHHWe MeTO,llbi

/leMOHcTpauHoHHbI){

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cnocoocrayioumx npo/lBH)KeHHIO HH

¢>oPMaUHH 0 ropone H npHBJIelJeHHIO HHBecTHUHH aa TeppHTopHIO

PcryJIHpOBaHHc ~CH M rapmpos,

Pa3BHTHC KOHKypCHTHOH

YCTaHoBRcHMconpc.ncReHHoro

C03.naHHc 6H3Hec- HIIKy6aTopoB.

ypOBHR uen na aexoropsre

Ilpenocraanenae HHopMa~HoIIHbIX

HbI ofecnesars COrJIaCOBaHHe aarepecoa ncex cy6beKToB CHCTeMbI HHBe

H KOHcyRbTaTHBHblX ycnyr no opramraa-

CTHUHOHHOH /le.llTeJIbHOCTH MYHHUHIlaJIbHOro 06paaoBaHH.lI (CM. Ta6JI.

UMH 6H3Hcca, HHBCCTHl\HOIIHOMY 6H3HCC

B pe3YJIbTaTe xero /lOJI)KHa IlOBblCHTbC.lI ee pe3YJIbTaTHBHocTb.

rosapu H ycnyra

cpena.

nRaHHpoBaHHIO H rrp.

MemoouCOU,UOJlb1l0lO napmuepcmea (uomueauuouuue Memodbl) IlpH3Ba

TeJIbHOCTH aa MYHHQHIIaJIbHOM ypoBHe npeacraanea na pHC.

3.5.

Ilpnaneseaae unocrpanaux HHBecTHUHfi.

Koopnanauaa H KOHTpoRb aa ocyrnecrsaeHHCM nneunreroproaotl .neRTeRbHOCTH cy6'bCKTOB HIIBCCTHUHOHHOH aearensHOCTH.

Ilpeztocraanenne RbrOT B 06RacTH BHCIllHHX 3KOHOMHqeCKHX CBR3Cfi

H1lcmumyu,U01UlJlb1lble Memodbt. ynpaBJIeHH5I 3aKJIlOtIalOTC5I B cosnanaa H pa3BHTHH paaa HHcTHTyTOB, Heo6xo/lHMblX /lJI5I ¢>YHKQHOHHpOBaHH5I cy6beKToB CHCTeMbl HHBecTHUHOHHOH /le5lTeJIbHOCTH MYHHQHIIaJIbHOrO 06paaOBaHH.lI IIpH C06JIIO/leHHH 6aJIaHCa HHTepecOB scex cy6beKTOB.

K HHCTHTYQHOHaJIbHblM MeTO/laM yIIpaBJIeHH5I OTHOC.llTC5I [108; 123]: [J C03/laHHe IIO/lpaa/leJIeHHH a;lMHHHCTpaQHH MYHHQHIIaJibHOro ofipaso

HOCHTenH 3KOHOMWleclG1X HHTepeCOB PecYPCbI HOCHTeneH HHTepeCOB

npHHSlTHe peweHHH no nOBOAY HCnOnb30BaHHsi peCYPCOB (aHMH3 BHeWHeH H BHYTpeHHeH cpeAb/ C\I1A MO)

06beKTbI 3KOHOMH'leCKHX HHTepeCOB

nporH03HpOBaHHe peavnsraroe OT COBMecTHOH AeSlTenbHOCTH cy6beKTOB HHBeCTHllHOHHOA ,qeRTenbHOCTH (pa3pa6oTKa HHBeCTHI.4HOHHblX nooeeroe)

KOHKpeTHble 4>OPMbI npOSlBneHHSl HHTepeCOB

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opraaax BJIaCTH

comacoeaaaa HHTepeCOB

B ¢>oPMHpoBaHHH H pea

JIH3aUHH HHBecTHUHoHlIoH nOJIHTHKH ropoaa, yxera mrrepecoa xpyn HeHIIIHx HHBeCTopoB H IIoTpe6HTeJIeH HHBecTHUHH; [J ¢>oPMHpoBaHHe HH¢>paCTpyKTYpbl HHBeCTHQHOHHOro

puaxa na yposne

Puc. 3.5.

MyHHUHnaJIbHoro 06paaoBaHH.lI: MYHHUHIIaJIbHblX HHBeCTHQHOHHblX

[J C03/laHHe HH¢>opMaUHoHHoro 6H3Hec-ueHTpa, aKKYMyJIHpylOIllero HH

04>opMneHHe OTHoweHHM (3aKnIO'leHHe KOHTpaKTa): • HCnOnb30BaHHe pecypcoB: • 06MeH pecypcaMH: • ABpeHHe PBCYPCOB; • apeHAR peCYpCOB

Heo4>opMneHHe OTHOWeHHH (KompaKT He 38KnIO'leH): • xpaHeHHe pecypcOB; • nornOLlleHHe pecypCOB

McxaHH3M corRaCOBaHH.lI mrrepecon Cy61>CKTOB

HHBCCTHUHOHHOfi .nCHTCRbHOCTH na MYHH~HnaJIbHOMyposne

¢>OH/lOB, nensypnux, crpaxoasrx, ay/lHTOpCKHX, JIH3HHrOBbiX H KOHCaJI THHroBbIX KOMIlaHH" npa ytIaCTHH a;lMHHHCTpaUHH;

Cornacosanae HHTepeCOB

HHTepeCOB Pe3ynbTaT

[J C03/laHHe KOOP/lHHHpYIOIllero, Me)KBe/lOMCTBeHHoro oprana B 06JIaCTH

Bblpa60TKH peKOMeH/laUHH

3.1),

MexaHH3M COrJIaCOBaHH5I mrrepecoa cy6'beKTOB HHBecTHUHoHHOH /le.ll

BlteUme3KOHOMU'l.6CKUe

Toprosaa nORHTI:!Ka

MYHHUHIlaJIbHOrO ofipaaoaanaa.

Opranst MeCTHoro caMoyIlpaBJIeHH5I /lOJI)KHbI HCIlOJIb30BaTb paccuor pennsre BblIIIe rpynnu MeTO/lOB B KalJeCTBe B3aHMO/lOIlOJIH5IIOIllHX. Ilpa

¢>opMaUHIO 0 COUHaJIbHO-3KOHOMHlJeCKOM COCTO.llHHH MYHHUHIlaJIbHO

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ro oopaaoaaaaa H cnocoficrayjourero YCTaHOBJIeHHIO KOHTaKTOB Me)JC

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neooxonauo YlJHTbIBaTb cIIeQH¢>HKy MyHHUHnaJIbHOrO oopaaoaa

14

rAaBa

pecypcuoe ofiecneseaae,

3. Cnel..\l'1¢l11Ka Io1HBecTlo1l..\l'10HH0l':1 AeslTel\bHOCTIo1

3KOJIOrH'IeCI
HHBeCTHIUfOHHOro npouecca Ha

.a;~iIHOH n~p~lit6tmH J.t npyrne <palcToPbI.

KOHTpoAbHble BOnpOCbl ..

1. KaKHe 3KOHOMH'IeCKHe
3.

rAaBa 4. MexaHH3M ynpaBAeHHR

HHBeCTHUHOHHOH AeRTeAbHOCTblO

Ha TeppHTopHH MYHHUHnaAbHOrO

06pa30BaHHR

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4.2. Pecypcaoe 06ecneyeHIIle IIlHBeCn1U1-10HHOIil AE~lITeM>HOCn1

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4.2. PecypcHOe 06ec~HHeHHBecn-1!.U'1OHHOO AesITeAbHoc:TI1

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88

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D 3 MJIH py6. - B ropoaax Pocroae-na-Zloay, Taranpore: D 0,5 MJIH py6. - B 3acYWJIHBhIX BOCTOqHbIX paaonax POCTOBCKOll 06 JIaCTH: .lly60BCKOM, 3aBeTHHcKoM, 3HMOBHHKOBCKOM, OpJIOBCKOM,

HHeM 61O,uJKeTHbIX HHBeCTHUHll;

o

rapanrak

epHHaHcHpoBaTbcH H3 61O.u.IKeTa;

nporpaaxy,

6y.u.yT noztnepxasarsca a.u.MHHHcTpaUHell H nOJIHOCTblO HJIH qaCTWIHO

o

95

[84; 107]. I Hanorossre JIbrOTbI, npenocraanaesrue HHBeCTopaM, MOryT 6bITb pacnpo crpasensr B TOll HJIH HHOll CTeneHH aa see aanora, epOpMHpylOmHe 61O.u.IKeT cy6beKTa P HJIH MeCTHhIll 61O,uJKeT [40J. MexaHH3M npe.u.OCTaBJIeHHH

KpHTepHeB orfiopa HHBeCTHUHOHHbIX npo

eKTOB B MyHHUHnaJIbHylO HHBeCTHUHQHHYIO

o

4.3.

D D

IIpOJIeTapCKOM, PeMoHTHeHcKoM; 1 MJIH py6. - B OCTaJlhHbIX palioaax H roponax; 140 MJIH py6.

- B HMymecTBo, B OTHoweHHH BHOBh coanaanoro B pax

xax peaJIH3aUHH HHBeCTHUHOHHOro npoexra, npeznraaaaseaaoro MH 3KcllJIyaTaUHH ,upymMH JIHuaMH.

Jlsrorsr no nanoraa npenocraaamorca aasecropaa na CpOK oxynaeaocra noxyxenrana

HHBeCTHUHOHHoro npoexra, npeztycaorpemnati npoexrnon

ell, HO He 60JIee qeM na nars JIeT, aa yCJIOBHHX H B nopaaxe, YCTaHOBJIeHHhIX A.!lMHHHcTpaUHell POCTOBCKOll 06JIaCTH H 3aKJIIOqeHHhIM HHBeCTHUHOHHbIM

ztorosopox, JIhroThI no

aanorax He

MOryT 6hITb npe.u.OCTaBJIeHhI B cnysae:

D npHMeHeHHH K aaaecropy npouenyp, npe.u.ycMoTpeHHbIX saxoaozta TeJIhCTBOM 0 HeCOCTOKTeJIbHOCTH (6aHKpOTCTBe); Q HaJlHqHH npocpoxenaoa 3a.u.OJIJKeHHOCTH no HaJlOrOBbIM nJIaTeJKaM BO

see ypOBHH 61O.u.IKeTOB;

rAaBa

96

4. MexaHI13M ynpaBAeHI1SlI1HBeCTl1UI10HHOI:1 AeSlTetlbHOCTblO

o HaJIH'lHH rrpOCp0'lCHHOH 33JJ.0JDKCHHOCTH rro 3apa60THoH nJIaTC 60JICC onnoro MeCS:ll.\a. I1HBecTOpaM, ocymeCTBJl5UOmHM HHBecTHQHoHHYro lI,eHTeJIbHOCTb

reppnropan no

na

4.3. HOp.v.aTl1BHo-npaBOBoe peryNtlpoBaHl1e I1HBeCTI1U\10HHol:1'AeSlTe.AbHOCTl1

97

Opraasr xecmoro caxoynpaaneaas B npeztenax csoen KOMneTeHUHH snpase coBMeCTHO C opranaan rocynapcrseanoa BJlaCTH POCTOBCKOHo6J1ac TH

asrcrynars CTOpOHOH HHBeCTHQHOHHOro noroaopa, onpeztenars nopanox

cneztytoutae nsrorst

H JIhrOTHhIe YCJlOBH5l ocytuecranenaa HHBeCTHQHOHHOH ,lle5lTeJlbHOCTH B rrpe

aanorau. 1. YCTaHOBJleHHe HaJIOrOBOll CTaBKH no lWJlOlY Ita UMY14ecm8o optauu sauui: B paasrepe 1,1 %: • B OTHorneHHU BHOBb coaaamroro (npaoripereanoro) B pasncax pea

ztenax repparopna COOTBeTcTByIOmero MyHHUHUaJIhHOrO 06paJoBaHH5l Poe

POCTOBCKOH 06JIaCTH, npclI,ocTaBJHlIOTC51

J1H3aQUU HHBeCTUQHOHHoro UCKJIIO'{eHueM HMymeCTBa,

npoexra HMymecTBa opraanaauan, aa nepenanuoro B apeany HJlH UHOC B03

• B oraonreaaa BHOBb C03llaHHOro (npnotipereanoro) B pasrxax peana JaQHH HHBeCTHQHOHHOro npoexra HMYmecTBa opraHH3aQHH, npenna

axcnnyarauna

llpyrnMH J1HQaMH H

nepenannoro

B apeany HJlH

nnoe B03Me3l1,Hoe nOJlb30BaHHe, npn yCJIOBHU, 'ITO 06b CM HHBecTHQHH B YKa3aHHOe HMymecTBO npessnnaer 140 MJIH py6. 2.

CHH)I(eHHe

na xersrpe npouearnsrx nymcra

CTaBKH HaJlOZa na

npu6wlb

opzauusauuu B '{aCTH CYMM HaJIOra, 3a'lHCJl5leMbIX B 06JIaCTHOll 6IOlI,)I(eT B OTHoureHHH npH6bIJlH, nOJlYtIeHHoH OTpeaJIH3aQHH np0ll,YKQHH (pa60T,

ycnyr), npoasaenenaoit na nponaaoncrsemrux MOmHOCT5lX, coananasrx (npnooperenaux) B pasncax pCaJIH3aQHH HHBeCTHQHOHHOro npoexra, OpraHH3aQHH, HMeIOmHe npaso na nonysenae J1brOT no HaJIOraM, 3aKJIIO

uueecmuuuonnuii OOlO60P C AL!.MHHHcTpaQHeH I1HBecTHQHoHHbIH lI,OrOBOp lI,OJl)l(eH coztepxars:

lJaIOT

o

Ha reppnropaa r.

Taranpora B COOTBeTCTBHH C Peuremresr .06 yraepx noztztepaoce HHBecTHQHOHHOH lI,eHTeJlhHOCTH na reppnropna r. Taranpora'ls J1hrOTa npellOCTaBJl51eTCSI no

lleHHH IIoJlo)ICeHH5l "0 MYHHQHnaJlbHoH

HaJlOlY Ita 3eMJllO B OTHOIIIeHHH 3eMeJlhHbIX yqaCTKOB B yTBep)lC1(eHHhIX B YC

TaHOBJleHHOM

Me3llHoe nOJlb30BaHHe;

3Ha'iCHHOrO llJIH

TOBCKOH 06JIaCTH.

POCTOBCKOH 06J1aCTu.

JIhroTa no

TeJIhHOCTH,
ouaue npoexru, BKJIIO'leHHble B uueecmuuuomono npolpaM.MY r. Taraapora. OpraHH3aQHH, ~MeIOmHe npaso na noayxenae J1hroThI no HaJIOry na 3eMJlIO, 3aKJlIOqaIOT uueecmuuuouuuii OOl060P C MMI-IHHCTpaQHeH Taran pora. IIOP5lll0K npHH5lTHH peuieaaa 0 3aKJIIO'leHHH H nO,llnHCaHHH HHBe CTHQHOHHoro zioroaopa CJle,llYIO~Hll. 1. I1HBecTHQHoHHhIll npoeicr BHOCHTC5l opranaaannea B MMHHHcTpa QHIO r. Taranpora,

2. 3.

Taranpora.

.

Ha OCHOBaHHH sxcnepruoro 3aKJlIOqeHH51, xoropoe BbIlI,aeTCH ropon CKHM HayqnO-TeXHHqeCKHM COBeTOM HJlH

Koxnccaea

no OKa3aHHIO

o npeznrer: rocynapcrnenaoa

B 06J1acTHyIO HHBeCTHQHOHHYIO nporpasosy), rrpHHHMaeTC5l peuteaae

nonnepxior C YKa3aHHeM paaaepa yMeHh

o QeJleC006pa3HOCTH BKJIIOqeHH5l HHBeCTHQHOHHoro npoexra B HHBe

means HaJIOrOBblX nJIaTe)ICeH, no KOTOphIM HHBeCTopy npenocraans eTC5l J1hrOTa;

o YCJlOBHH H nOpHlI.OK Upell.OCTaBJleHHH TOH HJlH HHOll
CTHQHOHUYIO nporpasoay r.

4.

TeJlhCTB; cpoxa ero lI,eHCTBH5l peaJIH3aQH5l HJlH rrepeaaxa BO BJl3JJ.eHHe, nOJlb3O BaHHe HJlH paCnOpH)I(eHHC lI.pymM J1HQaM 060pYll.OBaHHH HJlH naoro HMymecTBa, npnofiperenae xoroporo opranaaauaea 5lBHJlOCh yCJlOBH

I1HBecTHQHOHHa5l nporpasoaa ropona

yrsepxnaerca

aa aacenanan

QHOHHyIO nporpasnry, B llaJIhHellliIeM 3aKJIIOlJaIOTC5l HHBeCTHQHOHHhle

H OTBeTCTBeHHOCTh CTOpOH aa HeHCnOJlHeHHe 06H3a

o nOJlO)l(eHHH, B COOTBeTCTBHH C KOTOphIMH HC 1l0nycKaeTC51 B TeqeHHC

Taranpora.

rop0,llcKOllllY.MbL C opraHH3aQHHMH, lJhH rrpoexrsr BOIlIJlH B HHBeCTH

crsennoa nonnepxxa;

o 065l3aHHOCTH

MMHHHcTpaQH5l ropozta COCTaBJl5leT peecrp HHBeCTHQHOHHbIX npoeicTOB r.

nOJlHOe HaHMeHOBaHHC CTOpOH;

o
nopaznce rpaannax, acnonsayeasrx opranaaauaea npn pea npoeicra, B pasuepe 25 % CTaBKH HaJIOra. HaJIOry npenocraanaercs cy6beKTaM HHBecTHQHoHHOll nea

JIH3aQHH HHBeCTHll,HOHHOro

ztoronopu na oxepenaoa
5. MMHHHcTpaQH5l ropozta nOCJIe npHH5lTHH pemeana 0 uenecooopasaocra 3aKJIIOlJeHH5l HHBeCTHQHOHHOro zrorosopa roTOBHT npoexr HHBecTHQH oanoro zrorosopa H nepeziaer ero na nonnacs M3Py r. Taranpora. 6. I1HBeCTHQHOHHbIll 1l0rOBOp COCTaBJl5leTC5l B xersrpex 3K3eMnJI5lpaX H noztnacsrnaercs 06eHMH croponaan. Ilocne nO,llnHCaHHH HHBeCTH

eM ,llJl51 npenocraanenaa J1brOT no HaJIOraM, J1H60 onpeztenmorca yCJIO

QHOHHOro ncroaopa no Oll.HOMY 3K3eMnJlHpy nepezaercs B 3JJ.MHHHCTpa

BHH TaKOH peaJIH3aQHH (nepenaxa):

QHIO ropona, B opraHH3aI.\HIO, B aanoroasnt opran no Mecry pemCTJ'aQHH

o CpOK ,lleHCTBH51.

opraHH3aQHH, B
rMBa 4. tv\exaHYl3M ynpaBAeHYlSI YlHBeCTl1l\I1OHHOi1 AeSlTetlbHOCTbIO

98

. 03 .06 HHBeCTHUHOHHOM HaJIOrOBOM xpeznrre B POCTOBCKOH 06JIaCTH~ nanpaanea na C03,n;aHHe 6JIarOnpmITHhlX yCJIOBHH HHBeCTopaM aa cser npe,n;OCTaBJIeHH5I HM HHBeCTHUHOHHh1X HaJIOroBh1X Kpe,n;HTOB no HaJIOryna npH6h1JIh opraHH3aUHH B qaCTH, nocrynaiourea B 06JIaCTHOH 6IO,n;)I(eT, H no HaJIOraM, OTHeceHHhlM 3aKOHo,n;aTeJIhCTBOM POCCHHCKOH e,n;epaUHH K ua JIOraM cytnexra POCCHHCKOH e,n;epaUHH. Hueecmuuuouuui; 1taJlOl06b1U xpeoum - H3MeHeHHe cpoxa ynnarsr na nora, npa KOTOpOM opraHH3aUHHrrpn HaJIHqHH OCHOBaHHH H aa yCJIOBH5IX, YCTaHOBJIeHHh1X HaJIOrOBh1M Ko,n;eKCOM P H pemOHaJIhHh1M saxonona TeJIhCTBOM, npe,n;OCTaBJI5IeTC5I B03MO)l(HOCTh B reneane onpenenennoro cpoxa H B onpenenennux npeaenax YMeHhIIIaTh CBOH nnarexn no HaJIOry C nOCJIe,n;yIOIUeH n03TanHOH ynJIaTOH CYMMhI xpeznrra ,H HaqHCJIeHHhIX

4.3. HOPMaTYlBHo-npaBoBoe pery,,~poBaHYleYlHBeCTYlL.U-10HHot:1 AeSITeAbHOCTYl

3) opraHH3aUH5I He ,n;OJI)I(Ha Haxo,n;HThC5I B CTa,lJ;HH peopraaaaaumr, JIHK BH,lJ;aUHH HJIH 6aHKpOTCTBa H ,n;OJI)I(Ha HMeTh peHTa6eJIhHyIO paoory B reseane onnoro
1) na CyMMyxpemrra, COCTaBJI5IIOIUYIO 30 %CTOHMOCTH npaooperennoro 060py,n;oBaHH5I, ncnonsayevoro ,n;JI5I npOBe,n;eHH5I HayqHO-HCCJIe,n;OBa TeJIhCKHX HJIH onh1THO-KOHCTpyKTOpCKHX pa60T, JIH60 rexansecsoro nepeaoopyxenaa npOH3Bo,n;CTBa;

npouerrros. HHBecTHUHoHHh1H HaJIOrOBhIH xpenar MO)l(eT 6hITh npe,n;OCTaBJIeH opra HH3aUHH He3aBHCHMO OT eeopraaaaanaonao-npaaoaojt
1) npoaenenae 3TOH opraanaanaeti HayqHO-HCCJIe,n;oBaTeJIhCKHX HJIH OnhITHO-KOHCTpyKTopCKHX pa60T JId60 TeXHHqeCKOrO nepenoopyzce HH5I coticraemroro npOH3Bo,n;CTBa, B TOM qHCJIe HanpaBJIeHHOrO na C03,n;aHHe pa60qHX MeCT ,n;JI5I HHBaJIH,n;OB HJIH 3aIUHTy OKpY)l(aIOIUeH cpensr OT 3arp5l3HeHH5I npOMh1IIIJIeHHh1MH orxoztaxn; 2) oCyIUeCTBJIeHHe 3TOH opraaaaanaeii BHe,n;peHqeCKOH HJIH HHHOBaUH OHHOH ,n;e5lTeJIhHOCTH, B TOM qHCJIe C03,n;aHHe HOBh1X HJIH COBepIIIeH CTBOBaHHe npHMeH5IeMh1X TeXHOJIOrHH, C03,n;aHHe HOBh1X BH,n;OB Ch1ph51 HJIH MaTepHaJIOB; 3) BhITIOJIHeHHe 3TOH oprauaaanaeii oco60 Ba)I(HOro aaxaaa no COUHaJIh HO-3KOHOMHqeCKoMY pa3BHTHIO pernoua HJIH npe,n;OCTaBJIeHHe eIO oc060 Ba)I(Hh1X ycnyr HaCeJIeHHIO. OpraHH3aUHH, nperennytoutae na nonyseaae HHBeCTHUHOHHoro HaJIO roaoro xpeznrra, ,n;OJI)I(Hh1 COOTBeTCTBOBaTh CJle,n;YIOIUHM Tpe60BaHH5IM:

1) orcyrcrsae npOCpOqeHHh1X 3a,lJ;OJI)I(eHHOCTeH no xpemrrast aa cser 6IO,n;)I(eTHh1X cpencrs, no panee npe,n;oCTaBJIeHHh1M HHBeCTHUHOHHh1M HaJIOrOBh1M xpenaraa, no nnarescaa B 6IO,n;)I(eTh1 scex yposneii H ro cyztapcrsennsre BHe6IO,n;)I(eTHh1e
2) HaJIHqHe HHBeCTHUHOHHoro npoexra, COQTBeTcTBYIOIUero Tpe60Ba HH5IM, npe,n;b5lBJI5IeMh1M npa npe,n;OCTaBJIeHHH rocynapcrnennoa nonnepscxa, YCTaHOBJIeHHh1M ,n;eHcTByIOIUHMH HopMaTHBHh1MH npa BOBh1MH aKTaMH 06JIaCTH (,n;JI5I opraHH3aUHH, peaJIH3YIOIUHX HHBe CTHUHOHHh1e npoexrsr):

99

2) na cyMMy xpezurra, onpenenaesryio ,n;OroBOpOM 06 HHBeCTHUHOHHOM HaJIOroBOM xpemrre. I1HBecTHUHoHHh1H HaJIOroBh1H xpezurr no peraonansaua nanorax Bxac TH, nOCTynaIOIUeH B 06JIaCTHOH 6IOJ],)I(eT, npe,n;OCTaBJI5IeTC5I B npeztenax JIHMl:ITa, npenycaorpenaoro 06JIaCTHh1M 3aKOHOM 06 06JIaCTHOM 6IO,n;)I(eTe, na CyMMy, He npeBhIIllaIOIUYIO 50 % CYMMh1 cooraercrnyioutero HaJIOra, nonneacantero ynnare aa nepnoa nOJIh30BaHHH HHBeCTHUHOHHh1M HaJIOrO Bb1M icpemrroxr. B Ka)l(,n;OM oneTHOM nepnone (He3aBl:ICHMO OT qHCJIa,n;oroBopOB 06 HHBeCTHUHOHHh1X HaJIOrOBh1X xpeznrrax) CYMMh1, aa xoropue yMeHhIIIaIOT C5I rrnarexn no HaJIOry, He MoryT npeasnnars 50 % paasrepoa COOTBeTCTBy IOIUHX nnarexea no HaJIOry, onpeneneansrx no 06IUHM npaBHJIaM (6e3 yxera HaJIHqHH noronopon 06 HHBeCTHUHOHHh1X HaJIOrOBh1X xpeznrrax). IIpH
r...aaa

100

4. MexaHI13M ynpaBAeHI111I1HBeCTI1l.ll1OHHOO AesrreJlbHOCTbIO

noxpsrraa

4.4. MeTOAl1'-reCKoe 06eCne'leHl1e ynpaBAeHI111I1HBeCTI1l.ll10HHbIM ncouecco«

101

aa,zJ,OJDKeHHOCTH,no KOTOpOH

o npaso 06)1(aJIoBaHHj{ B cy,n:e6HoM nopanxe pemenntl, ,n:eHcTBHH (6ea

ucnpauraaaerca HHBeCTHQHoHHblH HaJloroBbIH xpenar,a raiose nponenros

,n:eHcTBHj{)opraaos rocyztapcrnenaoa BJIaCTH, opranos MecTHoro cano yrrpasneuaa H HX ,n:OJI)I(HOCTHbIX JIHQ;

ooecnexeaaa, nocrarosnoro ,lI,JIj{

aa nOJIbaOBaHHe HHBeCTHQHOHHblMHaJlOroBbIM

xpeznrroa, Ha'iHCJIeHHbIX aa HCnOJIHeHHj{ 06j{3a

o soaneiuemre y6b1TKOB, npaxaaeaaux HM B peaynsrare He3aKOHHbIX

TeJIbCTB no B03BpaTy HHBeCTHQHOHHoro aanoroaoro xpenara MoryT 6bITb

,lI,eHCTBHH (6e3,n:eHcTBHj{) opranos rocynapcraemroa BJIaCTH, opranos MecTHoro caaoynpaaneaaa H HX ,n:OJI)I(HOCTHbIX JIHQ, B COOTBeTCTBHH C 3aKOHo,n:aTeJIbCTBOM POCCHHCKOH
aecs nepaoa ero ,lI,eHCTBUjI. Cnoc06aMH

ofiecnesenaa

nopyaarenscrsa, 3aJIOr HMyll.{eCTBa, B TOM 'iHCJIe B BH,n:e aKQHH, QeHHbIX 6yMar H naen B pasaepe He MeHee CTa npOQeHTOB CYMMbI npe,n:OCTaBJIj{eMO ro xpeznrra. 06eCIIe'leHHe HCnOJIHeHHj{ 06j{3aTeJIbCTB ,n:OJDKHO HMeTb BblCO KyIO crenens JIHKBH,lI,HOCTH. I1HBeCTHQHOHHblH HaJIOroBblH xpemrr MO)l(eT 6bITb npe,n:OCTaBJIeH na CpOK OT onnoro rona ,n:o nara JIeT.

Paauep npOQeHTHOH CTaBKHaa nOJIb30BaHHe HHBeCTHQHOHHbIM HaJIOro BblM xpeaaroa ycranaaaunaerca:

1) no aanory na npH6bIJIb B 'iaCTH, nocryrraioutea B 06JIaCTHOH 6IO,n:)I(eT, B cnysae npenocraaneaaa HHBeCTHQHOHHOro HaJIOrOBOro xpeznrra ua CpOK OT oanoro no nsyx JIeT -

3/4

B pasxepe

1/2,

cssnue zmyx JIeT

CTaBKH perpaaancapcaaaaa UeHTpaJIbHOrO 6aHKa POCCHHCKOH

2) no pefHOHaJIbHbIM

HaJIOraM -

B

pasuepe 1/2

CTaBKH perpanaacupo

BaHHj{ UeHTpaJIbHOrO 6aHKa P
15 % ro

,lI,OBbIX. TeXHOJIOfHj{ npe,ll,OCTaBJIeHHJ:lWpmlmUu uasecropaa co CTOpOHbl Cy6b exra P
aaunrrsr, .npHBJIeKaTeJIbHOH

,n:JIj{

{125].

Ha TeppHTOpHH POCTOBCKOH 06JIaCTH rapaarnpyrorca H 06eCne'lHBaIOT

o samara HHBecTHQHH; o ,lI,JIj{ocyntecranmoiuero HHBecTHQHoHHblH npoexr HHBeCTopa cTa6HJIb HOCTb YCJIOBHH H pe)l(HMa rapaarnpyerca B reseaae cpoxa oxynaeuo CTH HHBeCTHQHOHHOro npoetcra. MMHHHcTpaUHj{ r. Taranpora orpamrmeaerca CJIe.llYIOll.{HMH rapaarna MH BceM cy6'beKTaM HHBecTHQHoHHOH ,n:ej{TeJIbHOCTH HeaaBHCHMO OT epOPM c06CTBeHHOCTH {t8]:

o otiecnexeaae pasnstx

npas UpH oCyll.{eCTBJIeHHH HHBecTHQHoHHOH ,n:ej{TeJIbHOCTH H nOJIy-qeHHH MYHHQHnaJIbHOH nonaepsxa na reppn TOpHH r. Taraapora:

o rJIaCHOCTb B 06cy)l(.ll:eHHH HHBeCTHQHOHHbIX npoexros; o 6ecnpenj{TcTBeHHoe HCnOJIb30BaHHe nonyseaastx ,n:OXO,n:OB OT HHBe CTHQHHH nenescnsrx cpencrs nOCJIe ynnarsr COOTBeTcTByIOll.{HX HaJIO rOB H C60pOB. .

Paapaoarsraaeasre HopMaTHBHbIe npaaossre aKTbI opraaos MeCTHoro caxoynpaaneaaa na OCHOBe epe,n:epaJIbHOrO 3aKOHO,ll,aTeJIbCTBa H saxonona TeJIbCTBa cy6'beKTOB POCCHHCKOH
ca pOCCHHCKHM H HHocTPaHHbIM HHBeCTopaM, a TaK)I(e BceM HHbIM cy6'beK

4.4~ MerOAH'fecKoe 06eCne'feHJjte

TaM HHBeCTHQHOHHOH ,n:eJ:lTeJIbHOCTH, oCyll.{eCTBJIj{IOll.{HM HHBeCTHQHOHHYIO

ynpaBAeHHSI HHBeCTH~HOHHbIM

,n:ej{TeJIbHOCTb, He3aBHCHMO OT opraHH3aQHOHHo-npaBOBbIX epOPM H epOPM c66cTBeHHOCTH

o

paansre

{t4]:

npasa npa oCyll.{eCTBJIeHHH HHBeCTHQHOHHOH ,n:ej{TeJIbHOCTH

H nOJIy'leHHH rocynapcraeaaoti nonaepsoca;

o rJIaCHOCTb H OTKPbITOCTb npouenypu npHH5!THj{ peureaas 0 npenocraa JIeHHH rocyzrapcrseaaoa nonztepzoor;

o 6ecnpeIIj{TCTBeHHoe HCnOJIb30BaHHe nonyvennux ,n:OXO,n:OB OT HHBe CTHQHH H ,lI,eHe)l(HbIXcpencrs nOCJIeynnarsr COOTBeTcTByIOll.{HX HaJIO roa H C60pOB;

npO~eCCOM

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Thir;: prO.j~"t supposes ccnstrocuan cr tI"-;1iI Gq\J;' r.~~l:. {;fJmrm.lI"l\~ iii IldJ;lI C"mpllllOl. with ;,Ilj··mur"; 5er ...ic~n':l $"ysLqrl'l, u!l-tl-·e-,·eitr-rnur-(J :;wlmmir:g pOOl wltn ..,.r:c(l'\i .......ter aHra~t,o..,!:.. a'l: wf!li as !T.;'Irii:19 Ct.1"1~ll"':.' wnh sf:lo/eral m~l"':$""f't~. srlt:!ck ua-s, car':l iYl.:!shop'! ~f tne .a!::Jccl.!tE'd c;;ood!: usee 'or water (J;lCrt"~t:r;ll end 8nt~.":"'!M!:"r1 oIl':.t\· ..i~i ..s.

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PHC.

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123

o 3a,neHcTBOBaHHjI npoexruux cpeacrs ynpaanenaa ,nJIjI peaJIH3al.{HH HHBecTHUHoHHOH rrOJIHTHKH' B'IaCTHOCTH: paJpa60TKH anropnrxarpop MHpoBaHUjI rrOJIHTHKH H nocneztytoruea ee xoppesraposxn. nponenyp orfiopa HHBeCTlfUHOHHbIX npoexros H rrpOBePKH HXaa peannsyeaocrs; o B3aHMo,neHcTBHjI nonpaaneneana a,nMHHHCTpal.{HH (BepTHKaJIbHOrO H roPH30HTaJIbHOro) rro cTpaTefH'IeCKHM sonpocasr BO B3aHMOCBjI3H C TeKylUHMH eonpocasia ¢>OpMHpOBaHHjI If peaJIH3aUHH HHBeCTHl.{H OHHOH rrOJIHTHKH; o opraaasauaa aopaaraaao-npasoaoro, MeTo,nH'IeCKoro· H HH¢>opMa uaounoro ofiecneaeaaa MexaHH3Ma ynpaaneaaa HHBeCTHl.{HOHHOH ,nejITeJIbHOCTblO na TeppHTOpHH MyHHl.{HrraJIbHOrO 06pa30BaHHjI;

o opraaaaauna pa60T C MeCTHblM cootimecraoa no peanaaauna HHBe CTHl.{HOHHOH CTpaTefHH H np. IIpaKTHKa noxasusaer, qTO ,nejITeJIbHOCTb rro nOBbImeHHIO' HHBeCTHl.{H OHHOH rrpHBJIeKaTeJIbHOCTH npennpasran, pacrronoaceanux na reppnropaa MyHHl.{HrraJIbHOrO 06pa30BaHHjI, HOCHT e,nHHHqHbIH xapaxrep. Ilpezmpa jITHjI, Hy*,nalOmHeCjI B HHB~CTHl.{HjIX, npeauymecrseaao He rOTOBhI K HX rrpHHjITHIO. QT06bl CTaTb rrpHBJIeKaTeJIbHbIMH ,nJIjI HHBeCTQpOB, neotixona MO peunrrs KOMrrJIeKC rrp06JIeM rro pecrpyxrypaaanan 6H3Heca, aHaJIH3Y KOH'bIOHKTypbI csrpseasrx II rroTpe6HTeJIbCKHX pblHKOB, nonrorosxe HHBe CTlll.{HOHHbIX Mer.wpaH,nyMoB, Bbl60py HHBecTopoB, xoropsre 6y,nyr MaKcH~ MaJIbHO oraevars crpareran PaJBHTHjI npezmpasrua. Ilpaanexenne HHBeCTHUHH H peanaaauaa llHBecTHl.{HoHHbIX npoexros Tpe6YlOT npopeccaonansaoro lIHBeCTHl.{lIOHHO-KOHCaJITHHroBoro cOrrpOBOJK ,neHHjI. Ho BO MHOfHX roponax oTcyTCTByeT rrpo¢>eCCHOHaJIbHM crpyxrypa, cnocofiaaa CTPYKTYpHpoBaTb ,nejITeJIbHOCTb npennpuarna B COOTBeTCTBHH CO CTaH,napTaMH noreauaansnoro HHBeCTopa Hopraaaaoaars ¢>HHaHCHpOBa HHe. A,n:MHHHCTpal.{HjI MyHHl.{HrraJIbHoro 06paJoBaHUjI, B C6010 osepeas, He HMeeT B03MOJKHOCTeH H pecypcosocyntecranars no,n06HYIO ,nejITeJIbHOCTb. AHaJIH3 HaHJIY'IlIIeH MHpOBOH rrpaKTHKH noxasan, qTO peureanex HMe IOmHXCH rrp06JIeM MOJKeT CTaTb nstaeneane H nepenaxa qaCTH ¢>YHKl.{HH op raHOB MeCTHoro casroynpaaneans, He06xo,nHMbIX ,l(JIH rrOMep*KH HHBecTH l.{HOHHOH ,neHTeJIbHOCTH, He3aBHCHMOH rrpo¢>eCCHOHaJIbHOH crpyxrype [79]. TaKHM06paJOM, ,nJIH npanaaas neneaanpasnennoro xapaxrepa ,naHHoMy npoueccy C l.{eJIblO aKTHBH3al.{HH HHBecTHl.{HoHHOH ,neHTeJIbHOCTH B MyHH l.{HrraJIbHOM 06paJoBaHHH l.{eJIeC006paJHO C03,naTb He3aBlfcHMYlO OT BJIHjIHHjI opraaos MecTHoro cauoynpaaneaaa rrOCTOHHHO ,neHCTBYlOmylO CTpyKTYPY C3a,naqeH opranaaauaa HHBeCTHl.{HOHHOH ,neHTeJIbHOCTH BJIOKaJIH30BaHHOM rrpOCTpaHCTBe ropozta, £10 MOrJIH 6bI CTaTb HeKOMMepqeCKHe opraaasauaa (arenrcrsa, ¢>OH,nbI, accounauaa), xoropsre B JIHl.{eCBOHX yspeznrrenea

rNlBa

124

4. MexaH~3M ynpa8l\eH~S1 ~HBeC'n1~OHHOO AesJTeN>HOCTblO

KOHTPOAbHble eonpocu

cxoryr 061>e.n:HHHTb mrrepecu scex yxacraaxoa HHBeCTHl.(HOHHoronp0l.(ec

125

D HCCJIe.n:oBaHHe HHBeCTHl.(HoHHoro KJIHMaTa repparopna, naysenae

ca B MYHHl.(HnaJIbHOM 06paaOBaHHH. yqpe.n:HTeJUIMH no.n:06Hblx HeKoMMep

TeHJJ:eHl.(H" ero COl.(HaJIbHO-3KOHOMHlJeCKoro pa3BHTHSl;

lJeCKHX opraaaaauaa MOryT 6b1Tb MeCTHhle aJJ:MHHHCTpal.(HH.
D onpezeneane nOTpe6HoCTH B HHBeCTHl.(HSlX H
CTPYKTYpbl, nay-mere yqpeX<.neHHSl, aynnropcxae
peryJISlTOpOB, CTHMyJIHpyIOruHX HHBeCTHl.(HOHHYIO .n:eSlTeJIbHOCTb;

npennpasras H opranaaauaa MYHHl.(HnaJIbHoro 06Pa30BaHWI [131]. MMHHHCTpal.(HSl MYHHl.(HnaJIbHOrO 06paaoBaHHSl MO:lKeT nopyxars op

D nonroronxa H peanaaauas Mep no npHBJIeqeHHIO oresecraeaasrx H HHO. CTpaHHblX HHBeCnil.(H";

raHH3al.(HIO HHBecTHl.(HOHHOronpouecca TpeTbHM JIHl.(aMnYTeM nponeaenas

D

opraaaaanaa-nooemrre JIIOHopMaTHBHblM npasoasnr aKTOMaJJ:MHHHCTpal.(HH npacsaasaerca CTaTYC

OTKPblTOro KOHKYpca. no pe3YJIbTaTaM KOHKYpca

paspacorxaaanpaaneaaa COBepmeHCTBoBaHHSl HHBecTHl.(HOHHOH no JIHTHKH MYHHl.(HnaJIbHoro oopaaoaasaa, a TaIOKe MexaHH3MoB H HH CTpyMeHTOB HX peaJIH3al.(HH, aJJ:eKBaTHbIX H3MeHeHHSlM B 3KOHOMHlJe

areHTCTBa HHBeCTHl.(HOHHOropaaBHTHSl naanoro MYHHl.(HnaJIbHOrO 06paao

CKOH CHTYal.(HH;

BaHHSl H 3al(JIIOlJaeTCSl KOHTpaKT na oxaaamre ycnyr .n:JUI MyHHl.(HnaJIbHblX

D ofecnexenue YCJIOBH" MSl60JIee HHTeHCHBHOH paapaoorxa npoexros,

HyX<.n no opranaaauan anaecrauaoaaoro npouecca H npHBJIeqeHHIO HHBe CTHl.(H" aa CPOK He 60JIee nSlTU JIeT.

npe.n:HHBeCTHl.(HOHHO" nonroroaxa npennpaarna, pacnoncosenasix

0PraHH3allHOHHaSI cTpYKTYPa ynpaanenaa HHBeCTHl.(HoHHOH .n:eire.nbHo CTbIO B CHCTeMe KOMllJIeKcHoro COl.(HaJIbHO-3KOHOMH'{ecKOro paaBIITIDI CBbIJJ:e

aa TeppHTopHH MYHHl.(HnaJIbHoro oopaaosanas;

D paapaoorxa npe)l,JIO)KeHH" no CTpaTerHlJeCKH Ba)KHblM .n:JISl M)'HHl.(H nansnoro 06Pa30BaHHSl HHBeCTHl.(HOHHblM

JIeHHeMareHTCTBaIlHBecTHl.(HOHHOro paaBIITIDI npencraaneaa na pHC. 4.15. I1H<j>optooallMOHHoe AreHTCTBO 06ecIHl'tllHMe I1HBeCTI114110HHOro

pa3BHTHSl CllopMMpoeaHMe 11H88CTMllMOHHOli

nonI1T11KM, paapa60Tlca HODMa1MeHO npaBOBolI 6a3b1 ~ CMcTeMa

OpraHbI MeCTHoro caMoynpaBJIeHHSl

1lep8M'l1l8~ MHcj)oPM81lM~

OpraHbI CTaTMCTI1KI1

D
ynp8B118Hl1e

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paaaemenaa COrJIaCHO B03MO:iKHOCTSlM HH:iKeHepHO" HH
D ocymecraneaae opraaaeaunoaaoro COnpOBO:iK.n:eHHSl HHBeCTopoB na

88HMe

repparopaa

lo1HBeCTH14110HHblH cjlOHA

61OA*eTHb18 Cpe,QCTB8

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~

.~ Tpacrosoe

,I,

npeauyurecrs MYHHl.(HnaJIbHoro 06pa30BaHHSl B cpene nOTeHl.(HaJIbHblX

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~

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.

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H8"HB8CTl1pOBBHMe

npoexrax, HX opaetrrnpo

BOlJHblX napaxerpos, nposeaeaae 3KcnepTH3b1 npoexros;

I1H88CTMllMl1 ..

MYHHl.(HnaJIbHOrO 06pa30BaHHSl, Bl(JIIOlJaSl nOHCK HHBe

CTHl.(HOHHOH llJIOm;aJJ:KH H/HJIH naprnepa, opranaaanas H yxacrae B ne perosopax, npeacraaneaae aarepecon BO BJIaCTHbIXopranax;

..

510AJKeT

D paapaoorxa npe.n:JIO)KeHHH no pa3BHTHIO HH
HHBeCTHl.(HH;

Puc. 4.15. OpraHH3aUHOHHaR crpyxrypa ynpaaneaaa HHBeCTHIlHOHHoit ttej/Te.JIbHOCTblO ua repparopaa MyHHUHnaJIbHoro o6paaoBaHHj/1

D nposeneaae aHaJIH3a
npaoparerasre

OT

paCJIH H cexropsr 3KOHOMHKH;
BJIeqeHHIO HHBecTHl.(HH.

KOHTpOAbHble BOnpOCbl

oopaaoaaans [29]: Kopo609 E. K.• HeuupoeA. JI. Crparerna MYHHl\HlIaJIbHaJI BJlaCTb.

D HHble
1998. - .N!! 2.

CMaJIbiX

uraros»

H KyMyJllITHBHblH a$l>eKT / /

1.

qTO ~pe.n:CTaBJISleT C060H MexaHH3M ynpaanenas HHBeCTHl.(HOHHOH .ueSlTeJIbHOCTbIO aa yposne MYHHl.(HnaJIbHoro oopaaosaaaa?

rNlBa

126

4. MexaHl-13M ynpaBAeHl-1S1l-1HBeClVll.\l-10HHOO AeSlTeAbHOCTblO

2. Ilepesucnare OCHOBHbIC COCTaBJHIIOIl(lIe MexaHH3Ma ylIpaBJICHHH lIH BecTlIIJ:1I0HHOH lleHTeJIbHOCTbIO.

3.

PacKpoHTC CYIl(HOCTb pecypcnoro 06CCIICqCHHH lIHBCCTlIIJ:1I0HHOrO

nponecca, 4. Kaxne cymecTBYIOT

lICTO'lHlIKlI
rAasa 5. HHsecn'tUHOHHbIH KAHMaT

MyHHUHnaAbHoro 06pa30saHHSI

H TeXHOAorHSI ero oueHKH

llCHTCJIbHOCTlI?

5.

OIIHIIIHTe CXCMY
caaorpanancaposaaas

lIH

BCCTI1IJ:HOHHbIX "POCKTOB aa cser IIp1l6bIJIli opraHH3aIJ:1I1i.

6. KaKYIO POJIb nrpaer PblHOK IJ:CHHbIX 6YMar B pecypcaov 06eCIIC'leHHH HHBCCTlIIJ:HOHHOro rtpouecca?

7. OxapaKTepH3YHTC BHllbI

rocynapcrneuaoro
CTlIIJ:1I0HHOH .lJ:CHTCJIbHOCTli.

8. KaKoBbI IICpClIeKTIIBbI pa3BIITHH JIH3l1Hra KaK HCTpa,n:MIJ:MOHHOro CIIO 9.

5.1. nOHSITHe HHBeCTHLlHOHHoro KAHMaTa

MyHHUHnaAbHOrO 06pa30BaHHSI

cofia "pllBJIC'leHHH xanarana?

B COBpeMCHHblX YCJIOBHHX B CHCTCMC HarrpaBJIeHHH

PacKpoHTC ocooeanocra uen-rypnoro HHBCcTHpoBaHliH.

JIHTHKlI "PliOPHTCTHoe MCCTO OTBOllHTCH C03llaHHIO 6JIarolIpHHTHoro HHBe

iO.KaKoBa POJIb lIHOCTpaHHbIx lflIBCCTMIJ:lIH B PCCypCHOM 06CCIIC'lCHUH

11. lIepc'luCJIMTC HopMaTIIBHbIC rtpasoasre arcrsr, pCrJIaMeHTlIpyIOIl(IIC HHBe CTlIIJ:1I0HHYIO llCHTeJIbHOCTb aa ypOBHC MYHlIIJ:lIIIaJIbIIoro 06pa30BaHliH.

12. OxapaKTcp1I3YHTC
CH IIpH aHaJI1I3C HHBCCTHIJ:1I0HHbIX IIPOCKTOB?

BKJIIO'laeT l1HBCCTHIJ:HOHHbIH IIaCIIOpT MYHlIIJ:HlIaJIb

II oxapaKTcpH3YHTC 3TalIbI C03llaHHH HHBCCTHIJ:HOHHOro

06CCrrC'lCHHH HH

BCCTHIJ:HOHHOH llCHTCJIbHOCTH? H oxapaxrepnsyare opraH1I3aIJ:HOHHYIO CTpYKTYPY ynpan

JICHHHlIHBCCTlIIJ:1I0HHOH llCHTCJIbHOCTbIO na TCPPHTOPliH MYHHIJ:lIIIaJIb noro 06pa30BaHHH.

19. lICpC'lllCJIHTe

HHIJ:HlIaJIbHOro ofipaaoaanna.

06eCnC'lCHHH IIpHHHTHH y"paBJIeH'lCCKOrO peureuns na MYHHIJ:HlIaJIbHOM

MYHHIJ:lIIIaJIbHOrO 06pa30BaHHSI.

1UlUMam MY1luu.unaJlb1l0lO 06pa306a1lU1l -

CHCTeMa

COIJ:lIaJIbHbIX, 3KOHOMHQCCKHX, opraHH3aIJ:HOHHbIX, IIpaBOBbIX, IIOJIHTH'le CKlIX, COIJ:1I0KYJIbTypHbIX IIpellIIOCbIJIOK, npenonpeztenmounrx IIpHBJICKa TCJIbHOCTb H IJ:eJIeC006pa3HOCTb HHBCCTHpoBaHHH B 3KOHOMHKY MYHHIJ:H

[127].

I1HBcCTHIJ:HOHHbIH KJIHMaT onpellCJIHCTCSI B3aHMolleHcTBHeM llBYX ero COCTaBHblX QaCTeH -

nacnopra MYHHIJ:HlIaJIbHOrO 06pa30BaHHH.

18. OlIlIIllHTC

HbI B TCX MYHHIJ:lIIIaJIbHbIX 06pa30BaHHHX, rzte llJ!H3Toro HMCIOTCH HaHJIY'!m~e YCJIOBHH, II03TOMY BaJKHYIO POJIb B HH
IIaJIbHOro 06pa30BaHHH H crenens pCaJIH3aIJ:HH 3THX B03MQ)I
Horo06pa30BaHHH?

17. B 'lCM 3aKJIIO'laeTCH CYIIJ:HOCTb opraHH3aIJ:HOHHOro

[131).

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Hneecmuuuouuuii

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IJ:HOHHOH .lJ:eHTCJIbHOCTH'Ha ypOBHC MYHHIJ:lIIIaJIbHOrO 06pa30BaHHH.

16. OIIHIIIHTC

naJIbHOrO 06pa30BaHHH

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13. KaI
15. KaKHc paaztensr

CTHIJ:HOHHoro KJIHMaTa, BbICTy"aIOIl(CrO B KaQeCTBe 6a30BOH "pC.lJ:nOCblJIKH aKTlIB1I3aIJ:HH lIHBCCTHIJ:HOHHOH llCHTCJIbHOCTH na TCppHTOPHH MyHHIJ:H

HHBCCTHIJ:1I0HHOrO npouecca?

14. Ha30BHTc

IIHBeCTHIJ:HOHHOH no

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OHHOH aKTlIBHOCTli (pHC.

5.1).

Ilon uueecmuuuonnou npuesexamensnoamao

MYHlIIJ:HlIaJIbHOro oopaso

BaHHH nOHHMaCTCH CHCTCMa HJIH COqeTaHHe pa3JIHQHblX 06beKTHBHblX npn 3HaKOB, CpCllCTB H orpaaaxeaaa llJIH MaKCHMaJIbHO B03MO)KHOrO IIpHBJIC'leHHH lIHBCCTlIIJ:HH

[89].

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rAaBa 5. lt1HBeCTI1I..\110HHbIH KAWvlaT 11 TexHoAOrl1Sl ero Ol..\eHKI1

128

5.2. AHai\l13 MeTOAOB Ol..\eHKI1 HHBeCTI1I..\HOHHOro Ki\I1MaTa TeppHTOpHaJIbHbIe paJJIHtIHH B

MHBECTM14MOHHblA KJ1MMAT MYHM14MnAllbHOrOO&PA30BAHMSI

129 .

aopxax npH6bIJIH OT BJIO)f(eHHblX HHBe

CTHUHOHHbIX pecypcos B 3KOHOMHKH PaJHbIX MYHHUHrIaJIbHbIX 06paJOBaHHH nrpaior 3HatIHTeJIbHYlO POJIb B paJBHTHH ropoztoa, 51BJIHHCb Ba)f(HOH xapax TepHcTHKOH HX HHBecTHUHoHHOH rIpHBJIeKaTeJIbHOcTH. ECJIH O)f(H,uaeMaH

Ii1HBeCTLoIl-llltOHHaR aKTlItBHOCTb B

nopxa rIpH6bIJIH

MO

B repone oueHHBaeTC5I KaK BbICOKaH, TO ¢HHaHCOBbIe HH

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cnenaansre

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report

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HOBbIe, yCHJIHBaH Me)f(MYHHUHrIaJIbHOe uepaaencrso

PRe. 5.1.

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[78].

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H HH3KHMH TeppHTOpHaJIbHbIMH HHBeCTHUHOHHbIMH pHCKaMH, 'ITO

euueecmuuuonuuii nomenuuan»:

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KOBaHHH xareropan

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D

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er He3HatIHTeJIbHbIM HHBecTHUHoHHbIM nOTeHUHaJIOM H BbICOKHMH

COB);

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.

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.

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D KOJIHtIeCTBeHHaH xapaxrepacrmca, ytIHTbIBalOIIIaH OCHOBHble COUHaJIb HO-3KOHOMHtIeCKHe rIOKaJaTeJIH PaJBH'fHH MyHHUHrIaTIbHoro

ofipaao

BaHHH.

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BepOHTHOCTb HerIOJIHoro

[72]

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[131].

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uexoropsre orpaaasenaa, rIperIHTcTBylOIIIHe IIpHBJIetIeHHIO HH

BecHIUHH B ropoztcxyio 3KOHOMHKy.

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KBaJIH
Teppumopuansuuii uneecmuuuonuuii pUCK paJOBaHHH;

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B MyHHUHIIaJIbHOM o6paJoBaHHH -

3TO

5.2. AHaAH3 MeTOAOB oueHKH HHBeCTHUHOHHoro

KAHMaTa TeppHTOpHaAbHO-X03S1HCTBeHHbIX CHCTeM

paapaooraasr oopaao

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B HaCTOHIIIee BpeMH B 3KOHOMHtIecKOH aayxe He,uOCTaTOtIHO

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MeTo,uHKH ouemcn HHBeCTHUHoHHOro KJIHMaTa MyHHUHrIaJIbHOro

ropoaa,

BaHHH, BMeCTe C TeM cYIIIecTB¥eT ,uOBOJIbHO 60JIbIIIOe KOJIHtIeCTBO MeTo,uHK

I1HBecTHUHoHHbIH CrIpOC H HHBeCTHUHOHHoe npeanoaceaae na MeCTHOM HHBeCTHUHOHHOM psnnce B3aHMo,ueHCTBYIOT TaKHM 06paJOM, 'ITO npn HOp MaJIbHOH.HHBecTHUHOHHOH rIpHBJIeKaTeJIbHOCTH H HHBeCTHUHOHHOH aKTHB HOCTH ,uOCTHraeTC5I HX OTHOCHTeJIbHOe COBrIa,ueHHe, paBHOBeCHe

[121].

H TeXHOJIOrHH oueaxa HHBeCTHUHollHOro KJIHMaTa cy6'beKTOB POCCHHCKOH C1>e,uepaUHH. BOJIbIIIHHCTBO Be,uYIIIHX 3apy6e)I(HbIX H OTetIeCTBeHHblX 3KOHOMHtIeCKHX H np.), a 'raiose

PaeOCKUU C. B. HHBeCTlU.\HOHHaJI aKTHBHOCTb B KOB. -

M.: 3KoHoMHKa, 2006.

peruoue /

c. B. PaeBCKHM, A. r. Tpcrss

~3KCrIepH xpyrmux 3KCrIepTHbIX areHTCTB (Moody's, Arthur Andersen.

H3,uaHH" (TaKHx KaK Euromoney, Fortune, The Economist,

Standart&Poor's, IBCA H np.) peryJI5IpHO OTCJIe)I(HBaIOT HH<popMaUHIO o COCTOHHHH HaUHOHaJIbHbIX H TeppHTOpHaJIbHbIX HHBeCTHIIHOHHbIX

5-11""'

rllBBa 5. V1HBeCTI1Lll'lOHHbIH KAI1MaT 11 TexHOllorl1S1 ero OueHKI1

130

5.2. AHaIII13 MeTOAOB OlleHKl1l1HBeCTI1Lll'lOHHoro KIII1MaTa

KOMnJIeKCOB [74]. Ha ee OCHOBe ny6JIHKYIOTCSl pearaara HHBecTHUHoHHOH

peruoaos, MeTo,n;HKH COCTaBJIeHHSl TaKHX peHTHHroB npe,ZJ;JIaraIOTCSl caxsre Pa3JlH1.J:

131

B MeTo,n;HKe COCTaBJIeHHSl KOMnJIeKcHoro pearnnra HHBecTHUHoHHOH

npHBJIeKaTeJIbHOCTHHaUHOHaJIbHbIX 3KOHOMHK H

rrpHBJIeKaTeJIbHOCTH pOCCHHCKHX perHOHOB, pa3pa6oTaHHOH areHTCTBOM

asre. O,n;HaKO MO)KHO BbI,ZJ;eJIHTb H 06IIIHe 1.J:epTbI.

KaJaTeJIeH peraoaansnoro pa3BHTHSl B CTaTHKe H ,n;HHaMHKe, a TaK)Ke as

1. B

Ka1.J:eCTBe HCXO,n;HOH HH<popMaUHH ,n;JISl COCTaBJIeHHSl peHTHHroB

HHBecTHUHoHHOH npHBJIeKaTeJIbHOCTHHCrrOJIb3YIOTCSl CTaTHCTWieCKHe naansre no pa3BHTHIO TeppHTOpHaJIbHO-X03SlikTBeHHbIx KOMrrJIeKCOB,

.3KcrrepT PA., HCnOJIb3yeTcSl 60JIbIIIOe KOJIH1.J:eCTBO CTaTHCTH1.J:eCKHX no ropcxae

rrOJIb30BaH~eM nannoro srerona rroxaaaa na pHC.

,n;oBaHHH.

2.

I

crenena HCnOJIb3YIOTCSl axcneprusre ouenxa. OTe1.J:eCTBeHHble H HHO

IOlleHK8 ~HBecTHllHoHHoronoreauaana I

HHTerpaJIbHOH ouemce,

3. COCTaBJIeHHe peitraara BKJII01.J:aeT CJIe,n;yIOIIIHe aranu:

HO, rro MHeHHIO axcrrepros, OTpa)KaIOIIIHX COCTOSlHHe HHBeCTHUHOH-,

nOTpe6MTenbCKMI1

nOTeHllHan

2) Ka)K,ZJ;OMy rrOKaJaTeJIIO HJIH rpyrrrre O,n;HOpO,n;HbIX rroxasarenea npa BKJIa.n;y B HHBecTHUHoHHyIO rrpHBJIeKaTeJIbHOCTb pernoaa:

Meronaxa

COCTaBJIeHHSl xosmacxcaoro

pearaara

HHBecTHUHoHHOH

2.

94J.

H 4>I1HaHcoB~M nOTeHllI1an

L..j

TpYAOBOM noresuaan

3. PeHTHHroB
Iyanep, B. H.

XapHToHoBOHH

11. A. BH)KHHOH

[43J.

Iloaxon K ouenxe HHBecTHUHoHHOH aKTHBHOCTH B peraoaax, OCHOBaH~ HbIH Ha xareropna ~PbIHOQH
5. Meroznnca ouenxa 06IIIeH HHBecTHQHOHHOH npHBJIeKaTeJIbHOCTH perno HOB,npe,ZJ;JIO)KeHH
H H H L..j

nOnMTM'leCKMI1pMCK COllManbH~11 pHCK 4>MHaHcoB~11 pMCK

II-

r r r

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I-

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r

HHTerpanbH~e pel1TMHrM no KWKAOMy perMoHy

no MHBeCTHllHOHHOMY nOTeHlll1any

no HHBeCTMllMOHHOMY PI1CKY

PacnpeAeneHl1e perMOHOB POCCHI1 no rpynnaM C pa3nM'lHWMI1 ycnOBI1RMl1l1HBeCTl1pOBaHMR

PRe. 5.2. MCToJ\HKa oueaxa HHBeCTHUHOHHOH rrpHBJIeKaTeJlbHOCTH perHOHOB P
.

Meronaxa 3KOHOMHQeCKOrO nenaprasrenra DaHKa ABCTpHH,[87]. 're C. C.

B HHBecTMllI10HHWI1 KnMMaT POCCMI1 HHOCTpaHCKHe Hwe 3KCnepTbI 3KcnepTW

TypMCTM'feCKI1I1 noresuaan

rrpHBJIeKaTeJIbHOCTH pOCCHHCKHX perHOHOB, paapaooraaaas KOHCaJITHHrOBbIM areHTCTBOM ~3KcrrepT P A» [74;

nosaaarenea

HHHOBallMOHHWI1

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1.

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nOTeHllI1an

3) paCCtIHTbIBaeTCSl unrerpansaaa oueaxa HHBeCTHUHoHHOro' KJIHMa

pMCK

3KOHOMH'leCKMI1 pMCK 3KcnepTHaR ouesea

eecoa BKnaAB

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nOTeHllI1an

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JIHCTaMH.

i4 3aKoHoABTenbH~11

rlpOM3BOACTBeHHWI1

nOTeHllI1an

H

aoro KOMIlJIeKCa reppnropaa;

Paccaorpaxr HmKeCJIe,n;yIOIIIHe MeTo,n;bI oueaxa HHBeCTHUHOHHoro KJIH MaTa perHOHOB, paapafioraaasre OTe1.J:eCTBeHHbIMH H 3apy6e)KHbIMH cneuaa

I OlleHKa MHB8CTMllHOHHoro pMCKa

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.

1) BbI6HpaeTcSl H 060CHOBbIBaeTCSlHa60p noxaaareneii, HaH60JIee ros

I

rpynmtpOBKa CTantCTM'lecKHX noK83aTenel1 .1 C nOMOU\b1O KOppenRl..\MOHHO-perpeCCHOHHoro aaanasa

crpaaaue sxcrrepru rrpHBJIeKaIOTCSl ,n;JISl
5.2. '

MCXQAHaAMH~pMa~A

IIpH COCTaBJIeHHH rrpaKTH1.J:eCKH scex peHTHHroB B TOH HJIHHHOH

reppnropaa, H ouemor BeCOB 3THX rrOKa3aTeJIeH B peaynsrapyxnueit

xapaKTepH3yIOIIIHe COCTOSlHHe HHBecTH

MeXaHH3M ouemor HHBecTHllHOHHOH rrpHBJIeKaTeJIbHOCTH peraonos CHC

aaxonoztarensasre aKTbI, HMeIOIIIHe oTHoIIIeHHe K peryJIHpOBaHHIO HHBeCTHUHOHHOH ,n;eSlTeJIbHOCTH, pe3YJIbTaTbI CTaTHCTH1.J:eCKHX HCCJIe

pacxerasre noxaaarena,

UHOHHOro KJIHMaTa perHOHOB H HX rrpHBJIeKaTeJIbHOCTb,ZJ;JISl rrOTeHUHaJIbHbIX HHBecTOpoB.

Pe3YJIbTatbI

penraaroasrx

ouenox rrpe,n;CTaBJISlIOTCSl B BH,n;e MaTpHUbI

pacnpenenenns peraoaos POCCHH rro YCJIOBHSlM HHBecTHpoBaHHSl, rne no BepTHKaJIH BBO,n;HTCSl KJIaCcH
H. H. POH3MaH, A. r. Illaxaasapoauu H 11. B. Ipa

1. BblCOKHH

IIIHHOH [41; 42; 97; 133].

2. 5"

rrOTeHUHaJI - MHHHMaJIbHblH pHCK

(1A).

Cpe,n;lIHH rrOTeHUHaJI - MHHHMaJIbHbIH pHCK (2A).

132

rAaBa 5. l-1HBeCTI1L\I1OHHbIH KAHJo.'.aT 11 TexHOAorl1S1 ero OL\eHKI1

3. HH3KHHnOTeHUHaJI - MHHHMaJIhHhIH pHCK (3A).

4. BhICOKHH nOTeHUHaJI - yMepeHHhIH pHCK (lB). 5. Cpe,llHHH nOTeHUHaJI - yMepeHHhIH pHCK (2B). 6. TIoHH)KeHHbIH noreauaan - yMepeHHhIH pHCK (3Bl). 7. He3HaqHTeJIbHhIH nOTeHUHaJI - yMepeHHhIH pHCK (3B2).

8. BhICOKHH nOTeHUHaJI - BhICOKHH pHCK (lC). 9. Cpe,n;HHH nOTeHUHaJI - BhICOKHH pHCK (2C). 10. TIoHH)KeHHhIH nOTeHUHaJI - BbICOKHH pHCK (3Cl). 11. He3HaqHTeJIbHbIH nOTeHUHaJI - BbICOKHH pHCK (3C2). 12. HH3KHHnOTeHUHaJI - aKCTpeMaJIhHhIH pHCK (3D). . COrJIaCHO MeTo,n;HKe, pa3pa60TaHHoH 3KOHOMHqeCKHM nenapraaenrox EaHKa ABCTpHH, npoH3Bo,n;HTCH ouemca nOKa3aTeJIeH HHBecTHUHoHHOH npHBJIeKaTeJIhHOCTH peraonon POCCHH B6aJIJIax OT 1 zto 10. BnOCJIe,n;cTBHH BhIBO,n;HTCH 06mHH 6aJIJI pernoaa no K~OH H3 11 n03HUHH. 1. TIOJIHTHqeCKHH peHTHHr. 2. 3KOHOMHqeCKHH peHTHHr. 3. HHaHCQBhIH H 6aHKoBcKHH peHTHHr.

4. TIpHBaTH3aUHoHHbIH peHTHHr. 5. COcToHHHe psnnca rpyzta, 6. Pa3BHTHe rpaacnopra, CBH3H H KOMMyHHKaUHH.

7. LIeMorpaqmqecKHH peHTHHf. 8. 06mHH COUHaJIbHbIH peHTHHr.

9. 3THOnOJIHTHqeCKHH peHTHHr. 10. Ilosezteaae HaCeJIeHHH. 11. 3KOJIOmqeCKHH peHTHHr. B HCCJIe,n;OBaHHH, nposeaenaox 3KOHOMHqeCKHM nenapraaearox EaHKa ABCTpHH, K~bIH peraoa nOJIyqaJI TpH ouenxa. 1. Ieaepansaua peHTHHf,nOJIyqeHHhIH H3pacxera ouenox rpynn nosa 3aTeJIeH C yxeron HXsecosoro Koaep B COOTBeTCTBHH C nOJIyqeHHOH onenxon HHBe CTHUHOHHOH npHBJIeKaTeJIhHOcTH. 3. Onpeneneaae HHBecTHUHoHHOH cHTyaUHH Bperaone KaK OTHOCHmeH CH K O,n;HOMy H3CJIe,n;YIOmHX KJIaCCOB: • 1-H xnacc - 6JIaronpHHTHaH cHTyaUHH ,n;JIH BJIO)KeHHH KanHTaJIOB; • 2-H xnacc - OTHOCHTeJIhHO 6JIarOnpHHTHaH cHTyaUHH; • 3-H KJIacc - npoTHBOpeqHBaH cHTyaUHH; • 4-H KJIacc - He6JIaronpHHTHaH cHTyaUHH;

5.2. AHaNo13MeTOAOBOL\eHKI1I1HBeCTI1L\110HHOro KIIl1fo.11aTa

1.33

• 5-H xnacc - cepsesno He6JIaronpHHTHaH cHTyaUHH; • 6-H KiIacc - OnaCHaH,llJIH BJIO)KeHHH KanHTaJIOB cHTyaUHH.

Meroa, npe,n;JIO)KeHHhIH C. C. Iysnep, B. H. XapHToHoBOH H 11. A. BH )KHHOH, npennonaraer paccaorpenae lfHBeCTHUHoHHOro pernonansnoro KJIHMaTa BO B3aHMOCBH3H CTHnOM nocnpoaasoncraa, npacyunor TOMy HJIH HHoMyperaony. TaK, pacurapeanoay T1:1ny aocnpoaaaoacrsa cooraercrsy er 6JIaronpHHTHhIH HHBeCTHUHoHHbIH KJIHMaT; zterpanauaonnoxry - He6JIa ronpHHTHbIH; B OTHOlleHHH )Ke cyzcaiomeroca no npa-nnte crpyxrypaoti nepeCTPoHKH socnpoaaaoncraa HeB03MO)KHO BbIHeCTH 0,n;H03HaqHOe peure HHe, HepaCCMaTpHBaH KOHKpeTHOH CHTyaUHH. ABTopaMH npennaraercs MHoroypoBHeBhIH noaxozt K ouenxe HHBeCTH UHOHHOro KJIHMaTa (06meHaUHOHaJIbHhIH, pemOHaJIhHhIH H BHyTpHperHO HaJIhHbIH yposeus) CHCnOJIh30BaHHeM xnacrepaoro aHaJIH3a. BCH COBOKYnHOCTh oueaaaaexsrx epaKTOpOB H yCJIOBHH paaaeneaa na nse 3HaqHMhIe rpynnsr, 1. 0606meHHhIe nOKa3aTeJIH COUHaJIhHO-3KOHOMHqeCKoro nOTeHUHaJIa

peraona: • HH,n;HKaTophI yposna 3KOHOMHQeCKOrO pa3BHTHH (npoaasozrcrseu HhIH nOTeHUHaJI, epHHaHcoBhIH nOTeHUHaJI, Tpy,n;OBOH nOTeHUHaJI, HH,n;HKaTophI «TOQeK pocra» ); • yposeas )KH3HH HaCeJIeHHH (HH,llHKaTOphI peansusrx ,n;OXO,n;OB nace JIeHHH; HH,n;HKaTopbI yposns pa3BJ1THH HHBecTHUHoHHOH crpepsr), 2. CHcTeMa HH,ZJ;HKaTOpOB HHBeCTHUHOHHhIX pHCKOB: • yposens PhIHOQHhIX HHCTHTYUHOHHbIX npeoopaaonaaaa; • yposeas KOMepOpTHOCTH TeppHTOpHH; • 3KOJIOrHQeCKHe HH,n;HKaTophI; • COUHaJIhHO-nOJIHTHQeCKaH cTa6HJIhHOCTh.

Iloaxon, oCHoBaHHhIH na xareropaa ~PbIHOQHaHpeaKUHH peraona» [44], yxarsrsaer pa3JIHQHH «craproaux yCJIOBHHt.> BXO)K,ZJ;eHHH pernonoa BphIHOK, cneUHepHKy npOMhIllJIeHHOH Hnpapoztao-pecypcnoti 6a3hI, a TaK)Ke ypoaens )KH3HH HaCeJIeHHH. MeTO,n; n03BOJIHeT H,n;eHTHepHUHpoBaTh coaoxyrnrocra epaKTOpOB, npeztonpeztenasurax pa3JIHQHH BrJIy6HHecnana HHBecTHUHH no peraonaa HKaQeCTBeHHbIe H3MeHeHHH BlfHBeCTHUlfoHHOH crpepe. 0606meH HO nOCJIe,n;CTBHH BJIHHHHH ,n;aHHhIX rpatcropoa MO)KHO onpeaenars KaK psr HOQHYIO peaKUHIO peraonoa na nposonaxue pepopasr. Ilpezmonaraercs, QTO nOJIO)KHTeJIhHaH PhIHOQHaH peaKUHH 03HaQaeT aKTHBHOe epOpMHpoBaHHe npezmocunox ,llJIH 03,n;opOBJIeHHH HHBeCTHUHoHHOro KJIHMaTa. Hanporas, CJIa6aH PhIHOQHaH peaKUHH HBJIHeTCH npHQHHOH no,n;aBJIeHHOCTH HHBeCTH UHOHHhIX MOTHBaUHH B ,n;OCTaTOQHO ,llJIHTeJIhHOH nepcnexrase.

rAaB8 5. V1HBeC1l1l..1I1OHHblH KfIl.1MaT 1-1 TexHOAOrl-lll ero Ol..IeHKI-I

134

PbIHOtIHYIO peaKIIHIO MO)l(HO onpeaemrn, no HaJIHtIHlO pxaa 3JIeMeHTOB.

,L{mI

Y.ll.06CTBa HCnOJIb30BaHHH npa paH)I(HpOBaHHH peraonos no CTeneHH

6JIaronpHHTHoCTH HHBeCTHIIHoHHOro KJIHMaTa HX MO)l(HO crpyrmaposars cJIe.ll.YIOIIIHM oripasoa.

1. Craprosue

5.2. AHaN13 MeTOA08 Ol..IeHKI-1I1HBeCTI-1l..1l1OHHOrO KfIl.1MaTa

yposeas rOTOBHOCTH K .lI.aJIbHeHWHM npe06paaOBaHHHM H nepcnexra BbI H3MeHeHHH HHBeCTHIIHoHHOro KJIHMaTa. TIPH 3TOM Heo6xo.ll.HMO

cnenyounre epaKTopbI: • npeoopaaosaaae epOPM c06CTBeHHocTH H

yqHTbIBaTb

YCJIOBHH BXO)l(.lI.eHHH peruonon B PblHOK xapaicrepaayior

perpopa 06'beKTHBHbIe H cy6'b- . cnocodcrsyjoume HJIH npensrcrayioutae npoueccax, K TaKHM YCJIOBHHM OTHOCHTCH:

CJIO)l(HBWHeCH K naxany npoaeaemra

•

oc06eHHocTH OTpaCJIeBOH CneIIHaJIH3aIIHH peraona:

HX BJIHHHHe na HHBeeTH

IIHOHHbIH KJIHMaT; • TeH.lI.eHIIHH paaBHTHH 6IO.lI.JlCeTHOH cacreuu, epHHaHcoB X03HHCTBy

eKTHBHbIe rtpeanocstnxa, . TpaHcepopMaIIHoHHbIM

135

IOIIIHX Cy6'beKTOB, a raiose $HHaHcoBbIX PbIHKOB; • CKJIOHHOCTh npOH3BO.ll.HTeJIeH K 06HOBJIeHHIO OCHOBHOro KanHTaJIa; • npHBJIeKaTeJIbHOCTb peraona .lI.JIH He3aBHCHMbIX, B TOM tIHCJIe sapy

• HaJIHtIHe axcnoprnoro nOTeHIIHaJIa;

6eJICHblX, HHBeCTopOB (yposens HH$JIHIIHH, crpyxrypa BJIOJICeHHH KanHTaJIa, nOJIHTHKa npOTeKIIHOHH3Ma);

• TeppHTOpHaJIbHaH Y.ll.aJIeHHOCTb H TpaHCnOpTHaH OCBoeHHOCTb; • HHTeJIJIeKTYaJIbHbIH H HHHOBaIIHOHHbIH nOTeHIIHaJI Hero COOTBeT

•. BJIHHHHe npouecca peepOpMHpOBaHHSI epe.ll.epaTHBHbIX oTHoweHHH

CTBHe IIeJIHM pa3BHTHH pernona;

aa xon COIIHaJIbHO-3KOHOMHtIeCKHX

• ypoaens pa3BHTHH COIIHaJIbHOH crpepsr H nOTeHIIHaJIbHbIe BO~O)l( HOCTH peraona B 06JIaCTH ee cosepmencrnoaanas C IIeJIbIQ ofiecne tIeHHH HOpMaJIbHOrO BocnpOH3BO.ll.CTBa TPY.ll.OBbIX pecypcos: • COCTOHHHe npOH3BO.ll.CTBeHHoro nOTeHIIHaJIa H CJIO)l(HBillHHCH

sem, HHBeCTHIIHoHHOH aKTHBHOCTH (06'beMbI HHBeCTHIIHH H xaxe

B peraonax

Oc06eHHOCTblO MeTO.ll.HI
ypo

npeoripasosaann

. C BbI.lI.eJIeHHeM c06CTBeHHO HHBeCTHIIHOHHoHcepepbI.

BbIM H

npennoxennoa H. l1. POH3MaH, A. r. Illaxnaaapo

M. B. rpHWHHOH,

HBJIHeTCSI csenenae K MHHHMyMy KOJIHtIeCTBa

3KcnepTHbIX oIIeHOK, tITO n03BOJIHeT CHH3HTb cy6'beKTHBHOCTb npHHHMa

ypoane C BbI.lI.eJIeHHeM HanpaBJIeHHH CneIIHaJIbHOH epe.ll.epaJIbHOH non

exoro pemenas 06 HHBecTHUHoHHOH npHBJIeKaTeJIbHOCTH roro HJIH HHOro P~. Meron xapaxrepaayercs OTHOCHTeJIbHO He60JIbWHM tIHCJI.OM nOKa3aTeJIeH (28), xoropue, no MHeHHIO aBTopOB, 06eCnetIHBalOT .lI.0CTa

.lI.eP)l(KH OT.lI.eJIbHbIX pernoaon HeB03MO)l(Ha 6e3 H3ytIeHHH CJIe.ll.YlOllIHX

TOtIHO nOJIHbIH OXBaT COCTaBHblX 3JIeMeHTOB 06IIIeH HHBeCTHUHOHHOH

CTBeHHbIe xapaxrepacraxn HHBeeTHIIHoHHOH .lI.eHTeJIbHOcTH).

2. OIIeHKa crpareraa H TaKTHKH nposeaeaas pepopu na peruoHaJlbHOM

npHBJIeKaTeJIbHOCTH pernoaos. TaK)I(e MeT0.ll. He npeaycaarpnsaer npnae

napaaerpos: • CHCTeMbI epe.ll.epaJIbHbIX HaJIOroBbIX JIbroT H nperpepemraa na perao HaJIbHOM yposne, BKJIlOtIaH OC06bIH pe)l(HM pasrpanaxenas nOJIHO

HeHHSI paaJIHtIHbIX BeCOBbIX KoaepHIIHeHTOB 3l:1atIHMOCTH HJIH ~eCOBbIX 6aJIJIOB•. MHTerpaJIbHOe 3HatIeHHe TeKymeH HHBeCTHIIHOHHOH npHBJIeKaTeJIbHO

MOtIHH; • .lI.HHaMHKH PblHOtIHbIX

peraoaa

npeotipaaoaaaak,

B TOM tIHCJIe CKJIa.ll.bIBa

IOIIIeHCH non B03.l1.eHCTBHeM KaK CTapTOBbIX YCJIOBHH BXO)l(.lI.emfH B pbIHOK, TaK H C03.l1.aHHH 6JIarOnpHHTHOH

cpenu ,lI,JIH npoaenemrs

pepopu:

,

CTH pernonos onpenezaercs nyrea CBe.ll.eHHH oT06paHHbIX 3HatIHMbIX .lI.Y

mesux, .lI.OJIeBbIX, TeMnOBbIX H

6aJIJIbHblX noxaaareneii no epopMyJIe MHO

rOMepHOH cpeaaeii. OIIeHHBaeMbIe tIaCTHbIe nOKaaaTeJIH nO.ll.pa3.l1.eJIHIOTCH na n03HTHBHbIe H HeraTHBHbIe, H, COOTBeTCTBeHHO, cyurecrayer .lI.HepepepeH IIHaIIHH MeTO.ll.OB HX csona, xorna tIHCJIOBbIe 3HatIeHHH no HeraTHBHbIM

• npaKTHKH IIeHTpaJIH30BaHHOH HHBeCTHIIHOHHOH nOMOIIIH H CHCTe MbI roCY.ll.apCTBeHHbIX HHBeCTHIIHOHHbIX npHopHTeTOB, yCKopeHHH (3aMe.ll.JIeHHH) TeMnOB PbIHOtIHbIX npeoopaaoaanan:

,

• nOJIHTHKO-3KOHOMHtIeCKOH cHTyaIIHH B peraonax H ee BJIHHHHH .aa xon peaJIH3aIIHH crpareraa

perpopa;

3.

¢MHHyC•• Ha OCHOBe aHaJIH3a H3BeCTHbIX MeTO.ll.OB oIIeHKH HHBecTHIIHoHHoro KJiHMaTa peraonoa,

paapaooraanux

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142

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[111; 115]. Opranu MeCT

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143

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144

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145

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146

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= EM(n), n=1

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(lIP)

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[77].

B 06IQecTBe

paapariarsrsaerca

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5. C. CoBpeMeHHlUI 3KOHOMH'IeCKlUI anacrea, - Cn6.: I1c::m PAH, 1995.

)/(uxape8U'I

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152

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o KyMyJIHTHBHbIH aepepeKT 6IOJ{:lKeTHbIX pacxonos B aKOHOMHKe MyHH uanansnoro 06pa30BaHHH - yJ{eJlbHbIH Bee cpeJ{CTB, BbIJ{eJIHeMbIX na npoexra, KOTopbIe paCXOJ{yIOTCH na npaooperenae rex HOJlOm", MaTepHaJIOB, csrpsa, np01l3BOJ{HMbIX npeJ{npHHTHHMH. pac peaJIH3aUHIO

nOJlO:lKeHHbIMH Ha TeppHTopHH MyHHUHnaJIbHOrO 06paJOBaHHH.

npoexroa no KpHTepHHM a
KpeJ{HTa;

2.

Ilpa ouemce 6IOJ{:lKeTHO" aepepeKTHBHoCTH npoexra )"IHTbIBaIOTCH raiose pacxonoa 6IOJ{:lKeTHbIX cpeztcrn, ofiycnoaneaasre BJIHHHHeM npoexra na CTopoHHHe npeJ{npHHTHH H naceneaae, eCJlH npoexr OKa3bIBaeT ua HHX BJIHHHHe, B TOM lIHCJle: q npaxoe epHHaHCHpOBaHHe npeJ{npHHTHH, YllaCTBYIOmHX B peaJIH3aUHH HHBeCTHUHOHHoro npoexra; H3MeHeHHH J{OXOJ{OB H

o aKOHOMHH KanHTaJIOBJlO:lKeHH" H3
o nnarezcn B norainenne KpeJ{HToB, BbIJ{aHHbIX H3 6IOJ{:lKeTa )"IacTHHKaM

o

169

HHBeCTHI..\HOHHblX nooecroe

o H3MeHeHHe HaJIOrOBbIX nOCTynJleHH" OT npeJ{npHHTHH, J{eHTeJIbHOCTb

eKTOM;

o

7.2. KOHKYPCHbl1:1 Ol60p

orfiopa

HHBeCTHUHOHHbIX

CTBeHHoro nOJ{XoJ{a. TeopIDI HHBeeTHUHoHHOro aHaJIH3a HaKOnHJIaJ{oCTaTOlI Hoe KOJIHlIeCTBO MeTOJ{OB BbI60pa HaH60Jlee aepepeKTHBHbIX llHBeCTHUHOHHbIX

npoexros

C HCnOJlb30BaHHeM MHO)f(eCTBeHHOH CHCTeMbI aHaJIHTHlIecKHX

MeTOJ{OB H nOKa3aTeJIe" aep
[46;52;54; 71; 85; 96]:

o pacxer lIHCTOH rexyutea CTOHMOCTll (NPV);

o onpenenenae peHTa6eJIbHOCTll HHBeCTllUHH (PI);

o pacser 6yxraJITepCKOH peHTa6eJIbHOCTH HHBeCTHUH" (ROI); o pacxer BHyTpeHHe" HOPMbI npH6bIJlH HHBecTHUHH (lRR);

o onpenenenae TOllKH 6e3y6bIT01lHOCTH (BEP);

o onpenenenae cpoxa oxynaesrocra npoexra (PP) H ap.

B ueJIHX OnTHMaJIbHOrO HCnOJIb30BaHHH npHMoro 6IOJ{:lKeTHOrO epHHaH

cHpoBaHHH oT60p HHBeCTHUHOHHbIX npOeKTOB MO:lKeT 6bITb ocyurecranea C HCnOJlb30BaHHeM KpHTepHeB. npeJ{cTaBJIeHHbIX na pHC.

7.4.

110

rllaBa

I

I

1.

7. OcHoBHble l\eN1l-13aAaYl-1I1HBecntl\YlOHHO'" noN1TI11<11

OlleHKa

peaynsraros

npcexra

3KOHOMI1'lBCKl1e

.. BblW9CTOiIUJ,MX

6IOAlKBTOB; • YMeHbWeH..e PSCXOAOB M9CTHOro 610AlKeTS

10

COIJ,I1a1lbHble

JJ,onOI1Hl1Tel1bHble 3¢>ljleKTbl OT peallM3allMM npoexra

pa60'lHX MeeT;

• HMOOPT038MeU\9H14e AIlA MO;

• npc ..3BOACTBO COl4'1MbHQ 3Ha"tHMOVI

nPDAYKu.... ; • nOCnBACTBMR B ceeoe 3konorMH. *MJ1wt,

06pB30BaH..A, 3APSBOOXpSHeH"A, KYnbTypbl, "CKYCCTBa,

lO:M3HeHHOro ypOBHA

'HsceneHMR Mnp.

2. Oueaxa npouecca

I

BI1MRHl1e Ha MecTHbllil 610AlKeT ' nononHeH..e AOXOAOB 6t0A>0:era MO

NPV, IAA, PI, BEP, ROI, AOE, peHra6eJlbHOCTb, 06beM "HeecT"LlMll, cI>..HaHCOebill .. npo..3BOACTBeHHblll pbl'lar, c..na onepaLIMOHHOrO pbl'lsrs

• Kon"'leCTBO'HOBbiX

I

KpMTepMM o,""eHKM MYHMl.l.MnanbHIoIX np08KTOB

• 3KCnoPTHblM nO'TeH~;

• AOno1lttMTenbHaA 38f"PY3Ka npeAJ1JlMl1TM'l CMe:':HHkOB;

• yctpaH9H..e nOTePl' e 3KOHOM"Ke MO

(B03polKA9HI4e patf99

CII9pHYTbIX npoM3BOACTB, p93BMTI19 co6CTBeHHOll 06pa6aTblBaIOl1l9'l npoMbIIIlI19HHOCTM M.Qp.)

I OCyu.\eCTBneHHSl npoeera BpeMeHHble KDlo1TBOI1I1

I

HeonpSAeneHHOCTb 11 pl1CKOBaHHOCTb

• npOl\OJ1lK..TenbHOCT1o; • CpoK0KYnaeMOC1ll; • lKM3HeHHblll LlMKIl npoet
npoeera • 1l0nHOTS COCTUS Y"8CTH"KOB no norl1CTl1'l9CKI1M I49fIQ'lKaM H MX MOTMB8L.\M'Aj

• ypoBeHb Pl1CKa M CTJI8Tlln4A 3aU\IlTbl; • B03MOJICHOCT1o 38MBHbI Y"BCTH..1al 693 3HS'lMTenbHoro Y\1I8PlSa AIlA pean..38L1M" npoeKTa; • TBlOl"'leCKIIR QCyUIBCTB"MOCT1o ncoeKTa ,

4lI1HaHCOBbiB acnelCTbl • Bo3MOlKHOCT1o np"BI19'leHMR "HOCTPaHHblX "HB9CTOpOB; • B03MOlKHOCTb np..Bne'l9H..A BKI18AOB Hace.netU1A;

• 06eCne'leH..e L., rapaar..ll; • B03MOlO:HOCTb B038paT3 388MHblX CpeACTB

npOAyKTOM npoeKTS

IOpl1AI'I'IecKHe

aeneKTbI

• nST9HTHaR 'lMCTOTS; • YAOanllTllOpeHM9 HOpM8M 3K000"'" .. 6e3OnSCHOCTM

Y

3.

l'lcXOAHaSl TO'lKa

nooeera

I

I

l;Y~ecTBYIOLWill KOMaHAll

Y'lSCTHMKOB nooeera • Yp0B9HbKsan"cI>..Kl1L1M" M8H9A*epOB.

npO..3BOACTBeHHOrO ....HlO:eHepHoro nepcosana, CneLIMaIlllCTQB no MapK9T"Hry; • cornSCOBaHHOCTb LlenBll npoeera a "HTepecOB Y"SCTH"KOB

"

to- I---

XapaKTepl1CTMKa IllBlilCTBVIOUJero nOennOl1l1TI1A • 3..H8HCOBoe COCTOAH..B

MapKeTl1HrOBaR xapartepMCTI1Ka PblHKa. OTpaCI1I1,

noenna~eMolilnoO~11I1

• EMKOCTb pblHKa, TeHABHLIM" cnpoca, ypoBeHb LleH; • YPOB9Hb kOHKYpeHU.... B crpacn.., KIlIO'lBBblB cl>aKTOPbl ycnexa B orpacn.. • KOHKYpeHTHbiB npB"My\IIllcTBa nPllA/lsraeMOli npOAYKLIM"

Puc.

7.4. KpHTepHH orfopa HHBeCTHUHOHHbIX npoexros

B HHBeCTHI.(HOHHyIO rrporpasoay MyHHUHnanbHoro 06pa30BaiHfH 1

AHaJlH3 pHCKOB HHBeCTHl{HOHHOro npoexra 6a:mpyeTcH aa pacxere scex ero rrOKa3aTeJIeH H KpHTepHeB, B pasncax TaK aaasmaeaoro 6aaHcHOTo sa-

Heauoe B. B., Kopo6oea A. H.. MYHlflumaJIbHbIH M.: HH<1JPA-M, 2002.

MeHellllCMeHT:

Cnpaaosuoe nocotiae. _

7.2. KOHI
111

paanra (aa OCHOBe <paKTH'IeCKOH H rrpOfH03HOH HH<popMal{HH), noxaaas utero a
o MeTO,lJ; excneprnsrx Ol{eHOK; ·0 noaxon, 6aaHpyIOIUHikH na onpenenenaa nepaona oxynaeuocra HHBeCTHl{HH;

o MeTO,lJ; aaanaaa yMeCTHocTH

aarpar;

o MeTO,lJ; aHaJlOrHH; o MeTO,lJ; KOppeKTHpOBKH HOPMbI ,lJ;HCKOHTa; o MeTO,lJ; KpHTH'IeCKHX 3HaqeHHH; n nocrpoenae CJIO)KHbIX pacnpeneaenna sepoaruocreti (ztepeao peureHHH);

o aHaJlH3 '1yBcTBHTeJIbHOCTH KpHTepHeB aq,q,eKTHBHoCTH npoexra; o aHaJlH3 cuenapnea H T. ,lJ;.

MO)KHO BbI,lJ;eJIHTb nse seayutae TeH,lJ;eHl{HH cOBepIIIeHcTBoBaHHH Mexa

HH3Ma orfopa npoexros ,lJ;JIH
paxxax MyHHl{HrraJIbHbIX

[131].

1. C O,lJ;HOH CTOpOHbI, see 60JIee IIIHpoKoe npaxeaenae KOJIHlfeCTBeHHbIX MeTO,lJ;OB H nonsrrxa OTKa3a OT cy6-ieKTHBH3Ma npa orfiope npoexros, OCHoBHbIe Tpe60BaHHH, npezrsaanaexue npa aTOM nonxoae, COCTOHT B TOM; 'ITO ,lJ;aHHCUI ouemca ,lJ;OJI)KHa BbIpaJKaTbCH B KOJIHlfeCTBeHHOH
2. C ,lJ;pyroH CTOpOHbI, yser 1I OTpaJKeHHe CHCTeMbI npaopareros MyHH uanansnoro 06paaoBaHHH, X03HHCTBeHHbIX HHTepecOB H npeanoxreaaa na 6a3e yzce OT06paHHbIX rro KpHTepHIO a¢
npoesrax,

peKoMeH,ZtaU,HH no nozroroase H OlIHcaHHlO

HHBeCTH~0ID10rOnpOeKT8. I1H<popMal{HH rro HHBeCTHl{HOHHoMy npoexry

rrpe,lJ;CTaBJIHeTCH B
112

rAaBa

7. OcHOBHble UeAJ-1101 3aACl4101 Io1HBecTlo1l..\HOHH0171llOA1offi11G1

nasars KOMllJIeKCHOe npencraanenae 0 ,nBH)KeHHH
7.2. KOHt
" Ha nepaox srane nepaasaoro aHaJIH3a HHBeCTHUHOHHbIX npOeKTOB npo HCXO,nHT rrponepxa
nponepserca cnenyioutee.

1. CooTBeTcTBHe ueJISIM H 3a./laqaM PaJBHTH5IMYHHUHllaJIbHOro otipaso

nepBH'IHbdt aHaJlH3 HHBeCTHUHOHHhIX npoexroa, JloKyMeHTaQH5I no npoexry B Bu,ne HHBeCTHUHOHHoro rrpeanoxeana, BIUIlOqaJOmero nacnopr HHBeCTHUHOHHoro npoexra H HH<popMaUHIO 0 npoexre 3a./laHHoH
113

BaHHSI .. B cnyxae ~OKyMeHTaJIbHoro nonrsepzcaenn» COOTBeTCTBHSI npoexra ueJISIM H 3a,naqaM MYHHUHnaJIbHoro 06paJoBaHH5I OHnpaana eTCSI nparozmsnr ,nJISI ,naJIbHeitmero paccaorpeaaa.

2. CooTBeTcTBHe
3TanbI npOBe,neHHSI nepBH'IHOrO aHaJIH3a HHBeCTHUHOHHbIX npoexroa npencraanenu na pHC. 7.5.

Ilpoexr ,nOJI)KeH COOT

BeTCTBOBaTb orpanasenamr no MaKCHMaJIbHbIM06beMaM HHBecTHUHH MyHHUHnaJIbHoro 06paJoBaHHSI H

cpoxax

HHBecTHpOBamf5l, oxynae

npOBepKa $OpMaIlbHOrb HaIlM'lHR B08X 06R3aT8J1bHblX pa3AeJ10B HHB8CTMlllilOHHoro nP8A1lOlK8HMR

MOCTH (,nJISI xareropaa oxynaexux npOeKTOB, K KOTOPbIM OTHOCSlTC5I npoexru rpaaocrpoarensnoro P33BHTHSI reppnropaa H 06beKToB ro

OlleHKa COCTOSrr8J1bHOCTH npoexra

THBHOMCJIyqae JIH60 npoexr ,nOJI)KeH 6bITb orseprnyr, JIH60 pememre

poncxoa HH
B npo

o ero npHHSlTHH OTJIO)KeHO aa 6y,nyUJ;ee.

3. TeXHHqeCKaR peanaayexocrs npoexra, BOBbIM aopxav,

COOTBeTCTBHe npoeicra npa npaponooxpaamta Tpe6oBaHHSlM, CaHHTapHO-TexHH

qeCKHM Tpe6omlHHSlM, rp311ocTpOHTeJIbHbIM pernaxenrax aacrpoihca H HCnOJIb30BaHHSI' 06beKToB He,nBH)KHMOCTH, a TaK)Ke apxarexrypnua Tpe60BaHHSlM, orpaaaxemtaa no HcnOJIb30BaHHIO HH)KeHepHOH HH
nozrrsepaneane, o<popMJIeHHOe pemeI:lHSlMH ICOMneTeHTHblX opranos BJIaCTH, 3ICcnepTHbIMH3aIUIIOqeHHSlMH CneUHaJIH3HpOBaHHblx oprana 3aUHH.

OlleHKa Ka'l8CTBa M nOI1HOTbl npe,QCTaBJ18HHOIil liIH$opMaUHH AJ1R nOCJ1eAytOL4ero 8Ha1lM38

Ilpennaraeusre npoeICTbl,nOJI)KHbI TaIOKe HMeTb yxaaanae na ranoaue TeXHOJIOrHH peaJIH3aQHH JIH60 aa B03MO)KHOCTb HCnOJIb30BaHHSI HOBbIX T~XH<)JIOrHH, a TaIC)Ke na HCnOJIb3yeMble rpynossre H ManipHaJIbHble pecypcsr H ztocrynnocrs 3THX pecypcon,

4.

PHe. 7.5, Cxesranposeaeuns nepsaxaoro aHaJIH3a HHBeCTHQHOHHblX npoesroa

rAilBa 7. OcHOBHble l\eAJ.1 I-i JaAa41-i I-iHBeCTl1l\110HHOC't nOAlffi1t<J1

174

'IaCTHbIM HHBeCTopaM). IIPOH3BO,nHTOI OQeHKa
na OCHOBe CTaH,napTHbIX
7.3. (o3AaHl1e 6AilrOnpl1RTHOrO I-iHBeCTl1l\101OHHOrO K/Ilo1/v'aTa

175

MbI, TO eCTb6bIJIO SlCHO, KaKOH H3 npoexros OKa3bIBaeT 60JIbillee BJIHRHHe

na ,nOCTH)KeHHe QeJIH,

a KaKOH -

MeHbllIee HJIH

pasaoe BJIHSlHHe. Hapaziy

COBbIX KOs
C STHM B HTorOBOH OQeHKe yqaCTBYIOT OCHOBHbIe
6y,neT rrpnanano Hey,nOBJIeTBOpHTeJIbHbIM, npoexr He nOMe:>KHT ,naJI:b

a TaK:>Ke creneus 3aBeprneHHOCTH

HeHllIeMY paCCMOTpeHHIO.

5. Koppexraocrs KaJIbKYJIRQHH CMeTHbIX sarpar. COOTl~eTCTBHe 3MBJIeH HOH CTOHMOCTH pa60T CYlUeCTBYIOIUHM HopMaTHBaM, cpasneaae C MH poBbIMH, CnpaBO'lHbIMH QeHaMH aHaJIOrH'lHbIX rrponyxros (06'beKTOB). 11 na rpersea srane nepsaxaoro aHaJIH3a npOH3Bo,nHTCR OQeHKa xaxe CTBa H nOJIHOTbI npe,nCTaBJIeHHOH HH<popMaQHH MR

nocaeztyioutero aHaJIH

30BaHHR.

sa HHBeCTHQHOHHbIX npOeKTOB. K
paanen

nacnopra oueansaerca na npeztaer HH<popMaQHH H CTeneHH ee npopaforxn

HHBeCTHQHOHHOro

,nOCTaTOqHOCTH npe,nCTaBJIeHHOH

npoexra, Bee rtpoexru, npereunyioutae na 61O,n:>KeTH
MR nocnenyiomem xonxypcnoro orfiopa.

IIo pe3YJIbTaTaM

rapaaraposanaoe
a npoexru, npHHRTbIe K peaJIH3aQHH BO BTOpylO oxepens H rronyxaiouute

STan KOHKYpCHoro orfiopa. aanasav KOHKypCHOro orfiopa npa

3HaHO 60JIee 2/3 pa3,neJIOB HHBeCTHQHOHHOro nacnopra, TO no npoexry MO:>KeT 6bITb aanpourena ,nonOJIHHTeJIbHM ECJIH

y,noBJIeTBOp~IOIUHMH

xonxypcnoro orfiopa
HHSI;

pRIOIUHMH QeJIRM H 3a,naqaM KOHKypcHOro orfiopa, npoexr nepexonnr na

QeJI~M H

H

a npoexru, npHHRTbIe K peaJIH3aQHH B nepBYIO osepezts H nonysaiotuae

ECJIH see pa3,neJIbIHHBeCTHQHOHHOro nacnopra npH3HaIOTcR y,nOBJIeTBO

ECJIH y,noBJIeTBOpRIOIUHMH

nepaaxnoro

sersrpe rpyrmsr npoexros:

90

HH<popMaQH~.

QeJIRM H aaaasaa KOHKYPCHOro orfopa npn

IIo pe3YJIbTaTaM nepsnxnoro aHaJIH3a 3anOJIHReTCR <popMa axcnepruoro 3aKJIlOqeHHR. TaK:>Ke npHBo,nRTCR KpaTKHe KOMMeHTapHH sxcnepra, ofinree 3aKJIIOqeHHe H peKOMeH,naQHH no ztopafiorxe

KOHKypCHbrlt OTOOp IDIBecTH~HoHHbIX

npoexra,

a

npoexrsr,

pHcTHKaMH cpaBHeHHR RBJIRIOTCR
B xaxecrse raxoro s
aucrynaer COQHaJIbHO-SKOHOMHqeCKaSI 3HaqHMOCTb HHBeCTHQHH ,nJISI pas

npoxonaume ,nonOJIHHTeJIbHylO SKcnepTH3Y H YTOqHeHHe

nOKa3aTeJIeH;

a

npoexru,

B peaJIH3aQHH KOTOpbIX yxacrae MyHHUHnaJIbHoro 66pa30

BaHHSI na ,naHHbIH MOMeHT BpeMeHH aeuenecooopaaao. 3Tl1:

npoexru

B ,naJIbHeHrneM MOryT 6bITb paCCMOTpeHbI CHOBa npa H3MeHeHHH yCJIb BHH peaJIH3aQHH HJIH xapaKTepHCTHK npoexra.

npoesroa. KOHKypCHbIH OT60p

CTpOHTCR aa cpaBHeHHH npoexros Me:>K,ny c06oH. Ba:>KHeHllIHMH xapaxre

(csuure

3anJIaHHpOBaHHoro) HJIH npa ,nonOJIHHTeJIbHj>IX HCTO"!HH

xax:

3HaHO MeHee 2/3 pa3,neJIOB HHBeCTHQHOHHoro nacnopra, TO npoexr ,nOJI:>KeH 6bITb OTnpaBJIeH na nopaoorxy.

% OT

IIpOeKTbI

nepssrx ztsyx rpynn, BKJIlOqaIOTCSI B HHBeCTHUHoHHyIO npo

rpasery MYHHQHnaJIbHoro 06pa30BaHHR. TaKHM 06pa30M, HCnOJIb30BaHHe npannana xonxypcnoro orfiopa HHBe CTHQHOHHbIX npoexros B QeJISlX OnTHMaJIbHOro HCnOJIb.10BaHHR 6IO,n:>KeT . noro
BHTHR MYHHQHnaJIbHOro 06pa30BaHHR. Ka:>K,nbIH npoexr HMeeT B COCTaBe ,nOKyMeHTaQHH ornrcaane BJIHSlHHSIero

CTHQHOHHOH ,neSlTeJIbHOCTblO na MYHHQHnaJIbHOM yponne, peaJIH30BbIBaTb

peaJIH3aQHH na ,nOCTH:>KeHHe onpeaenennux QeJIeH COQHaJIbHO-SKOHOMHqe

crparerasecxae npaoparersr pa3BHTHSI ropozta C yxerca He TOJIbKO SKOHO

CKOro pa3BHTHSI ropona, 'ITO n03BOJIReT sxcneprav nars oueaxy CTeneHH

MHqeCKHX, HO TaK:>KeCOQHaJIbHbIX H SKOJIOrHqeCKHX HMnepaTHBOB.

BJIHRHHSI B KOJIHqeCTBeHHOH, 6aJIJIbHOH HJIH nOpSl,l(KOBOH <popMe. .llJISI OQeH KH npoexros HCnOJIb3YIOTCSl10-20 QeJIeH, BbI6paHHbIX H3 yrsepxaenaoro ztepesa ueJIeH,

xoropsre MoryT YTOqHRTbCR

npa H3MeHeHHH cnryanna H npa

opHTeTOB COQHaJIbHO-SKOHOMHlJeCKOrO pa3BHTHR. Ka)K,l(bIH rtpcexr oueHHBaeTCR SKcnepTHOH KOMHCCHeH TaKHM 06pa30M, 'IT06bI no Ka)K,l(OH H3 YKa3aHHbIX QeJIeH JII06bIe nsa rrpoexra 6bIJIH cpasnn

7.3. C03AaHHe 6AaronpHRTHoro HHBeCTHUHOHHoro

KAHMaTa MYHHUHnaAbHOrO 06pa30BaHHR

Pemenae

np06JIeMbI C03,naHHR 6JIarOnpHSlTHoro HHBeCTHQHOHHOro KJIH

MaTa rpefiyer BbIRBJIeHHR npHopHTeTHbIX sanax, HanpaBJIeHHbIX na ero

rAaBa 7. OcHoBHble 1.\eN-t 11 JaAB~I1I1HBeCTJ-1I.\I10HH0.:1 r1OAl1TI1KI1

176

7.4. Meponplo1SlTI1Sl no oPMl1PC>BaHI1IO I1HBeCTJ-11.\110HHbIX pecypcoa

yxysurenne, H paapatiorxn CHCTeMbI MepOllpmlTHH no HX peaJIH3al.{HH,

pHCKOB na npmrepe r.

paccaarpaaaexux

H./{HHaMHKH.

B KatIeCTBe 3JIeMeHTOB HHBeCTHI.{HoHHOH llOJIHTHKH

Taranpora no pe3YJIbTaTaM

177

Ol.{eHKH ero COCTO~HH~

MyHHI.{HllaJIbHOrO 06pa30BaHH5I. OCHOBHhIMH npnauanaua HHBecTHLtHoHHOH llOJIHTHKH MyHHI.{HllaJIbHO ro

06pa30BaHH~ B 06JIaCTH c03./{aHHA 6JIarOllpH~THoroHHBeCTHI.{HoHHoro

KJIHMaTa ./{OJI:>KHbI 6bITb: [J yCHJIeHl)e pOJIH ropozra KaK raparrra 6JIarollpH~THoroH npeacxasy

HHseCTHlIHOHHblX pecypcos Ha MYHHlIHnaAbHOM yposHe

Mo6WlU3au,11Jl uneecmuuuouuuxpecypcoe -

CHCTeMa Mep CTHMYJIHPOBaHH~

estoro aopuaraano-npaaoaoro pe:>KHMa X03~HcTBeHHoH ./{e~TeJIbHOCTH

TpaHC¢OpMaI.{HH HaKOllJIeHHH B HHBeCTHI.{HH, TO ecrs 3a.D;eHCTBOBaHHe He

OTetIeCTBeHHbIX H 3apy6e:>KHbIX HHBeCTopoB; lly6JIHtIHOCTb llpOBO./{H

BOCTpe60BaHHbIX llOTeHLtHaJIbHbIX HHBeCTHI.{HOHHblX pecypcos C O./{HOBpe

MOH HHBecTHLtHoHHOH llOJIHTHKH;

MeHHOH HX

[J BBe./{eHHe HMMyHHTeTa anaecropoa B OTHOIIIeHHH BCTYllJIeHH~B CHJIy

npasonsrx HOpM, yXy./{IIIaIOII.{HX

YCJIOBH~ HHBeCTHI.{HH B tIaCTH B3aH

MooTHoIIIeHHH HHBeCTopoB CTOPO./{OM, npeztocraanemre HopMaTHBHo

opnenranaen na peIIIeHHe llp06JIeM KOMllJIeKCHOro COI.{HaJIbHO

3KOHOMHtIeCKOrO Pa3BHTH~ MyHHI.{HllaJIbHOrO 06pa30BaHH~ [131].

WopMUpOeallue uueecmuuuonuux pecypcoe, onpeztenseaoe

B KatIeCTBe

O./{HOH H3 Ba:>KHeHIIIHX saztas HHBeCTHI.{HOHHOH lloJIHTHKH MyHHLtHllaJIbHO

npasoasrx rapairrna HHBeCTOpaM B coxpaaenan cTa6HJIbHbIX yCJIOBHH

ro o6pa30BaHH~, MO:>KeT paccxarpasarscs KaK ¢OpMHpoBaHHe cpencrs

X03~HcTBoBaHH~;

MecTHoro 61O./{:>KeTa na HHBeCTHLtHOHHbIe l.{eJIH. O./{HaKo B YCJIOBH~X orpa

[J C03./{aHHe paBHbIX KOHKypeHTHbIx yCJIOBHH X03~HcTBeHHoH neatens

HOCTH BceM nnaecropax He3aBHCHMO OT ¢OPM c06CTBeHHoCTH, cno C06CTBylOII.{HX 3¢¢eKTHBHoMY paaaeuteamo

xamrrana H yCTOHtIHBO

My 3KOHOMHtIeCKoMy pa3BHTHIO; OTKa3 OT llpaKTHKH H36bITOtIHOrO

[J BBe./{eHHe B ./{eHCTBHe 3¢¢eKTHBHbIX HopMaTHBHO-llpaBOBbIX H npax

THtIeCKHX MexaHH3MOB

aannrrsr

HHTepeCOB It npas HHBeCTopOB npn

peaJIH3al.{HH HHBeCTHLtHOHHbIX npoeicroa; ycrpanenne llpOTHBOpetIHH HopMaTHBHO-llpaBOBOH 6a3bI HHBeCTHI.{HOHHOH ./{e~TeJIbHOCTH, CH~THe fiapsepoa sxozta na PbIHOK KallHTaJIOB;

JIH6epaJIH3a1.{H~psnnca HHBeCTHI.{HOHHbIX npoexros "YTeM ynpoutenaa npouenyp COrJIaCOBaHH~H nonyuenaa pa3peIIIHTeJIbHOH ./{OKyMeHTa I.{HH npa HX paapatiorxe H peaJIH3al.{HH (llpHHI.{HII

[J otiecneseaae B03MO:>KHOCTH

HHtIeHHOCTH 61O./{:>KeTHhIX cpeztcrs, HallpaBJIeHHbIX aa COI.{HaJIbHO-3KOHOMH tIeCKOe pa3BHTHe reppnropnn, He06xo./{HMO HCllOJIb30BaTb coaoxynnocrs scex llOTeHI.{HaJIbHbIX HCTOtIHHKOB HHBeCTHI.{HOHHbIX pecypcos MyHHI.{H nansnoro o6pa30BaHH~ (CM. pHC.

3.3).·

CpaBHeHHe ./{aHHoH xapaxrepncrmca llOTeHI.{HaJIbHbIX HHBeCTHLtHOHHbIX

BMeIIIaTeJIbCTBa B nena 6H3Heca;

[J

7.4. MeponpHSlTHR no cl»opMHposaHHIO H M06HAH3allHH

llOJIytIeHH~

~O./{Horo OKHa~);

HHBeCTopaMH ./{OCTOBepHoH

HH¢OpMaI.{HH 06 opraHH3al.{RSIX C l.{eJIblO aHaJIH3a H BbI60pa 06'beKTOB HHBeCTHI.{HH (perJIaMeHTaI.{H~ COCTaBa H CTpyKTYpbI

B03MO:>KHOCTeH TeppHTOpHaJIbHO-X03~HcTBeHHoH CHCTeMbI C ¢aKTHtIeCKHMH

HHBeCTHI.{H~MH B 3KOHOMHKy ll03BOJI~eT Ol.{eHHTb 3¢¢eKTHBHocTb MyHH I.{HllaJIbHOH HHBeCTHI.{HOHHOH llOJIHTHKH, a TaK:>Ke BbI~BHTb HaH60JIee nep

crpepsr perynapyiontero B03./{eHcTBH~opraaos

ClleKTHBHbIe nanpaaneaaa H

MeCTHoro caaoynpaanenaa C uensto aKTHBH3al.{HH HHBeCTHI.{HOHHOH ztes TeJIbHOCTH na MyHHI.{HllaJIbHOM yponne (pHC.

7.6).

B COBpeMeHHbIX YCJIOBH~XB03paCTaeT POJIb BHe61O./{:>KeTHhIXHCTOtIHHKOB ¢HHaHcHpoBaHH~ HHBeCTHI.{HOHHbIX npoexros, peanaayesrux na TeppHTO pHH MyHHI.{HllaJIbHOrO 06pa30BaHH~. aKTHtIeCKOe pacumpenae 06'beMa

cpeacrs, llpHBJIeKaeMbIX H3 BHe61O./{:>KeTHbIX HCTOtIHHKOB¢HHaHcHpoBaiIH~,

B 0611.{eM 06'beMe HHBeCTHI.{HOHHhIX pecypcos MyHHI.{HllaJIbHOrO 06pa30Ba

pacxpsmaeaoji

HH~ 3aCTaBJI~eTopransr MeCTHoro caaoynpaaneaaa HCKaTb phItIaru B03./{eH

HH¢OpMaI.{HH ¢HHaHcoBoro H He¢HHaHcoBoro xapaxrepa, cnocoooa

CTBH~ B ./{aHHoH crpepe ./{JI~ peIIIeHH~aaaas HHBeCTHI.{HOHHOro ooecnesenaa

ee

paCKpbITH~;

pa3BHTH~ 3KOHOMHKH

[131].

[J conencrnae CTaHOBJIeHHIO cOBpeMeHHoH HHCTHTyl.{HOHaJIbHOH HH¢pa

I1HBecTHI.{HoHH~ llOJIHTHKa BO MHOruX MyHHI.{HllaJIbHbIX 06pa30BaHH

crpyxrypsr HHBeCTHI.{HOHHOro psnnca, 06eClletIHBalOII.{eH 3KeHHH Hal.{HOHaJIbHOH 3KOHOMHKH B HHBe

axnpeaycaarpasaer pacurnpenne MacrnTa60B HHBecTHLtHOHHOH nearens

CTHI.{HH H llpOH3BO./{CTBO.

cexropa, ¢oH./{oBoro psnnca,

HOCTH aa CtIeT

BOBJIetIeHH~ B

HHBecTHI.{HOHlihIH npouecc 6aHKoBcKoro

aaocrpannstx HHBeCTHI.{HH, HHBeCTHI.{HOHHbIX

B pasncax pasztena 8.2 6y./{yT npnaenensr peKOMeH./{aI.{HH no yJIytIrneHHIO

H ¢HHaHcoBbIx HHCTHTyToB, a TaK:>Ke YKpellJIeHH~ 3aKoHo./{aTeJIbHOH 6a3bI

HHBeCTHI.{HOHHoro KJIHMaTa MyHHI.{HllaJIbHOrO 06pa30BaHH~B ttaCTH noasr

HHBeCTHI.{HOHHOH ./{e~TeJIbHOCTH na repparopna MyHHI.{HllaJIbHOrO 06pa

urenna HHBeCTHI.{HOHHoro llOTeHI.{HaJIa H CHH:>KeHH~ HHBeCTHI.{HOHHbIX

30BaHH~ [19].

rAaBa 7. OcHoBHble

178

lleAH 1-1 38A841-1I-1HBeCn1L41'1OHHO~

I'lQ..\I1TI-1K11

•s

7.4. MeponpH~TI-1~ no
saer nepasnoaepnocrs TeppHTOpHaJlbHOrO pacnpeaeaenaa OTeqecTBeHHhIX

~O

6aHKoBcKHX yqpeiK.lleHHH.

t~

~ ~I

~I

IE ,-0

0:1: zl:; :1:.11

~I

u 0

MO

MHBeCTMLPtOHHa. nOnMTMKa

OlleHKa MHBeCTl1l1MOHHOrO noresuaana MO 11onpe,QeneHlo1e B03MOlKHOCTe" BHYTPSHHSrO Io1HBeCnolpOB8Hlo1Sl

S~

III S

~I

~~~~~~~~;;;~~~~~~~~==== · ~~1§~~'~.-~~~~===i~~~~~~~~~~ I

GIG)

~ ~I !~:I: I

~

...

... ... OlleHKa Io1HBeCTIo1111010HHOrO noreauaana MO 101 onpeaeneaae . B03MOlKHOCTe" BHeWHerO Io1HBecTlo1posaHIo1Sl

i:1 i=iI

~I

I

He06xo,nHMO: [J COBepIIIeHCTBOBaTb B3aHMOOTHOIIIeHH5I opranos Mecntoro caaoynpan

JIeHH5I C
1

1

MaTeplIIllJ1bHO.Be~ecTBeHHble

[J

\

7.6. Cxeva $OpMHpoBaIU1H H

Mo6HJIH3aUHH HHBecTHUHOHHbIX pecypcos

B CHCTCMC HHBCCTHUHOHHOH tJ.CHTCJIbHOCTH MYHI1UHnaJIbHoro 06pa3oBaHHH

PeIIIeHHe rrp06JIeMbI BOBJIeqeHH5I B HHBeCTHQHOHHbIH npouecc MaKCHMaJlb HO B03MOiKHoro 06'beMa HHBeCTHQHOHHbIX

pecypcos

H3

scex

HCTOqHHKOB

06yCJIOBJIHBaeTC5I .lleHCTBHeM MHOrHX <paKTopOB H He B rrocnenmoio

osepezts

3aBHCHT OT roro, B KaKOM COCT05lHHH Hax0.llHTC5I 6auKOBCKHH COOTBeTCTByeT

cexrop H KaK crenens ero pa3BHTH5I rrOTpe6HOCT5IM 3KOHOMHKH [124].

B CHCTeMe HHBeCTHQHoHHOH .lle5lTeJIbHOCTH MYHHQHrraJIbHoro 06pa30Ba paforaior B rpex OCHOBHbIX HanpaBJIeHH5IX [52]: 1) M06HJIH3aQHH cpencrs HaCeJIeHH5I H X0351HCTBYIOIQHX cy6'beKTOB na

HH5I6aHKH

HHBeCTHQHOHHbIe l(eJIH;

pOBaHH5I B .llB05lKOH pOJIH: KaK rrp5lMOH HHBeCTOp B yqacTHHKaMH

peansnyio

crrocofinsr ,nOJIiK

B CHJIy He,nOCTaTOQHOCTH pecypcnoa 6a3bI 6aHKH He HMeIOT B03MOiKHOCTH YQaCTBOBaTb B peaJIH3aQHH

spynnsrx HHBeCTHQHOHHbIX npoexros, y,nOBJIe

TaOpH5ICb
xapaxrep. [124]

COrJIaCHO

M06it:JIH3aQHH HHBeCTHQHOHHbIX

pecypcos B

MeCTHOM

X0351HCTBe MorJIa 6bI cnocoticrsoaars KOHQeHTpaQH.H 6aHKoBcKOH nearens H?CTH

na

MeCTax B paMKaXHeCKOJIbKHX yqpe)KtJ:eHHH, HMeIOIIlHX rrOJIOiKH

TeJIbHbIH orr bIT pa60TbI

na yposne reppuropaa H 06JIa,nalOIQHX ,nOCTaTOQHOH

c06CTBeHHOH KarrHTaJlbHOH 6a30H. MeCTHhIe 6aHKH, HMelOIIlHe norosopnue

aecyunre rro HHM OTBeTCTBeHHOCTb nepen MeCTHbIMH op raaaxa HCrrOJIHHTeJIbHOH BJIaCTH, HMelOT recnsre, B TOM QHCJIe He
cpeztcrs

nsre, CB5I3H C cy6'beKTaMH peaJIbHOH 3KOHOMHKH, CBo6o,nHO opHeHTHpyIOTC5I

na MeCTax H He aaoroponnax 6aHKOB.

B 06CTaHOBKe

MeiK,ny BceMH

npouecca,

noxepaoe reppnropaansaoe pacnpenenenae BXO,n5lIQHX B nee HHCTHTyTOB, BbICOKa51KOHQeHTpaQH5I 6aHKoBcKHX yqpe)KtJ:eHHH B peraonanenstx nenrpax H xpyrmstx MYHHQHrraJIbHbIX 06pa30BaHH5Ix, rJIaBHhIM 06pa30M B MOCKBe Pa3BeTBJIeHHIDl
OrpaHHQeHbI B rrOJIHOMOQH5IX, KaK
HarrpaBJIeHH5IMH 60JIee aKTHBHoro BOBJIeQeHH5I 6aHKOB B HHBeCTHQH

3KOHOMHKy

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Camcr-Ilerepfiypre.

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HbIM 06paaOM 06eCrreQHBaTb
06513aTeJIbCTBa H

2) npeaocraanenaa Kpe.llHTOB HHBeCTHQHOHHOro xapaxrepa; 3) rrpH06peTeHH5I QeHHbIX 6yMar. DaHKOBCKHH cexrop B JIHQe <popMHpyeMbIx B paxxax ero crpyxrypu cneuaansnstx
npouecc nyresr 3aKJIIOQeHH5I,noroBopoB H COrJIaIIIeHHH no KOHKpeTHbIM HarrpaBJIeHH5IM ,ne5lTeJIbHOCTH; yxpennars rr03HQHH MYHHQHrraJIbHhIx 6aHKoBcKHX HHCTHryTO'B. BecTHQHoHHbIH

1

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PHC.

.

Onaaxo ,neHTeJIbHOCTb
np~pOAHble)pecypCbl

H

179

npouecc aa repparopan MYHHQHrraJIbHoro 06pa30BaHH5I 51BJIHIOT [124; 131]:

OHHhIH CH

[J npeaocraanenae HaJlOrOBbIX nsror
HHHM npn oCyIQeCTBJIeHHH HMH rrpHMbIxHHBeCTHQHH; [J OKa3aHHe rrOMepiKKH H rrpaKTHQeCKOH rrOMOIQH 6aHKaM, BHe,npHIOIl(HM

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cfopa, 06pa60TKH H nepenaxa HH
r/\aM 7. OcHOBHble 1..\eAJ.1 11 3
180

lJ C03.n;aHHe 6aHKaM 6JIarolIpHSlTHbIX yCJIOBHH .n;JISI ssrxozta na aaenmae pbIHKH cPHHaHcoBbIX pecypcon nyresr lIOMep:lKaHHSI HMH.n;:lK(t MyHHUH nansaoro 06pasoBaHHSI .n;JISI lIpHBJIe'leHHSI

nnocrpaauux HHBeCTopoB;

lJ HHHUHHpoBaHHe C03.n;aHHSI na reppnropaa MYUHUHlIaJIbHbIX 06paso BaHHH 6aHKoBcKHX lIyJIOB .n;JISI peureana BOlIpOCOB lIO lIpHBJIelleHHIO H KOHueHTpaUHH pecypcos C ueJIbIO HX nocneayiomero HClIOJIb30BaHHSI B xanecrse HCTOllHHKa Kpe.n;HToBaHHSI npennpnaraji,

nporpaxx

:lKH

JIHruHO-KoMMyHaJIbHOrO cTpOHTeJIbCTBa; ,

pexostenaosaanux

a.n;MHHHCTpaUHSlMH ropoaos .n;JISI oxaaanaa rocyaapcraeanok H MyHH UHlIaJIbHOH lIo,Mep:lKKH;

openers.

K He.n;OCTaTOllHO HClIOJIb3yeMbIM HCTO'lHHKaM cPOpMHpoBaHHSI pecypcnon [117].

6asbI 6aHKoBcKHX yqpe:lK.n;eHHH OTHOCSlTCSI c6epe:lKeHHSI HaCeJIeHHSI

LlJISI BKJIIOlIeHHSl3THX cpeztcrs B 6aHKoBcKHH, a xepea Hero H B HHBeCTHUH OHHbIH npouecc opraaau BJIaCTH He06xo.n;HMO npeanpanan, MepbI,

H~lIIpaB-

[53; 124]:

"

lJ nposeneaae lIOJIHTHKH lIO yKpelIJIeHHIO nosepna HaCeJIeHHSI napcrsy H 6aHKoBcl
Krocy

c03~aHHe CHCTeMbI rapanrapona-

HHSI .n;elI03HTOB;

;

lJ C03.n;aHHe 6JIarolIpHSlTHbIX yCJIOBHH.n;JISI OTKpbITHSl6aHKaMH .n;OlIOJIHl1 TeJIbHbIX OcPHCOB B HaCeJIeHHbIX nynxrax, eaenenue HOBbIX BH.n;OB yCJIyr H cPoPM 06cJIy:lKnBaHHSI HaCeJIeHHSI; D pa3BHTHe HOBbIX cPOPM norperiarenscxoro xpeznrra .n;JISI HaCeJIeHHSI H C03.n;aHHe HOBbIX cPoPM ccynocoeperarensaoro 6H3Heca -

d6ruecTB

B3aHMHoro Kpe.n;HToBaHHSI H CTpaXOBaHHSI, Kpe.n;HTHo-rroTpe6H'reJIbCKHX COI030B,

ccynoeoeperarensasrx acconaauaii.

IIJIOrua.n;KaMH .n;JISI Be.n;eHHSI cP0H.n;OBbIX onepauaa, 'lHCJIeHHOCTH H aICfHBHOCTH oneparopos, KOJIH'leCTBy H xaxecray HClIOJIb3yeMbIx cPHHaHcoBbIx HHCTpy MeHTOB H lIO

paay npyrnx TeXHHKO-3KOHOMHlIecKHX napaxerpoa [124].

IIepclIeKTHBHbIM HCTO'lHHKOM .n;OlIOJIHHTeJIbHbIX HHBeCTHUHOHHbIX pe CypCOB MeCTHoit 3KOHOMHKH SlBJISleTCSI BbIlIyCK MYHHUHlIaJIbHbIX 3aHMoB.

lJ lIpHBJIellb 3Ha'lHTeJIbHbIe cPHHaHCOBbIe

[73;82]: pecypcsr aa 3KOHOMH'leCKH

suroznnax YCJIOBHSlX H Ha'.n;OCTaTO'lHO.n;JIHTeJIbHbIit CpOK lIO CpaBHeHHIO C 6aHKoBcKHMH Kpe,nHTaMH;

HbIMH na reppnropaa ropona, lIO sonpocy perynaposaana HX HHBeCTHUHoHHOH .n;eSlTeJIbHOCTH npenrronaraer HClIOJIb30BaHHe psnnca ueHHbIX 6yMar

[131].

B OCHOBHOM lIO lIpH'lHHe OTCyrcTBHSl3cPcPeKTHBHOro MeXaHH3Ma perynaposa HHSI, lIpHBO.n;HT K yxyznnenmo HHBeCTHUHoHHOro KJIHMaTa

lJ BOBJIellb B HHBecTHUHoHHbIH npouecc cpencrsa MeJIKHX HHBeCTopOB. MYHHUHlIaJIbHbIe TepHSlM

ueaasre 6yMarH ,nOJI:lKHbI oraesars CJIe,nYIOruHM KpH-

[47]:

lJ Ha.n;e)fCHOCTb - HaJIHlIHe "pHBJIeKaTeJIbHbIX HCTO'lHH~OB06eCne'leHHSI MYHHUHlIaJIbHbIX 3aHMoB;

lJ JIHKBH.ll;HOCTb - B03MO:lKHOCTb 6bICTpOH peaJIH3aUHH ueHHbIX 6yMar; lJ .n;OXO.n;HOCTb -

B03MO)fCHOCTb lIOJIy'leHHSI BbICOKHX ,nHBH.n;eH,nOB lIO

ueHHbIM 6yMaraM.

Ilpoueaypa asmycxa MyHHUHlIaJIbHOrO 3aHMa npaseneaa aa pHC. 7.7. IIpHlIHHaMH, TOpM03S1ruHMH paasarae PbIHKOB MYHHUHlIaJIbHbIX 3aHMoB, SlBJISlIOTCSI lIpelISlTcTBHSl3KOHOMH"IecKoro H opraaaaauaoaao-rexnaxecxo ro xapaxrepa, TaKHe KaK

[124]:

lJ BbICOKHH yposens H3.n;ep:lKeK,COlIpSl:lKeHHbIX C 3MHccHeit MyHHUHlIaJIb HbIX uennsrx 6yMar; lJ aepasaarocrs CHCTeMbI rapaHTHpoBaHHSI
BJaHMo.n;eHCTBHeMecTHOH a.n;MHHHCTpaUHH ClIpeMpHSITHSIMH, JIOKaJIH30BaH

pecypcsr

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JIH'lHHe 06opoTa, rexaaxecxok ocaameaaocra, 06eClIe'leHHOCTH TOproBbIMH

lJ
lJ cPoPMHpoBaHHe nepesna npennpuxrna, 3aCJIY:lKHBaiOruHx BHHMaHHSI 6aHKoBcKHX yqpe:lK.ll:eHHH B xaxecrae 06'beICfOB B03MO:lKHOro BJIO:lKe~HSI

JIeHHbIe na

Peraonansasre H

181

3MHCCHSI MYHHUHlIaJIbHbIX ueHHbIX 6yMar lI03BOJISleT

lJ peurenae BOlIpOCOB Kpe.n;HToBaHHSl6aHKaMH HHBeCTHUHOHHbIX npoex TOB, npomemnax He06xo.n;HMyIO 3KclIepTH3Y H

7.4.Mep:>rlPl1Sffi1ll no <jlopMI.1poeaH111O I1HBecTI1I..\11OHHbIX pecypcos

[134]. PbIHOK

BJIeKaTeJIbHbIM

yposnex ,nOXO.n;HOCTH H ,np.

B ueJISlX pa3BHTHSI psrnxa MYHHUHlIaJIbHbIX H xopnoparaaaux ueHHbIX 6yMar aa

xecrax

lIOTeHUHaJIa

H peaJIH3aUHH 3aJIO)fCeHHoro B HHX HHBeCTHl.lHOHHOro

opraasr BJIaCTH ,nOJI:lKHbI ocyutecraars pnaxeponpaaraa

[39; 73; 124; 134]: D nposeneaae lIOJIHTHKH, HMeIOrueit ueJIbIO nossnnenae HHBeCTHUHOH HOH lIpHBJIeKaTeJIbHOCTH MYHHUHlIaJIbHbIX 06pa30BaHHit B rJIa3aX

ueHHbIX 6yMar ooecnesasaer ztocryn npennpasraa K 60JIee neureaosry lIO

lIOTeHUHaJIbHbIX unaecropoa, H C03.n;aHHe aa aToH OCHOBe ,nOlIOJIHH

CpaBHeHHIO C 6aHKoBcKHMH Kpe.n;HTaMH aKUHOHepHoMy KalIHTaJIY H BOBJIeKa

TeJIbHbIX CTHMyJIOB .n;JISI cy6'beKTOB MecTHOH 3KOHOMHKH K 3MHCCHH

er B HHBeCTHUHOHHbIX npouecc c6epe:lKeHHSI HaCeJIeHHSI [47],

if: pasaeuteamo HOBbIX BbIlIyCKOB aKUHit na
182

rAaBa

7. OCHOBHble L\ef\I.1l1 3aAa411 I1HBecTl1L\110HH0i1 /1(),r\,l1TI1KI1

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MYHl111MnanbHoro 3aHMa 11 ero YC110BI1H

7.4. MeponPl1Sl1lo1Sl no ¢oPMl-1poeaH111O HHBecn1L\110HHbIX peCYPCOB

o

183

HH
'r

HTI1HX-3MI1TeHTax, aaperacrpnpoaaausrx na TeppHTopHH MyHHUHnaJIb noro 06pa30BaHHH, 0

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H MYHHUI1naJIbHbIX

ueHHbIX 6yMar, 0 nOTeHUHaJIbHbIX naaecropax;

~

o

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CO,ZleHCTBI1e pa3BI1THIO HH
[J c03,UaHHe 3
1

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~

[J paspatiorxy HanpaBJIeHI1H H B03MO)l(HbIX
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UHOHHbIX nporpaser;

'r

[J paCIIIHpeHHe npaKTHKH nsmycxa 06JIHraUI1H MYHHUHnaJIbHbIX 3aHMOB,

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~

B TOM qHCJIe

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c06CTBeHHoro npoassozrcrsa cpezm ropoztos POCTOBCKOH 06JIaCTH. ,llOJIH ropozta COCTaBJIHeT 14,7 % B 06I1leM 061>eMe npoayxnaa 06JIacTH. KaK BH.llHO H3Ta6JI. 8.5, no irrorav 2002 r. B 3KOHOMHKe Taranpora (KaK H 06JIaCTH B lleJIOM) aarpaxcaposaao CHHJKeHHe 061>eMa npoasnnnemroro npOH3BO.llCTBa (89,8 % K ypOBHIO nporuaororona). CymecTBeHHO, 'ITOcnaa 3aTpOHyJI 6a30BbIe, HenOCpe,ll,CTBeHHO mrrerpaponanaue BHH,ll,YCTPHaJIbHO nopTOBbIH KOMnJIeKC H onpezenmoume 06myIO COllHaJIbHO-3KOHOMH'IecKYIO CHTyallHIO aa TeppHTOpHH MYHHllHnaJIbHOrO 06pa30BaHH5I OTpaCJIH: MallIH HOCTpoeHHe, MeTaJIJIyprHIO. B nOCJIe,ll,YIOmHH nepaon cnaa B npOMbIllIJIeH HOM KOMnJIeKCe ropozta 6bIJI B lleJIOM npeoztonea (B 2004 r. 061>eM ssmy utenasrx TOBapoB H ycnyr YBeJIHQHJIC5I B nsa paaa no cpaBHeHHIO C 2002 r.) npexne scero aa CQeT cTa6HJIH3allHH cnryauan na OCHOBHbIX rpanoofipa 3YIOmHX npezmpaarnax.

2003

HOti nOJIHTHKH N!MHHHcrpaIIHH r.

Taraupora,

2005

2006

2007

111,6 120,7 98,3 131,5 114,6 77,6 108,3

107,6 116,6 103,6 100,1 107,9 93,4 113,7

107,8 102,4 112,3 97,6 119,1 127,4 134,4

120,4 101,6 112,7 98,0 104,1 113,1 134,6

Ts6nHl.la8.6 reMnw McTPYKTYPa 06pa6aTwBa~ero npOM3BOACTBa B r, TaraHpore B 2006 M 2007 rr. 2 BIIA ~trOHOIIIH'IecKollAeJJTeJlhHOCTH

KOJIH '1eCTBO

TeMJI

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2007/2006 IT., %

,ec806~e",

npen-

061>eMe, %

"PH-

2007

Jmlil

2006

30 D6pa6aTbiBalOlI/,He nponasoncrsa (6ea ysera DAD .TaBHa. H DAD .ITpH60ib)

123,6

100,0 100,0

2 10

127,9 103,6

76,2 74,1 4,4 4,8

Merannypraxecxoe npoH3Bo.nCTBO ITPOH3BO;ll,CTBO MawHHH06opy.noBaHHSI

lIpoiJOJlJICeHue #

COCTa!lJleHO no: CpaBHlITeJIbHble nOKa3aTeJIH COIIHaJIbHO-aKOHOMJ{'1eCKoro nMOllCeHHH roPOJlOB H piIHoHoB POCTOBCKOH 06JIacTH:

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I

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POCTOB

H/l(, 2005;

COIIHaJlbHO-3KOHOMH'IecKoe nOJIOllCeHHe roPOJl,CKHX oxpyron H MYHHIIHnaJIbHblX paaonoa POCTOBcKOti 06JIacTH: CTaT. c6.

I

POCToBcTaT. -

H/l(, 2006; CnpaBO'IHblH MaTe Taranpora aa 2007 r. - N!MHIlHcTpa

POCTOB

pHaJI 0 coUHaJIbHO-3KOHOMH'IecKOM COCTOllHHH r,

COCTaBJIeHO no Jl,aHHbIM llepBH'IHOH OT'leTHOCTH YllpaBJIeHIDI3KOHOMHKH H npOMbIIIIJIeH

2004

Ha ,ll,OJIIO 06pa6aTbIBaIOmHx npcaasoncrn B 2007 r. npUXO,ll,HTCH 95,1 % 061>eMOB npoMbIllIJIeHHOrO npoH3BO,ll,CTBa, na npoH3BO,ll,CTBO H pacnpenene HHeanexrpoaaepran, raaa H B0.llbI - 4,9 %. B 2007 r. 3aMeTHbI 3HaQHTeJIbHble TeMnbI pOCTa 06pa6aTbIBaIOIIlero npo H3BO,ll,CTBa no cpaaaemno C 2006 r. (Ta6JI. 8.6), B 2007 r. npe,ll,npH5ITHHMH 06pa6aTbIBaIOIllHx npoH3BO,ll,CTB orrpyxeao TOBapoB c06CTBeHHoro npOH3 BO.llCTBa, BbInOJIHeHO pa60T H ycnyr c06CTBeHHbIMH CHJIaMH ua CyMMy 29 864,2 MJIH py6., QTO na 23,6 % 60JIbllIe, QeM B 2006 r.

PHe. 8.5. Bunycx TOBapOB H ycnyr B¢aKTl1'leCKHX nenax no nOJIHoMy Kpyry npe;ll,npmlTlfH B r. Taranpore B 2000-2006 rr. (rue, py6.)'

Taraapor 3aHHMaeT sropoe MeCTO no 061>eMy orrpyxeaasrx TOBapO:B

2002

89,8 121,8 93,3 96,9 121,2 98,5 138,7 109,2 91,6 123,9 66,4 65,8 91,9 109,8

IIHII r, Taranpora, 2008. COCTaBJIeHO no: CnpauO'lHblH MaTepHaJI 0 COIIHaJlbHo·aKOHOMH'IecKOM COCTOllHHH r, Ta ranpora aa

2006, 2007

IT. - NlMHHHcTpaIIHH r.

Taranpora, 2008.

rAaBa 8. AHaN13 HHBeC1l1l..\HOHHOfO IW1MaTa Ha npHMepe r. TaraHpora

'98

Ha6JIIO.naJICH onepexaioutaa (B IJ:eJJOM cooTBeTcTByIOlUHu H (')6rn:eMHpoBbIM

.........." .................... , . • ......... M ........·'·....... • ••• _ ,

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2007/2006rr., %

aec a 06m;eM 001>eMe, %

npeanpa-

Jim

TIP
4

2007

2006

11,7

13,7

102,8

TIpoH3BO,nCTBO nposax HeMeTaJIJIH'ieCKHX

4

160,0

2,4

1,9

MHHepaJIbHbIX nponysros TIpoH3BO,nCTBO nHIueBbIX nponyxron TIPOH3BO,nCTBO KOltm, H3,neJIH" 113 KO)/(II TIPOH3BO,nCTBO UeJIJIIOJI03bI, ,npeBeCHO"

2 1 2

110,7 120,1 104,4

0,5 0,7 1,0

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1

200,0

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0,8

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TIPOH3BO,nCTBO annaparypu

119,7

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2000 2001 2002 2003 2004 2005 2006 2007

nOKa3aTeJlb

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558), KOJIH'IeCTBO KOHTpaKTo.nepJKa692 (2006 r. - 610). . B 2007 r. aiccnopr rosapoofiopora YBeJIH'iHJIC~no OTHOllIeHHIO K 2006 r. B 2,1 paaa H COCTaBHJI 612,2 MJIH .llOJIJI. CIlIA. .llOJI~ axcnopra BO BHeIIlHe TOproBOM 060poTe ropona COCTaBHJIa 22,4 %. I1MnopTH~ COCTaBJI~IOlU~ TOBapo060poTa B 2007 r. B03pOCJIa no OTHO llIeHHIO K 2006 r. na 73,3 % H COCTaBHJIa 2117,5 MJIH .ll0JIJJ. C IlIA. .llOJI~ IIMnOpTa BO aneumeropronoa 060poTe ropoaa COCTaBHJIa 77,6 %. B 2007 r. OCHOBHYIO sacrs TOBap006opoTa TaMOJKHHTpa.nHIJ:HOHHOCOCTaB

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onepauaa C naprne

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n03BO

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2006

2007

BJIaCTH ,n;JIR npHHRTHR pelIIeHHH npa cPOpMHpOBaHHH H ocymeCTBJIeHHH

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2003

2004

2005

2006

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r. Taranpora

rrepC'lI1CJIeHI1H

B nllaH no paCXQAaM Lo1cnOllHeHO no paCXOAaM

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%, B 2003 H 2004

63,6 H 49,4 % COOTBeTCTBeHHO. B 2005 BHJIa acero 38,4 %.

Beaaoaveanasre ll<:lxoJlbI OT npea

roztsr cPe,n;epaJIbHOH 61O,n;:lKeTHO-HaJIOroBOH nOJIHTHKH RBJIReTCR

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100

2793,9

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623,0

29,0

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30,8

164,8

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11,9

229,2

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1188,4

55,3

1594,6

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2007

Bnpo-

203

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2004

2005

2007

2006

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Ilo COCTOjlHHIO na 1 ansapa 2008 r. 06nU1H 06beM KpetJ;HTHbIX BJIOiKeHlfH B3KOHOMliKy ropona (CCytJ;HM 3atJ;OJIiKeHHOCTb) COCTaBJIjleT 24 901,9 MJIH py6., lJ:TO na 89,7 % 60JIbIIIe aroroa 2006 r. 061>eM npaanesennux 6aHKoBcKHX BKJIatJ;OB ¢1l3HlJ:eCKHX JIllll, B 2007 r. npeBbICHJI 5494 MJIH py6.; 6bIJIO 3aKJIIO lJ:eHO 799,4 TbIC. tJ;oroBOPOB. Ilo cpaaaenmo C2006 r. 061>eM tJ;eHeiKHbIX CpetJ;CTB B cyMMapHoM BbIpaiKeHHH no BKJIatJ;aM BbIpOC na 31,8 %, npa sron KOJIH'Ie CTBO ztorosopoa nOlJ:TH He113MeHHJIOCb. EaHKHnpOtJ;OJIiKaIOT aKTllBHO napamaaars CBOH xpenarnsre nOpT¢eJIH. KpetJ;HTHM nOJIHTHKa 6aHKOBcKHX opranaaauaa r. Taran pora B 2007 r. 6blJIa nanpaaneaa KaK na YBeJIHlJ:eUlie tJ;OJIH tJ;oJIrOCp0lJ:HbIX KpetJ;HToB na HHBe CTHlI,HOHHbIe uena peansaoay cexropy aKaHOMHKH, TaK II sa npenocrasne HHe etJ;llHoBpeMeHHbIx KpetJ;HToB B BHtJ;e B0306HOBJIjleMbIX H HeB0306HOB JIjleMbIX KpetJ;HTHbIX JIHHHH, oaepnpadrrnue KpetJ;HTbI H nOTpe611TeJIbCKlie KpetJ;HTbI ¢H3HlJ:eCKHM JIHlI,aM. 061>eM BbItJ:aHHbIX KpetJ;HToB 3a 2007 r. COCTaBJIjleT 39890,7 MJIH py6.11no OTHOIIIeHllIO K 2006 r. YBeJIlllIHJICjI na 60,7 %. IlOBbICHJIOCb KalJ:eCTBO xpe narnoro nOpT¢eJIjI, H113MeHllJIaCb ero OTpaCJIeBM CTpYKTYpa. TaK, tJ;eHeiKHbIH 061>eM BbItJ:aHHbIX KpetJ;HTOB aa 2007 r. 3HalIllTeJIbHO YBeJIlilIllJICjI na «CTpOH TeJIbCTB01>, «npoMbIIIIJIeHHOCTb», «¢1l311lIecKliM JIllll,aM1> II YMeHbIIIHJICjI no cpannemuo C060poTaMH 2006 r. na «ceJIbCKOe X03j1HCTB01> (Ta6JI. 8.15). Ta6nt-fL(a 8.15 06"eM BblAaHHblX KpeAMTOB B OTpaCJIH

Bcero, TNC. py6.

Ilpoueur

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OT 06lIlero 06'beMa

ra BIdJl,3HHbIX xpe

Kpe,1UlTOB,

Il POMbIlliJICHHOCTb CCJIbCKOC xoaHHCTBO CTpmneJIbCTBO TOproBJlH If 06mcnifT

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Hroro: B TOM lJHCJIe I1n B TOM lJUCJIe norpe

2007 r, t

%

JlHTOB 2007/2006 IT.

10 934 782,60 2211 846,00 441565,00 17676946,00 858694,00 2668272,00 5098622,37 39890727,97 1646339,00 3524913,80

27,41 5,54 1,11 44,31 2,15 6,69 12,78 100 28,91 8,8

B3,7 pasa 93,8% B5,8 paaa 114,4 % 130,7 % 192,9 % B 2,6 pasa 160,7 % 178,9 % B 2,1 paaa

5694992,00

14,28

163,8 %

6HTeJlbCKUC KpeJ].IfTbI

B TOM lJHCJle cytisexTaM MaJIOro 6H3Heca

8.1. OlleHKa I1HBeCTl1l1110HHOro Ki\l1MaTa r. Tereapore

209

AKTllBHO pCl3BHBaeTCjI xpeaarosaaae ¢1l311lJ:eCKliX JIHlI,. EaHKll ropona npeztnaraior iKHTeJHIM xpenaru no llnOTelJ:HbIM rtporpaxxau (rorosoe )l{llJIbe, na tJ;OJIeBOe ysacrae BCTpOllTeJIbCTBe, na tJ;OCTpoHKY tJ;OMOBJIatJ;t;4IIDI), na npaotipereaae aBTOM06HJIeH (3aKJIIOlIeHbI cornamenas C KpynHbIMll aBTOCaJ.IOHaMli r. Taranpora II r. Pocroaa-na-Zlony), na npll06peTeHHe TO sapoa tJ;JIllTeJIbHOrO nonsaosanna, na HeOTJIO)l{HbIe HY:lKtJ;bI. Hecsrorpa na orpoanoe KOJIlllJ:eCTBO xpenaros, npeazaraeasrx KOMMep lJ:eCKHMll 6aHKaMH, C6ep6aHK Poccna aanserca JIlltJ;epoM na aTOM psrsxe. Y OCE caMbIH «TjliKeJIbIH1> KpetJ;HTHbIH noprrpem, cpena 6aHKOB ropoaa, OH nonsayercs MaKCliMaJ.IbHbIM nosepaea HaCeJIeHHjI, KpOMe roro, 60JIbmlle xpezrarxsre pecypcsr 6aHKan03BOJIjlIOT CtJ;eJIaTb xpemrrsr caMbIMH ztemeasr Mll B ropozte. Kosoaepsecsae 6aHKll, 6ytJ;yqH'He B COCTOjlHllH CHIl311Tb CBOli CTaBKll tJ;0 ypOBHjI C6ep6aHKa, npHBJIeKaIOT KJllleHTOB oneparasnocrsro paccaorpeans xpeztarnsrx 3MBOK. . .l{llHaMllKa CTaBOK no KpetJ;llTaM B r. Taraapore npencrasneaa BTaM, 8.16. Tst5nHL(S 8.16 I AMH8MMK8 CT8BOK no KP8AMT8M B 2002-2007 IT. ):{JIJl!j>H3HlJeCKHX JIH~

2002 2003 2004 2005 2006 2007

):{JIB IOpHJIHlJeCKHX JIH~

npo~eHThIno xpe

Ilpoueirrsr no xpe

npo~eHThIno xpe

.zurry B ron, py6.

.zurry B ron, B BaJIIOTe .zurry B ron, py6•

16-36 16-35 16-35 10-25 11-21 9-28

11-13 10-13 11-13 5-16 10-16 8-18,4

14-32 12,5-25 13-24 10-21 10-24 10-20

npO~eHThIno xpe .zurry B ron, B lI8JIIOTe

7-15 8-15 7-13 7-11 8-15 8-15

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rr.

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210

rAaBa 8. AHaAI13I1HBeCTI1~OHHOro Ki\I1MaTa Ha npl-Wepe r.

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B repone TaK)I(e npncyrcrsyer HHcTHTyT KOJIJIeKTHBHoro HHBecTHpoBa HHH - nerocynapcrseaasrn nencnounsn! oH,n.

B r. Taraapore pa6oTaIOT aynaropcxne HpMhI (000 ¢Ay,nHT-6IOpo~, 000 .Illenh-ay,nHn, 000 «KOHcYJIhTaHT-ay,nHn H np.), KOTOpbIMH nposonsrca He3aBHCHMhIe rrposepxa HHaHcoBofi O'flIeTHOCTH opraaasa I.{Hfi, OKa3hIBaeTCH llIHpOKHfi cnexrp KOHcyJIhTaI.{HoHHhIX H sxcneprusrx

ycnyr, Y crreIIIHO patioraer Tarauporcsaa Me)l(pafioHHaH roproao-npoxsnunen HaH nanara (TMTTITI), KOTOpaH BXO,nHT B cncreay TTITI P. TMTTIn 06be,nHHHeT OKOJIO 69 npennpaamfi scex OpM co6cTBeHHocTH r. Taraa

pora. OH,nOBbIH PhIHOK HBJIHeTCH 3Ha'IHTeJIhHhIM HCTO'fHHKOM pe3epBOB,nJIH rrpHBJIe'feHHH HHBecTHI.{HH B peaJIhHhIH cexrop 3KOHOMHKH. B Taranpore YHKUHOHHPYIOT TaKHe HHBeCTHI.{HOHHhle HHCTHTyrhI, KaK OAO .TIpH a30BCKHH OH,nOBhIH UeHTp~, 3AO .I1HAM~, OAO ~TeMrr-I1H Becn. OH,nOBhIH PhIHOK r. Taranpora B OCHOBHOM npencraanen aKI.{HHMH CJIe,nyIOmHx 3MHTeHTOB: OAO «Taraer», OAO «KpacHbIH KOTeJIhIUHK~, OAO .TAHTK HM. r. M. Bepaeaa-, OAO «'I'araaporcxaa aBHaI.{HH., OAO ~ Taranporcxafi MOpCKOfi roproasnt nopr». AKI.{HH ztpyrax 3MHTeHTOB r, Taraupora 06JIa,naIOT MaJIofi JIHKBH,nHOCThIO H npaxraxecxa He ofipama IOTCH aa psmxe I.{eHHbIX 6yMar. I1HCTHTYI.{HOHaJIhHhIM rrpOHBJIeHHeM pecrpyxrypaaauua 3KOHOMHKH ropoaa CTaJIO opMHpoBaHHe cersreura MaJIOrO npezmpamerarenscraa. HaJIH'fHepa3BHTOro MaJIOro npezmpamnrarenscrsa ztnaaasecropa 03Ha'Ja er HaJIH'fHe IIOTeHI.{HaJIbHhIX naprnepos, HaH60JIee aKTHBHO y'faCTByIOmHX B BhIIIOJIHeHHH paaaootipasasrx cy6rro,npH,nHbIX 3aKa30B, B ocymeCTBJIeHHH nocpenna-recsnx yHKI.{Hfi. AHaJIH3 COCTOHHHH M'aJIoro 6H3Heca Br. Taranpore yxaasrsaer ua cTa6HJIh HyIO .z:lHHaMHKy ero pa3BHTHH, 3TOT cexrop 3KOHOMHKH 3aHHMaeT B repone nposnsre rr03HI.{HH H HMeeT 3Ha'fHTeJIbHhlfi rrOTeHI.{HaJI ,nJIH pOCTa. KOJIH'JeCTBO MaJIhIX IIpe,AIIpHHTHH B 2007 r. COCTaBHJIo OKOJIO 3000 eztn HHU, 'fHCJIeHHO€Th HH,nHBH,nyaJIbHhIX npennpaaauarenen sa ron yBeJIH'fH JIaCh aa 1547 'feJIOBeK H COCTaBHJIa 11 227. B crpepe MaJIOrO npezmpnnnaa TeJIhCTBa 3aHHTO 60JIee 25 % OT 0611.{eH 'JHCJIeHHOCTH rpynocnocofiaoro HaCeJIeHHH ropozta. Paaxrep OHI.{HaJIhHO Ha'fHCJIeHHOH cpe,nHeMeCH'fHOH aapatiornoa nnarsr aa npennpaaruax MaJIOro 6H3Heca rro nroraa 2007 r. rrpeBbICHJI 7 ThIC. py6. OTpaCJIeBaH crpyxrypa MaJIOro npennpanaaarenscrna ropozta na npOTH )l(eHHH,HeCKOJIbKHX JIeT npaxrasecxa HeMeHHeTCH. OCHOBHaH xacrs MaJIhIX

8,1. Ol.\eHKa I1HBeCTl1l.\l1OHHorO lW1NtaTa r, TaraHpora

211

npennpaarna rro-npeacaeny 3aHHMaeTCH onrosoa H P03HH'fHOH roproaneti, 06mecTBeHlIhIM rrHTaHHeM, pexonrox asrorpancnopmstx cpencrn. .llOJIH X03HHcTBY IOmHX cyfisexron 3THX BH,nOB ,neHTeJIbHOCTH COCTaBJIHeT OKOJIO 52 % B OTpaCJIeBOH crpyxrype MaJIOro rrpe,nnpHHHMaTeJIbCTBa (rro Poe CHH - 46 % OT scero 'fHCJIa MTI). Ha ,nOJIIO MaJIOrO rrpe.zurpHHHMaTeJIhCTBa npnxomrrca OKOJIO 80 % scero ofiopora P03HH'fHOH TOprOBJIH (rro Poe CHH - 48-50 %). B 2007 r. MaJIhIMH rrpe,nnpHHTHHMH orrpyzceiro TOBapoB coticrsemroro npoaaaoztcraa, BhIrrOJIHeHO pa60T H ycnyr co6cTBeHHhIMH CHJIaMH na CyMMy OKOJIO 6 MJIp,n py6., 'fTO COCTaBJIHeT OKOJIO 15 %CTOHMOCTH OTrpy3KH TOBapoB IIO xpyrmsra H cpe,nHHM npennpaaraaa ropoaa, OCHoBHhle o6beMhIorrpya KH TOBapOB coficrseanoro npoaaaozrcrna H BblrrOJIHeHHH pa60T H yCJIyr co6cTBeHHhIMH CHJIaMH rro MaJIbIM npezmpuarnsx rrpHXO,nHTCH na rtpezmpn 9:THH COCHOBHhIM BH,nOM ,neHTeJIhHOCTH ~06pa6aThIBaIOmHe npoaaaoncraa» (35 %) H rrpe,nrrpHHTHH COCHOBHbIM BH,nOM,AeHTeJIbHOCTH «CTpoHTeJIbCTBOl> (21 %) H • Tpaacnopr H CBH3M (12 %). 11 3TO 3aKOHOMepHO, TaR KalC npea IIpHHTHH 06pa6aThIBaIOmHX rrpOH3Bo,nCTB H CTpOHTeJIhCTBa B OTpaCJIeBOH CTPYKTYPC MaJIOrO rrpe,nrrpHHHMaTeJIhCTBa ropoziaCOCTaBJIHIOT COOTBeTCTBeH

17 H 13 %. Hanorossre nocrynnenaa cyfisexroa MaJIOrO IIpe,nrrpHHHMaTenbcTBa B 6IO,n)l(eT ropozta cTa6HJIhHhI. B apenztey npennpnnaaarenen Haxo,nHTCH OKOJIO 80 % He)l(HJIoroMyHHI.{HrraJIhHoro rponzta. Y,neJIhHhIH nee nocryn JIeHHH B 2007 r. OT cy6beICToB MaJIOrO rrpe,nrrpHHHMaTeJIhCTBa B o6ill eM o6beMe apennaoii nnarsr aa apenny He,nBH)I(HMOro MyHHI.{HrraJIbHoro HMY mecraa COCTaBHJI 91 %. HO OKOJIO

KOJIH'feCTBO ,neHcTByIOmHx ,noroBopoB apeansr 3eMeJIbHblX y'faCTKOB, Haxo,nHmHXCH B Be,neHHH r. Taranpora, Ccy6beKTaMH MaJIOro IIpe,nIIpHHH MaTeJIbCTBa COCTaBJIHeT 1468,HJIH 43,1 %OT ofituero ICOJIH'feCTBa zroroaopos. TIJIOma,nb apennyeasrx y'faCTKOB cy6beICTaMH MaJIOro 6H3Heca COCTaBJIHeT 18 % OT o6mefi IIJIOma,nH MyHHI.{HIIaJIhHOro 06pa30BaHHH. 3a 2007 r. 6aHKoBcKHMH opraHH3aI.{RHMH auaaao xpeznrron cy6beKTaM MaJIOrO npennpamoaaremc'rsa na o6myIO CyMMy 60JIee 5694 MJIH py6. (14,3 % OT otiutero Kpe.l(HTHOrO IIopTeJIH),B.TOM 'fHCJIe 1646,3MJIH py6. na Kpe,nHToBaHHe HH,nHBH,nyaJIhHbIX IIpe,nnpHHHMaTeJIeH. TIoMHMO 6aHKoBcKHX opraHH3aI.{HH, MHKpoKpe.l(HTbI MaJIOMy npezmpa HHMaTeJIbCTBY BbI,naIOT: 000 «.UeHTp MHKpoOH,n IIoMep)l(KH IIpe,nIIpH HHMaTeJIhCTBa H pa3BHTHH 1C0HKYpeHI.{HH (BbI,naHo ceMbxpenaron na 06mYIO CyMMy 660 TbIC. py6.). B Te'feHlfe ,nJIHTeJIbHOrO BpeMeHH MaJIhIH 6H3Hec IIpHHHMaeT aKTHBHoe ysacrae B peurenua BOIIpOCOB ropoztcxoro X03HikTBa (Ta6JI. 8.17).

rAaBa 8. AHaN13 I1HBeCTlo111110HHOrO IW1MaTa Ha nplo1Mepe r. TaraHpora

212

Ta6nH~8

8. 17

PBcnpeAeneHMG MYHMLlMnBnbHoro SBKBSB no c4»epBM AGRTGnbHOCTM ManbiX npeAnp~RTMAI opepa

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2003 3,l(paBooXpaHeHlle 29256,7 Kynsrypa 8158,2

06pa30BaHHe )J(KX YC3H Ilposae

439,8 2321,6 3894,3 699,3

2004

18093,7 2442,8 16425,7 2022,6 3253,6 5298,4

2005 38157,7 17262,8 38063,4 . 69573,9 7915,7 6992,1

·2006

15499,4 510,7 56921,5 73177,6 4084,0 3348,5

B 2007 r. cy6beKTbI MaJIOrO rrpennpaaaaarenscraa TaIOKe yqacTBOBaJIH B paaaeurenan MyHHI{HrraJIhHOrO aaxaaa nocpencraox repros. C cy6beK7 TaMH MaJIOrO npennpuaaaarenscrsa 3aKJIrotIeHO 719 KOHTpaKTOB, tITO COCTaBJI~eT 59 % OT 06mero KOJIHtIeCTBa KOHTpaKTOB na 06myro CTOHMOCTb 632,7 MJIH py6. H1l1lD6au,uOllllblU nomenuuan OTpaJKaeT yponens aneapenaa .lI.OCTlOKeHHH HaytIHO-TeXHHtIeCKoro rrporpecca H crenens MO.ll.epHH3aI{HH nponasoncraa B MyHHI{HrraJIbHOM 06pa30BaHHH, ~BJI~eTC~ OCHOBOit.M~ pa3pa60TKH H co 3.l1.aHH~ BbICOKOTe:lCHOJIOfHtIHOH, xouxypearocnocoriaoti, HayKoeMKoH npo .lI.yKI{HH, cnocooeacurpars pematoutyio POJIb BCOI{HaJIbHOM 03.l1.opOBJIeHHH ropona, 06eCrretIHB pacuiapeaaoe BocrrpoH3BO.ll.CTBO. . fJIaBH~ ocotiennocrs r. Taranpora - aTO HaJIHtIHe sucoxoro nay-nroro, 06pa30BaTeJIbHOrO H npousnuneaaoro noremnrana. HaytIHO-TeXHOJIOmtIe CKHH KOMrrJIeKC na OCHoBe aHaJIH3a MO)KeT 6bITbnpencrasnen BCJIe.ll.yromeM BH.lI.e." 1. HayqHo-TeXHHtIeCKHH 6JIOK. • B KOHue 2006 r. Taraaporcsna paJJ.HOTeXHHtIeCKHH yHHBepcHTeT (aanee - Taranporcxan TeXHOJIOmtIeCKHH HHCTHTYT IOcI>Y, TIM lOcI>Y) COBMecTHO CPOCTOBCKHM rocynapcraemrux YJ!HBepCHTeTOM (PfY), POCTOBCKOH ~Y.ll.apcTBeHHOH aKaJJ.eMHeH apXHTeKTYpbI HHC xyccrsa (PfAAM), POCTOBCKHM roCY.lJ.3.pcTBeHHbIM nenarorasecxax yHHBepCHTeTOM (PfII¥) C03.l1.aJIH IO)KHbIH epe.ll.epaJIbHhIH YHHBep CHTeT (IOcI>Y), OCHOBHOH 3aJJ.atIeH xoroporo ~BJI~eTC~ HHTeHcHepH KaUH~ HHHoBaUHoHHoH .lI.e~TeJIbHOCTH rryreM 06be.ll.HHeHH~ HayqHblx HCCJIe.ll.OBaTeJIbCKHX HrrpOH3BO.ll.CTBeHHo-TeXHOJIOfH1.JeCKHX B03MO)K HOCTeH M~ peaJIH3aUHH xpynnsrx HHHOBaUHOHHblX npoexros. HaCnpaao-rasra MaTepmLII 0 ranpora aa 2003, 2004,2005 H 2006 rr:

COCTaBJIeHO no:

COUHaJlbHO-3KOHOMH'IeCKOM COCTOJlHHH r.

Ta

8.1. OueHKa I1HBeCTl111I1OHHOrO IW1MaTa r: TaraHpora

213

yqHhIH rrOTeHI{HaJI lOeDY COCTaBJI~eT 60JIee 50 % nay-nroro norea UHaJIa 1OcI>0. • Taranporcxaa TeXHOJIOlWIecKHH HHCTHTYT IO)KHoro epe.ll.epaJIbHoro YJ!HBepcHTeTa Br. Taranpore (TIM IOeDY), BCOCTaB xoroporo BXO ~T .lI.Ba HMM, rulTh OKB H HKB, OrrhITHO-rrpoH3BO.ll.CTBeHH~6a3a. MMe~ MHOrOJIeTHHH onsrr HayqHo-HCCJIe.ll.OBaTeJIbCKHX H onsrmo KOHCTpyKTOPClOfX. pa60r B 06JIacTH HHPMaUHoHHblX H aJIeKTpOH HhIX TeXHOJIOrnH, TTl1 IOeDY 3aHHMaeT sropoe MeCTO B POCCHH (BCJIe.ll. 3aMBTY HM. BaYMaHa, r. Mocxsa) rro06beMY BblIIOJIlUIeMbIX HMOKP aa e.lJ.HHHUY rrpopeccopcso-npenonaearemcxoro COCTaBa. • HayqHo-TeXHHtIecKHH rrapx .TaraHpon. (C03.l1.aH B 1996r., yxpeaa TeJIH - TPTY HMMHHHcTpaIlIDl r. Taranpora) - O.lJ.HH H314 TeXHO napxos cacreau ssrcurero 06paJoBaHH~ POCCHH, HMeromHH CBH.lI.e TeJIbCTBO 0 rocyzapcreenno-ocmecrsenaoa aKKpeJJ.HrauHH. B 2002 r. na 6aJeHTII • Taranpors Bpaxxax IIporpaMMhI MHHrrpoMHayKH PeD .lI.Jl~ rroJUJ.ep)KKH MOJI0.ll.bIX CrreI{HaJIHCTOB B paausrx 06JIaCT~X B ropo .lI.e C03.l1.aH HHHOBaI{HOHHbIH uetrrp • Texnonapx•. B HaCTOHmee BpeW{ B HTII .TaraHpor. BXO~T 12 npennpasraa, • Haysaue opraHH3aI{HH H opraHH3aI{HH, tIb~ .lI.e~TeJIbHOCTb aepaa psrsao CB~3aHa CHaYKoeMKHMH TeXHOJIorWIMH: HMM CB~3H, HMM xaoronpoueccopnsrx BbltIHCJIHTeJIbHbIX CHCTeM, HayqHo-HCCJIe.ll.O BaTeJIhCKHH I{eHTp cyrrep3BM H HeHpoITeKc-Taraapor- TeJIeKoM. H .lI.p. . 2. IIpoH3Bo.ll.cTBeHHo-TexHoJIomtIecKHH 6JIOK 06be.ll.HHHeT npezmpnaraa BbICOKOTeXHOJIOrH'IHhIX OTpaCJIeH aKOHOMHKH: npeanpaaras ofiopoa noro KOMIIJIeKCa (saaoa .IIpu60H., OAO .KpacHblH ranponpecc»), aBUaUHOHHhIe npennpaaras (HIIK .TAHTK HM. f. M. Bepaeaa», OAO .TaraHporcK~aaaanaa»), a TaK)Ke OAO TK3 .KpacHblH KO TeJIbmUK. U OAO .TarMen. Cnexrp npencraaneaasrx OTpaCJIeH rrpOMbIIIIJIeHHOCTH OtIeHb llIHpOK - OT MeTaJIJIyprHH H aJIeKTpOHHKH .lI.O aBHaI{UU U rn.npOaKYCTHKU. 3. 06paJoBaTeJIbHblH 6JIOK BKJIrotIaeT TIl1 IOeDY, Taranporcxari rocy .lI.apCTBeHHbIH nenarorasecxaa HHCTUryT, Taraaporcxna HHCTHTyT ynpaaaemis H aKOHOMUKUj meers epHJIHaJIOB MOCKOBCKHX By30B, BO ceMbKOJIJIe.ll.)KeH, paasepayryio cers rrpo
214

rAasa 8. MaAI13 I1HBeCTI1U1'1OHHoro IW1M,na Ha npl1Mepe r. TaraHpora

scex crpepax .nejlTeJIbHOCTH r. Taranpor aanaerca JIH.nepOM B POCTOBCKOH 06JIaCTH. 06beM HHHoBaQHOHHoH npoayxnua H ycnyr HHHOBaQHOHHoro xapaxre pa B ropone 3Ha'lHTeJIbHO asrpoc aa nOCJIe.nHHe nars JIeT. COrJIaCHO npose .neHHOMy MOHHTOpHHry HHHoBaQHoHHoH .nejlTeJIbHOCTH B r, Taranpore no pe3YJIbTaTaM nepsoro nOJIyro.nHjl2007 r. 06beM orrpyaceaaoii npo.nYKQHH B CpaBHeHHH CaHaJIoru'lHblMnepaozoa 2006 r, ssrpoc B 10 paa. OCHOBHOH 06beM HHHoBaQHoHHoH npo.nYKQHH npaxoznrrca aa xpynnsre H cpennne

npeanpasras. TaK, K rrpaxepy, na IIpeAlIpl1HTHI1 OAO • Taraers CTOl1MOtTb orrpyzeea HOlt l1HHOBaUl10HHOll: IIpOAyKUHH aa nepsoe IIOJIyroAl1e 2007 r. COCTaBl1JIa 544,5 MJlH py6., a CTOl1MOCTb BbIlIOJlHeHHblX uaysnsrx l1CCJIeAOBaHIfHIf paa patiorox 6blJIa panna 21,3 MJIH py6.

CTpyKTYpa aarpar na TeXHOJIoruqeCKHe HHHOBaQHH xpynaux H cpeaaax npennpaarati aa nOCJIe,n:HHe ronsr nperepnena 3Ha'lHTeJIbHble H3MeHeHHH. C Ka)f(.nbIM roaox see 60JIblIIe Bbl.neJIHeTCjI cpeacrs aa npoaaaoncraeaaoe npoexrapoaanae, ztpyrae BH.l{bl no,n:rOTOBKH npoaasoncrsa MH asmycxa HOBblX BH.nOB npo.nYKQHH (eCJIH B 2001 r. aarparsr COCTaBJIHJIH 0,4 % OT 0611{HX sarpar, TO B. 2006 r, - 61,2 %), YBeJIWlHBalOTCH 06beMbl
ropona, B QeJIHX paJBHTHH ropO.nCKOH HayKH, nOBbllIIeHHH HayqHO-TeXHHqeCKOrO nOTeHQHaJIa HKOHKypeHTocnoc06HoCTH roponcxon BblCOKOTeXHOJIoruqHOH npo.nYKQHH, ee06HOBJIeHHH H yJIyqlIIeHHH xasecrsa, a TaK)I(e COBeplIIeHCTBO BaHHjI
8.1. OlleHKa I1HBeCTI111lo1OHHorO Ki\l1MaTa r. Iereaoore

215

TeXHOJIoruqeCKOrO npouecca B narepecax paJBHTHH OCHOBHblX c
pucxa. IloMHMO YBeJIHqeHHH 06beMoB npOH3Bo,n:CTBa, cneayer OTMeTHTb orrpe

neneaayro cTa6HJIH3aQHIO HHaHcoBoe CocTOHHHe .naHHbIX npeanpaaraa cyntecrseaao CHHiKaeT HaJIOrOBblH nOTeHLlHaJI (B TOM qHCJIe H peruoaa B QeJIOM, qbH cy6BeHQHH .nJIH Taranpora, CJIe.nOBaTeJIbHO, TaK:lKe 6y.nyT coxpautensr), He6JIarOnpHHT HO CKaJblBaeTCH na HHBeCTHQHOHHOH aKTHBHOCTH, a cootBeTCTBeHHO, MOiKeT npHBeCTH K .naJIbHeHlIIeMY He.nOHCnOJIb30BaHHIO CKOHQeHTpHpOBaHHblX sa repparopan ropoaa <paKTOpOB npOH3Bo.nCTBa. B resenae 2007 r. B pa3JIHqHblX npouenypax 6aHKpoTcTBa Haxo.nHJIHCb 139 raranporcxax npennpaarua pa3JIHqHOH
216

rAaBa

8. AHaN13Io1HBeCTIo1I..1Io1OHHOrO IW1MaTa Ha nplo1Mepe r. TaraHpora

B nepaozi 2003-2005 rr.

6IOtJ,)KeTa.

6IOtJ,)KeT 6b1JI HCllOJIHeH C tJ,eq,HQHTOM,

HaH60JIbIIlHM HetJ,OCTaTOK neneacasrx cpencrs 6b1JI B COCTaBJIHJI

73,86 MJIH py6.

2005

r., ero paaaep

TIPH 3TOM OCHOBHblM HCTO'lHHKOM q,HHaHcupo

BaHHH tJ,eq,HQHTa HBJIHJIHCb nocrynxeaas OT npotJ,a)KH HMymeCTBa, naxo

B 2006-2007 rr. 6IOtJ,)KeT 45,59 MJIH py6. H 72,84 MJIH py6. COOTBeTCTBeH

8.1 , Ol..leHKa Io1HBeCTlo11..11010HHorO IW1MaTa r. Iereaoore

217

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tJ,HmerOCH B MYHHQHnaJJbHoM c06cTBeHHocTH.

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HCnOJIHeHC npoq,HQHTOM -

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1 HHBapH 2008 r.

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Taranpora xapaxrepen BbICOKHH yposens 3KOllOlUlleCKOlO pUCKa,

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HeCMOTpH aa TeH,lleHQHH CHH)KeHHH BbI6poCOB BpetJ,HbIX BemeCTB B aTMO

npo6JIeMbI 06eCne'leHHH CTa6HJIbHoro pOCTaHaJIOroBblX tJ,OXOtJ,OB H nepcnex

-73,9 %no OTHorneHHIO K 2001 r.) H c6pOCaCTO'lHblXBOtJ, 2005 r. - 81,5 % no OTHorneHHIO K 2001 r.), irpen CTaBJIeHHble B Ta6JI. 8.19. Iloxasarens 06'beMa BbI6poCOB apenaux setuecra B arxoopepy, npaxonsuteroca na OtJ,HO npennpaarae, B r. Taranpore ouens BbICOKHMH COCTaBJIjleT 154,8 TOHHbI B 2005 r. (tJ,JIH cpaBHeHHH: B Pocrose na-Zloay -77,4 TOHHbI rrpa HaJIH'lHH 137 npeanpaarnn, HMeIOmHX Bbl6po CbI BpetJ,HbIX BemeCTB, EaTaMCKe - 36,4 npn HMH'lHH 22 npezmpaarnn, B Illaxrax - 94,7 npn HaJJH'lHH 38 npennpaarak), ycrynas JIHIlIb r. HOBo sepxaccxy (2834,5 TOHHbI).

THBHoro CeJIeKTHBHoro COKpameHHH pacxonos no HaH60JIee 3aTpaTHbIM 6IOtJ.)KeTHbIM CTaTbHM.

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B BotJ,HbIe 06'beKTbI (B

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JIHIOmHX HHBecTHQHoHHoro nOTeHQHaJIa nponncanu neaocrarosno. JlJIH r.

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xapaxrepen OTHOCHTeJIbHO HeBbICOKHH COU,UaJlbllblU

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qHCJIeHHOCTb O~HUHaJlbHO

2000 2001 2002 2003 2004 2005 2006 2007 479 594 908 2550 4031 4585 3984 3476

aapenrcrpapoaannux 6eapa

2001 24

24

2002 2003 2004 2005 25 26 42

9,0

8,8

8,4

npezruux aetuecra H 'aTMoc~epy, en, BbI6poCbl speansrx neutecrn

7,1

6,7

6,5

B aruocrpepy OT crauaouapasrx HCTO'lHI1KOB, TbIC. TOHH .llHHaMMKa Bbl6poCOB spezmux seuiecra

107,1 97,8

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24,8

25,6

25,2 25,5 23,1 20,8

99,2

103,0 98,6 99,1 92,6 90,0

B aruocdepy OT crauaonapnux K

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0,4

0,67 0,7

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1,2

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TIocTaHOBJIeHHeM M3pa r.

2000 24

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C6poc CTO'lllblX BOll B BOllHbIe o6beK TbI, MJIH M:J

Taraapora OT 3 anpena 2006 r . .N'2 1304 B ropo

.llHHaMlfKa c6porneHHblx CTO'IHbIX, tnaxr-

tJ,e C03tJ,aHa Me)KBetJ,OMCTBeHHaH KOMHCCHH no opraHH3aQHH B3aHMotJ,eMcTBHH

HO-py.nHIf'lHbIX H KOJIJIeKTOpHo-llpeHa:lK-

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npn ocymeCTBJIeHHH KOHTpOJIH aa C06JIIOtJ,eHHeM

rpynosoro 3aKOHotJ,aTeJIb

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COCTaBJIeHO no: CnpaBO'lHbIH MaTepHaJI 0 COlUfaJIbHO-JKOHOMH'lecKOM COCTOHHHI1 r. Ta ranpora aa 2000., 2001, 2002, 2003, 2004, 2005 11 2006 IT.

Bee

3TO cBHtJ,eTeJIbCTByeT 0 HetJ,ocTaTO'lHOM paspafiorxe H peaJJH3aQHH

MeponpHHTHM no 03tJ,opOBJIeHHIO oKpY)KaIOmeH

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rNlBa

218 O~HaKO B r.

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Taranpore y)Ke npHHHT pH)l HopMaTHBHbIx npasoasrx aKTOB

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8.9). B 2007

rHCTpHpOBaHHbIX npecrynneana na . 6bIJIO 3apemCTpHpOBaHO

8522

Taraapore 20 %.

Ha repparopna r.

npecTYnJIeHHH

JIe TH)KKHX H oc060 TH)KKHX npecTYnJIeHHH seas npecrynnocra B pacsere aa BHJI

317 npecTYnJIeHHH (2006 r.

MO)KHO xapaxrepaaoaars

r. Ha6JIIO,lJ;aJICH POCT ofiruero '!HCJIa sape

Taraapora

(2006 r. - 7099), B TOM '!HC 1836 (2006 r. - 1817). Ypo

10 TbIC. qeJIOBeK HaCeJIeHHH ropozta COCTa 264), no POCTOBCKOH 06JIaCTH - 214.

-

8.1. OlleHKa I-1HBecTJo111I-1OHHOrO KAI1MaTa r. TaraHpora

219

rocyaapcrseaaoa CTaTHCTHKH 06 06'beMaX HHBecTHQHH B OCHOBHOHKaIIHTaJI no xpyry xpynaux H Cpe,lJ;HHX npennpaaralt H opranaaanan ropozta noa TBep)K,lJ;alOT aexoropsre KOJIe6aHHH HHBecTHllHoHHOH aKTHBHOCTH na rep pHTOpHH r.

Taranpora: C 1998 no 2001

r., C 2002 no 2003 r., C 2004 no 2007 r.

Ha6JIIO,lJ;aIOTcH'TeH,lJ;eHQHH O)KHBJIeHHH, B CHH)KeHHH (pHC.

2002

H

2004

rr. -

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8.10).

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3000

10000 8000

6000 4000 2000

o

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5890 .

4339

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2001

2002

2003

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7212

2004

-

-

2005

oL 1998

2006

2000

2001

2002

2003

2004

2005

2006

Puc. 8.10. 2lHHaMHKa 06beMa HHBecTHllHH B OCHOBHOHKarrHTaJI

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Puc. 8.9. 2lHllaMlfKa 'IlfCJIa aapentcrpapoaanasrx npecrynnenaa B r. Taranpore B 2000-2007 rr. 2

1999

rro

xpyry KPYIIHbIX H Cpe.nHHX

npennpasrnn B

1998-2006 rr,'

B 2006 r. HH,lJ;eKC
CTaBHJI

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• IOlKHblH ljleAe panbHblll OKpyr • POCTOBCKaR

o6naCTb

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allaHHHKOMHCCHH no 06cJIeIlOBaHHIO TeppHTOpHH B npenenax MYHHI\HllaJIbHoro 06paJo

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cpensr r. Taranpora aa 2006-2008 rr. •.

COCTaBJIeHO no llaHHblM liU fYB.ll POCTOBCKOH 06J1acTH.

• POCCHHCKaR

I

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2002

2003

2004

2006

8.11. I1H.neKc !pH3HQeCKOrO o6beMa HHBecTHllHl1

B OCHOBHOil KafiHTaJI 110 rrOJIHoMy H

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ranpora aa 2002, 2003, 2004. 2005 If 2006 IT.

COCTaBJIeHO no: Peraoau POCCHH. OCHOBHble xapaKTepHCTHKH Cy6beKTOB PoccHlkKOH

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2004, 2005 H 2006 rr.

.

rAaBa 8. Ai-JaN.13 HHBeCTHl..Il1OHHOrO I<#WtBTa Ha nP\o1Mepe r. TaraHpora

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120,5 243,5 54,5 167,6 115,7 13,2 54,3 35,5 435,1 144,8

12,5 14,2 275,0 . 160,2 68,3 71,3 302,9 227,0

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MecTHOro caMoynpaBJIeHHSI.u.OJI:lKHO nposoznrrsca B TeCHoM BJaHMo.u.eHcTBHH C Q6meCTBeHHbIMH 06'be.u.HHeHHSlMH npennpaaauarenea, QJHHaHcoBbIMH HHCTHTYTaMH H .u.pyrnMH PbIHOtIHbIMH CTpyKTypaMH. O.u.HHM H3 Ba)I(HbIX QJaKTopoB,cnocoocrayiouiax npHBJIetIeHHKl HHBeCTH UHH, SlBJISleTCSI C03.u.aHHe yCJIOBHHCTa6HJIbHOro 3KOHOMHtIeCKoro pa3BHTHSI. B nepsyio osepezn, pexs H,lI,eT 06 yxpenneaaa QJHHaHcoBoH YCTOHtIHBOCTH ropona, COBepmeHCTBOBaHHH CHCTeMbI 6Kl.u.:lKeTHoro H aanorosoro peryna

TbI na npennpasrnsx, pa3BHTHe apaCTpYKTYPbI He06xo,llH xoro ypoBHSI, 06ecnetIHBaKlmeH UHBHJlUJoBaHHbIH nponecc HHBeCTHpoBaHHSI. Hro KacaeTCSI np06JIeM HHBecTHpoBaHIDI B OTpaCJIH roponcxoro X03S1H CTBa H no Pa3JIHtIHbIM roponcxms ueJIeBblM nporpaaxaa, TO aaecs HMeeT MeeTO pacnunenae H 6e3 roro orpauaxeaasrx 4>HHaHCOBbIX cpeacrs Me:lKJlY npoexraaa, tITO npasonar K 06pa30BaHHKl ueaanepureaasrx npoexros. Tpefiyer .u.aJIbHeHmero COBepmeHCTBOBaHHSI MeTo.u.HKa oueaxa KatIeCTBa HHBeCTHUHOHHblX npoexros.

234

rAaBa 8. AAaN-13 I1HBeCTl1l1l1OHHOro KAHMaTa Hanpl1Mepe r. TaraHpora

OTcyrCTByeT CHCTeMa QeJIeHanpaBJIeHHOH Koop,nHHaQHH ,neJITeJIbHOCTH

8.2. Pa3paOOn
o

cYII\eCTBYIOII\eH roponcxoa HHBecTHQHOHHOH HH
060patlHBaeMbIX pecypcos H, coorsercrseaao, HH3KaH ,nOJIH ,nOJIroCpO'IHOH COCTaBJIHIOII\eH), HeCTa6HJIbHaH KOH'bIOHKTypa xa
ofecnexeaae yxacras ropoaa B
o

ocYII\eCTBJIeHHe rrOCToHHHOro MOHHTopHHra HHBeCTHQHoHHOH ztes TeJIbHOCTH aa TeppHTOpHH· MYHHQHrraJIbHOrO 06pa30BaHHH;

o M06HJIH3aQHH HHBeCTHQHOHHhIX pecypcoa ropozia H 06ecrre'IeHHe HX 3
K rrp06JIeMaM B HHBecTHQHOHHOH opepe TaK)I(e MO)l(HOOTHecUt: aeynos JIeTBOpHTeJIbHOe Ka'IeCTBO Kpe,nHTHbIX pecypcoa (BhICOKaH ,nOJIH 6bICTpO

235

tIHMbIX HanpaBJIeHHH pa3BHTHH MYHHQHrraJIbHoro 06pa30BaHHH;

o

C yseroa
Taras

pora HHBecTHQlloHHaH nOJIHTHKa narrpasneaa aa BcecTOpoHHIOIO nonaepac Ky JII060H HHBecTHQHOHHOH HHHQHaTHBbI, HMeIOII\eH B KOHe'IHOM arore

1. B 06JIacTH c03,n:aHHH 6JIaronpHHTHoro HHBeCTHQHOHHOro KJIHMaTa: • yCHJIeHHe pOJIH ropozta KaK rapaara 6JIaronpHHTHoro H npencxa 3yeMoro nopaaraaao-npasosoro pe)l(HMa X03HHcTBeHHoH ztesrens

UeJIbIO OTKpbITHe HOBhIX rrpoaaeoncrs, pa3BHTHe HOBbIX aanos ,neHTeJIbHO

HOCTH OTe'IecTBeHHbIX H sapytieaonax aaaecropos: rry6JIH'IHOCTb

CTH, YBeJIHtleHHe npoaasoncrseanoro noreauaana, COKpaII\eHHe 6e3pa60 THQbI H pacmapenae HaJIoro06JIaraeMOH 6a3bI.

rrpoBo,n:HMOH HHBeCTHQHOHHOH rrOJIHTHKH;

npaaosux HOpM, yxyznuaiomax YCJIOBHH HHBeCTHQHH B 'IaCTH B3aH

l.leAH, 3a.\a'fH, OCHOBHble npHHl4Hnbl H HanpaBAeHHSI HHBeCTHl4HOHHOH nOAHTHIOt r. TaraHpora OCHOBHOH QeJIbIO HHBecTHQHOHHOH rrOJIHTHKH r.

Taraapora HBJIHeTCH

MooTHollIeHHH aaaecropos C ropozton, npeaocraanenae HopMaTHB

ao-npaaoasrx rapaarna naaecropaa B coxpaaeana cTa6HJIbHbIX na

paurasaaae 06II\ero 06'beMa HHBecTHQHH B aKoHoMHKY H COQHaJIbHYIO ce py aa C'IeT 60JIee aeKTHBHoro HCnOJIb30BaHHH61O,n)l(eTHbIX H npHBJIetIeHHH BHe6IO,n)l(eTHbIXpecypcos aaa pemeaas rrp06JIeM KOMnJIeKCHOro COQHaJIbHO aKOHOMH'IeCKOrO pa3BHTHH MYHHQHrraJIbHOro 06pa30BaHHH H yJIyqmeHHH Ka'IeCTBa )l(H3HH HaCeJIeHHH, a HMeHHO: [J 06ecrre'leime aKOHOMH'IeCKOrO rro,n'beMa aa cxer rrpHBJIe'IeHHH HHBe

YCJIOBHH X03HHcTBoBaHHH; • C03,n:aHHe scex aasecropaa He3aBHCHMO or
pasnsrx KOHKypeHTHbIx yCJIOBHH X03HHcTBeHHoH n.eHTeJIbHOCTH, cnoC06CTByIOII\HX a
CTHQHH B a
TH'IeCKHX MexaHH3MOB 3aII\HThI arrrepecoa H npas naaecropoa npa

peaJIH3aQHH HHBeCTHQHOHHhIX npoexros: ycrpaneane nporasope

JIa ropoaa H crroco6cTBYIOII\He aaarrranaa npyrax OTpaCJIeH H npoas BO,nCTB K PbIHO'IHbIM YCJIOBHHM; [J peureaae np06JIeM 06eCrre'IeHHH 3aHHTOCTH H ,nOXO,nOB HaCeJIeHHH,

pacnrapenae HaJIOrOBOH 6a3bI H C6aJIaHCHpOBaHHocTH ropoztcxoro 6IO,n:)I(eTa, oCJIa6JIeHHH COQHaJIbHbIX rrp06JIeM H HanpH)I(eHHOCTH B 06 II\eCTBe. . OCHoBHbIe 3a,na'IH HHBeCTHQHOHHOH rrOJIHTHKH ropona CJIe,nYIOII\He:

o

• aeeaenae HMMyHHTeTa HHBecTopOB B OTHomeHHH scrynaeaaa B cHJIY

C03,n:aHHe 6JIarOrrpHHTHoro HHBeCTHQHOHHOroKJIHMaTa aa repparopan MYHHQHrraJIbHoro 06pa30BaHHH;

'IHH nopaaraeao-npaaoson 6a3bI HHBecTHQHoHHOH ,neHTeJIbHOCTH, .. CHHTHe 6apbepoB axozta na PbIHOK KarrHTaJIOB; • JIH6epaJIH3aQHH psnnca HHBecTHQHOHHhIX npoexroa nyrea ynpo II\eHHH npouenyp COrJIaCOBaHHH H nOJIyqeHHH pa3pellIHTeJIbHOH ,n:oKyMeHTaQHH npa HX

paapafiorxe

H peaJIH3aQHH (npHHQHn -son

aoro OKHa~ ); ofiecneseaae B03MO)l(HOCTHnonyxenaa HHBeCTOpaMH aocroaepaoa HH
pacspuaaeaoa

1&

rAaea 8. AAcw.t3Io1HBeCTHl..\lo1OHHOro K#tMaTa Ha npl-lMepe r. TaraHpora

8.2. Pa3pa60TKa KOHl..\enl..\HIo1 HHBecTHI..\1010HHoH noN-1TJ.1KH r. TaraHpora

237

HHoPMaI.tHH HHaHcoBoro xapaxrepa, cnocotioa ee pacKpblTHH;

[J oCYllleCTBJIeHHeHHHOBal.lHOHHOH tJ:eJl:TeJIbHOCTH, BKJIIO'Ia5I paapaoorxy

• coneacrsne CTaHOBJIeHHIO cOBpeMeHHoH HHcTHTyl.{HOHaJIbHOH HH
[J peanaaauas Hal.lHOHaJIbHblX npoexros • .llocTynHoe H KOM<popTHoe

H npoH3BotJ:CTBO HOBMX BHtJ:OB nponyxuaa H TeXHOJIOmM; )KHJIbe - rpaacaaaaa POCCHH., ¢3tJ:opoBbe., ¢06paaoBaHHe., yBeJIH qeHHe 06beMoB HHBeCTHI.lHH B nannoe uanpaaneaae; [J paasarae 06beKToB npoH3BotJ:cTBeHHoH

2. B 06JIaCTH

nOMepJKKH HHBecTHIlHoHHOH tJ:eHTeJIbHOCTH xacrnoro cexropa 3KOHOMHKH:

HHBeCTHl.{HoHHOH npHBJIeKaTeJIbHOCTH npezmpasran aa OCHOBe 3aKpenJIeHHH aa npetJ:npHHTHHMH npas CO~CTBeHHOCTH na yqaCTKH, aa KOTOpblX OHHpacnOJIO)KeHbI.

3. B c¢epe MyHHl.{HnaJIbHoro naaecraponaaas: • yCHJIeHHeCOI.lHaJIbHOM HanpaBJIeHHOCTH HHBecTHllHoHHOH tJ:eHTeJIb nocra B ropozte, 6e3YCJIOBHblH npaopnrer HHBeCTHI.lHM B ~qeJIbBe qeCKHM. KanHTaJI, B peurenne np06JIeM paaBHTHH COI.lHaJIbHOM HH
KYJIbTYpHoro H rypacrcxo-pexpeauaonaoro KOMnJIeKCa MYHHI.lHnaJIbHoro 06paaoBaHHH. .

OcHOBHbIe MeponPHRnfR

HHBeCTH~OHHO" nOAHTHKH r.

XOtJ:H~fO ocymecrsnenae cnenytoumx MepOnpU5ITHH.

1. Ilpapoaao-pecypcasra nOTeHI.lHaJI: • HCnOJIb30BaHHe BblrotJ: 3KOHoMHKo-reorpaWlecKoro nOJIO)KeHHH ropoaa, HHTeHcH
HCTOqHHKOB t{JIH pemeaaa npHopHTeTHbIX saaau COI.lHaJIbHO-3KOHO MH'leCKOro paaBHTHH ropoaa;

• paasnrae TypH3Ma aa OC~OBe HMeIOlllHXCH COB.

• npHOpH'l'eTHOCTbMYHHI.lHnaJIbHOHnOMep)KKH crparerasecxa B3)K

C yserox HHTepeCOB KOMnJIeKCHoro C0I.lHaJIbHO-3KOHOMH'IeCKOrO paa BHTHH r. Taranpora npHopHTeTHbIMH HanpaBJIeHHHMH HHBeCTHI.lHOHHOH tJ:eHTeJIbHOCTH5IBJIHIOTCH: [J pa3BHTHe npOH3BOtJ:CTBeHHoro KOMnJIeKCa ropoaa, ysemrsenne 06b

eMOB npOH3BOtJ:CTBa TOBapOB H ycnyr. C03tJ:aHHe HOBblX pa60qHx MeCT, CHHJKeHHe sarpar H noasturenae npH6bIJIbHOCTH;

pexpeanaonaux pecyp

2. .lleMorpa
• 6e3YCJIOBHOe BbInOJIHeHHe HHBeCTHI.lHOHHblX 06H3aTeJIbCTB Taran pora B pasncax yraepxnennoro 6IOtJ:)KeTa.

Koppexrnpoaxa HHBecTHI.lHOHHOM nOJIHTHKH r. Taranpora oCYlllecTBJIH eTCHaa OCHOBe MOHHTopHHra H aHaJIH3a HHBeCTHIlHOHHblX npoueccoa B MY HHI.lHnaJIbHOM 06paaOBaHHH.

TaraHpora

I. C03.ll8HHe 6JI8rOnpHJlTHoro HHBeCTHIUIOIJHOrQ KJlHM8T8 H8 TeppHTOpHH r. Taranpora. .' .' B pasncax paaBHTHH HHBeCTHIlHOHHoro nOTeHI.lHaJIa r. Taranpora He06

• OTKPblTOCTb H rtpeacxaayeaocn, ropOtJ:CKOH HHBeCTHI.lHoHHOH no JIHTHKH,cTHMyJIHpOBaHHenpHBJIeqeHHH KanHTaJIOBBHOOIOtJ:JKeTHblx

HbIX t{JIH ropona H pernoaa HH
)KHJmlllHo-KoM

[J noasnnenae xaxecrsa H pacumpeaae cnexrpos ycnyr COI.lHaJIbHO

• C03tJ:aHHe YCJIOBHH HapaI.QHBaHHH HHBeCTHl.{HOHHoro nOTeHl.{HaJIa npetJ:npHHTHH ropozta nyresr CHH)KeHHH HaJIOrOBOro 6peMeHH;

• nosunreaae

crpyxrypsr

MyHaJIbHOrO X03HHcTBa ropona:

3.

TpytJ:OBOH nOTeHUHaJI: • CHHJKeHHe ypOBHH Hea
rAaea 8. MaN13 Io1HBeCn11..\1010HHlXO IW1NoaTa Hanp.1Mepe r. TaraHpora

238 4.

8.2. PaJPll60TKa KOHl..len~ Io1HBeCTl-1I.JJ'lOHHOO nON'ffi1KIo1 r. TaraHpora

paapaoorxn HOBbIXnponyxros H TeXHOJIOrnH, npH06peTeHHe JIHQeH

3KOHOMHqeCKHH nOTeHQHaJI: • BbI60p H 06ocHoBaHHe npHopHTeTOB paaBHTHH ::lKOHOMHKH ropoaa no orpacnesoay, ::lKOHOMHqeCKoMY H COQHaJIbHbIM npH3HaKaM; • MO.ll.epHH3aQHH npoaasoncrna H ero crpyxrypnaa nepecrpoiixa; • JIHKBH.lJ.aQHH npHqHH, npHBO.ll.HIllHX K COKpaIQeHHIO 06beMoB npo H3BO.ll.CTBa HJIH norepe KOHKypeHTocnoc06HoCTH BbIIIycKaeMoH

3HH H naTeHTOB.

5. I1H
nponyxnan; • oxaaaaae scecropoaaell nOMep)l{KH 06beKTaM nO.lJ.beMa ::lKOHOMH KH, opHeHTHpoBaHHbIM na ycxopenae HTIl; • paspaoorxa H OCBoeHHe HOBbIX TeXHOJIOrHH, paaaarne openers HH

HH
<popMaTHKH, ssmycx KOHKypeHTocnoc06HoH npoayxuaa;

• pa3BHTHe HH)I{eHepHbIx CHCTeM )I{H3He06ecneqeHHH;

• napaunraanne npOH3BO.ll.CTBa na npeanpaaraax C 6bICTPbIM 060po TOMKanHTaJIa H BbICOKOH 6IO.lI.)I{eTHOH ::l
•
BaIOIUHXrosapaoe HanOJIHeHHe nOTpe6HTeJIbCKOrO psmxa H n03BO JIHIOIUHX ocytnecrsars KaK HMnopT03aMeIUeHHe, TaK H peaJIH3aQHIO crparerna HaCbIIQeHHH nOTpe6HTeJIbCKOro psnrxa HHHoBaQHoHHbIMH TOBapaMH H nponyxrasra

xecrnoro

TO'iHHKOB; • JIHKBH.lJ.aQH$I aB,apHHHoro )I{HJIOro <poH.lI,a, nposeneuae npeBeHTHB HbIX Mep no npe.ll.ynpe)l{.lI,eHHIO aBapHHHocTH )J(HJIbH, no ero caHaUHH H 06HOBJIeHHIOna OCHOBe nnenpeaaa TeXHOJIOrHHH cxex KOMllJIeKC noro KanHTaJIbHOrO peMOHTa, ssona HOBbIX CHCTeM HH)I{eHepHOro 060pY.ll.OBaHHH, ::meprocHa6)1{eHHH, BO.ll.OCHa6)KeHHH, BO.ll.00TBe.lI,e

npOH3BO.ll.CTBa (TeKCTHJIbHaH

H JIerKaH npOMbIIIIJIeHHOCTb, nHIUeBaH H nycx 6bITOBOH TeXHHKH);

nepepafiarsrsaiouiaa;

BbI

• nonnepaoca npezmpnaraa, HCnOJIb3YIOIUHX BbICOKHe TeXHOJIOrnH, ssmycxaioruax np0.ll.YI
HHH, snenpeaaa ::lHeproc6eperaIOIUHX TeXHOJIOrnH; • 06eCneqeHHe Ka'ieCTBeH~oro H 6ecnepe60HHoro npe.ll.OCTaBJIeHHH ycayr CBH3H na OCHOBe npHMeHeHHH BbICOKOCKOPOCTHbIX TeXHOJIO

HHHMH; npOH3BO.ll.CTBO KOHKypeHTocnoc06HOH MalllHHOCTpOHTeJIbHOH npo

rnH H IIIHpOKOnOJIOCHOrO nocryna; paasrrrae ycnyr CKOpOCTHOro aocryna K cera I1HTepHeT, snenpeaae yHHBepCaJIbHOH CHCTeMbI npe.lI,OCTaBJIeHHH ycnyr (e.ll.HHaH nnarexnas xapra, e.ll.HHbIH cxer); paanarae 6eCnJIaTHoro CnpaBOqHO-HH<popMaQHOHHoro 06CJIy)l{H

.lI.YKQHH; cTHMyJIHpoBaHHe pocra npoH3BO.ll.CTBa B rpancoopasyionmx oTpaCJIHXnpOMbIIIIJIeHHOCTH(MalllHHOCTpoeHue H MeTaJJ.JIoo6pa60T

xa, BIlK); • nOMep)l{Ka OTpaCJIeH, XOTH U TeXHUqeCKU OTCTaBlllUX no PH.lI.Y no 3HQHH B npOU3BO.ll.CTBe, O.ll.HaKO neotixoztaxsrx .lI.JIH ofiecneaenaa . npOH3BO.ll.cTBa npyrax OTpaCJIeH, opaetrrapoaaunux na BHyrpeHHHH PbIHOK; • pa3BHTHe

239

pumca nOTpe6uTeJIbCKHX TOBapOB H YCJIyr;

• aapaumsaaae 06beMoB uHBecTHQHH, 06eCneqUBaIOIUee ycsopenae ::lKOHOMuy:eCKoropOCTa na HOBOH TeXHHKo-TeXHOJIOrHy:eCKOH 6aae; • npaopnrernaa peaJIU3aQHH UHBeCTUQUOHHbIX rrpoexros, opaeirru pOBaHHbIX na BKJIIO'ieHHe ::lKOHOMUKH ropona B cncrexy MHPOXO 3HHCTBeHHbIX cBH3eH; • C03.l1.aHHe yCJIOBHH, CTHMyJIHpyIOIllHX BJIO)l{eHHe c06CTBeHHbIX H npa BJIeqeHHe aaeunstx cpeacrs .lI,JUI 06HOBJIeHHH OCHOBHbIX
BaHHH; paCIIIHpeHHe cereti Ka6eJIbHOrO TeJIeBH.lI.eHHH.

6.

<1lHHaHcoBbIH nOTeHQHaJI: • anarrrauas K HOBOH CHCTeMe Me)l{6IO.lI.)J(eTHblx oTHollleHHH, 6a3H pyiouieaca ua TeppHTOpHaJIbHOH H 6IO.lI.)I{eTHOH perpopve MyHHUH nansnoro ypOBHH; • yHH
240

rAaBa 8, AHiWl3 IoiHBeCTHLlIo1OHHOro IW1Nl6Ta HanploiMepe r. TaraHpora

,

'8.2. Pa3pa60n
• cOBepIlIeHcTBoBaHHe MexaHH3Ma MecTHoro HaJIoroo6JIo)f<eHHH, BOC

pacnrapeaae MacIlITa60B HHBecTHUHoHHOH ,lJ,eHTeJIbHOCTH aa cxer

npOH3BO,lJ;cTBa nanorosoro nOTeHIJ;HaJIa ropona:

BOBJle'leHHH B HHBecTHUHoHHbIH npouecc 6aHKoBcKoro cexropa,

• yBeJIH'leHHe ,lJ;OJIH KanHTaJIbHbIX pacxoztos B paCXO,lJ;HoH'laCTH MeCT noro 6IO,lJ;)f<eTa;

HTHH, nossnueaae 3
onraaaaauaa

• rOpO,lJ;CKHX 6aHKOB, OpH

POJlb
• yBeJIH'leHHe 06'beMOB npH6bIJIH npe,lJ;npmlTHH aa cxer pOCTa 06'b eMOB H xasecrsa BbInycKaeMoH nponyxnaa, OCBoeHHH HOBbIX BH,lJ;OB

ropozta H cocpenoroxena 3Ha'lHTeJIbH
nponyxuna H ycnyr, CHH)f<eHHH YCJIOBHO-nocTOHHHbIX paCXO,lJ;OB

• CO;3,lJ,aHHe MexaHH3MOB COBMecTHoro
npOH3BO,lJ;CTBa;

naxanax MYHHUHnaJIbHbIX HHBeCTHUHOHHbIX nporpaMM H npOeKTOB C HCnOJlb30BaHHeM
• CHH)f<eHHe ypOBWI ,lJ;e6HTopcKOH H Kpe,lJ;HTopcKOH 3a,lJ;OJI)f<eHHOCTH npe,lJ;npHHTHH; .

a TaK)I(e Kpe,lJ;HTHbIX pecypcOB 6aHKoBcKHX Ylfpe)f<,lJ,eHHH; • C03,lJ;aHHe 6J1arOnpHHTHbIX YCJlOBHH ,lJ;Jl5I npHBJIe'leHHH CB060,lJ;HbIX

• POCT npOH3BO,lJ;HTeJlbHOCTH rpyzta H aa ero 6aJe yBe.JJ:H'leHHe aapa 60THOH nJIaTbI pa60THHKOB

Cpe,lJ;CTB HaCeJIeHIDI B 6aHKOBCKYIO cacrexy sepes OTKpbITHe 6aH

npeanpaaraa, BCJIe,lJ;CTBHe xero ssrpac

KaMH ,lJ;onOJlHHTeJlbHbIX odmcos B HaCeJleHHbIX nyaxrax, BBe,lJ;eHHe

TeT nOKYnaTeJIbH
HOBbIX BH,lJ;OB YCJIyr H
• C03,lJ;aHHeMeXaHH3Ma TpaHC<popMaUHH c6epe)f<eHHH HaCeJIeHlHI B HH- .

coxpanaocra Cpe,lJ;CTB BO BKJla,lJ;aX;

BecTHUHH, nanpaanaeasre na KOMnJIeKCHOe COUHaJIbHO-3KOHOMHlfe

• paJBHTHe HOBbIX
cxoe paJBHTHe MyHHUHnaJIbHOrO 06paJoBaHHH.

,lJ,HTa.

I1HCTHryUHOHaJIbHbIH nOTeHUlIaJI: • cOBepIlIeHcTBoBaHHe CHCTeMbI ynpaBJIeHHH MyHHUHnaJIbHOH c06

8.

I1HHoBaUHoHHbIH nOTeHIJ;HaJI:

CTBeHHOCTbIO, a,lJ;eKBaTHoH Tpe60BaHHHM PbIHOlfHOH 3KOHOMHKH,

• paapafiorxa crpareraa HHHOBaIJ;nOHHOro pa3BHTHH ropona;

peurenae saaas onTHM1I3aUHH HOH c06cTBeHHocTH;

• Bbl60p npHOpHTeTHbIX TeXHOJlOfHH H HHHOBaI.{HOHHbIX npoexros,

crpyxrypu 06'beKTOB MYHHUlInaJIb

OKaJbIBaIOIUHX pemaioniee BJlHHHHe ua nOBbIIlIeHHe 3
ooecrre-renae nOJIHOro yxera H coxpannocra MyHHUHnaJIbHoro HMYIIJ;eCTBa H ropO,lJ;CKHX3eMeJIb, a raiose yBeJIH'leHHe nocrynnenas cpeztcrs B ,lJ;OXO,lJ;HyIO xacrt, 6IO,lJ;)f<eTa ropona OT

• KOHueHrpaIJ;ID1 aaysnoro nOTeHUHaJIa na paapaoorxe

npeaocraanenaa

HanpaBJIeHHH HayKH H TeXHHKH,

-snpopusaetxs

~KpHTH'leCKHXTeXHOJlOfHH~,paJBH

THe HHHOBaIJ;HOHHOH ,lJ;eHTeJlbHOCTH B BYJax H HI1I1 B crpepe C03,lJ;aHIDI

B apenay, npHBaTH3aUHH 06'beKTOB MYHHUHnaJIbHOH co6cTBeHHocTH

~npopbIBHbIn TeXHOJIOfHH H HHHOBaUHOHHbIX nponyxros;

nnarexea sa HCnOJIb30BaHHe 3eMJlH; HCnOJIb30BaHHe cospeaeauux MeTO,lJ;OB ynpaaneaas MyHHUHnaJIb

•

nOBbIIlIeHHe yztensnoro seca nPHKJla,lJ;HbIX HCCJle,lJ;OBaHHH B mrrepe

HOH co6cTBeHHocTbIO C ueJIbIO y,lJ;oBJIeTBOpeHHH norpetiaocref cy6'b

,

cax oTpaCJIeH napoaaoro X03HHcTBa;

eKTOB HHBecTHUHoHHOH ,lJ;eHTeJIbHOCTH MyHHIJ;HnaJIbHOrO ofipasosa HHH;

•
H

• paJBHTHe MaJIOrO

npennpamrxaremcrna, nOBbIIlIeHHe POJIH MaJIO

ro 6H3Heca B 06eCne'leHHH 3aHHTOCTH HaCeJleHHH H nOBbIrneHHH ,lJ;OXO,lJ;OB HaCeJleHHH; •

Taranpore xpynnsrx

earaposanusrx na aKTHBHyIO peryJlHpYIOIIJ;YIO H CTHMYJlHPYIOIIJ;YIO

pecypcnoro nOTeHUHaJIa;

•

.

•
• ooecnexenae
7.

241

ofecrtexeaae recaoro B3aHMO,lJ;eHcTBHH 6H3Heca H BJlaCTH na acex ypOBHHX, npaanesenae npe,lJ;npHHHMaTeJlbCKHX xpyroa K pemeamo , aonpocos COUHaJIbHO-3KOHOMH'leCKoro paJBHTHH ropona:

rexnonapxa,

aemypnsrx npe,lJ;npHHTHH H
pOB, HH)I(eHepHbIX ueHTpOB H T. n.; • opraHH3aUHOHH
noaaepx

ica HCCJIe,lJ;OBaHHH H paJpa60TOK, npOBO,lJ;HMbIX B HHTepecax 3KOHO MHKH ropona: • MO,lJ;epHH3aUml Hay'lHO-MeTO,lJ;H'leCKOH 6aJbI HayqHo-HCCJle,lJ;OBa TeJlbCKHX Y'lpe)f<,lJ,eHHH;

242

rAaBa

8. .Ai-faN.13 ~HBecrl-ll.l~OHHOrO IW1MaTa Ha nP\1Mepe r. TaraHpol1l

• cosepnrencrnoaanae HopMaTHBHoH 6a3bI, 6JIaronpHRTHoH .lV!R paa

8.2. Pa3pa60TKa KOHl.lem.l~~ ~HBeCT~l.l~OHHoi1 nONffi1~ r. TaraHpora

4.

BHTHH HHHoBallHoHHoH .n.eHTeJIbHOCTH na reppnropaa ropona;

3aKoHo.n.aTeJIbHbIH pHCK: •

'IeCKOH nponyxuan C 60JIbllloti .n.dJIeH .n.06aBJIeHHOH CTOHMOCTH

COBpeMeHHbIM Tpe60BaHHRM psnnca;

H BbICOK8H CTeneHbIO nepepaoorxn:

• nonpofinaa pernaaearauns HHBeCTHpOBaHHR B re HJIH HHbIe crpepu HJIH OTpaCJIH H nopaaxa HcnOJIb30BaHHR OT.n.eJIbHbIX cPaKTOpOB

• C03.n.aHHeyCJIOBHti .n.JIH aKTHBHoro npHBJIetIeHHH HHBeCTHllHOHHbIX

crpepy;

• yBeJIHtIeHHe BKJIa.n.a Hay'IHO-TeXHHtIeCKOrO noreaunana ropozta

npoaaaoacrna.

5. 3KOJIOrH'IeCKHH PHCK:

B C03.n.aHHe HOBbIX pa60'IHX srecr, ynysmeaae 31C0JIOrH'IeCKOH 06

• BBe.n.eHHe CHCTeMbI nJIaTe)KeH aa npaponorronssosaaae, CTHMyJIH

CTaHOBKH H 3.n.0POBbH HaCeJIeHHH;

pYIOllleH 3KOJIOrH'IeCKOe 03.n.opOBJIeHHe, BocnpoH3Bo.n.CTBO H pauao

• 06eCne'IeHHe BJaHMOCBH3H HCCJIe.n.oBaHHM H pa3pa60TOK, HHHOBa llHOHHbIX npoexros H

HaJIbHOe HCnOJIb30BaHHe npapoaaux pecypcos;

nporpaxa na cPe.n.epaJIbHOM, 06JIaCTHOM, MY

YCTaHOBJIeHHe JIHMHTOB nOTpe6JIeHHR npapoaaux. pecypcos, JIH

HHllHTIaJIbHOM ypOBHHX;

MHTOB BbI6poCOB H C6pOCOB 3arpH3HHIOmHx neuiecrn, JIHMHTOB

• pa3BHTHe MaJIOro HHHOBallHoHHoro npeanpnnnaarenscrsa;

paaxemeaaa OTXO.n.OB, a TaK)Ke paapaoorxa CHCTeMbI nOKa3aTeJIeH

• C03.n.aHHe yCJIOBHH .n.JIH no.n.rOTOBKH H nepenonrorosxa xaztpon

3
B 06JIaCTH HHHOBallHOHHoro MeHe.n.)KMeHTa; •

• pa3BHTHe MejK.lJ.YHapo.n.HbIXH Me)KperHOl:!aJIbHbIX CBR3eH B HHHOBa llHOHHOM

coneacrnae nponenemno MeponpHRTHH no npenynpeeaeamo spea BbI'IaHHbIX caryaunf H 03.n.0pOBJIeHHIO 3KOJIOrHH na OCHOBe yHH

crpepe, mrrerpanaa B pOCCHHCKyIO H MHpOByIO 3KOHOMH

xy a aayxy.

KaJIbHbIX TeXHOJIOrHH.

B lleJIHX CHH)KeHHR HHBeCTHllHOHHbIX pHCKOB r. Taranpora He06xo.n.HMa

6.

KPHMHHaJIbHbIH pUCK: • CHH)KeHHe ypOBHR npecryrnrocra nyrea nOBbIIlfeHH$I ypOBH$I )KH3

peanaaanna CJIe.n.YIOIllHX MeponpHRTHH.

HH HaCeJIeHHR, npozcaaaioruero na repparopna MYHHllHnaJIbHoro

1. 3KOHOMH'IeCKHH pHCK:

06pa30BaHHR;

• OCYllleCTBJIeHHe aKTHBHoti 3KOHOMH'IeCKOH nOJIHTHKH;

• rroasnneane 3cPcPeKTHBHoCTH cPyHKllHoHHpoBaHHR, crpyicryp, ocy llleCTB.J:IHIOIllHX MepbI no 60Pb6e C npecrymrocrsio; ,

ofecneseaae nOJIO)KHTeJIbHOH .n.HHaMHKH 3KOHOMH'IeCKHX npouec COB;

TOpMO)KeHHe pOCTa TeHeBOH 3KOHOMHKH.

• peaJIH3aJ1HR aHTHKpH3HCHOH nOJIHTHKH B ynpaBJIeHHH npennpn

II.

RTHHMH H OpraHH3allHHMH ropona.

2.

cPOpMHpOBaHHe npaBOBbIX HOpM H HHCTHTYllHOHaJIbHbIX yCJIOBHH X03HHCTBeHHOH .n.eHTeJIbHOCTH 'IaCTHbIX HHBeCTopOB, a.n.eKBaTHbIX

• noasnueaae 06'beMoB npoH3Bo.n.CTBfl H peanasauaa HayqHo-TexHH

pecypcos B HHHoBallHoHHYIO

243

Taranpora Be.u.epaJIbHhlX, pemOH8JlbHblX nporpaseaax, xonxypcax H3 rparrrsr B pa3JIII'IHbIX 06

06eCne'leHHe y'lacrnJl r.

COllHaJIbHbIH pHCK:

HHBecTHlI,HOHHbIX

• C03.n.aHHe HOBbIX pa60'IHx MeCT H nossmremre lCBaJIHcPHKallHH rpyzta;

JIaCT5IX. Y'IaCTHe MYHHllHnaJIbHOrO 06pa3oBaHHR B cPe.n.epaJIbHbIX,perHOHaJIbHbIX

• CHH)KeHHe YPOBHR.n.HcPcPepeHllHallHH 3apa60THOH nJIaTbI no o!pac JIRM 3KOHOMHKH.

THX MO)KeT 6b1Tb 06eCne'IeHO na OCHOBe nossnueaaa Ka'IeCTBa npenocras

3. HHaHcoBbIH pHCK:

•

JIHeMbIX HHBeCTHllHOHHbIX npoexros, C06JIIO.n.eHHR ipe60BaHHH aoneaoro

onTHMH3allHH 61O.n.)KeTa no noxonaa H pacxonax;

• OCYllleCTBJIeHHe KOMnJIeKcHoro aHaJIH3a cPHHaHCOBOH .n.eHTeJIbHOCTH

npennpaanra C lleJIbIO BbIRBJIeHHH

HHBeCTHllHOHHbIX nporpaaxax, xoaxypcax na rpanru B Pa3JIH'iHbIX 06JIac

npH'IHH HeraTHBHOH .n.HHaMHKH

pe3YJIbTaTOB HX npoH3Bo.n.CTBeHHO-X03HHCTBeHHoH .n.eHTeJIbHOCrn; • coaejicraae co CTOpOHbI MeCTHbIX opraaos BJIaCTH B nOHCKe ztonon HHTeJIbHbIX HCTO'IHHKOB cPHHaHCHpOBamlR npennpaarati.

cPHHaHcHpoBaHHR BbICoK03cPcPeKTHBHbIX COllHaJIbHO 3HatIHMbIX npoexros, peanasyeustx npe.n.npHRTHRMH H opranaaauamnt r. Taranpora, co CTOPOHbI 6ioJl)KeTOB scex yposnea. .aJIR Ka'IeCTBeHHOH pa3pa60TKH H npo.n.BH)KeHHR HHBeCTHllHoHHOro npo exra He06xo.n.HMO 06eCne'IeHHe noxoma a.n.MHHHCTpallHH MyHHllHnaJIbHO ro 06paaoBaHHR npennpasrmo, Ha'IHHaH OT Ha'laJIbHbIX 3TanOB nonrorosxa

rAaBa 8. AHaAl13 HHBeCTHl..\I-1OHHOrO IWWiITa Ha

244

nPHMepe r. TaraHpOre

8.2. Pa3pa60nca KOHUeJ1llHH HHBecTl1I..tHOHHOO nO!lHT\llKH r. TaraHpora

B IJ,eJI~X C03,l{aHH~ YCJIOBHH ,l{AA HaKOIIJIeHH~ C06CTBeHHoro HHBeCTHQH

IIpOeKTa,l{O IIpe,l{CTaBJIeHH~H 3amHTbI B opraaax rocyaapcraemroa BJIaCTH H MecTHoro

caM0YlIpaBJIeHH~.

OHHOro nOTeHIJ,HaJIa

III. MOHHTOpHIff HHBecTHIJ,HOHHoit ,newreJIhHOCTH. Ilposeaeaae

3
CTHIJ,HOHHbIe

Taraapora

245

npennpasraaa,

npoexrsr (c BbICOKOH

peaJIH3YlOmHM IIpHopHTeTHbIe HHBe

61O,l{iKeTHOH 3qxpeKTHBHOCTblO, CTHMy

JIHpYlOmHe pa3BHTHe OTpaCJIeH H IIpOH3BO,l{CTB, HMelOmHX COQHaJIbHYIO

CTPOHTC~ ira OCHOBe aenpepsrsnoro Ha6JI1o,l{eHH~aa <paKTH'leCKHM nOJIOiKe·

3Ha'lHMocTb), npe,l{OCTaBJI~IOT~aa KOHKypCHOH OCHOBe: 61O,l{jI(eTHbIe

HHeM ,l{eJI B HHBeCTHQHOHHOHc
,l{HTbI

HeHHH.

H

MOHHTopHHr HHBeCTHQHOHHOH ,l{e~TeJIbHOCTH ~BAAeTC~ YCJI,OBHeM ,l{JI~

aa cser

Cpe,l{CTB 61O,l{iKeTa r.

nopyxarenscraa;

Taraapora;

MYHHQHlIaJIbHbIe

HHBeCTHQHOHHbIe HaJIOrOBbIe

xpeznrrsr;

xpe rapanrna

cy6BeHIJ,HH

na na 3KBH HMymeCTBa yxa

IOpH,ll,H'leCKHM JIHIJ,aM; 61O,l{jI(eTHbIe HHBeCTHQHH IOpH,llH'leCKHM JIHIJ,aM

aKTHBH3aQHH H 1I0BbIIIIeHH~ 3
YCJIOBIDIX B03HHKHOBeH~ npaaa MYHHQHnaJIbHOH c06cTBeHHoCTH

HOCTH aa cxer paCIIIHpeH~B03MOiKHOCTeH pacnpocrpaneaas ,l{OCTOBepHOH

BaJIeHTuylO

H CHCTeMaTH3HpOBaHHOH HH<popMaIJ,HH, He06xo,l{HMOH KaK COHCKaTeJI~M

3aHHbIX IOpH,llH'lecKHX JIHIJ,H ooPMJIeHH~ ysacraa r.

HHBeCTHQHH, TaK H 1I0TeHQHaJIbHbIM HHBeCTopaM.

(CKJIa.LlO'lHbIX)

MOHHTopHHr HHBeCTHQHOHHOH ,l{e~TeJIbHOCTH ,l{OJIiKeH CTaTb OCHOBOH COBepIIIeHCTBOBaHH~

BHTH~ r.

nporaoanpoaaaas COQHaJIbHO-3KOHOMlf'leCKoro pas

Taranpora.

yCTaBHbR (CKJIa,l{O'lHblX) KalIHTaJIOB H

Taraapora B YCTaBHbIX xamrranax TaKHX IOpH,llH'leCKHX JIHIJ,; OCYmeCTBJI~eTC~ cy6 CH,llHpOBaHHe npouearaon CTaBKH IIO xpeznrraa KOMMep'leCKHX 6aHKOB. O,l{HOH H3
B QeJI~X ocymeCTBJIeHH~ MOHHTopHHra HHBeCTHIJ,HOHHQH nesrensnocra IIJIaHHpyeTc~ C03,l{aTb eznmyro HH<popMaQHOHHylO 6a3y )J;afIHbIX HHBeCTH QHOHHbIX npoexros H C
M06HJIH3aQH~"HHBecTHQHoHHbIXpecypcos,

onpeaensexaa

npaaneseaae nOTeHUHaJIa

MeCTHoro 61O,l{iKeTa ua HHBeCTHQHOHHbIe IJ,eJIH, TO ecrs COOTBeTCTBeHHO 06"beKTy nenocpeacraenaoro pacrropszceaas. O,l{HaKO B YCJIOBH~X orpaaa 'leHHOCTH 61O,l{iKeTHbIX Cpe,l{CTB, HalIpaBJIeHHbIX na COQHaJIbHO-3KOHOMH'le

xasecrse

ropona -

nporpasnry ropona,

HHBecTHUHOHHblX

pecypcos

~BJI~eTC~

HMymeCTBeHHOrO

06"beKTOB He,l{BHiKHMOCTH, 3eMeJIbHbIX Y'laCTI
KOMHTeT no ynpaBJIeHHIO MYHHIJ,HlIaJIbHbIM IlMymeCTBOM, KOTOpbIH

ocy

meCTBJI~eT:

o

aHaJIH3 3
(J

paapafiorxynponeztypuonpeneneaaa H H3MeHeHH~ CTaBOK IIJIaTeiKeH

HCIIOJIb30BaJIH~ MYHHUHlIaJIbHOro HMYmec TBa;

aa HCnOJIb30BaHHe MYHHIJ,HnaJIbHoro HMymeCTBa; q paapaoorxy MaHOB H npouezyp pecTpyKTYpH3aUHH MYHHQHlIaJIbHbIX

npennpaaran

C QeJIblO nOBbIIIIeHHJ( HX HHBecTHQHoHHOH IIpHBJIeKa

TeJIbHOCTH; (J

onpenexenae cnocotia

HaHJIyqIIIero

HCII6JIb30BaH~'06"beKTOB neaa

sepureaaoro cTpOHTeJIbCTBa, 061>eKTOB,

B xasecrae

06pa30BaHH~, MOiKeT paccxarpaaarecs KaK
B

llO,l{rOTOBHTeJIbHYIO pa60TY M~ onpeztenenaa
HaXO,l{~mHXC~ aa 6aJIaHCe

ropO,l{CKOH a.uMHHHcTpaQHH;

O,l{HOH H3 BaiKHeHIIIHX aaaax HHBecTHQHoHHOH nOJIHTHKH MyHHIJ,HnaJIbHO ro

xacrs

(J

paapatiorxy H npe,l{OCTaBJIeHHe npeMOiKeHHH no 1I0BbIIIIeHHIO 3
THBHOCTH

nOJIb30BaHH~ ee B xone peaJIH3aIJ,HH HHBecTHIJ,HOHHblX IIpoeKToB.

O,l{HOH H3 aanax M06HJIH3aIJ,HH HHBeCTHIJ,HOHHblX pecypcon ~BJI~eTC~

npouecc aa rep

cxoe pa3BHTHe TeppHTOpHH, He06xo,l{HMO HCnOJIb30BaTb coaoxynnocrs scex

60JIee aKTHBHOe BOBJIe'leHHe 6aHKOB B HHBeCTHIJ,HOHHbIH

nOTeHQHaJIbHbIX HCTO'lHHKOB HHBeCTHIJ,HOHHbIX peCYPCOB MyHHUHmlJIbHO

pHTOpHH "Taraapora. BaiKHO 061>e,l{HHHTb YCHJIH~ 6aHKoB IIO CJIe,l{YlOmH M

ro 06pa30BaHH~. B CB~3H C 3THM He06xo,l{HMO opHeHTHpOBaTbC~aa UpH

aanpaaneaaau:

BJIe'leHHe BHe61O,l{iKeTHbIX HHBeCTHQHOHHbIX pecypcos. OCHOBHbIM HCTO'lHHKOM
npexne ncero aMopTH3aQHOHHbIe
(J pacmapenae HHBeCTHIJ,HOHHOH

,l{e~TeJIbHOCTH 6aHKoB aa OCHOBe yse

JIH'leHH~ 06"beMOB OnepaIJ,HH, YJIyqIIIeHH~JIHKBH,llHOCTH 6aHKOB, CHH iKeHH~ pHCKOB Kpe,l{HTOBaHH~;

rAaBa 8. AHaAYt3 HHBeCTHl.\HOHHOfOKN-l,Wna HenpHMepe r. TaraHPQra

246

IJ yxacrae B HHBeCTHUHOHHhIX, aexcensasrx H HHhIX nporpasnrax, npa 3BaHHhIX cnoc06CTBOBaTh 3KpHOMHQeCKOMY pa3BHTHIO Kpe,l\HTOBaHHe npe,l\npmlTHH H

Taranpora,

opranaaanan;

xpynaax peraoaansnstx H MyHHUHnaJIbHhIX nporpaMM,B TOM

qHCJIe 6IO,l\)I(eT006pa3YIOIl{HM npennpasrasx H no COUHaJIbHO 3HaqH MblM HanpaBJleHHHM.

HB]JHeTCSl O,l\HOH H3 HaH60Jlee CJIO)l(HbIX, HO B TO )l(e BpeMH Ba)I(HblX 3a,ztaQ. IIOBhImelJHe )l(H3HeHHoro ypOBHSl HaCeJleHHH"BJIlHleT na epOpMHpOBaHHe 3HaqHTeJlhHOH qaCTH COBOKYnHoro crrpoca H c6epe)l(eHHH B epHHaHCOBhIX

Ilepcnexrassr pOCTa opraHH30BaHHhlX epOPM c6epe

)l(eHHH HaCeJleHHSl onpenenaior B03MO)l(HOCTH 6aHKOBCKOH CHCTeMhI no epOpMHpOBaHHIO CBOHX pecypcoa H

rpaaepopaanaa

c6epe)l(eHHH B HHBe

CTHUHH. He06xo,l\HMO C03,l\aHHe (pHHaHCOBOH HHeppaCTpy"Kryphl, 3epepeK THBHO BhInOJlHHIOIl{eH epyHKUHIO TpaHcepopMartHlf c6epe)l(eHHH HaCeJleHH5I B HHBeCTHUHH, KOTOpM n03BOJIHT YBeJlHQinh 06beM lfHBeCTHUHii.

Cpencrsa HaCeJleHHH

IJ aKKYMyJlSlUHH HaKOnJleHHit HaCeJIeHHSl H HCnOJlh30BaHHSl HX C UeJIhIO ,l\aJIhHeitmero HHBecTHpoBaHRSI; aerocynapcrseaasrx neHCHOHHhIX epOH,l\OB;

IJ HHBecTHpoBaHHSl B peaJIhHhlH cexrop 3KOHOMHKH

nyrex

nOKynKH

aKQHH npe,l\npHSlTHH, xopnoparaaasrx 06J1HraQHD;

IJ peHHBecTHpOBaHHSl Cpe,l\CTB, aa xoropue KYnJIeHhI nan <Palma, B uen

HCnOJlb30BaHHe cpeztcrs HaCeJleHHH B HHBeCTHUHOHHOH ,l\eHTeJlhHOCTH

aKTHBax B 3KOHOMHKe.

247

IJ pa3MemeHHSl B HHBeCTHUHOHHblX nMX CTpaXOBhlX pesepsoa H aKTHBOB

IJ C03,l\aHHe KOHcopUHyMOB no npe,l\OCTaBJleHHIO Kpe,l\HTOB,l\JISl peana 3a1lHH

8.2. Pa3pa60n::a KOHl.\enl.\HH HHBeC'Tl1l.\HOHHOI':1 rlCWoiTHKH r: TaraHPQra

MOryr 6hITh BOBJleqeHhI B'HHBeCTHnHbllHbi:t1: npo

Ilepexacneaasre 3a,ztaqH ,l\OJl)l(Hhl Ha:t1:TH oTpCUKeHHe B nporpaaxe pa3BH ueanux 6yMar B r. Taraapore, KOTOpM n03BOJlHT:

THSl psnnca

IJ C03,l\aTh cHCTeMy' MOHHTOpHHfa, nazsopa H npenyrrpeacteaas aapynre HHH aa <PaH,llOBOM psnnce;

IJ C03,l\aTh,llOnOJlHHTeJIbHhle

aanoroaue yCJIOBHSl, cTHMyJlHpYIOIl{He HH

BecTHUHOHHylO. aKTHBHOCTh;

IJ pacurapars cnexrp 06'heKTOB HHBeCTHpOBaHHSl; IJ 06eCnetfHTh nOTeHUHaJIbHblM HHBeCTOpaM pasasre YCJlOBHSl ;U.ocryna K HHepopMaUHH

uecc nYTeM:

06 HHCTHTYTax KOJlJleKTHBHoro HHBeCTHpOBaHHSl no cacrexu;

cpencraox C03,l\aHH5I e,llHHOH HHepopMaUHoHHoH

IJ pa3MeIl{eHHH c6epe)l(eHHH na 6aHKOBCKHX aerrcaarax If cserax;

IJ npH06peTeHHSl naes, aKUHH, 06J1HraUHH H ,zipyrHx nenaux 6y'Mar;

IJ sunycxa pefHOHaJIhHhIX (MyHHUHnaJIhHhIX)

nsre 6yMarH. BhlrrYcKaeMble-<:aMHM npeanpasraex;

IJ .paaaeuteaas HHBecTHUHoHHhlX 06J1HfaUHOHHbIX 3aHMOB.

06J1HraUH6H~hIX3aHMOB;

IJ OTqHCJleHHH cpencrs B aerocynapcrseaasre neHCHOHHhIe epOtl,l\hI; IJ nonesoro CTpOHTeJlhCTBa )l(HJlhSl H np.:

IJ onpenenars OnTHMaJIhHhlD pe)l(HM perynaposaaaa ,lleSlTeJlhHOCTH aaccrpaaasrx HHBecTHUHOHHblX <PaH,l\OB C UeJIblO 06ecnelfeHH5I MaK CHMaJIbHOH 3aIl{HTbI rrpaa 3TOH xareropaa aaaecropoa H np.

Haocrpanaue

HHBeCTHUHH Sl~Jl5IIOTCSl BCl*HblM HCTOqHHKOM ynoane- .

TBOpeHH5I HHBecTHUHoHHhlX norpeoaocrea 3KOHOMHKH ropona,

, IJ pa3BHTHH npeMpHHHMaTeJlhCKOH ,l\eSlTeJlhHOCTH, B OCHOBHOM QaCTHO ro H MaJIOro rrpeanpaaaxarenscraa.

B paxxax

KOHuenUHH npennonaraercs pa3BHTHe TaKHX BH,llOB auocrpaaaux HUBe CTHUHH, KaK:

.llJlSl C03,l\aHHH MexaHH3Ma npHBJleqeHH5I c6epe)l(eHHH HaCeJleHHH B uensx HHBecTHpoBaHHSl aeooxoztaao:

.

IJ paspatiorars rrporpaaxy pa3BHTHSl psmxa ueHHhIX 6yMar H pa3BHTH5I

IJ npaaaeseaae aaocrpaaaux HHBecTHUHoHHblX epOH}{OB, oCyIl{ecTBJUIIOmHX KaK npSlMble, TaK H rroprrpensnsre HHBecTHUHH;

IJ rronyseaae aaocrpaaaax Kpe,llHTOB;

CHCTeM KOJlJleKTHBHOro HHBeCTHpOBauHSl (naesux HHBeCTHUHOHHhIX

IJ rronyseaae HHocTpaHHoro o60pY,l\oBaHHSl aa OCHOBe JlH3HHra;

epOH,l\OB, aKQHOHepHhIX HHBeCTHUHOHHhlX epOH,l\OB, nerocynapcraen-

IJ' nonyxeaae Kpe,llHTOB aa KOMneHCaIlHOHHOH OCHOBe;

HhIX neHCHOHHhIX epOH,l\OB H ap.) B Taranpore;

IJ npaanesenae anocrpaaaoro KanHTaJIa B npe,llnpHHHMaTeJIbCKOH <PaP

.

IJ paapaoorars nporpasory Pa3BHTH5I HHBeCTHUHOHHOH ,l\e5lTeJlhHOCTH

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248

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253

15. 06JIaCTHOH 3aKOH POCTOBCKOH 06JIacTH OT 28 HOH6pH 2006 r. N!! 591-3C .06·HHHoBaQHOHHoH tJ;e.qTeJIbHOCTH •. 16. lloCTaHOBJIeHHe 3aKoHotJ;aTeJIbHOrO cotipanaa POCTOBCKOH 06JIaCTH OT 28 HIOHH 2004 r. N!! 402 .0 crpareraa "pHBJIeqeHHH HHBecTHQHH POCTOBCKOH 06JIaCTH s-,

1. <1>etJ;epaJIbHbIH 3aKOH OT 25 <J>eBPaJIR 1999 r. oN! 39-<1>3 .06 HHBeCTH QHOHHOH tJ;e.qTeJIbHOCTH B POCCHHCKOH <1>etJ;epaQHH, ocyw;eCTBJIReMOH B <popMe KanHTaJIbHbIX BJIO)KeHHH •. 2. <1>etJ;epaJIbHbIH 3aKOH OT 9 HIOJIR 1999 r. N!! 160-<1>3.06 HHOCTpaHHbIX HHBeCTHQHRX B POCCHHCKOH <1>etJ;epaQHH•. 3. <1>etJ;epaJIbHbIIt 3aKOH OT 29 HOR6pR 2001 r. QHOHHbIX <poHtJ;an. .

oN! 156-
4. <1>etJ;epaJIbHbIH 3aKOH OT 7 MaR 1998r. M 75-<1>3•• 0 nerocynapcrsea HbIXneHCHOHHbIX <poHtJ;ax•. 5. <1>etJ;epaJIbHbIH 3aKOH OT 24 anpens 1996 r. N!! 39-<1>3 .0 psnrxe QeH HbIX6yMar •. 6. <1>etJ;epaJIbHbIH 3aKOH OT 5 MapTa 1999 r. N!! 46-<1>3 .0 3a..II.J;HTe IIpaB H 3aKOHHblX narepecos naaecropos aa psnnce QeHHbIX 6YMan-, 7. <1>etJ;epaJIbHbIH 3aKOH OT 2 tJ;eKa6pR 1990 r. N!! 395-1 .0 6aHKaxH 6aH KOBCKOH tJ;eRTeJIb.HOCTH•. 8. <1>etJ;epaJIbHblH 3akOH OT 10 HIOJIR 2002 r. N!! 86-<1>3.0 UeHTpaJIbHOM BaHKePOCCHHCKOH <1>etJ;epaQHH (BaHKe POCCHH) •. 9. <1>etJ;epaJIbHbIH 3aKOH OT 24 HIOJIR 2002 r. N!! 111·<1>3 .06 HHBeCTHpO BaHHH cpetJ;CTBMR etJ;epaQHH•.

to. <1>etJ;epaJIbHbIH 3aKOH OT 29 OKTR6pR 1998 r. N!! 164-<1>3.0 .

17. Peureaae J
Penremre rOpO~CKOH ;rtyMbI OT 27 tJ;eKa6pH 2007 r. N!! 587.06 YTBep)K tJ;eHHH HHBeCTHQHOHHOH llporpaMMbI ropona Taraapora na 2008 2010 ru.·

20. A6paM06 C.H. I1HBeCTHpoBaHHe. - M.: UeHTp 3KOHOMHKH H MapKe THHra, 2000.

21. A6dee6a T. T. 3KOHOMHqeCKOe pa3BHTHe MecTHoro coofiutecrsa; MeTOtJ;OJIOfHRH TeXHOJIOfHH. - Kpacaoaap: 3KoHHHBecT, 2001. . 22. AJlUC()6 A. H.; ran~llellKO A JI., MeJl1:JllUK06 C. E., HUKOJlae6 B. A My 'tfHQHtIaJIbHOe yripaanenae: COQHaRbHo-3KOHOMHQeCKOe pa3BHTHe ropona. - M.: Jloroc, 2002.

23. Allblilll B. AHaJIH3 HOQeHKa pHCKa HHeolIpetJ;eJIeHHOCTH IIpH IIpHHHTHH HHBeCTHQHOHHbix peureaaa / / YlIpaBJIeHHe pHCKOM, 2001. - N!! 2.

24:' All¢linamo6 B. C. Uop. CHcTeMHbIH aHMH3 B ylIpaBJIeHHH: YQe6HOe . nocofiae / B. C. AHHHaHcbI H CTaTHCTHKa, 2002. 25. Ea6Yll P. B., MYJlJlaZallee6a 3.3. BOnpOCbI MYHHQHnaJIbHOH 3KOHOMH KH. - M.: MOCKoBcKHi,to6w;ecTBeHHbIH HayqHbIH
11. <1>etJ;epaJIbHbIH 3aKOH OT 60KTR6pR 2003 r. N!! 131-<1>3 .06 06W;HX IIpHHQHlIax opraHH3aQHH xecruoro caaoynpaaneaaa B POCCHHCKOH <1>etJ;epaQHH•.

26. Bauuiauoe H. T. OCHOBbI
12. 3aKoH PC<1>CP OT 26 HIOHR 1991 r.N!! 1488-1 .06 HHBecTHQHoHHOH tJ;eRTeJIbHOCTH B PC<1>CP•.

27. Bapo B. C., EY3YJlYK06 C. H.Pp01061:JlU,KUU H. H., Illenemoea C. £.I1H

13. lloCTaHOBJIeHHe llpaBHTeJIbCTBa P<1> OT 1 MapTa 2008 r. N!! 134 .06 yTBep)KtJ:eHHH IIpaBHJI etJ;epaQHH•. 14. 06JIacTHoH3aKoHPocToBcKoH06JIacTHoT 1 OKTR6pR2004 r.N!! 151-3C .06 HHBeCTHQHRX B POCTOBCKOH 06JIacTH•.

JiHTb

KaIIHTMoM?. - M.: <1>HHaHcbI H CTaTHCTHKa, 1995.

BecTHQHoHHbIH IIOTeHQHaJI pOCCHHCKOH 3KOHOMHKH. - M.: 3K3aMeH, 2003. 28. Bexnapsu JI. A, Comcxuii C. B. AHaJIH3 HHBeCTHQHoHHOH IIpHBJIeKa reasaocrn npoexra Cyxeroa pefHOHaJIbHOH HHBecTHQHoHHO-
254

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29. Becnausmuux H. H. Peraoaansaue acnexrsr epOPMHPOBaHHH HHBecTH UHOHHOH nOJIHTHKH B yCJIOBHHX HHcTHryUHOHaJIhHhlX npeoopaaosa HHH / / PernOHaJIhHaH ::lKOI;IOMHKa: reopas H npaxrarca, 2005. - NQ 5. 30. Bopucoe E. ([J., BOllKOO ([J. M. OCHOBhl ::lKOHOMHqeCKOH reopna: Yqe6 Hoe nocofiae, - M.: Bsrcmas IlIKOJIa, 1993.

31. BouapoeB. B. <1>HHaHcoBo-Kpe)),HTHhle MeTO)),hl peryJIHpOBaHHH pun xa HHBecTHUHH. - M.: <1>HHaHchl H cTaTHCTHKa, 1993.

32. Bosxapeea T. B., Cauapuee C. E. Mexaaaasru peaJIH3aUHH crparerna pa3BHTHH MYHHUHnaJIhHhIX 06pa30BaHHH / / httpv'/citystrategy.leon tief.ru/?it=102.

33. Ey300a M. A., Maxoeuxoea f. A., Tepexoea B. B. KOMMepqeCKaH ouea xa HHBecrnUHH / Ilon pen, B. ECHJIOBa. - CTI6.: TIHTep, 2004.

34. EymeHuH A YnpaBJIeHHe HHepopMaUHoHHhlM 06eCneQeHHeM rocynap cTBeHHoH (MyHHUHnaJIhHoH) HHBeCTHUHOHHOH nOJIHTHKH / / MyHH UHnaJIhHaH BJIaCTh, 2007. - NQ 2.

35. Baxpuu II. M., Hetuumoii A C.I1HBeCTHUHH: yqe6HHK. 3-e H3)),., nepe pa6. Hnon, - M.: 113)),aTeJIhClw-TOproBaH xopnopauaa «llallIKoB H K?», 2005.

36. Bempoe f.1O., BU3lallOO II. B., Ilunezuna M. B., llleeupoea H. H. Ouea xa MYHHUHnaJIhHhlX nporpasoa, - M.: <1>OH)), «I1HcTHryT ::lKOHOMHKH ropona», 2003.

37. BU3llLllOO II. R Meronsr ouemca MYHHUHnaJIhHhlX nporpasor, - M.: <1>OH)), «I1HcTHTyT ::lKOHOMHKH ropoaa», 2005.

38. BOpOHUH A f. MyHHUHnaJIhHOe X03HHcTBoBaHHe H ynpaaneaae: npo 6JIeMhI reopaa H npaKTHKH. 2-e H3)),., nepepa6. Hnon, - M.: <1>HHaHchI H CTaTHcTHKa, 2004.

39. Tnasxoe C. PhIHOK cy6epe)),epaJIhHhlX H MYHHllHnaJIhHhIX 06JIHraUHH POCCHHCKOH <1>e)),epaUHH: COCTOHHHe, np06JIeMhl, nepcnexrasu / My HHUHnaJIhHaH BJIaCTh, 2007. - NQ 5.

40. Tpeuemo« A B.,Mausezoe II. H., Hazoeuuuu B. B., CaaKOO B. f. AHaJIH3 ::lepepeKTHBHoCTH perHOHaJIhHOH HHBecTHUHoHHOH nOJIHTHKH H aa npaBJIeHHH ee cOBepllIeHcTBoBaHHH 1/ PerHOHaJIhHaH ::lKOHOMHKa: reopas H npaxrmca, 2005. - NQ 3.

41. Fputuuna H. TIpHMeHeHHe narerpam.aoro nOKa3aTeJIH HHBeCTHUHOH HOH npHBJIeKaTeJIhHOCTH pernoaa )),mi cpenaecposnoro npornoanpo BaHHH HHBecTHUHoHHOH aKTHBHOCTH Bcyfisexrax P<1> / / I1HBecTHUHH B POCCHH, 2002. - .N.! 3. 42. Tpuuiuua M., IIJaXlla3apOO A, Poiisuan H. KOMnJIeKCHaH oueaxa HH BecTHUHoHHOH npHBJIeKaTeJIhHOCTH H HHBeCTHUHoHHOH aKTHBHOCTH

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n03HQHH cy6beKToB HHBeCTHQHOHHOH ,n:e~lTeJlbHOCTH B CHCTeMe MYHHQH

265

nPWI0)l(eHHe 2. (oAep>KaHl-1e reopene-ecsoro t
MYHHQHnaJIbHoro 06pa30BaHH~ H ee MeCTO B 3KOHOMHqeCKOH nOJIHTHKe

nansnoro 06pa30BaHH~. PbIHOK HHBeCTHQHH MYHHQHnaJIbHoro 06pa30Ba

ropona. CHcTeMHbIH noztxozi K
HH~.

MYHHQHnaJIbHOrO 06pa30BaHHK KOHQenQH~ HHBeCTHQHoHHOH nOJIHTHKH

Meron ynpaanenaa HHBeCTHQHOHHOH ,n:e~TeJIbHOCTbIO. Knaccarpaxa

QH~ MeTO,n:OB ynpaanenas HHBeCTHQHOHHOH ,n:e~TeJIbHOCTbIO na yposne

MYHHQHnaJIbHOrO 06pa30BaHH~. TIpHHQHnbI
MYHHQHnaJIbHoro 06pa30BaHH~ no xapaxrepy ynpaBJIeHqeCKHX B03,n:eH

HHBeCTHQHoHHOH nOJIHTHKH. OCHoBHble nOKa3aTeJIH, BbICTynaIOII{He HH,n:H

CTBHH: MeTo,n:bI npaxoro H KOCBeHHoro B03,n:eHCTBH~. KnacCH
xaropaxa H3MeHeHH~ COQHaJIbHO-3KOHOMHqeCKOrO nOJIO)l(eHH~ ropozia

MeTo,n:OB no BH,n:y acnonsayeasrx peryJIHpyIOII{HX HHcTpyMeHTOB: a.n:MHHH

B pe3YJIbTaTe peaJIH3aQHH HHBeCTHQHOHHOH nOJIHTHKH. dTanbl pa3pa60TKH

CTpaTHBHble, 3KOHOMHqeCKHe, HHCTHTYQHOHaJIbHbIe, COQHaJIbHOrO naprnep

H peaJIH3aQHH HHBecTHQHOHHOH nOJIHTHKH MYHHQHnaJIbHOrO 06pa3oBaH~. TIoH~THe H cxexa
CTBa (MOTHB006pa3yIOII{He).

Texa 4.

MexaHH3M ynpaBJIeHHJI HHBeCTHlI,HOHHOii ,lJ.eJITeJIbHOCTbIO aa

HbIX npOeKTOB.

Crpyxrypnsre

Pa3,n:eJIbI HHBeCTHQHOHHOH nporpaMMbI MY

Ilonarne H crpyxrypasre ::lJIeMeH

HHQHnaJIbHoro 06pa3oBaHH~.,lleHcTBH~opraaos MecTHoro casroynpaanemet

TbI MexaHH3Ma ynpaanenaa HHBecTHQHoHHOH ,n:e~TeJIbHOCTbIO. CYIIlHOCTb

no nOBbIIlIeHHIO xaxecraa HHBecTHQHoHHbIX npOeKTOB, BKJIIOqaeMbIX B HH

yponne MYHHlI,HnaJIbHoro 06pa30BaHHJI.

, pecypcHoro '06ecneqeHH~ HHBecTHQHOHHOH ,n:e~TeJlbHOCTH. HCTOqHHKH pe CypCOB, HCnOJIb3yeMblx B HHBecTHQHoHHOH ,n:e~TeJIbHOCTH. CaM0
Xapaxrepaue

oc06eHHocTH cnocooos npHBJIeqeHH~ saeumero

KanHTaJIa: np~Mble HHBeCTHQHH, BeHqypHbIH KanHTaJI, KOMMepqeCKOe xpe ,n:HTOBaHHe, 6IO,n:)I(eTHOe
Hopaarasasre npanoasre aKTbI

BeCTHQHoHHYIO nporpasrxy MYHHQHnaJIbHoro

Texa 7.

06pa30BaHH~.

OCHoBHble U;eJIH H 38,lJ,a'lH HHBeCTHlI,HOHHOii iIOJIH'DIKH

MYHH

U;HnaJIbHOrO o6pa30BaHHJI. ,lleKoMn03HQH~ HHBecTHQHoHHOH nOJIHTHKH MYHHQHnaRbHOrO

06pa30BaHH~no QeJI~M H 3a.n:aqaM~ 06ecneqeHHe nanpas

JIeHHOCTH HHBeCTHQHH

ua peaJIH3aQHIO KOHuenQHH KOMnJIeKcHoro COQHaJIb

Pa3BHTH~ MYHHQHnaJIbHoro 06pa30BaHH~. Cxeua KOH

cyfisexroa P
HO-3KOHOMHqeCKoro

,n:e~TeJIbHOCTH. Jlsrorsr, npenocrasnsenae cy6beKTaMH P H MYHHQHnaJIb HbIMH 06pa30BaHH~MH.Iapaaraa cy6beKTaM HHBecTHQHoHHOH ,n:e~TeJIbHO

MYHHQHnaJIbHoro 06Pa30BaHH~.llOKa3aTeJIH COQHaJIbHOH, 6IO,ZPKeTHOH H 3KO

xypcnoro orfiopa HHBecTHQHOHHbIX npoexros B HHBeCTHQHOHUYIO nporpaseay

CTH. KOMnJIeKC MeTo,n:HqeCKHX MaTepHaJIOB H yKa3aHHH, perynapytomax

HOMHQeCKOH a
HHBeCTHQHOHHYIO ,n:e~TeJIbHOCTb.

npoexros B MYHHQHnaJIbHble HHBeCTHQHOHHble nporpaMMbI. OCHoBHbIe pas

Meponpasraa HH<popMaQHoHHoro o6ec

neseaas HHBecTHQHoHHOH ,n:e~TeJIbHOCTHna yposne MyHHQHnaJIbHoro 06 pa30BaHH~. HHBeCTHQHOHHbIH nacnopr MYHHQHnaJIbHOrO 06pa30BaHH~:

,n:eJIbI 6H3HeC-nJIaHa HHBeCTHQHOHHOro

crpyxrypaue paaneasr HHBeCTHQHOHHoro nacnopran MexaHH3M C03,n:aHH~.

Cxesra
CYIIlHOCTb opranaaauaonaoro 06ecneqeHH~ HHBecTHQHoHHOH ,n:e~TeJIbHO

HHBecTHQHoHHOH

CHcTeMa Mep no C03,n:aHHIO

H M06HJIH3aQHH HHBeCTHQHOHHblX pecypcos B CHCTeMe

,n:e~TeJIbHOCTH MYHHQHnaJIbHoro 06pa30BaHH~. CHcTeMa

MeponpH~THHno
CTH. COCTaB oprCTpYKTYP na yposne MYHHQHnaJIbHOrO 06pa3oBaHH~.

Teaa 5. IllmeCTHII,HoHHbIit KJlHMaT M)'IIHQIIIIaJIbHOro o6paaoBaHHJI H rex HOJIOrHJI ero ouemea. HHBecTHQHOHHbIH KJIHMaT. HHBecTHQHOHHM npaane KaTeJlbHOCTb TeppHT~pHH. HHBecTHQHoHHbIH nOTeHQHaJI H HHBeCTHQHOHHble pHCKH. HHBecTHQHOHHM aKTHBHOCTb B MYHHQHnaJIbHOM 06pa30BaHHH.

npoexra,

6JIarOnpmITHOrO HHBeCTHQHOHHOro KJIHMaTa MYUHQHnaJIbHOrO 06pa3oBaHHH.

Ilon

XO,n:bI K OQeHKe HHBeCTHQHOHHOro KJIHMaTa pefHOHOB. CYII{HOCTb MeTo,n:HKH

COB na repparopaa MYHHQHnaJIbHoro 06pa30BaHAA.

Tessa 8. AHaJIH3 HHBecTHlI,HOlDlOii cHTYalI,HH H paapaforxa IDIBecTHU,HOH Hoii nOJIHTHKH aa npHMepe r. JIHTHKH B r.

Taranpora. OCo6eHHOCTH HHBeCTIlQHoHHOH no

Taranpore, OCHOBHbIe nOKa3aTeJIH HHBecTHQHOHHOro nOTeHQHaJIa

H HHBecTHQHOHHbIX pHCKOB MyHHQHnaJIbHoro 06pa3oBaH~.HHBecTHQHOHHM

llOKa3aTeJIH HHBeCTHQHoHHOH npHBJIeKaTeJlbHOCTH H HHBeCTHQHOHHOH ax

Taranpora. Pe3YJIbTaTbI SWOT-aHaJIH3a HHBe CTHQHOHHOH ,n:e~TeJIbHOCTH. Pe3YJIbTaTbI H,n:eHTH
THBHOCTH MyHHQHnaJIbHoro 06pa30BaHAA. HCnOJIb30BaHHe HH,n:eKcHoro Me

cpena roponos POCTOBCKOH 06JIacTH. UeJIH, 3a,n:aQH, OCHOBHble npHHIUUIbI H aa

OQeHKH HHBeCTHQHOHHoro KJIHMaTa MYHHQHnaJIbHOrO 06pa30BaHH~,ee

sranu,

rona 06be,n:HHeHAA pa3HOMepHbIX nOKa3aTeJIeH M~ pacxera anrerpansaoro

nOKa3aTeJI~ HHBeCTHQHoHHOH npHBJIeKaTeJIbHOCTH MYHHQHnaJIbHoro oopa 30BaHAA H mrrerpansnoro noxasarens HHBecTHQHOHHOH aKTHBHOCTH.

Tessa 6.

(1)opMHpoBaHHe H peaJIH3aU;HJI HHBeCTHlI,HOHHOii nOJIHTHKH

aKTHBHOCTb aa repparopna r.

npaBJIeHH~HHBecTHQHOHHOH nOJIHTHKH r. Taranpora, CHCTeMa MeponpH~TIlH no y~meHHIOHHBeCTHQHOHHOro KJIHMaTa B MYHHQHnaJIbHOM 06pa3oBaHHH.

Mepsr no M06HJIH3aQHH HHBeCTHQHOHHbIX pecypcos M~ peaJIH3aQHH HHBe CTHQHOHHbIX nporpaser H 06eCneQeHHe HX 3¢¢eKTHBHoro HCnOJIb30BaHH~

Taranpore. O)l(H,n:aeMble pe3YJIbTaTbI peaJIH3aQHH nOJIO)l(eHHH KOHQenQHH

MyHHu;HnaJIbHoro o6pa30BaHHJI. HanpaBJIeHH~3KOHOMHqeCKOH nOJIHTHKH

B r.

MYHHQHnaJIbHoro 06pa30BaHH~. CYIIlHOCTb HHBeCTHQHoHHOH nOJIHTHKH

HHBeCTHQHoHHOH nOJIHTHKH MYHHlI,HnaJIbHoro 06pa3oBaHAA.

266

np.1AO)I(el+1A

.npHAO>KeHHe

3. leMhi HHAHBHAyaAbHblX 3aA8HHj:f

I1H,Z(HBH,Z(yaJIbHoe aananae

1. P~3pa60TKa

nPH/IQ)l(eHl1e 4. TeMbI peoeperoa

Z67

~u.u:YaJlbHoe33,ll;8HHe2.Paapa60TKaKoHlJ,e~HHHBeCTHUHoHHoA nOJDITHKH MyHHu,unaJILHOrO 06pa30BaHHJI (no Bbl60py CTY.u:eHTa).

HHBeCTHIJ,HOIUlOro nacnopra

peruoHa, MyHHlJ,HIlaJIbHOfO 06paaoBaHHJI (no Bbl60py cryzteara). HHBecnU.\HOHHbIH nacnopr MyHHI(HnaJIbHOrO' 06pa30BaHH5I -

KOHuenI(HJI HHBecTHUHoHHOH nOJIHTHKH MYHHIIHnaJIbHoro ofipaaosa HH.!I - IOpH,nH'IeCKHH ,n0KYMeHT, OTpaiKaIOII(HH cosoxyrmocrs a
KOM

npHH.!ITbIX B3fJI5I,nOB na lIeJIH H OCHOBHble HHcTpyMeHTbI B03,neHCTBHJI op

caaoynpaaneana

nJIeKCHbIH HHlPopMaI(HOHHbIH 6IOJIJIeTeHb, paCC'IHTaHHbIH na KOHKpeTHyIO

faHOB MeCTHoro

aymrropaio -

,ne.!lTeJIbHOCTH B COOTBeTCTBHH C

nOTeHUHaJIbHbIX HHBeCTopOB, KOTopbIe nOJIy'laIOT nOJIHyIO

ua cTHMyJIHpOBaHHe HHBeCTHI(HOHHOH

ypoaaex

COUHaJIbHO-3KOHOMH'IeCKOrO

H ,nOCTOBepHyIO HHlPopMaUHIO 06 HHBeCTHI(HOHHOM KJIHMaTe MyHHI(HnaJIb

paaBHTH.!I MyHHI(HnaJIbHOrO 06paaoBaHH.!I C yserox HMeIOII(HXC.!I pecypcos

uoro 06paaOBaHH5I ,nJI5I OI(eHKH npHBJIeKaTeJIbHOCTH BJIOJICeHH5I c06cTBeH

H B03MoiKHocTeH.

aoro KanHTaJIa.

CTPyKTypa KOHI(enUHH HHBeCTHI(HoHHOH nOJIHTHKH MyHHI(HnaJIbHOrO

HHBeCTHI(HoHHbIH nacnopr, pa3pa6aTblBaeMblH CTy,neHTaMH, ,nOJIJlCeH BKJIIO'IaTb CJIe,nyIOII(He

1.

crpyxrypnsre paanensr.

06paaoBaHH5I MOiKeT 6bITb npeztnoxeaa B CJIe,nyIOlI(eM COCTaBe.

1. AHaJIH3 HHBeCTHI(HOHHOH caryauna B MyHHI(HnaJIbHOM 06paaoBaHHH: nOKaaaTeJIH HHBeCTHI(HoHHOH ,ne.!lTeJIbHOCTH na repparopaa, npOOJIe

061I(He CBe,neHH5l 0 MYHHI(HnaJIbHOM 06pa30BaHHH.

2. IIoK
COI(HMbHO-3KOHOMH'IeCKOrO pa3BHTHJI ropona; 3KOHO

MHKa, MeCTHblH 6IOWKeT, PbIHOK rpyna, yposeas H Ka'leCTBO )KH3HH,

Mbl B HHBecrnUHoHHoH opepe.

2. UeJIH, 3a,n:a'lH, OCHOBHbIe npanuanu H HanpaBJIeHH.!I HHBeCTHI(HOHHOH IIOJIHTHKH.

Hay'lHo-TeXHH'IeCKM 6aaa H np.

3.

IIepcneKTHBbI COI(HaJIbHO-3KOHOMH'IeCKOrO paaBHTHJI MyHHI(HnaJIb

3.

noro 06paaoBaHH5I.

4. 5.

OCHoBHbIe <PaKTOpbl,
KOHKypeHTHble npeauymecraa MyHHI(HnaJIbHOrO 06pa30BaHH5I. HHBecTHuHoHHM HHlPpaCTpyKrypa: TPaHCnOpT, TeJIeKoMMYflHKauHH, aymrropcxne KOMnaHHH, 6aHKH, JIH3HHroBble KOMnaHHH, KOMnaHHH,

nporpeccaoaam.asre

Y'lacTHiu
psrnxa

oueaoxusre

H CTpaxOBaHHe HHBeCTHI(HH, yxacrae B HHBeCTHUHOHHbIX

4.

u,eHHbIX 6yMar,

crpaxosue KOMnaHHH, IOpH,nH'IeCKHe, MapKeTHHrOBble H KOHCaJITHH roaue KOMIIaHHH punox He,nBHiKHMOCTH, npOH3Bo,nCTBeHHM, HHiKe

6. Hopaarasaue npaaoaue axrsr,

5. Ilpennonaraexsre HCTO'lHHKH HHBecTHIIHH. 6. OiKH,llaeMbIe peaynsraru peaJIH3alIHH MeponpH.!ITHH, npenycaorpea HblX KOHI(enI(HeH HHBeCTHI(HoHHOH nOJIHTHKH.

7. PeKoMeH,naI(HH perJIaMeHTHpyIOII(He HHBeCTHI(HOH

HblH IIpoI(ecc. .

rrporpaxaax,

KOMnJIeKC MepOnpH.!ITHH, He06xo,nHMb1X ,nJI.!I peaJIHaaI(HH OCHOBHblX HanpaBJIeHHH HHBeCTHI(HoHHOH nOJIHTHKH.

HepHM, naysno-oopaaosarem.aas, COI(HaJIbHM, roCTHHH'IHM HHlPpa CTpYKTypa.

nanoroasre nsrorsi, HHBeCTHI(HOHHbIH HMHWK MyHHI(H

nansnoro 06paaoBaHH5I, HHBecTHi.{HoHHa.!I HHlPpacTPYKTYpa, rapaarna

no peaJIH3aI(HH KOHI(enI(HH HHBeCTHI(HOHHOH nOJIH

THKH.

8. IIpHJIoiKeHH.!I C HHlPOpMaI(HOHHbIMH, aHaJIHTH'IeCKHMH, cnpasosusraa,

7. MYHHUHIIaJIbHM noztaepzcxa HHBecTHUHOHHOH ,ne5lTeJIbHOCTH (rapan

HopMaTHBHblMH MaTepHaJIaMH.

THH H JIbrOTbl).

8.

nonnepxxy HHBeCTopaM na repparopaa ropozta. 9. Ilponenypsr opraHH3aI(HH 6H3Heca. 10. HanpaBJIeHH5I,ne5lTeJIbHOCTH H ycnyrn 110 corrpoaozcnemno HHBeCTH OpraHH3aI(HH, OKaablBaIOII(He

npHAO>KeHHe

1. AHaJIH3

11.

IIpe,nJIoiKeHH5I no HHBeCTHI(HOHHbIM

npoexrax,

nonxonos K onpeaenenmo 3KOHOMH'IeCKOH CylI(HOCTH HHBe

CTHI(HH H HHBeCTHIIHOHHOH ,ne.!lTeJIbHOCTH.

2.

. UHOHHblX npoexros B MYHHUHIIaJIbHOM 06paaoBaHHH.

12. KOHTaKTHM HHlPopMaI(H5I.

4. leMbl pe+epaTOB

AnaJIH3 HopMaTHBHblX npasoastx aKTOB, peryJIHpyIOII(HX HHBeCTHI(H OHHyKj ,ne5lTeJIbHOCTb B P.

3.

CYII(HOCTb pecypcnoro 06eCne'leHH.!I HHBeCTHI(HOHHOH ,ne5lTeJIbHO CTH.

268

npWlOlKeHl111

4.

MeTOlJ,I1'ieCKOe ofiecneseaae I1HBeCTI1Ul10HHOH lJ,eSlTeJIbHOCTI1.

5. OpraHI13aUHOHHoe

06eCneQeHHe HHBeCTI1UHOHHOH lJ,eSlTeJIbHOCTI1

B POCCI1I1.

6.

puaxa B coapexea-

AHaJIH3 epYH1Ull10HI1pOBaHHSlI1HBecTI1UHoHHoro HOH POCCI1I1.

npw,OlKeHl1e 5. KoHrpoJ\bHbll7trecr

29. Iocynapcrseaaaa noztnepaoca MaJIOrO 6113Heca KaK I1HCTpYMeHT ynpas JIeHHSI HHBecTHUHoHHOH npl1BJIeKaTeJIbHOCTbIO peraona, 30. Ouemca peraouansnoro I1HBeCTI1UHOHHOro pncxa, 31. Oc06eHHocTH HHBeCTHUI10HHOH lJ,eSlTeJIbHOCTI1 MYHI1Ul1naJIbHoro 06- . paJoBaHI1S1.

7. PaJpa60TKa crpareraa ynpaBJIeHHSI HHBeCTI1UI10HHbIM noprrpenex. 8. AHaJII13 MeTOlJ,OB onenxa HHBeCTHUHOHHbIX npoexroa. 9. I1ccJIelJ,oBaHHe I1HBeCTI1UI10HHOro npouecca B pOCCHHCKOH 3KOHOMI1Ke. 10. MaKp03KOHOMH'ieCKl1e npellnOCbIJIKI1 aKTHBH3aUI1H I1HBeCTHUI10HHO ro npouecca, 11. .lJ:eSlTeJIbHOCTb I1HBeCTI1UHOHHbIX KOMnaHI1H na I1HBeCTHQHOHHOM

32. AHaJII13 MeTOlloB oueaxn I1HBeCTHUHoHHoro KJII1MaTa peraoaa, 33.
34.

35.
.lJ:eSlTeJIbHOCTb naesux I1HBeCTHUI10HHbIX epOH,ZJ:OB aa psnnce I1HBeCTI1

36.
UI1H.

13. 14.

IIOH nOJII1TI1KI1.

AHaJII13 cnococon peryJIl1pOBaHHSI HHBeCTHQHOHHoro rOCYlJ,apCTBeHHaSl nOJIHTHKa cTHMyJIHpOBaHHSI

npouecca,

xacrasrx

37. Harpopaanaouaoe

38.

16. AKUI10HepHOe epl1HaHCHpOBaHl1e KaK epopMa epHllaHCl1pOBaHI1S1 HHBe

41. 42. 43.

CpaBHHTeJIbHaH xapaKTepHCTI1Ka MeTOlloB oroopa I1HBeCTHUHOHHbIX BaHHSI.

I1HOCTPaHHble I1HBeCTI1Ul111 11 3KOHOMI1tIeCKHH pOCT: reopns 11 npax

44. AHaJIH3 rrporpaxanax cpencra, ncnoxssyexux B POCCI1H npa pacse

THKa I1CCJIelJ,OBaHHSI. OCHOBHbIC HanpaBJIeHHSI nOJII1TI1KH npHBJIe'ieHI1S1

aaocrpanaux I1H

BeCTI1UI1H B POCCl1Io.

22. JIH3HHr KaK cnocof KpelJ,I1TOBaHI1S1 I1HBeCTI1UHOHHbIX npoexros. 23. PaJBI1Tl1e nenxypnoro epHHaHCl1pOBaHHSl B POCCI1HCKOH
Tax 3epepeKTI1BHOCTI1 HHBeCTHUHOHHbIX npoexros.

45. AHaJII13

I'ocynapcraennoe peryxaposanne HHBeCTHUI10HHOH lJ,eSlTeJIbHOCTI1 cyfrsexra P
pecypcsr, nYTI1.

I1HBeCTI1UI10HHbIH KJIHMaT B pernoaax POCCI1H H nYTl1 em yJIY'llIIeHHSI.

H oueaxa pacxa H HeonpelJ,eJIeHHOCTH IIpH npHHSlTI1H HHBe

CTI1UI10HHbIX penrenmi.

npHAO>KeHHe 1.

25. HaJIOroBbIH MeXaHI13M cTHMyJIl1pOBaHI1S1 HHBeCTI1UI1H B POCCI1H.

I1HBecTI1Ul1oHHaH nOJIHTI1Ka cy6beKTa PeD: ueJIH,

CYIIJ:HOCTb 11 MeXaHI13M npe3eHTaIJ;1111 MYHI1Ul1naJIbHOrO 06pa30BaHHSI. I1HI1Ul1aTHBbI MeCTHbIX opranon BJlaCTH no npl1BJ1e'ieHHIO HHBecTIlIJ;HH.

npoexros B I1HBecTHUl1oHHYIO nporpasosy MYHI1Ul1naJIbHoro ofipaao

UI1H.

27. 28.

MyHI1Ql1naJIbHOH HHBeCTI1QI10HHOH nOJII1

UHOHHOH nOJII1TI1KH.

17. I'ocyztapcraenaoe epHHaHCl1pOBaHl1e I1HBeCTI1UHOHHbIX npoexros, 18. TIp06JIeMbI epYHKUl1oHl1poBaHI1S1 epoH;aoBoro psnnca B POCCI1H. 19. 06JII1raUI10HHble 3aHMbI KaK I1HcTpyMeHT npl1BJIetIeHHSI HHBeCTI1

26.

ofiecneuenae

39. MOTI1BaUHOHHble OCHOBbI BelJ,eHI1S1I1HBeCTHUHoHHOH lJ,eSlTeJIbHOCTI1. 40. Borrpocsr 6e30nacHocTH npn peaJII13aQI111 MYHHUl1naJIbHOH HHBeCTI1

CTI1UHOHHbIX npOeKTOB.

21.

KalJ,pOBOe THKH.

15. CaMoepl1HaHCl1pOBaHl1e KaK epopMa epHHaIicl1pOBaHI1S1 HHBeCrnUI10H HbIX npOCKTOB.

ooecneseaae MYHI1Ul1naJIbHOH HHBeCTHQHoHHOH

nOJII1TI1KI1.

I1HBeCrn

UI1H.

20.

Pa3pa60TKa KOHuenQl111 MYHI1UHnaJIbHOH HHBecTHUHoHHOH IIPO rpaMMbI.

psnnce B POCCHI1 11 aa py6e)l(oM.

12.

269

5. KOHTPOAbHblH recr

MOryT JII1 HHBecTI1UHI1, BJIO)l(eHHbIe B 060poTHble CpelJ,CTBa, C'iI1TaTb CSI KanHTaJIbHbIMI1 BJIO)KeHI1S1MI1:

a) aa; 6) HeT?

2. Bufepare onpenenenae, xoropoe HaH60JIee TO'iHO nepeaaer CYIllHOCTb I1HBeCTI1UI1H:

npl1AO)l(eH~

270

m

nP\'1AO)l(eHlo1e 5. KOHTPOAbHblliI recr B) npennpHHHMaTeJIbCKaH neHTeJIbHOCTb;

a) aarparsi aa socnpoaaaoncrno OCHOBHbIX
r) HHBeCTHUHOHHaH neHTeJIbHOCTb.

H .cOBepmeHCTBOBaHHe; 6) nee BHJlbI HMymecTBeHHblX H HHTeJIJIeKTYaJIbHbIX ueanocrea, KOTO

6. I1HBeCTopbI -

3TO cy6beKTbI HHBecTHIlHoHHOH neHTeJIbHOCTH, ocyute

psre BKJlajlblBalOTCH B 06beKTbI npennpHHHMaTeJIbCKOH neHTeJIbHO

CTBJlHlOmHe BJIO)l(eHHe:

CTH, B pe3YJIbTaTe KOTOPbIX nOCTHraeTCH COIlHaJIbHblH 3eKT;

a) TOJIbKO C06CTBeHHbIX cpencra;

B) neHe)l(Hble cpeztcrna,

uennsre 6yMam, naoe HMymeCTBo, B TOM tIHC npasa.toreiounre neHeX
6) 3aeMHbIX HJIH npHBJIetIeHHbIX openers;

JIe HMymecTBeHHble npasa, HHbIe

B) c06CTBeHHbIX, 3aeMHbIX H npHBJIetIeHHblX cpeacrs;

icy, BKJIajlbIBaeMbIe B 06beKTbI npennpHHHMaTeJIbCKOH neHTeJIbHO

r) c06CTBeHHbIX H npHBJIetIeHHbIX cpencrs.

CTH B lleJIHX nOJIytIeHHH npH6bIJIH;

7. npOaHaJIH3HpYHTe060poT HHBecTHIlHH, 3anOJIHHTe nponycs.

r) xacrs aoxona aa naHHbIH nepaon, KOTOPaH He 6bIJIa HCnOJlb30BaHa JlJIH nOTpe6JIeHHH; n) neHe)l(HbIe cpencrsa H nnoe HMymecTBo, BKJlajlbIBaeMbIe B

Co6CTBeHHO HHB.ecntl..lMOHHaSi AeSiTenbHOCTb

06beKTbI

----.

.........

f--Jo

Pe3ynbTaT HHBeCn'lpOBaHHSI

npennpHHHMaTeJIbCKOH H (HJIH) HHoHneHTeJIbHOCTH B lleJIHX nOJIY tIeHHH npH6bIJIH H (HJIH) nOCTlDKeHHH nuoro nOJIe3HOro 3eKTa.

C1>HHaHcoBbIH rrocpennnx, axsyxy JIHPYIOlllHH cpencrsa HHnHBHJlYaJIb

8.

3. I1HBeCTHIlHH B OCHOBHOH KanHTaJI (ocaosaue cpencrna), B TOM tIHCJle sarparu na HOBoe CTpoHTeJIbCTBO, pacurapenae, peKOHCTPYKIlHIO H rex

Hl>IX HHBecT0POB H ocymeCTBJIHlOmHH HHBecTHUHoHHYIO neHTeJIbHOCTb .OT CBoero JIHlla, -

HHtIeCKOe nepesoopyzenae fteHCTBYlOmHX npennpaaraa, npnoopere HHe MamHH, 060pynOBaHHH, HHcTpyMeHTa, HHBeHTapH, CKaTeJIbCKHe pa60TbI

H npyme 3aTpaTbI

-

a) 3aKa3tIHK;

npoexrao-asu

6) 6aHK;

3TO...

B) HHCTHTYUHOHaJIbHblH HHBeCTop;

4. lITO H3 nepetIHCJIeHHOrO HBJIHeTCH cymeCTBeHHbIM npH3HaKoM HHBe

r) nOnpHntIHK;

CTHIlHH:

n) HHnHBHnYaJIbHbIH HHBeCTop.

a) nOTeHIlHaJIbHaH cnocoonocrs HHBeCTHIlHH nasars TOJIbKO KOMMep tIeCKHII 3
9.

COB B 06beKTbI npennpHHHMaTeJIbCKOH H HHOH neHTeJIbHOCTH;

CTpaHHbIe rocynapcrsa, Me)l(JlyHaponHble 06benHHeHHH H opranasanaa, JlJIH KOTOpbIX C03naIOTCH 06beKTbI KanHTaJIbHbIX BJIO)l(eHHH, -

10. YnOJIHOMOtIeHHbIe

r) HCnOJIb30BaHHe TOJIbKO neHe)l(HbIX pecypcos, xapaxrepaayjoumxca

cnpocox,

JIHlla,

npeJlJl0)l(eHHeM H uenon, B npouecce ocymeCTBJIeHHH

.TOB, -

HHBeCTHIlHH;

aa TO HHBeCTopaMH
xoropsre ocyuiecraonor peaJIH3aUHIO HHBecTHIlHOHHbIX npoes 3TO:

6) HHCTHTYUHOHaJIbUble HHBeCTopbI;

xoropue ncerna cosnanaior C 06me3KoHo

B) 3aKa3tIHKH;

MHtIeCKOH BbironoH;

r) nOnpHn'lHKH;

e) HaJIHtIHe pHCKa BJIO)l(eHHH KanHTaJIa npa npHHHTHH penrenaa 06ocy

a) nOJIb30BaTeJIH 06beKToB KanHTaJIbHbIX BJIO)l(eHHH;

mecTBJIeHHH HHBeCTHIlHH B YCJIOBHHXHenOJlHOH onpeneJIeHHOCTH? HHBecTHUHH H ocyutecranenae npaKTHtIeCKHX neHcTBHH

B lleJIHX nOJIyqeHHH npH6bIJIH H (HJIH) nOCTH)I(eHHH mroro nOJIe3HOrO 3
3TO...

a) HHBeCTl:IUHOHHbIe 6aHKH;

n) ocyutecranenae BJIO)l(eHHH JIHllaMH (HHBeCTOpaMH), HMeIOIUHMH HHnHBHnYaJIbHbIe uemr,

C1>H3HtIeCKHeH IOPHJlHtlecKHe JIHua, B TOM tIHCJIe HHoctpaHHbIe, a TaK)I(e rocynapCTBeHHbIe Op~HbI, -opraau MecTHoro caMoynpaBJIeHHH, HHO

onpeneneausra CPOK BJIO)l(eHHH HHBeCTHIlHOHHbIX CpenCTB; B) ueneuanpaaneaauji xapaxrep BJIO)l(eHHH HHBeCTHIlHoHHbIX pecyp

6)

5. BJIO)l(eHHe

3TO:

3TO:

a) HHBeCTHIlHOHHaH nOJIHTHKa;

6) HHBecTHUHoHHbIH PbIHOK;

'

e) HHnHBHnYaJIbHbIe

11.

nnsecropu.

lITO H3 nepetIHCJIeHHOrO MO)l(eT 6bITb 06beKToM HHBeCTHIlHoHHOH neHTeJIbHOCTH:

a)

coanaaaexste OCHoBHble <poHnbI;

6) MO.l(epHH3HpyeMble OCHOBHbIe <poHn bI;

272

npHAO>KElJ'lI1S1

nl1lHAO>KeHl1e 5. KOHTPOAbHbli:1 recr

273

r-

B) 060pOTHble

cpeacrsa:

17. TIo

06'beKTaM HHBeCTHpoBaHHH MO)1(HO BbI,neJIHTb'CJIe,nYIOIUHe THnbI

r) HaJIH'IHble ,neHbfH;

HHBecTHUHH:

uennue 6yMarH;

a) npHMble H

n)

e) HMYIUeCTBeHHble npasa?

12. Onpeztemrre COOTBeTCTBHe

6) (nposenare CTpeJIKH OT UH
1. HHAHBHAYaJlbHbIH HHBeCTOp

a) cPH3H'ieCKHe JIHua; 6) IOpHAHlIeCKHe JIHua;

noprrpezsnsre;

peansusre,
B) c06CTBeHHble H

HHTeJIJIeKTYaJIbHbIe;

npaaxeseanue;

r) Ha'IaJIbHble, 3KCTeHCHBHble H peHHBecTHQHH.

18.

TIo pHcKaM pa3JIH'IaIOT HHBeCTHUHH:

B) HHBeCTHUHOHHhle6aHKH;

a) Ha'IaJIbHble, 3KcTeHcHI!HbIe H peHHBeCTHQHH;

r) nOAPHATHfKH

6)

2. HHCTHTYUHOHaJlhHhlH I1HBe

A) opransr rocyzapcrseaaoro ynpasne-

B) PHCKOBble H 6e3pHCKOBble;

CTOp

HHH; e) neHCHOHHhle cPOHAbI;

r)

19. B

)K) o6beAHHcHHH cPH3HlIeCKHX H IOpHAH

13. B

B)

3aBHCHMOCTH OT roro, HaCKOJIbKO HHBeCTHQHH 06eCne'IHBaIOT KO

JIa, OHH MOryT 6bITb

onpezteneuu

r)

KaK:

nJIaT, a TaK)1(e C QeJIbIO ,nHBepcH
21. TIo

npnnnesennsre;

a) npRMble H

HHBeCTHpoBaHHH pa3JIII'IaIOT HHBeCTHUHH:

6)

noprrpensasre:

peansnue H
B) BaJIOBble H 'IHCTble HHBeCTHUHH;

peansaue H
B) c06CTBeHHble H

KpHTepHIO llIHPOTbI OXBaTa, U6'beMa aocnpoaasoncrsa KanHTaJIa

BbI,neJIHIOT HHBeCTHUHH:

a) npRMbIe H rroprrpezsasre; 6)

3TO ••. HHBeCTH

UHH.

r) Ha'IaJIbHble, 3KCTeHCHBHble H peHHBeCTHQHH.

14. TIo QeJIH

B 3KOHOMH'IeCKHe aKTHBbI C ueJIbIO H3BJIe'IeHHR

ztoxozta B <popMe ,nHBH,neH,nOB, rrpouenros H ,npyrHx ,neHe)1(HbIX BbI

naccasasre H aKTHBHble;

B) c06CTBeHHble H

aay-mue H nenayxnue;

npaxue H noprtpensnue HHBeCTHUHH.

20. BJIO)1(eHHe cpeztcrn

a) B3aHM03aBHCHMble H B3aHMOHCKJIIO'IaIOIUHe;

6)

epepsr B.i:IO)1(eHHH MO)1(HO BbI,neiIHTb HHBeCTlfUHH:

6) COUHaJIbHble J:l3KoHOMH'IeCKHe;

opransr.aecrnoro caaoynpannenaa

JIH'IeCTBeHHbIH H Ka'IeCTBeHHbIH POCT npOII3Bo,nCTBeHHoro nOTeHUHa

peansnsre H
3aBHCHMOCTH OT

a) npOH3Bo,nCTBeHHble H HenpOH3Bo,nCTBeHHbIe;

lIeCKHX JIHIl; 3)

arpeccnauue, yxepemnre, KOHcepBaTHBHble;

r)

npnaxexennsre: •

r) Ha'IaJIbHble, 3KCTeHCHBHble H peHHBeCTHUHH.

a) COBMeCTHMble H HeCOBMeCTHMble;

15. C n03HUHH X03RHCTBYIOm:HX cy6'beKTOB, QeJIeH H HanpaBJIeHHOCTH HX ,neHcTBHH HHBeCTHUHH MOryT 6bITb

6)

paaaenenu na:

peansasre,
B)

sucoxoaoxozmsre, cpezmenoxoztaue H anaxonoxoznrsre:

r) npOH3Bo,nCTBeHHble H nenpoaaaoncrneunue.

16. Zlonrocposusre BJIO)1(eHHH B peansnsre aKTHBbI, B YCTaBHble KanHTaJIbI

B3aHM03aBHCHMbIe H B3aHMOHCKJIIOtIaIOIUHe;

B) He3aBHCHMble H 3aBHCHMble;

a) Ha'IaJIbHble HHBeCTHQHH, 3KCTeHCHBHble H peHHBeCTHUHH;

6)

naccnanue H aKTHBHbIe.

22. TIo COBMeCTHMOCTH OCYIUeCTBJIeHHH pa3JIH'IaIOT HHBeCTHUHH:

r) He3aBHCHMble, B3
23.

ECJIH 'IHCTble HHBeCTHUHH npe,ncTaBJIRIOT c060fi nOJIO)1(HTeJIbHYIO BeJIH'IHHy, TO ecrs 06'beM BaJIOBbIX HHBeCTHUHH npeasnnaer
npezmpnaraa C QeJIbIO nenocpeztcraenaoro y'IaCTHH HHBeCTopa B HH

a) pacnmpemroe BocnpOH3Bo,nCTBO;

BeCTHUHOHHOM npouecce, yCTaHOBJIeHHH KOHTpOJIH H ynpaBJIeHHH

6) npocroe BocnpOH3Bo,nCTBO 06IUecTBeHHoro npoztyxra;

06'beKTOM HHBeCTHpoBaHHR -

B) BocnpOH3Bo,nCTBeHHbIH npouecc ,ne3HHBecTHpyeTCH.

3TO ... HHBeCTHUHH.

nplMOlKE!t'l1S1

274

24. B 3aBHCHMOCTH OT POPMbl c06CTBeHHocTH HHBeCTHUHH ,lJ,eJUITC5I Ila: a) rocynapcrsennsre, sracrmae, anocrpamrue, COBMeCTHble; 6) rocynapcrseaasre, MYHHUHnaJIhHhIe H qaCTHhIe; B) rocynapcrsennue, sacrnsre H cssemamuae.

25.

no perHOHaJIbHOMy npH3HaKY a) cPeAepaJIbHble,

275

nptMOlKeHl1e 5. KOHTPOAbHbli1 recr

2. Ilpasroe ysacrne rocynap

r) npHHSlTHSI aHTHMOHOnOJlbHbIX Mep;

CTBa B HHBeCTHQHOHHOA aea-

A) cPoPMHpoBaHHSI nepesna crpoex

TeJIbHOCTH ocymeCTBJIHeTcJ!.

H 061>eKTOBTeXHH'lecKOro nepesoopysce

nyTeM

HHSIAJIK Q>eAepaJIbHblX

paanauaior HHBeCTHUHH:

/'

pernonansnsre H MYHHUHnaJIbHhle;

6) nnyrpenune H 3apy6e)l(HhIe;

cpeACTB c1JeAepaJIbHoro 6IOJPKeTa; e) 3amHTbI HHTepecOB aasecropoa

3. IlpeAOCTaBJIeHHe rOCYAap

)K) nsmycxa 06JIH,raIIHOHHbIX 3aHMoB;

CTBeHHbIX rapaaraa BceM

3) rJlaCnOCTH B 06cYlK,ll,eHHH HHBecTHUH-

cy6'beKTaM HHBecTHIIHoHHOH

OHHbIX npOeKTOB;

JleSlTeJlbHOCTH He3aBHCHMO OT

H) YCTaHOBJIeHHSl.cy61>eKTaM HHBecTHIIH

llHCJIeHHH, B 3KOHOMHKe Ha6JIIOAaeTC5I:

c1JOpM C06cTBeHHOCTH ocyuie-

OHHOll: JleSlTeJlbHOCTHCneIIHaJIbHbIX HaJIO

a) pacumpeanoe BocnpOH3BOACTBO;

cTBJlSleTCR nyre»

B)

26. B

rocyaapcraennsre H

HHOCTpaHHble.

cnysae HyJIeBOrO 3HalleHH5I (OTcyrCTBH5I) 'lHCThIX HHBeCTHUHH, TO

ecru rrpa

paBeHCTBe BaJIOBbIX HHBeCTHUHH H aMopTH3aUHOHHhIX OT

rosux pe)ICHMOB, He HOCHIllHX HHAHBHJlY

ansnoro xapaxrepa

6) npocroe BocnpOH3BOAcTBO 06111ecTBeHHoro nponyxra; B) BocnpOH3BOACTBeHHbIH

npouecc .u.e3HHBecTHpyeTc5I.

27. IIo ypoBHIO AOXOAHOCTH ijbIAeJI5IIOT CJIeAyIOlllHe BHAhI HHBecTHUHH: 6) BbICOKOAOXOJlHble, B)

cpennenoxonnsre H HH3KOAOXOAHhle;

uasansnsre, 3KCTeHCHBHbIe H peHHBeCTHUHH;

r) BbICOKOAOXOJlHble, cpeL\HeAoXOAHbIe, HH3KOJlOXOAHhIe H 6e3AOXOA

asre.

28. B

3aBHCHMOCTH OT CpOKOB BJIO)l(eHHH pa3JIH'la1OT CJIeAYlOlllHe BH.n:hI

HMH HHBeCTHUHll: na TCppHTOpHH POCCHHCIcAcpauHH rocynap CTBCHHhIH BhIB03 aa

npenena

POCCHHCKOH e.u.epaUHH HMYillCCTBa

H HHcP0PMallHH B JlOKYMeHTaJIbHOH cPOpMC HJIH B cPopMe 3anHCH na 3JICKTPOHHbIX HOCHTeJISlX, xoropsre 6hlJIH rrepsonasansno BBe3CHhI aa repparopmo P B xa-recrne HHocTpaHHoH HHBCCTHUHH:

a) na: 6) HeT?

HHBecTHUHH:

nonrooxynaeusre; 6) xparxocpoxaue, cpezmecpo-unre H nonrocpouusre:

a) 6bIcTpooKynaeMble H

B) TaKTH'leCKHe H crparenrsecxae;

r)

30. npe.n:OCTaBJI5IeTC5I JIH HHOCTpaHHhIM HHBeCTOpaM npa ocYllleCTBJICHHH CTBCHHa5I rapaHTH5I rrpasa naocrpamroro HHBeCTopa na 6ecnpen5lT

a) naCCHBHbIe H aKTHBHble;

29.

rocynapcraeanax

HylKJl. H c1JHHaHCHpoBaHHH HX sa CtIeT

uaxansasre, 3KCTeHCHBHble H peHHBecTHllHH.

OnpeAeJIHTe COOTBeTCTBHe (nposenare CTpeJIKH OT llHcPP K 6yKBaM).

1. C03.l\aHHe 6J1aronpHSITHbIX

a) COBeprneHCTBOBaHHSICHCTeMbI HaJIO

YCJlOBHM AJiSI pa3BHTHSI HHBe

rOB, MexaHH3Ma HatIHCJIeHHSI asiopraaa

CTHUHOHHOM AejJTeJIbHOCTH

Will;

ocymeCTBJISleTCSI rocynapcrsoa

6)

nyresr

CTBJIeHHH HHBecTHQHoHHOH nesreasao

06ecnelleHHSI paBHbIX npas npa ocyute

CTH;

B) p33pa60TKH, yrBeplKJl.eHHSI H qmHaHcH

pOBaHHSI HHBeCTHQHOHHbIX npOeKTOB,

31. Crpepa 3KOHOMHQCCKHX

oTHoIIIeHHH no sonpocaa KynJIH,

npoaaxa

H Pa3MelllCHH5I HHBCCTHUHH, HX aocnpoaaaoncraa H peryJIHpOBaHH5I B YCJIOBH5IX H3MeH5IlOlllcroC'Sl cnpoca H npCJl1IO)l(eHH5I, a TaK)I(C ycra HOBJIeHH5I

uensr ua

HHX -

3TO:

a) HHcPpacTpYKTYpa psnnca;

6) cP0H.n:OBhIH PbIHOK;

B) HHBeCTHllHOHHblH PhIHOK;

r) KOH'bIOHKTypa psmxa,

32. TIOTCHllHaJIhHhlH HHBecTHllHoHHbIH cnpoc orpaacaer: a) BeJIH'lHHY HHBecTHllHOHHOro KanHTaJIa, aanpaanenaoro B OCHOBHbIC

cpencrsa; 6) HHBCCTHllHOHHhIe pecypcsr,

xoropsre HenocpeJlCTBCHHO npenaasna

qCHhI .lJ,JI5I HHBeCTHUHOHHhlX llCJIeH; B) BCJIHllHHY aKKyMyJIHpOBaHHoro 3KOHOMHllCCKHMH cy6'bCKTaMH

q,HHaHcHpyeMblx aa cser cpencrn q,e.l\e

aoxona, KOTOpbIH MO)l(eT 6hITh nanpaanen aa HHBCCTHpOBaHHC

PaJIbHOro 6IOA)KeTa

H COCTaBJl5ICT nOTeHUHaJIhHhlH HHBeCTHUHOHHhIH KanHTaJI.

np~O)l(eHHSl

276

33. Coeoxyrruocrs <paKTopOB, orrpeAeJHIIOIIUIX CJIO)l(llBlIIeeCH COOTlrOlIIe nae crrpoca, npeanoxenas, ypOBHjI uen, xoaxypeauna II 06beMoB peanaaauna ira llHBeCTll~llOHHOMpsnrxe, - aro: a) llH
n!=lW'O)l(eHHe 5. KOHTPOAbHblH recr

36. Cdiepa 3KOHOMHlfeCKHX OTHOlIIeHHll rro nonpocasr
6)
277

3TO:

B) llHBeCTll~llOHHbIllPbIHOK;

a) AeHeJKHbIll PblHOK;

r) KOHbIOHKTypa psnnca;

6) PbIHOK llHTeJlJIeKTYaJIbHbIX HHBeCTH~llll;

A) naaecrauaoaaua xexaaaaa. 34. Onpenemrre COOTBeTCTBlle (rrposeanre CTpeJIKll OT ~ll
B)

psmox uayrno-rexmrrecxax HHHOBa~Hll;

r) PblHOK KarrHTaJIbHbIX BJIOJKeHllll;

A)
1. IIo,nbeM

a) OTHOCHTeJIbHO nOJIHOe y,nOBJIeTBOpeHHe cnpoca

KOHbIOHKTYPbl

e) PbIHOK HeABH)KHMOCTll.

aa 06beKTbl HHBecTHpoBaHHH IIpH HeKOTopOM H36blTKe HX npe,nJIOJKeHH51, cTa6HJIH3aUHH, a aaTeM CHHJKeHHe uen na 06'beKTbl HHBeCTIfpOBaHHH

2. KOHblOHKTYPHblH

6) KpHTJ1lieCKH HH3KHH ypOBCHb HHBecTHUHoHHOH

6YM

aKTHBHOCTH, pesxoe CHHJKeHHe cnpoca H IIpe,nJIOJKeHHH aa o6beKTbI HHBeCTIfpOllaHHH IIpH npessr lIIeHHH npe,nJIOJKeHHH; UCHbl na HHBeCTHUHOHHble o6beKTbl

37. Cosoxyrmocrs

paCrrpeAeJIHTeJIbHO-06MeHHbIx

II

rrpennpaaaaarexscxoa AeRTeJIbHOCTH

nayuno-rexmrsecxax HHHOBa~llH;

B) yBeJIH'leHHe cnpoca aa 06beKTbl HHBeCTHpOBa-

B) PblHOK

r) PblHOK KarrHTaJIbHbIX BJIO)l(eHHll;

psnnca, 'ITO CBH3aHO C 06mHM IIOBbllIIeHHeM

,neJIOBOH aKTHBHOCTH B 3KOHOMHKe

r)

38. Orrpenemrre COOTBeTCTBHe (nposenare CTpeJIKll OT ~ll
yBeJIH'lCHHe npeanoace-

HHH H cnpoca na o6beKTbl HHBecTHpoBaHHH npa onepexcaioutesr

A)
peaxoe 1l03paCTaHHe o6beMoB peaJIH3aUHH na

psmxe,

pocre nocnezmero,

COOTBeTCTBY

1. PbIHOK 06beKTOB peansnoro

a) ,neHeJKHblH PbIHOK;

HHBecrnpOBaHHH

6) PbIHOK HHTeJIJleKTYaJIbHblX HHBeCTHUHH

ioutee nossrureaae uen na o6beKTbI HHBecTHpoBaHHH

35. nOA ueoprannaonannsma c6epe)l(eHlljIMll rrOHllMaIOT: a) AeHe)l(HbIe

pecypcsr, xoropsre

3TO:

a) AeHe)KHbIfi PbIHOK;

HHH, POCT ueu na HHX, OJKHBJIeHHe HHBeCTHUI10H

I1HBeCTHIIHOHHOM

nosoay xynna-rrponaaca

llHHoBa~HH, HCrrOJIb3yeMbIx AJIR
KOHblOHKTypbl

KOHblOHKTypbl

MeJKAY

6) PblHOK llHTeJIJIeKTYaJIbHblX HHBeCTH~Hll;

cyutecrsenno CHHJKalOTCH

4. Cnaa

rro

.pecypCOB B KalfeCTBe HHBeCTH~llOHHbIX<paKTopOB, -

3. OCJIa6JIeHHe

noro

ornourenati

cy6beKTaMH HayqHo-TeXHHlfecKoll, llHHoBa~HoHHoH,nusecranaonnon

annecrauaa; 6) coepeacenna, ocymecransexsre B sane BKJIa,llOB

B) PbIHOK HayqHo-TeXHH'leCKHX HHHOBaUHH;

3. PblHOK 06'beKTOB HHHOBaUHOH

,n) !pOH,nOBbIH PbIHOK;

HblX HHBecTHUHH

e) PbIHOK He,nBHJKHMOCTH

r)

aKKYMYJIllpOBaHbI Pa3JIlllfHl»:Mll

CTllTYTaMH
2. PblHOK 06beKToB !pHHaHcoBoro HIIBeCTHpOBaHHH

an

rpancrpopaa

PbIHOK KalIHTaJIbHbIX BJlOJKeHHH

pOBaHbI B

B 6aHKllll

uemnre

6yMarll; B) BpeMeHHO cB060AHbIe AeHeJKHbIe cpeztcrsa rrpennpnaraa H oprann

3a~HH; r) c6epeJKeHHR B <popMe HaJIlllfHOH BaJIIOTbI, pyxax y HaCeJIeHllR.

39. C
icoropsre OCTaIOTCR ira

3TO:

a) AeHe)KHbIH PbIHOK; 6) PbIHOK llHTeJIJIeKTYaJIbHbIX llHBeCTll~HH;

278

npl1l\O>KeHl1S1

npWlO>KeHHe

a) 06lUecTBa B3aHMHoro xpeaara;

r) PhlHOK KanHTaJIbHbIX BJIO)l(eHHH;

6) KpeLlHTHbIe COI03bI;

n)
B) COI03hl

e) psmox HeLlBH)I(HMOCTH.

r) KpeLlHTHbIe nOTpe6HTeJIbCKHe xoorreparnssr rpasnarr;

H3 pa3HoBHLlHocTeH psnnca

xynna-npozaxa

TOBapoB B BHLle

LleHe)l(HbIX CpeLlCTB, xacrs psmxa CCYLlHbIX KanHTaJIOB - ::lTO:

z)

47.

IOpHLlHqeCKHe JIHua. BKJIIOlflUl KpeLlHTHbIe opraHH3aUHH. a TaK)I(e
6) PblHOK HHTeJIJIeKryaJIbHhlX HHBecTHUHH;

TeJIeH, xoropsre oCYlUeCTBJHIIOT rrocpenaasecxyio HJIH KOHcyJlbTaUH

aaperucrpaposanasre

B

sasecrae.npennpaaaxa

OHHyIO LleHTeJIbHOCTb Ha pblHKe ueHHbIX 6YMar" -

48.

r) PblHOK KanHTaJIbHbIX BJIO)l(eHHH;

3TO•••

I1HBecTHUHoHHbIe HHcTHryTbI, LleHTeJIbHOCTb KOTOphlX 3aKJIIOqaeTCH B npHBJIeqeHHH LleHe)l(HbIX openers H HHOro HMYlUecTBa nyrea ::lMHC

n)
CHH aKUHH B ueJUIX HX rrocneayioutero HHBeCTHpoBaHHH B ueaasre

e) PblHOK HeLlBH)I(HMOCTH.

6YMarn npyrax 3MHTeHTOB. - ::lTO: oaHKH, npeLlOCTaBJIHIOIUHe CBOHM KJIHeHTaM OnpeLleJIeHHbIH xpyr

a) HHBeCTHUHOHHbIe KOMnaHHH;

6aHKoBcKHX onepauaii, - ::lTO .•. 6aHKH.

6) YHHBepCaJIbHbIe KOMMepqeCKHe 6aHKH;

3aHHMaIOTcH JIH HHBeCTHUHOHHbIe 6aHKH TOprOBJIeH H paaxeuteaaea

B)
ueHHbIX 6yMar:

r) HHBeCTHUHOHHbIe 6pOKepbI.

a) na;

49. 71BJIHeTcH

6) HeT?

43. KaKHe 6aHKH npeLlOCTaBJIHIOT LloJIrOCpOqHbIe KpeLlHTbI

nozt 3aJIOr He

a) HHHOBaUHOHHbIe 6aHKH;

6)

a) aa; 6) HeT?

50. Jlaesue HHBecTHUHoHHbIe
a) OTKpbITbIe H saxpsrrsre;

anoresnue 6aHKH;

6) OTKpbITbIe,

B) HHBeCTHUHOHHbIe 6aHKH? '

51, 060co6JIeHHbIH HMYlUecTBeHHbIH KOMnJIeKC, COCTOHlUHH H3 CTBa, nepeaannoro B LlOBepHTeJIbHOe

OT HX orpacneaoa npHHa,l:\JIe)l(HOcTH. - 3TO •.• 6aHKH.

LlOBepHTeJIbHOrO ynpaBJIeHHH, H H3 HMYlUeCTBa. nonyxennoro B rrpo

a) 06lUeCTBa B3aHMHoro xpeznrra;

B) COI03hl npeLlnpHHHMaTeJIeH; r)

uecce TaKoro ynpaBJIeHHH, -

52.

46. Kooneparasu, C03LlaHHbIe rpa)l(LlaHaMH, Llo6pOBOJIbHO 06beLlHHHBIlIH MHCH LlM YLlOBJIeTBOpeHHH norpeoaocrea B
3TO .•. HHBecTHUHoHHbIH
71BJIHeTcH JIH naesoii HHBecTHUHoHHbIH
a) na;

xpenarnue nOTpe6HTeJIbCKHe xooneparasu rpaxnaa;

a)
HMYlUe

ynpaBJIHIOlUeH

o6beLlHHeHHH 3TOro HMYlUeCTBa C HMYlUecTBOM HHbIX yqpeLllfTeJIelf

noro KpeLlHToBaHHH naHlUHKoB, - 3TO:

xpeznrrnue COI03bI;

ynpaanenae

KOMnaHHH yqpeLlHTeJIeM LlOBepHTeJIbHOrO ynpaBJIeHHH C yCJIOBHeM

.45. AccoUHaUHH, 06beLlHHHIOlUHeJIHU C o6lUHMH mrrepecaaa MH B3aHM

6)

aarepeansaue H saxpsrrsre;

B) OTKpbITbIe. C orpaHHqeHHbIM nocryrron, saxpsrrsre..

Yqpe)l(LleHHH. 06CJIy)l(HBaIOlUHe IOpHLlHqeCKHX H
JIH aKUHoHepHbIH HHBeCTHUHOHHbIH
JIHUOM:

LlBH)I(HMOCTH (3eMJIH, crpoeaaji) JIH60 na npnoopereaae HeLlBH)I(HMO CTH:

44.

npennpnaaaarenen:

a) LleHe)l(HbIH PhlHOK;

B) PhlHOK HayqHo-TeXHHqeCKHK: HHHOBaUHH;

42.

279

B) PblHOK HayqHO-TeXHHqeCKHX HHHOBaUHH;

40. OLlHa

41.

5. KOH"fPOAbHblH recr

6) HeT?

53.

TIpo
ueanux

6yMar, COBepIlIa

IOlUHMCLleJIKH xynna-nponaaa'nemnax 6yMar OT csoero HMeHH H aa CBOIf cxer

nyrex

ny6JIH'IHOrO 06bHBJIeHHH uea nOKynKH H nponasca

OnpeLleJIeHHbIX ueHHblX 6yMar C06H3aTeJIbCTBOM nOKynKH H nponaxa

280

nplo1AOlKeHI'1~

nplo1AOlKeHlo1e 5. KOHTPOAbHblH recr

281

::nHX ueHHbIX 6YMar no 06'MIBJIeHHbIM JIHUOM, oCYIUeCTBJlSUOIUHM ra

KYIO ,ne~lTeJIbHOCTb, uenaa, SlBJISleTCSI:

6) HHBeCTHUHOHHaSI nOJIHTHKa;

a)
B) HHBeCTHUHoHHhIH MexaHH3M.

6) HHBecTHUHoHHbIH ,nHJIep;

58.

B) HHBeCTHUHOHHbIH 6poKep;

qTO H3 rrepesacaenaoro OTHOCHTCSI K CHCTeMe BHyTpeHHHX HHBeCTH UHOHHhIX pecypcos MYHHUHnaJIbHOrO 06pa30BaHHSI:

r) HHBeCTHUHoHHaSI KOMnaHHSI.

54. IIpo
a) HHBeCTHUHOHHaSI,neSlTeJIbHOCTb;

a) HHBeCTHUHOHHble cpencrsa MYHHUHnaJIbHblX ueHHhIX 6YMar, oCYIUecTB

JISlIOIUHM ,neSlTeJIbHOCTb no coaepmemoo rpIDK,llaHcKO-npaBOBbIX cne

6) c6epe)l(eHHSI HaCeJIeHHSI MYHHUHnaJIbHoro 06paJoBaHHSI; B) cpezrcrsa srecraoro 6IO,n)l(eTa,

JIOK C ueHHbIMH 6YMaraMH 01' HMeHH H aa CtIeT KJIHeHTa (B TOM tIHCJIe :3MHTeHTa :3MHCCHOHHbIX ueHHhIX 6YMar npa HX paJMeIUeHHH) HJIH 01' csoero HMeHH H aa CtIeT KJIHeHTa na OCHOBaHHH B03Me3.ZJ;HbIX ,nOroBOPOB C KJIHeHTOM, SlBJISleTCSI:

r) HHBeCTHUHoHHble cpezcrsa
a)
pecypcsr

npezenaxa

X03S1HCTBYIOIUHX cy6beKToB, naxozra

reppnropaa: MYHHUHnaJIbHOrO 06pa30Ba

HHSI;

B) HHBeCTHUHOHHbIH 6poKep;

e) HHBeCTHUHoHHble cpeztcrsa 6IO,n)l(eTa cy6beKTa )I() HHBeCTHUHoHHhIe

r) HHBeCTHUHoHHaSi KOMnaHHSI. TOproBJIH na psnnce ueHHhIX 6YMar, rrpe,nOCTaBJISI

nenocpencraeuno cnoc06cTBYIOIUHe 3aKJIIOtIeHHIO rpaxnaacxo-npaaoaex c,neJIOK C ueHHbIMH 6YMaraMH Me)l(,ny ysacr

IOIUHM yCJIyrH,

HHKaMH psnnca ueHHhIX 6yMar, SlBJISleTCSI: a)
P
pecypcsr X03S1HCTBYIOIUHX cytisexroa, Be,nYIUHX

CBOIO ,neSlTeJIbHOCTb na reppnropaa ropoza; 3)

59....

anocrpanaue HHBeCTHUHH? MYHHUHnaJIbHOrO 06pa30BaHHSI npe,nCTaBJISIeT C060H repparopa

aJIbHYIO opraHH3aUHIO cdepu 06paIUeHHSI HHBeCTHUHOHHbIX pecypcos, rzte rrpoacxoznrr corJIac0J:laHHe HHTepeCOB HHBeCTopOB H nOTpe6HTe JIeH HHBecTHUHH B YCJIOBHSlX H3MeHSlIOIUerocSi crrpoca H

6) HHBeCTHUHOHHbIH ztanep: B) HHBeCTHUHOHHbIH 6poKep; r) HHBeCTHUHoHHaSi KOMnaHHSI.

56. 0

nanpaanennue na HHBeCTHUHoHHhIe

ueJIH;

IUHXCSI sa

6) HHBeCTHUHOHHbIH ,nHJIep;

55. Opraaaaaroposr

npennpasraa:

Ka)l(,noH c,neJIKe,3aKJIIOtIeHHOH B COOTBeTCTBHH C YCTaHOBJIeHHbIMH

npennoxe

HHSI.

60. BhISlBJIeHHe

HaH60JIee :3
nOHCK He06xo,nHMbIX ,nJISI :3TOro pecypcos, paapatiorxa COOTBeTCTBY IOIUeH HHBecTHUHoHHOH nporpaMMhI H KOMnJIeKC MepOnpHSlTHH no ee

cacrexu

opranaaaroposr TOproBJIH npaBHJIaMH, JII060MY 3aHHTepecoBaHHoMY

peaJIH3aUHH C UeJIbIO COrJIaCOBaHHSI HHTepeCOB cyfisexroa

JIHUY npe,nOCTaBJISleTCSI CJIe,nYIOIUaSi HH
HHBecTHUHoHHOH ,neSlTeJIbHOCTH MYHHUHrraJIbHOrO 06pa30BaHHSI

a) zrara H BpeMSI 3aKJIIOtIeHHSI c,neJIKH;

:31'0:

6) HaHMeHOBaHHe ueHHbIX 6yMar, SlBJISlIOIUHXCSI npezoaerox c,neJIKH;

a) MexaHH3M ynpaBJIeHIDI HHBecTHUHoHHOH ,neSlTeJIbHOCTbIO;

B) IOpH,nHtIeCKHH aztpec npoaasua ueHHbIX 6yMar;

6) npouecc yrrpaBJIeHHSI HHBecTHUHoHHOH ,neSlTeJIbHOCTbIO;

r)

rocyzapcrseaasrf peracrpauaonasra HOMep ueHHbIX 6YMar;

n)

uena O,nHOH ueHHoH 6yMaru;

e) IOpH,nHtIeCKHH anpec nOKynaTeJISI ueHHbIX 6yMar.

57. BJIO)l(eHHe HHBeCTHUHH,

MH HHBeCTHpOBaHHe, B COUHaJIbHO-:3KOHO

MHtIeCKOH CHCTeMe MYHHUHnaJIbHOrO 06paJoBaHHSI, 3aKJIIOtIaIOIUeecSi B OCYIUeCTBJIeHHH npaKTHtIeCKHX ,neHcTBHH C ueJibIO nOJIYtIeHIDI :3KO HOMHtIeCKOH nsrroztsr, COUHaJIbHOrO H :3KOJIOrHtIeCKOrO :3
B) MeTo,n ynpaBJIeHHSI HHBeCTHUHoHHOH ,neSlTeJIbHOCTbIO.

61. Coaoxynaocrs npHeMOB H cnocotios B03,neHcTBHSI opranoa MeCTHoro caxoynpaanenaa na HHBecTHUHoHHbIH npouecc na repparopan MY HHUHnaJIbHoro 06paJoBaHHSI ,nJISI ,nOCTH)I(eHHSI ueJIeH ero KOMnJIeKC aoro COUHaJIbHO-:3KOHOMHtIeCKoro PaJBHTHSI -

:31'0:

a) MexaHH3M ynpaBJIeHHSI HHBecTHUHoHHOH ,neSlTeJIbHOCTbIO; 6) npouecc ynpaBJIeHHSI HHBecTHUHoHHOH ,neSlTeJIbHOCTbIO; B) sreron ynpaBJIeHHSI HHBeCTHUHoHHOH ,neSlTeJIbHOCTbIO.

npw..OlKeHl-1Sl

282

62. Orrpenenare COOTBeTCTBHe (nposenare CTpe.7IKH OT QH
npw..OlKefMe 5. KOHrpoAbHbl~ TeCT

283

e) nponrosaposaaae pe3YJIbTaTOB OT COBMeCTHOH ,n;eHTeJIbHOCTHcy6'b eKTOB HHBecTHQHOHHOH ,n;eHTeJIbHOCTH (paapafiorxa HHBecTHQHOH

1. l0IaccliC!lHKal\HSI MeTOJ(OB ynpaBJIeHHSI

a) ::lKOHOMHqeCKHe;

HHBeCTHl\HOHHOH J(eSlTeJIbHOCTblO no xapax

6)

rrpaxsre;

repy ynpannenxecxnx B03J(eHcTBHH

B) HHCTHTYI.(HOHaJIbHble

2. l0IaccHqmKaI.(HSI MeTO)lOB ynpaBJIeHHSI

r) a)lMHHHcTpaTHBHble;

HHBeCTIlI.(HoHHOH J(eSlTeJIbHOCTbIO no BH.llY

Jt) KOCBeHHbIe;

ucnomayexux perynapyionurx nncrpy

e), MOTHBOO6pa3yIOIUHe

MeHTOB

HblX npoexros): :lK) COrJIaCOBaHHe HHTepeCOB.

66.... xeroasr

ynpaBJIeHHH 3aKJIlO'IalOTCH B C03l{aHHH H pMBHTHH pH,n;a

HHCTHryTOB, Heo6xo.uHMhlX ,n;JISI
rexsr HHBecTHQHoHHOH l{eSlTeJIhHOCTH MYHHQHnaJIbHOrO 06pa30BaHHSI npa C06JIIOl{eHHH 6aJIaHCa mrrepecoa acex cy6'beKToB.

67. Onpenenare COOTBeTCTBHe

63. Coaoxynaocn, npHeMOB H cnocoooa npssroro B03l{eHCTBHH na
(nposenare CTpeJIKH OT QH
1. MMHHHcTpaTHBHbIe

a) paapaoorsa MYHHlUfnaJIbHbIX HHBeCTHI.(HOH

MeTOJ(bI

HbIX

nporpaxa:

, 6) upezocraanenae HaJIOrOBbIX JIbroT H cneun

3TO:

aJIbHbIX HaJIOroBbIX pe)KHMOB HHBeCTopaM;

a) 3KOHOMH'IeCKHe MeTOl{bl ynpaBJIeHHH HHBecTHQHoHHOH neatens-

B)cpHHaHcHpoBaHHe HHBeCTHl\HOHHbIX npoesros

HOCTblO;

H3 cpeJ(CTB MecTHoro 61OJ()KeTa;

6) HHCTIfryQHOHaJIbHhle MeTOl{hl;

r) C03J(aHHe aopxarasno-npaeoson 6a3bI;

B) a,n;MHHHCTpaTHBHble MeTo,n;hl;

n) KOHKypcHbIH oT60p HHBeCTHl\HOHHbIX npoexTOB;

r) MeTOl{bl COQHaJIbHOrO napraepcrsa.

e) MYHHUHUaJIbHbIH 3aKa3

64. Ynpaaaeuxecxoe B03.ueHcTBHe aa 3KOHOMWleCKHe mrrepecst cy6'beK TOB HHBecTHQHoimoH l{eSlTeJIhHOCTH,

asrcrynaioumx B pOJIH BJIa,n;eJIh

QeB, paCnOpH,n;HTeJIeH HJIH nOJIb30BaTeJIeH HHBeC'tHQHOHHhlX pecypcos

2. 3KOHOMH'lecKHe MeTOJlbI

)K) ynpaaneaae MYHHUHnaJIbHbIMH yHHTapHbIMH npeJ(npmITHHMH;

HHBeCTOp~M;

npencraanaer C060H:

3) 61OJ()KeTHble rapaarna qaCTblM

a) 3KOHOMH'IeCKHe MeTOl{hl ynpaBJIeHHH HHBecTHQHoHHOH neatens

H) yCTaHOBJIeHHe npaBHJI npHBaTH3aI.(HH 06beK TOB MYHHl\HnaJIbHOH co6CTBeHHOCTH;

- HOCTblO;

K) asmycx MYHHI.(HnaJIbHbIX,l\eHHblX 6yMar;

6) HHCTHryQHOHaJIhHhle MeTOl{hl;

JI) peryaaposaaae uen H TapHCpOB;

B) a,n;MHHHCTpaTIfBHhle MeTOl{bl;

M) npe)lOCTaBJIeHHe 6IOJI,)KeTHbIX cy6cHJ(HH na

r) MeTOl{hl COQHaJIbHOrO naprnepcrsa.

pa3BHTHe COI.(HaJIbHO 3HaQHMbIX 06beKTOB

65. Paccrassre B npaBHJIbHOM nopsnxe sransr COrJIaCOBaHHH HHTepeCOB cy6'beKTOB HHBeCTHQHOHHOH .ueHTeJIbHOCTH aa MYHHQHnaJIbHOM

yposae:

H npHeMOB
pOBaHHH H peryJIHpOBaHHSI OTHomeHHH, CK.lIa,n;bIBalOmHXCH B CHCTe

a) onpeneneaae QeJIeH H 3a,n;a'I B3aHMOl{eHCTBHH cy6'beKTOB HHBeCTH QHOHHOH l{eHTeJIbHOCTH MYHHQHnaJIbHOrO 06pMoBaHHH;

B) OQeHKa H sxcnepraaa HHBeCTHQHOHHblX npoexron na

Me HHBeCTHQHOHHOH .ueSlTeJIbHOCTH MYHHQHnaJIbHOrO 06pMOBaHHSI C QeJIblO COrJIaCOBaHHH HHTepeCOB cy6'beKTOB HHBeCTHQHOHHoro npouecca H peaJIH3aQHH npHopHTeTOB HHBeCTHQHOHijOH nOJIHTHKH

6) orpopxneaae OTHOmeHHH (3aKJIIO'IeHHe KOHTpaKTa);

npeaxer 3
MeCTHoro

coocutecrna, -

::lTO:

a) HHBeCTHQHOHHaH ,n;eSlTeJIbHOCTb;

68. Coaoxyrmocrs MeTOl{OB,
asrcrasxax):

a) npHHHTHe pemeaait no nosony HCnOJIb30BaHHH pecypcos:

6) HHBeCTHQHOHHaH nOJIHTHKa;

B) MexaHH3M ynpaBJIeHHH HHBeCTHQHOHHOH ,n;eHTeJIbHOCTblO;

r) MeTOl{ ynpaBJIeHHH HHBeCTHQHOHHOH l{eSlTeJIbHOCTbIO.

284

npI-1i\O>KeHl-1Sl

69.

npl-1i\O>KeHl-1e 5. KOHTPO/\bHbIH recr

3MHCCHOHHaH QeHHaH 6yMara, aaxpenaaiomaa IIpaBO ee anaztensua na

a) C03.n;aHHH C6aJIaHCHpOBaHHOH CHCTeMbI npaaoaon 3alIlHTbI, IIpHBJIe

IIOJIyqeHHe OT ::IMHTeHTa B IIpe.n;ycMoTpeHHhlM B HeM CpOK ee HOMHHaJIb HOM CTOHMOCTH HJIH HHOro HMYlIlecTBeHHoro ::IKBHBaJIeHTa, -

KaTeJIbHOH .n;JIH IIoTeHQHaJIbHbIX HHBeCTOpOB;

::ITO:

6) .n;OJIeBOMysacran opranos BJIaCTH B peaJIH3aQHH HHBeCTHQHOHHhlX

a) aKUHH;

. IIpOeI
6) BeKCeJIb;

B) IIOJIylleHHH xpenara B
75. 3aKJIIOlIeHHe ::IKCIIepTH3bI HHBeCTHQHOHHoro npoexra .n;OJI)I{HO conep

B) 06JIHraI.{HH;

70.

285

r) lIel(.

)l{aTb:

3MHCCHOHHaH QeHHaH 6yMara, 3aKpeIIJIHIOlIlaH npasa ee BJIa,z{eJIbQa na

a) KpaTKYIO xapaxrepncraxy HCXO.n;HhlX.n;aHHbIX, yCJIOBHH CTpoHTeJIb

. IIOJIyqeHHe lIaCTH IIpH6bIJIH axuaonepaoro 061I1ecTBa B BH.n;e.n;HBH.n;eH

CTBa H OCHOBHhlX IIpoeKTHbIX peurenaa, a TaK)l{e TeXHHKO-::IKOHO MHlIeCKHe IIOKaaaTeJIH;

.n;OB, ira ysacrne B yIIpaBJIeHHH aKQHoHepHbIM 061I1ecTBoM H aa xacrs HMYlIlecTBa, OCTaIOlIlerOCH IIOCJIe ero JIHKBu.n;aQHH, -

::ITO:

6) IIJIaH MepoIIpHHTHH IIO peaJIH3aQHH HHBeCTHQHOHHoro npoexra;

a) aKQHH;

B) COOTBeTCTBHe npoexra .n;eHCTBYIOlIleMY 3aKOHO,ltaTeJIbCTBY;

6) BeKCeJIb;

r) 6H3HeC-IIJIaH HHBeCTHQHOHHOro IIpoeKTa; .

B) 06JIHraUHH;

n) KOHKpeTHhie aaxesaaas H IIpe.n;JIO)l{eHHH IIO IIpHHHTbIM pemenaaa,

r) xex.

H3MeHeHHH H .n;OIIOJIHeHHH,

71.
76.

HHHOBaQHOHHbIX opraHH3aQHH, -

ayzurroparo -

IIOTeHQHaJIbHbIX HHBeCTOpOB,

xoropsre IIOJIy

lIaIOT IIOJIHY~ H .n;OCTOBepHylO HH
::ITO '" HHHOBaQHOHHble
KJIHMaTe MYHHQHIIaJIbHOrO 06paaOB
IOpH.n;HlIeCKHM JIHQaM H3 6IO.n;)I{eTa pa3HbIX

HOCTH BJIO)l{eHHH coocrseunoro KaIIHTaJIa, -

y,?OBHeH 6IO.n;)I{eTHOH CHCTeMbI P
::ITO ... MYHHQHIIaJIbHOro

06paaoBaHHH.

HHBecTHQHOHHoro npoexra ira B03BpaTHOH H B03Me3.n;HoH OCHOBax

77. Paccrassre

::ITO:

B npouecce ::IKCIIepTH3bI,

KOMIIJIeKCHbIH HH
eKTOB B 06MeH na .n;OJIIO B KaIIliTaJIe C03.n;aBaeMbIX .n;JIH HX peaJIH3aQHH

72. ITpe.n;OCTaBJIeHHe cpeacrs

snecennue

O)l{H.n;aeMbIH ::I
B IIpaBHJIbHOM IIopMKe ::ITaIIbI C03.n;aHHH HHBeCTHQHQH

aoro IIaCIIopTa MYHHQHIIaJI},Horo 06paaoBaHHH:

a) Cy6CH.n;HH;

a) aaanasenae OTBeTCTBeHHblX 3a c60p OTBeTHOH HH<popMaQHH OT

6) 6IO.n;)I{eTHbIH xpenar:

IIOTeHl(HaJIbHbIX HHBeCTopOB;

B) rpanru:

6) OIIpe.n;eJIeHHe MeTo.n;OB H cIIoc060B paCIIpOCTpaHeHHH UHBeCTUQH

r) HaJIOrOBble JIbrOTbI;

onnoro IIaCIIopTa; a) 61O.n;)I{eTHble rapanraa.

73. Paauep

B) OIIpe.n;eJIeHHe rtepexaa He06xo.n;HMoH HH<popMaQHH, BKJIIOlIaeMOH npediepenuaii IIO KOHKpeTHoMy aaay nanora HallHCJIHeTCH

B HHBeCTHQI10HHbIH IIaCIIopT, CpOKOB paapaoonca H OTBeTCTBeHHbIX

HHBeCTOpaM B 3aBHCHMOCTH OT:

aa ero peaJIH3aQHIO;

a) paasrepa HHBecTHQHH;

r) IIO.n;roToBKa, 06cy)l{.n;eHHe H

6) JIHKBH.n;HOCTH HHBeCTHQHH; B) pozta .n;eHTeJIbHOCTH nsrorapyenoro cyfisexra HHBeCTHQHOHHOH

n)
.n;eHTeJIbHOCTH; r) KOMMeplleCKoH ::I
74.

yrsepxneaae npoexra HHBeCTHQHOH

noro IIaCIIopTa; IIO paspatiorxe HHBeCTHQHOHHoro

rracnopra, 78.

ITepellHCJIHTe
n) nepnona IIpe.n;oCTaBJIeHHH nsror.

HHQHIIaJIbHOro 06paaoBaHHH:

TeXHOJIOrHH IIpe.n;oCTaBJIeHHH rapaarnji HHBeCTopaM co CTOpOHbI

a) HCCJIe.n;OBaHHe HHBeCTHQHOHHoro KJIHMaTa repparopmr, aayseaae

cyfieexron
TeH.n;eHQHH ero COQHaJIbHO-::IKOHOMHlIeCKoro pa3BHTHH;

•

nplMO)I(eHl'1S1 6) yrsepsoteaae HHBeCTHQHOHHOH IIpOrpaMMbI MYHHQHIIaJIbHOro 06~ B) IIO}];rOTOBKa H peaJIH3aQH5I Mep IIO "pHBJIeqeHHIO OTeqeCTBeHHblX H HHOCTpaHHbIX HHBeCTHQHH;

paapaoorxa H IIpHH5ITHe HOpMaTHBHblX IIpaBOBbIX aKTOB, pernauen ropoae;

THpyIOIllHX HHBeCTHQHOHHYIO }];e5lTeJIbHOCTb B

n) paapafiorxa HaIIpaBJIeHHH

COBeprneHCTBOBaHMjI HHBeCTHQHOHHOH

IIOJIHTHKH MyHHQHIIaJIbHOrO 06pa30BaHH5I.

79.

CHcTeMa COQHaJIbHbIX, 3KOHOMH'IecKHX, OpraHH3aQHoHHbIX, npaaosux, IIOJIHTH'IecKHX, COQHOKYJIbTYPHbIX IIpe}];IIOCbIJIOK, IIpe}];OIIpe}];eJI5IIOIllHX IIpHBJIeKaTeJIbHOCTb.H QeJIeC006pa3HOCTb HHBeCTHpOBaHHH B 3KOHO

B) HHBeCTHQHOHHbIH KJIHMaT MYHHQHIIaJIbHOrO 06pa30BaHH5I;

84. KOMIIJIeKC Mep perynapyiomero B03}];eHCTBH5I aa 3KOHOMHK)', ocynte CTBJI5IeMbIH opraaaxa MeCTHoro caMoy"paBJIeHH5I B pasrxax onpene JIeHHOH KOHQeIIQHH, HaIIpaBJIeHHOH na pacumpenae 3KOHOMH'IeCKoro IIOTeHQHaJIa repparopaa H 30BaHH5I, -

noasnueaae 3
... IIOJIHTHKa MYHHQHIIaJIbHOrO 06pa30BaHH5I.

85. UeJIeHaIIpaBJIeHH~ }];e5lTeJIbHOCTb opraaos MeCTHOrO caaoynpaaaeaaa IIO aKTHBH3aQHH H CTHMYJIHpoBaHHIO HHBeCTHUHoHHoro rrpouecca aa reppnropaa ropoaa, "pHBJIeqeHHIO H 3ctxPeKTHBHOMY HCIIOJIb30BaHHIO HHBeCTHQHOHHbIX pecypcos }];JIH peIiIeHH5I IIp06JIeM KOMIIJIeKCHOro

MHK)' MYHHQHIIaJIbHOrO 06pa30BaHH5I H CTeIIeHb peaJIH3aQHH 3THX

COQHaJIbHO-i)KOHOMHqeCKoro pa3BHTH5I MYHHQHIIaJIbHOro 06Pa30BaHHH

B03MO)f(HOCTeH, - ~TO:

a, KaK CJIe}];CTBHe, IIOBbIrneHH5I ypOBH5I )f(H3HH HaCeJIeHIDI, 06pa3yIOllle

.

a) HHBeCTHQHOHH~"pHBJIeKaTeJIbHOCTb MyHHUHIIaJIbHOro oopaaona-

3TO:

6) HHBeCTHQHOHH~IIOJIHTHKa;

6) HHBeCTHQHOHHbIH IIOTeHQHaJI reppnropaa: B) HHBeCTHQHOHHbIH KJIHMaT MYHHQHIIaJIbHOro 06pa30BaHH5I; r)

ro MeCTHoe c006IlleCTBO, -

a) HHBeCTHQHOHH~}];e5lTeJIbHOCTb;

HUSI;

HHBecTHQHOHH~aKTHBHOCTb repparopna,

80. BbI6epHTe BepHoe yTBep)f(}J;eHHe:

.

B) MeTO}];

YIIpaBJIeHH~ HHBeCTHQHOHHOH }];e5lTeJIbHOCTbIO;

r) MexaHH3M yIIpaBJIeHH5I HHBeCTHQHOHH()H }];e5lTeJIbHOCTbIO.

.

a) BbICOK~ HHBeCTHQHOHH~IIpHBJIeKaTeJIbHOCTb repparopaa npea OIIpe}];eJI5IeTBbIcoKyIO, lfHBecTHllHoHHYIO aKTHBHOCTb aa HeH;

86. IOplf}:{H'IecKHM }];OKyMeHToM, OTp~aIOIllHMCOBOKyrrHOCTb O
6) He3Ha'IHTeJIbHbIH HHBeCTHQHOHHbIit IIOTeHQHaJI He IIpe}];OIIpe}];eJI5I

QHHOH }];e5lTeJIbHOCTH B cooTBeTCTBHl-1: C ypoaaex COQHaJIbHO-3KOHOMH

er 0}];H03Ha'IHO HH3KYIO HHBeCTHQHOHHYIO aKTHBHOCTb aa TeppHTO

qecKoro pa3BHTH5I MYHHQHIIaJIbHOro 06pa3oBaHMjI C yseroa HMeIOIllHX

pHH MYHHQHIIaJIbHOro 06pa3oBaHH5I.

C5Ipecypcos H B03MO)f(HOCTeH, 51BJI5IeTC5I:

81. CHCTeMa HJIlI COqeTaHHe Pa3JIH'IHbIX 06'beKTHBHbIX IIPH3HaKOB, cpeacrs H orpaHHqeHHH M5I MaKCHMaJIbHO B03MO)f(HOrO IIpHBJIe'IeHH5I HHBe CTHQHH -

3TO:

a) HHBectHQHOH~~"pHBJIeKaTeJIbHOCTb MYHHQHIIaJIbHOrO 06pa30Ba

HIUi;

KOHQeIIQiul'HHBeCTHQHOHHOH IIOJIHTHKH MyHHUHIIaJIbHOrO 06pa30 BaHH5I;

6) peecrp HHBeCTHQHOHHbIX IIpoeKTOB MYHHQHIIaJIbHOrO 06pa30Ba HH5I;

r) HHBeCTHQHOHHbIH IIpoeKT.

B) HHBeCTHQHOHHbIH KJIHMaT MYHHQHIIaJIbHOro 06pa30BaHH5I; r) HHBeCTHQHOHH~aKTHBHOCTb repparopaa. 3TO ..•

83. PeaJIbH~

IIOB: a) QeJIeHaIIpaBJIeHHOCTH;

HHTeHGHBHOCTb HHBeCTHQHOHHqH }];e5lTeJIbHOCTH, xapaxre

PH3YIOIll~C5I06'beMOM H TeMIIaMH "pHBJIeqeHH5I pHTOpHIO ropo}];a, -

87. HHBeCTHQHOHH~ IIOJIHTHKa B MYHHQHIIaJIbHOM OOpa30BaHHlf }];OJI)f(Ha
Bep05lTHOCTb nenonaoro HCIIOJIb30BaHH5I HHBeCTHQHOHHoro IIOTeH QHaJIa -

a)

.

B) MYHHQHIIaJIbH~HHBecTHQHOHH~nporpaxxa;

6) HHBeCTHQHoHHI,IH IIOTeHQHaJI reppnropna:

82.

287

r) HHBeCTHQHOHH~aKTHBHOCTb TeppHTopHH.

Pa30BaHH5I;

r)

np\IWJ)I(eHlo1e 5, KOHTPOAbHblH recr

HHBeCTHQHH na rep

3TO:

a) HHBeCTHQHOHH~"pHBJIeKaTeJIbHOCTb MYHHQHIIaJIbHOro 06pa30Ba HH5I; 6) HHBeCTHQHOHHbIH IIOTeHQHaJI repparopaa:

6) JIOruqHOCTH; B)O}];HOBapHaHTHocTH; r) a}J;aIITHBHOCTH; n) KOMMepqeCKOH 3
xecrnoro caMoyIIpaBJIeHHJt;

288

npW.O>l<eHI-1Sl

npW.O>l<eHl-1e

91.

)I() rJIaCHOCTH;

a) HHBeCTHQHOHHa5I

3) JIemTHMHOCTH.

QHOHHYIO

HH5I;

nporpaauy na O'Iepe~HOH epHHaHcoBbIH ron;

B) MYHHQHnaJIbHbIH peecrp HHBeCTHQHOHHbIX npoexros 51BJI5IeTC5I

6) 06ocHoBaHHe np06JIeM pa3BHTH5I,

pemenae KOTOpbIX He otiecneseno

COCTaBHOH 'IaCTblO HHBCCTHQHOHHOH nporpaMMbI MYHHQHnaJIbHoro 06pa30BaHH5I.

HHBeCTHQH5IMH; B) onpeneneaae nOTpe6HOCTH B HHBeCTHQH5IX;

npe~CTaBJIeHHe0

92.

B COCTaB MYHHQHnaJIbHOH HHBecTHQHOHHOH nporpaMMbI BKJIIO'Ia IOTC5I:

nepcnexraaax Pa3BHTHi MYHHQHnaJIbHOrO o6pa

30BaHH5I;

a) COQHaJIbHble

npoexrsr, KanHTaJIbHbIe BJIO)l(eHH5I, xoropsre He npen

nonaraior KaKOrO-JIH6o 3KOHOMH'IeCKOrO 3epepeKTa;

paapafiorica H yraepacienae MYHHQHnaJIbHOH HHBeCTHQHOHHOH

6) HHBeCTHQHOHHble npoexrsr, epHHaHcHPyeMble sa C'IeT cpeacrs 61O~

nporpasnnr;

)l(eTa cy6beKTa P
e) paapaoorxa CHCTeMbI QeJIeH HHBeCTHQHOHHOH nOJIHTHKH MYHHQH naJIbHOrO 06pa30BaHH5I;

B)

)I()C03~aHHe MexaHH3Ma peaJIH3aQHH HHBeCTHQHOHHOH nOJIHTHKH

r)

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93. Paccrassre B npaBHJIbHOM nOp5l~KC aransr

eKTOB.

npOBe~eHH5I KOHKypCHoro

orfiopa HHBeCTHQHOHHblX npoexron B MYHHQHnaJIbHYIO HHBeCTHQH

89. Ilepexens HHBeCTHQHOHHbIX npoexros, peaJIH3aQH5I KOTOpbIX o6ecne

OHHYIO

'IHBaeT COQHaJIbHO-3KOHOMH'IeCKOe pa3BHTHe MYHHQHnaJIbHoro o6pa

noro 06pa30BaHH5I; 6) ~HarHOCTHKanp06JIeM MYHHQHnaJIbHOrO 06pa30BaHH5I;

BaHH5I;

B) KOHKYPCHbIH OT6op npoexros no BbI6paHHbIM KpHTepH5IM;

6) MYHHQHnaJIbHbIH peecrp HHBeCTHQHOHHbIX npoexros;

r) onpeneneane KpHTepHeB OI(eHKH npoexra;

B) MYHHQHnaJIbHa5I HHBeCTHQHOHHa5I nporpaxaa;

n) onpeaenenae nOTpe6HOCTH B HHBeCTHQH5IX;

r) 6H3HeC-nJIaH.

e) nepBH'IHbIH aHaJIH3 HHBeCTHQHOHHbIX npoexros:

KOMnJIeKC HHBeCTHQHOHHbIX npoexroa H OT~eJIbHbIX MepOnpH5ITHH,

)I() npe~CTaBJIeHHe0 nepcnexrasax pa3BHTIl5I MYHHQHnaJIbHoro o6pa

o6be~HHeHHblx e~HHoH CHCTeMOH QeJIeH, opaearapos COQHaJIbHO

30BaHH5I;

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3) epOPMY JIHpOBKa Tpe60BaHHH K npoexrax, peKOMeH~aQHH no HX

eMblX aa C'IeT MeCTHoro 61O~)I(eTa, YB5I3aHHbIX no pecypcax, HCnOJIHH

no~rOTOBKe

TeJI5IM H cpoxax OCYIUeCTBJIeHH5I, HanpaBJIeHHbIX na CTHMYJIHpOBaHHe HHBeCTHQHOHHOH ~e5lTeJIbHOCTH na reppnropaa MYHHQHnaJIbHoro 06pa30BaHH5I, -

nporpaxay:

a) BKJIIO'IeHHe npoexra B HHBeCTHQHOHHYIO nporpauay MYHHQHnaJIb

3TO;

a) KOHQenQH5I HHBeCTHQHOHHOH nOJIHTHKH MYHHQHnaJIbHoro o6pa30

90.

CTPYKTypHbIM 3JIeMeHTOM

6) KOHQenQH5I HHBeCTHQHOHHOH nOJIHTHKH BKJIIO'IaeT B ce651 HHBeCTH

a) BbI60p H 06ocHoBaHHe 3epepeKTHBHbIX BapHaHTOB HHBeCTHpOBa

30BaHH5I, -

nporpaxxa 51BJI5IeTC5I

peecrpa HHBeCTHQHOHHbIX npoeicros;

HHBecTHQHOHHOH nOJIHTHKH MYHHQHnaJIbHOrO 06pa30BaHH5I:

n)

289

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r)

5. KOHTPOAbHbllil recr

94.

CHCTeMoH nOKa3aTeJIeH, OTpa)l(alOIUHX COOTHorneHHe sarpar H pesyJIb

mrrepecaxr ero yqacTHHKOB, xapaicrepasyer npoexra,

TaTOB npHMeHHTeJIbHO K

3TO:

C5I ... HHBeCTHQHOHHoro

a) KOHQenQH5I HHBecTHQHoHHOH nOJIHTHKH MYHHQHnaJIbHoro otipaao BaHH5I;

H onHcaHHIO.

95.

Pa3JIH'IaIOTC5I CJIe~YIOIUHe BH~bI 3epepeKTHBHoCTH HHBeCTHQHOHHbIX

6) MYHHQHnaJIbHbIH peecrp HHBeCTHQHOHHbIX npoexros:

npoexros:

B) MYHHQHnaJIbHa5I HHBeCTHQHOHHa5I nporpaxna;

a) COQHaJIbHa5I; 6) npaBOBa5I;

r) 6H3HeC-nJIaH. IlI-IfNHI

np~AO)l(eH~SI

290

nplMO)l(eH~e

291

100. OpraHH3aUHoHHo-ilKOHOMHlJ:eCKM CHCTeMa, 06'beAHWIIOIUM KOMMep

B) 6IO,UiKeTHM;

r) nOJUITHlJ:eCKM;

lJ:eCKHe opraHH3aUHH, Kpe,UHTHo-
,U) ilKOHOMHlJ:eCKM.

96. Paccrassre

5. KOHTPOAbHbli1 recr

B npaBHJIbHOM nopsnxe

sranu

npOBe,UeHH~ nepBHlJ:HOrO

opaenraposaaa na pa3BHTHe MyHHUHnaJIbHOrO 06pa30BaHH.SI, -

aHaJIH3a HHBeCTHUHOHHbIX npoexros:

a) epHHaHcoBo-npOMblmJIeHHM rpynrra;

a) oueuxa KalJ:eCTBa H nOJIHOTbI npe,UCTaBJIeHHOH HH<popMaUHH ,UJI.SI

6) COUHaJIbHo-epHHaHcoBM rpynna;

nOCJIeAYIOIUero aHaJIH3a;

B) CHCTeMa HHBeCTHUHOHHOH ,Ue.SlTeJIbHOCTH MyHHUHnaJIbHOrO 06pa

6) ouenxa COCTO.SlTeJIbHOCTH npoexra;

30BaHHH.

B) nponepxa epOPMaJIbHOro HaJIHlJ:H~ scex 06.S13aTeJIbHbIX pa3AeJIOB

101.

OnpeAeJIHTe COOTBeTCTBHe

(nposenare CTpeJIKH OT UHepp K 6yKBaM).

HHBeCTHUHoHHOro npeAJIOiKeHH.SI.

97. CHCTeMa Mep CTHMyJIHpOBaHH.SI rpanopopaanaa aaxonneaan B HHBe CTHUHH, TO ecrs 3aAeHCTBOBaHHe HeBOCTpe6oBaHHbIX nOTeHUHaJIbHbIX HHBeCTHUHOHHbIX pecypcos C OAHOBpeMeHHOH HX opHeHTaUHeH na peurenae np06JIeM KOMnJIeKCHOro COUHaJIbHO-3KOHOMHlJ:eCKOrO pas BHTHH MyHHUHnaJIbHOrO 06pa30BaHH~ pecypCOB.

98.

3TO ••. HHBeCTHUHOHHbIX

(nposeznrre CTpeJIKH OT UHepp

K 6yKBaM).

1. COUl1aJ1bHa51 3
a) POCT 3aH5ITOCTI1 HaCeJIeIII151; 6) coxpanrenne paCXOl\OBMCCTlIOro 61Ol\)KeTa;

IIbIX npOeKTOB

B) KYMYJI5ITJ1BlIbIH. 3cPcPeKT 61Ol\)KeTHbIX pac

oT60pe

KOHKypCHOro ortiopa

2. 3arrpoc l\OrrOJIHHTeJIbHOH.

6) see

HHcPopMaUHH

yt\OBJIeTBOp5lIOT ueJIRM H 3al\aqaM KOHKypC

3. Ompaanenae I1HBeCTH

B)

IIHOHHOro npoexra na .!Iopa

ra y.!IoBJIeTBOpSIJOT ueJIRM H 3al\a'IaM KOH

60TKy

xypcnoro orfopa

BaH1151

HOCTb I1HBeCTI1UHOHHblX

zt) MYJIbTl1rrJIHKaTOp npaanesenna xacrusrx

rrpoeKToB

HHBeCTI1UI1H;

a) BbI60p ynOJIHOMOlJ:eHHOrO 6aHKa no 06.CJIY)l(HBaHHIO 3aHMa;

B) no,UrOTOBKa npocnexra ilMHCCHH 3aHMa Hero peracrpauna B MHH epHHe

epeKTHBHoCTb I1HBeCTI1UH

rypsr: 3) YBCJIHqCHHC l\OXOl\OB MCCTHOro 61Ol\)KCTa;

P
r) rtposeneuae opraHH3aUHOHHblX MeponpUHTHH no noztrorosxe K

)K) ynyxureaae rpancnopraoa HHeppacTpyK

OHHbIX npOCKTOB

2/3 pa3t\eJIOB HHBeCTHUI10lIHOro nacnop

6) opraHH3aUHH pa3MeIUeHH.SI MyHHUHnaJIbHoro 3aHMa;

c) oxynaesrocrs 61Ol\)KCTHbIX paCXOl\OB

ssr

nycxy 3aHMa; A)'pa3pa60TKa 060CHOBaHUR ueJIeC006pa3HOCTU nsmycxa MyHUUU naJIbHOrO 3aHMa U ero yCJIOBUH;

H) ynysureune )KHJlI1Il[HbIX H KyJIbTypHO

e) yTBep)I(,UeHUe r JIaBOH aAMUHUCTpauuu MyHuUUnaJIbHoro 06pa30

6bITOBblX YCJIOBl1H HaCeJlCHl1R

ueansre

paanenu ansecrnuaoanoro nacnopra

3aHMa:

2. EIOl\)KeTHaR 3
MYHI1UHnaJIbHble

nacnopra yt\OBJIeTBOp5lIOT ueJIRM H 3at\aqaM

102. Paccrassre B npaBHJIbHOM nOp.SIAKe aransr BbmYCI
XOl\OB B 3KOHOMHKC MYHI1UHnaJIbHoro otipaao

99.

a) MeHee

uoro orfiopa

THBHOCTb I1HBeCTI1UI10H

3. 3KOlIOMHqeCKM 3
2/3 PaJl\eJIOB HHBeCTHUHOHHoro

1. YqaCTHe HHBeCTHUI10HHO ro npoexra B KOHKypCHOM

.

OnpeAeJIHTe COOTBeTCTBHe

3TO:

BaHU.SI '0
iK)yraepaoieaae npeACTaBUTeJIbHblM

6yMaru AOJIiKHbl OTBelJ:aTb CJIeAYIOIUHM

xparepuaa:

JIeHHH HopMaTUBHblX

opranosr MecTHoro

npasossrx aKTOB no asmycxy,

caxoynpaa

YCJIOBU~M no

raureaaa U rapaHTU.HM no 3aHMy;

a) Ha,Ue)l(HOCTb;

6) oxynaexocrs;

3) epopMUp(maHUe aanorosoro epOH,Ua AJI.SI 06eCnelJ:eHU.SI rapaarun 3aHMa U <poH,Ua 06CJIy)l(HBaHuH rexyumx nnarescea no 3aHMy;

B) JIHKBH,UHOCTb;

u)
r) 6eCCp0lJ:HOCTb;

ynpaanenne nsmycxoa 3aHMa.

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292

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BJlOlKCHHH KaIlHTaJIa aa onpelle.ncHHhIH cpox B paa-

H 3apy6e>KHbIMH HccAeAOBaTeASlMH)

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JlH'IHbic OTjJaCJIHH C
M.: KHOPYC, 2006

cra aaa nOJIyqcHllH npH6bIJlH (noxona) H ,llOCTHlKC-

Asrop,

Basatianoe H. T.

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-

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npclInpHHHMare.nbCKoH H ,llpyrnx BH,llOB nearensno-

HHH KaK HH,llHBH,llyaJIbHbIX Ue.nCH HHBeCTOpoB, TaK H nOJlOlKHTe.nhlIoro COUHaJIbHOro

pen, B. B. KOBaJICBa, B. B. I1BaHoBa, B. A. JIHJlH na. - M.: 000 cTK Ben

Hoe BJlOlKCHHC na onpenenemnsa CpOK KanHTaJIa

IIoll

Ilon uueecmuuusuu nOHHMaCTCH nonrocposuoe

a
Ilon ulloecmuu,uJlMu nOHHMalOTCH UCJICHanpaBJICH-

I1HBccTHuHH: Y'Ie6HHK /

BJIOJKCHHH KanHTaJIa (KanHTaJIOBJIOJKCHHH)

H CTaTHCTHKa, 1995

Cnpa

Iloa ulloecmuu,WlMU nOHHMaerCH cOBoKynHOCTb sarpar, peaJIH3YCMbIX B
npC,llCTaBJUlIOT C060H npHMCHCHHC

M.:
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BO BCCX ero <popMax B pa3J1H'IHbIC 06bCKTbI lIJlH ,llOCTHJKCHHH HH,llHBH,llYaJIhHhIX UCJlcfi HHBCCTOpOB

6H., 2003

no-moe nocotiae / IIo,ll pea,

BJlOJKCHHCcpencrs B npOMblllJJICHHOCTb, CCJIbCKoe

10. A. Oa6H'ICBoH.

X03HHCTBO H npyrne OTpaCJlH 3KOHOMHKH sayrpa

fla6JIOOa JI. H.
HlIoecmuu,uu -

crpansr

BblH MCHClIlKMCHT: YnpaB

xynnocra MaTCpHaJIbHbIX, TPY,llOBhIX H
-

M.:

3KOHOMHKa, 1993

H aa

rpannuek B UCJlHX nOJly'lcHHH

npa

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6hlJlH

Ilon uueecmuuusuu nO,llpa3YMcBaIOTcH ,llOJlrocpo'l

EOPUC06 E. C/J., BOll «oe C/J. M. OCHOBhl 3KOHO

IIhlC BJIOJKCHHH xanarana B npOMbIllIJICHHOCTh

MH'ICCKOH TCOpHH: Y'IC6Hoe

H HHhlC orpacna X03HHcTBa ,llJIH nOJlY'lCIIHH npa

nocotiae. -

M.: Bsrcuras

6hlJlIl

no BeC BIl,llhI HMYlllecTBCHHhIX

,llhIBaIOTCH B 06bcKThl npC,llnpHHHMaTCJIhCKOfi

CTHUHit -

H HHblX BH,ll,OB ,llCHTCJlhHOCTH, B PC3YJIhTaTC KOTO- . POH
nocrura-

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H HHTCJlJlCKTYaJIhHhlX UCHHOCTCH, KOTOpbIC BKJla-

II CTaTHCTHKa, 1993

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B 2 T. /

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M.: Pecnyfimr

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299

nepenaxy no ,ZJ;OroBOpy H (MJIH) rocynapcraeunovy KOHTpaKTy CBOHX

npaa na ocyuiecraneaae KanHTCl.J1bHbIX BJIO:>KeHHH H ua HX pesyJIbTaTbI

epH3H'leCKHM H IOpU,ZJ;H'leCKHM JIHuaM, rocy,ZJ;apCTBeHHbIM opranaxr

H5IIOT CBOIOCHJIy aa sees cpox HX ,ZJ;eHcTBH5I, aa HCKJIIOtleHHeM cnysaes, npenycaorpeaasrx HaCTOHmHM
9. UCTO'IHHKH ~HHaHcHpoBaHMSIKanHTaJIbHbIX BJlOXCeHIrlt

H opranasr MeCTHoro caaoynpaanenas B COOTBeTCTBHH C 3aKOHO,ZJ;a

CTaTbSl

TeJIbCTBOM POCCHHCKOH
KeHHH ocymeCTBJI5IeTC5I HHBeCTO

o ocyutecraneaae

KOHTpOJI5I aa ueJIeBblM HCnOJIb30BaHHeM cpencrs,

xanaransasre BJIO:>KeHH5I;

o 06be,ZJ;HHeHHe coocrneaasrx H npHBJIe'leHHbIX cpe,ZJ;CTB co cpe,ZJ;cTBaMl1

,ZJ;PYfHX HHBeCTopOB B ueJI5IX COBMecTHoro ocymeCTBJIeHH5I KanHTaJlbi

HanpaBJI5IeMbIX na

paMH aa cxer c06cTBeHHbIx H (HJIH) npHBJIeqeHHbIX cpe,ZJ;CTB. CTaTbH

10. BaaHMo,lJ;eHcTBHe opranoa rocynapcrsenaon BJlaCTH Poe

cHiicKOH e,lJ;epaUHH, opranoa rocynapcraenaoa BJlaCTH cy6'beKTOB POCCHHCKOH e,lJ;epaIUIH H opraaoa MeCTHOrO caaoynpaaneaaa B IDIBe

HbIX BJIO:>KeHHll ua OCHOBaHHH noroaopa H B COOTBeTCTBHH C aaxono

CTHllHOHHOii ,lJ;eSlTeJlbHOCTH, ocyw.ecTBJlHeMoH B ~opMe KanHTaJIbHblX

,ZJ;aTeJIbCTBOM POCCHHCKOH
BJloxceHHii

o ocyurecranenae ,ZJ;PYfHX rtpas, npenycnorpennstx zrorosopoa H (HJIH)

rocy,ZJ;apCTBeHHbIM KOHTpaKTOM B COOTBeTCTBHH C 3aKOHO,ZJ;aTeJIbCTBOM

POCCHHCKOH
Opraau rocynapcrsennoa BJIaCTH

POCCHHCKOH
cy,ZJ;apCTBeHHOHBJIaCTH cy6'beKTOB POCCHHCKOH
opransr MeCT

noro caaoynpasneuaa no COrJIaCOBaHHIO Me)K,lJ;y HHMH MoryT ocymeCTBJI5ITb B3aHMo,ZJ;eHcTBHe B HHBecTHUHoHHOH ,ZJ;e5lTeJIbHOCTH, oCYlUeCTBJI5IeMOH

npHAO>KeHl1e

300

npHAO>KeHI1R

Poe H npyraua $e

B cPOpMe KanHTaJIbHbIX BJIO)KeHHH, B COOTBeTCTBHH C KOHCTHTYIIHeH CHHCKOH e,nepaIlHH, HaCTO.HIIIHM e,nepaJIbHbIM 3aKOHOM

-

npHH.HTH.H aHTHMOHOnOJIbHbIX Mep;

-

pacIIIHpeHHJI B03MO:>KHOCTeH HCnOJIb30BaHHSI 3aJIOroB

-

-

B 4»opMe KanHTaAbHblX BAO>KeHHH

(J)OpMbI H MeTO,l(hl

rocyaapcraeaaoro peryJlHpOBaHHJI HH samrrazsasrx

perynaposanne HHBecTHIIHoHHOH ,ne.HTeJIbHOCTH,

-

COBMeCTHO C HHOCTpaHHbIMH rocynapcrsaaa, a TaK:>Ke HHBeCTH

rocynapcrneauon BJIaCTH cy6oeKTOB POCCIftfCKOH e.nepaIlHH. 2. e,nepaJIbHbIe opransr rocyzrapcrsemron BJIaCTH .nJI.H peryJIHpOBaHH.H

IIHOHHbIX npoexroa, cPHHaHcHpyeMbIx sa cxer openers cPe.ne paJIbHOrO 6lO,n:>KeTa;

HHBecTHIIHoHHOH ,neSlTeJIbHOCTH, ocYIlleCTBJI.HeMOH B cPopMe KanHTaJIb

-

HbIX BJIO)KeHHH, HCnOJIb3YlOT CJIe.nYIOIIIHe cPOPMbI H MeTo.nbI:

,ne.HTeJIbHOCTH,OCYIllecTBJI.HeMOH B cPopMe KanHTaJIbHbIX BJIO:>KeHHH, nYTeM:

nepesua

crpoex H 06beKToB TeXHHqeCKOrO rre

TIpaBHTeJIbCTBOM POCCHHCKOH e,nepaIlHH;

cOBepIlIeHcTBOBaHH.H CHCTeMbI HaJIOrOB, MexaHH3Ma HaqHCJIeHH.H

-

paaaemenns cpencrs cPe,nepaJIbHOrO 61O.n:>KeTa .nJISI cPHHaHcH

aMopTH3allHH H HCnOJIb30BaHH.H aMopTH3allHOHHbIX OTqHCJIe

pOBaHH.H HHBeCTHIIHOHHbIX npoexros B nopxmce, npenycsrcr

HHH;

peHHOM 3aKOHo.naTeJIbCTBOM POCCHHCKOH e.nepaIlHH 0 paa

YCTaHOBJIeHH.H cy6'beKTaM HHBecTHIIHoHHOH ,ne.HTeJIbHOCTH crre

MeIlleHHH 3aKaaOB na nOCTaBKH TOBapOB, BbInOJIHeHHe pa60T,

UHaJIbHbIX HaJIoroBbIX pe:>KHMOB, He HOC.HIIIHX HH.nHBH"llYaJIbHOro

OKa3aHHe yCJIyr ,nJISI

xapaxrepa;

Hy:>Kp..

na yCJIOBH.HX 3aKpenJIeHH.H B

06I11eCTBa, xoropue peaJIH3YlOTCSI xepea

pacumpeaaa HCnOJIb30BaHH.H cpeztcrs HaCeJIeHH.H H HHbIX BHe

H ny6JIHKaUHIO peHTHHrOBbIX OlleHOK cy6beKToB HHBeCTHIIHOH HOH .neSlTeJIbHOCTH;

onpenenenusrtl

CpOK

na psnnce lIeHHbIX 6yMar C HanpaBJIeHHeM BbIpyqKH OT peann

61O,n:>KeTHbIX HCTOqHHKOB cPHHaHCHpOBaHH.H )KHJIHIIIHOrO CTpOH

lIeHTpOB, OCYIlleCTBJISlIOIIIHX perynspnoe nposenenae peHTHHroB

rocynapcraeunoit c06CTBeHHOCTH

COOTBeTCTBYIOIIIeH qaCTH aKIIHH coanaaaeuoro aKIIHOHepHoro

CKOH e,nepaIlHH;

C03,naHH.H H pa3BHTH.H cera HHcPoPMaIlHOHHO-aHaJIHTHqeCKHX

H MYHHIIHnaJIbHbIX

HOM 0 cPe.nepaJIbHOM 61O,n:>KeTe na COOTBeTcTBylOIIIHH ron, JIH60

MH pecypcaun, He npOTHBOpeqaIIIHX 3aKOHo.naTeJIbCTBY POCCHH

uaanasenaa:

rocynapcrnennsrx

YKa3aHHbIX Cpe.nCTB OCYIlleCTBJI.HeTCSI na

30BaHHe HMH B paassepax, onpe.neJISIeMbIX cPe,nepaJIbHbIM 3aKO

npe,nOCTaBJIeHH.H cy6beKTaM HHBeCTHIIHOHHOH ,ne.HTeJIbHOCTH

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Paauemenne

B03BpaTHOH H CPOqHOH OCHOBax C ynJIaTOH nponearos aa nOJIb

3aIIIHTbI HHTepeCOB HHBeCTopOB;

JIbrOTHbIX yCJIOBHH nOJIb30BaHH.H 3eMJIeH H .nPYfHMH npaponnsr

-

cPOpMHpOBaHH.H

pesoopyxenas aaa cPe,nepaJIbHbIX rocyzapcrsennax Hy:>K,n H cPH HaHcHpoBaHH'JI HX aa cuer cpeztcrn cPe.nepaJIbHOro61O.n:>KeTa. TIOPSl.nOK cPOpMHpoBaHHSI yxaaanuoro uepesna onpezteaaerca

.1) C03,naHHe 6JIaronpH.HTHbIX YCJIOBHH.llJI.H paaBHTH.H HHBeCTHIIHOHHOH

-

pa3pa60TKH, YTBep:>K.neHHSI H cPHHaHcHpoBaHHSI HHBeCTHIIHOH HbIX npoexroa, oCYIlleCTBJISIeMbIX POCCHHCKOH e.nepaIlHeH

HaMH

-

ysacrne rocynapcrsa B HHBecTHIIHoHHOH ,neSlTeJIbHOCTH,

oCYIlleCTBJI.HeMOH B cPopMe KanHTaJIbHbIX BJIO)KeHHH, nyresr:

opraaaxn rocynapcrseaaon BJIaCTH POCCHHCKOH e.nepaIlHH H opra

-

OCHOBHbIX cPOH,nOB B COOTBeTCTBHH

,nOB;

oCYIlleCTBJI.HeMOH B cPopMe KanHTaJIbHbIX BJIO)KeHHA, oCYIlleCTBJI.HeTC.H

-

~HaHcoBoro JIH3HHra B POCCHHCKOH e,nepaIlHH;

C03.naHHSI B03MO:>KHOCTeH cP0pMHpoBaHHSI cy6beKTaMH HHBeCTH

2) npauoe

BJIOXCeHIdt

-

ocy-

IIUOHHOH ,ne.HTeJIbHOCTH C06CTBeHHbIX HHBecTHIIHoHHbIX cPOH

BeCTHIJ,HoHHoA ,neJITeJIbHOCTH. oCYIIIeCTBJlJIeMOA B ~opMe

1. Iocyztapcrsennoe

npa

C TeMnaMH HHcPJISlIIHH;

HHBeCTHL&HOHHOH AeSITe.\bHOCTH. ocyLI4eCTBASIeMoH

11.

paaBHTH.H

- nposenenaa nepeouemca

III. rOCYAapcTBeHHOe peryAHpOBaHHe

CTaTbR

301

IIIeCTBJIeHHH Kpe,nHToBaHHSI;

,nepaJIbHbIMH 3aKOHaMH.

rAaBa

7.
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B .nOXO,nbI cOOTBeTcTBylOIIIHX 61O.n)KeTOB;

nposenenas 3KcnepTH3bI HHBeCTHIIHOHHbIX npoexros B COOTBeT CTBHH C 3aKOHo.naTeJIbCTBOM POCCHHCKOH e,nepaIlHH;

-

3amHTbI pOCCHHCKHX opraaaaauna OT nOCTaBOK MOpaJIbHO ycra peBIIIHX H MaTepHaJIOeMKHX, 3HeproeMKHX H HeHayKoeMKHX. TeXHOJIOfHH, 060py,nOBaHH.H, KOHCTpyKIIHH H MaTepHaJIOB;

302

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npW,o>ReHl1e

7. $eAepaAbHbll1 3aKOH «06

I1HBeCH1UI10HH0I1 AeSlTeAbHOCTI1'

303

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• ssmycx 06JIHraUHOHHbiX 3aHMoB cy6'beKTOB POCCHHCKOH
- sunycxa 06JIHraLlHOHHbIX 3aHMOB,

• BOBJIe'IeHHe B HHBecTHUHoHHbIH npouecc speaenno npaocraaos JIeHHbIX H aaxoacepaapoaannux crpoex H 06'beKTOB, aaxoztaunrxca B c06cTBeHHocTH cy6'beKTOB POCCHHCKOH
rapaHTHpOBaHHbIX LleJIeBbIX

3aHMOB; - BOBJIe'leHHR: B HHBeCTHLlHOHHbIH npouecc BpeMeHHO npHOCTa HOBJIeHHbIX H 3aKOHCepBHpOBaHHblX CTpOeK H 06'beKTOB, HaXO .n:R:mHXCR: B rocynapcraeaaoa C06CTBeHHOCTH; - npe.n:OCTaBJIeHHR: KOHUeCCHH pOCCHHCKHM H HHOCTpaHHbIM HHBe cropax no HTOraM repros (ayKuHoHOB H KOHKypCOB) B COOTBeT CTBHH C3aKOHo.n:aTeJIbCTBOM POCCHHCKOH
2.1. Opraau rocyaapcrseanoa BJlaCTH cy6'beKTOB POCCHHCKOH
3. Iocyztapcraeaaoe perynnpoaamre HHBecTHuHoHHOH .n:ejlTeJIbHOCTH, ocymeCTBJIR:eMOH B ¢opMe KanHTaJIbHbIX BJIO:lKeHHH, MO:lKeT ocyute CTBJIR:TbCjl CHCnOJIb30BaHHeM HHbIX¢OPM H MeTo.n:OB B COOTBeTCTBHH C3aKOHo.n:aTeJIbCTBOM POCCHHCKOH
• pa3pa60TKY, yraepxaeaae H ocyutecraneaae Me:lKMYHHUHnaJIbHbIX HHBeCTHUHOHHbIX npoexros H HHBeCTHuHOHHbIX npoexron aa 06'b eKTbI rocynapcrseaaoa c06cTBeHHocTH cy6'beKTOB POCCHHCKOH
CTaTbB 13. nOPMOK npHHJlTHBpemenan 06 ocymeCTBJIeHHHrocyztap CTBeHHbIX KaIlHTaJIbHbIX BJIOmeHHH

1. PeIIIeHHR: 06 ocymeCTBJIeHHH rocynapcrneaasrx KanHtaJIbHbIX BJlO:lKe HHH rrpHHHMaIOTC5l opranaxor rocynapcraenaoa BJIaCTH B COOTBeT CTBHH C3aKOHo.n:aTeJIbCTBOM POCCHHCKOH
2. Pacxonsr aa ¢HHaHcHpoBaIlHe rocynapcrnenmrx KarrHTaJIbHbIX BJIO :lKeHHH npenycaarpaaaiorca: • B rpenepansnoi« 61Op.:lKeTe·- npa yCJIOBliH, 'ITO 3TH pacxonsr HBJIH IOTCH '1aCTbIO pacxonon na peaJIH3aUHIO COOTBeTCTBy'IOIIWX ¢e.n:e PaJIbHbIX UeJIeBbIX rrporpaMM, a raicse aa OCHOBaHl1H rrpe.n:JIO:lKeHHH IIpc3H.n:eHTa POCCHHCKOH
3. Pa3pa60TKa, paccaorpenne H yrsepssnenae HHBeCTHUHOHHhIX npoex TOB, ¢HHaHcHpyeMblx sa C'IeT Cpe.n:CTB ¢e.n:epaJIhHoro 6IO.n::lKeTa, npo H3BO,lV:ITCR: B COOTBeTCTBHH C3aKOHo.n:aTeJIbCTBOM POCCHHCKOH
304

4.

npl-1AO>KeHl-1l!

nP"1A0>KeHl-1e

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305

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nOpHlI,OK ¢HHaHcHpoBaHHH HHBeCTHUHOHHbIX npoexros aa cser cpencrs ¢ell,epaJIbHOrO 6IOlI,)I(eTa onpenenaerca TIpaBHTeJIbCTBOM

HCnOJIb30BaHHH HanpaBJIHeMbIX na KanHTaJIbHbIe BJIO)l(eHHH cpeztcrn

POCCHHCKOH <1>ell,epaUHH, a nOpHlI,OK ¢HHaHcHpoBaHHH HHBeCTHUH

cooTBeTcTByIOIUHx 6IOlI,)I(eTOB B CJIy'I
OHHbIX npoexros aa CtIeT cpencrs 6IOlI,)I(eTOB cy6'beKTOB POCCHHCKOH

HOBJIeHbI COOTBeTCTBeHHO HopMaTHBHbIMH npaaossma aKTaMH

<1>ell,epaUHH - opranaxm HCnOJIHHTeJIbHOH BJIaCTH cooTBeTcTByIOIUHx

BHTeJIbCTBa POCCHHCKOH <1>ell,epaUHH, HopMaTHBHbIMH

cy6beKToB POCCHHCKOH <1>ell,epaUHH.

Ilepesna

HHBeCTHUHOHHbIX

POCCHHCKOH <1>ell,epaUHH, 06pa3yIOT pernouansnsre HHBeCTHUHOHHble

nporpasoau.

5. PemeHHH

06 HCnOJIb30BaHHH cpeztcrs ¢ell,epaJIbHOrO

Ilpa

npasonaaa

aKTaMH cy6'beKTOB POCCHHCKOH <1>ell,epaUHH, MYHHUHnanbHbIMH npa

npoexros, ¢HHaHcHpyeMblx aa cxer cpencrs 6IOlI,)I(eTOB cy6beI
BOBbIMH aKTaMH.

2. Ilposepxa

HHBeCTHUHOHHbIX npoexroa, $HHaHcHpoBaHHe KOTOpbIX

nnaanpyercs ocyuiecranars nOJIHOCTbIO HJIH 'IaCTHtIHO aa C'IeT cpezrcrs

6IOlI,~eTa lI,JIH

rpenepansnoro 6IO,lVI<eTa, na npenaer 3¢¢eKTHBHoCTH HCnOJIb30BaHHH

¢HHaHcHpoBaHHH HHBeCTHUHOHHbIX npoexros H (HJIH) HHBeCTHUHOH

HanpaBJIJleMbIX na KanHTaJIbHbIe BJIO)l(eHHH openers ¢ell,epaJIbHoro

HbIX nporpaxa, OCYIUeCTBJIHeMbIX POCCHHCKOH <1>ell,epaUHeH COBMeCT

6IOlI,)I(eTa npOBOll,HTCH $ell,epaJIbHhrM opranoa HCnOJIHHTeJIbHOH BJIa

HO C HHOCTpaHHbIMH rocynapcraasra, npHHHMaIOTCH nOCJIe 3aKJIIOQeHHH

CTH, oCYIUeCTBJIHIOIUHM ¢YHKUHH no BbIpa60TKe

POCCHHCKOH <1>ell,epaUHeH cooTBeTcTByIOIUHx Me)l(roCYll,apCTBeHHbIX

nOJIHTHKH H aopaarnano-npaaosoay peryJIHpOBaHHIO B c$epe HHBe

COrJIameHHH.

CTHUHOHHOH lI,eHTeJIbHOCTH.

6. Pa3MeIUeHHe 3aKa30B na noztpsnasre crpoarensaue pa60TbI lI.JIH rocy

7.

7. eAepaAbHbll713aKOH «06

3.

rocynapcrseaaoa

CMeTH
lI,apcTBeHHbIX Hy)l(lI, sa cser cpeztcrs ¢ell,epaJIbHOrO 6IOlI,)I(eTa H cpeztcrs

KOTOpbIX nnanapyerca oCYIUeCTBJIHTb nOJIHOCTbIO HJIH tIaCTH'IHO aa

6IOlI,)I(eTOB cy6'beKTOB POCCHHCKOH <1>ell,epaUHH npn peaJIH3aUHH COOT

cser cpeztcrn ¢ell,epanbHoro 6IOlI,)I(eTa, 6IOlI,)I(eTOB cy6beKTOB POCCHH

BeTcTByIOIUHx HHBeCTHUHOHHbIX npoexron npOH3BOll,HTCH rocynap

CKOH <1>ell,epaUHH, MeCTHblX 6IOlI,)I(eTOB, noztxeaorr nposepxe aa npen

CTBeHHbIMH 3aKa3tIHKaMH B nopxmce, rrpenycaorpeuaov aakoaonarens

MeT lI,OCTOsepHOCTH HCnOJIb30BaHHH HanpaBJIHeMbIX ua

CTBOM POCCHHCKOH <1>ell,epaUHH 0 pa3MeIUeHHH 3aKaJOB na nOCTaBKH

BJIO)l(eH.HH Cpe,ACTB COOTBeTcTByIOIUHX 6IOlI,)I(eTOB B nopszxe, ycra

TOBapOB, BbIllOJIHeHHe pafor, OKaJaHHe YCJIyr lI.JIH rocynapcrneaasrx

HOBJIeHHOM COOTBeTCTBeHHO HopMaTHBHbIMH npaBOBbIMH aKTaMH

kanaransnue

H MYHHUHnaJIbHbIX Hy)l(lI,.

TIpaBHTeJIbCTBa POCCHHCKOH ~ell,epaUHH, Hop~aTHBHbIMH npasoau-

KOHTpOJIb sa ueJIeBbIM H 3
MH aKTaMH

¢ell,epaJIbHoro 6IOlI,)I(eTa, HanpaBJIHeMbIX na xanaransasre BJIO)l(eHHH,

npaBOBbIMH aKTaMH.

B COOTBeTCTBHH C 3aKOHOll,aTeJIbCTBOM POCCHHCKOH <1>ell,epaUHH ocy

cyesexros POCC~HCKOH <1>e,AepaUHH,

MYHHUHnaJIbHbIMH

IV. rOCYAapcTBeHHble rapaHTHH npaB cy6beKTOB

IUeCTBJIHIOT CtIeTHell,epaUHH, a TaK)I(e ynon

rAaBa

HOMOtIeHHble na TO ¢ell,epaJIbHble oprausr HCnOJIHHTeJIbHOH BJIaCTH.

HHBeCTHUHOHHOH AesrreAbHocTH H.3al1lHTa KanHTaAbHblX

KOHTpOJIb aa ueJIeBbIM H 3¢¢eKTHBHbIM HCnOJIb30BaHHeM cpeztcrn

BAO)l(eHHH

6IOlI,)I(eTOB cytisexroa POCCHHCKOH <1>ell,epaUHH OCYIUeCTBJIHIOT ynon HOMOQeHHble na TO COOTBeTCTBYIOIUH1.m cy6beKTaMH POCCHHCKOH <1>ell,epaUHH opransr.

14. Ilposepsa

CTaTbSl15. I'ocyaapcraeansre rapaaraa npaa cy6'beKTOB HHBecmu.u OHHolt ,AeSlTeJIbHOCTH

1. [oCYll,apCTBO

B COOTBeTCTBHH C HaCTOHIUHM <1>ell,epaJIbHbIM 3aKOHOM,

a$$eKTHBHoCTH HHBeCTHIJ.HOHHbIX npoexroa,

lI,pyrHMH $ell,epaJIbHbIMH 3aKOHaMH H HHbIMH HopMaTHBHbIMH npasosu

$HHaHcHpyeMbIx nOJIHOCTbIO HJIH lIaCTHliHO aa cser cpencrn $e,AepUb

MH aKTaMH POCCHHCKOH <1>ell,epaUHH, JaKOHaMH cy6'beKTOB POCCHHCKOH

CTaTbSl

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<1>ell,epaUHH H HHbIMH HOpMaTHBHbIMH npasossnra aKTaMH Cy6'beKTOB

61O,AXCeToB, H ,AOCTOBepHOCTH HX CMernOH CTOHMOCTH

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1. I1HBecTHUHoHHble npoexru, ¢HHaHcHpoBaHHe KOTOpbIX nnannpyerca

• ooecnesenae paBHbIX npas npa oCyIUeCTBJIeHHH HHBeCTHUHOHHOH

oCYIUeCTBJIHTb nOJIHOCTbIO HJIH tIaCTHtIHO aa CtIeT cpeztcrs ¢ell,epaJIb noro 6IOlI,)I(eTa, 6IOlI,)I(eTOB cyosetcron POCCHHCKOH <1>ell,epaUHH, MeCT

lI,eHTeJIbHOCTH;

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rocynapcrsennoa

HO He 60JIee ceMH JIeT co .uHSl HalJaJIa epHHaHCHpoBaHHSl yxaaannoro

npoexra, )],HepepepeHUHaUHSl CpOKOB oxyrraexocra

BJIaCTH, OpraHOB MecTHoro casroynpanne

HHSI H HX 1I,0JI)KHOCTHhlX JIHU;

HOBJIeHHOM IlpaBHTeJIhCTBOM POCCHHCKOH elI,epaUHH.

• 3aIUHTy KanHTaJIhHhIX BJIO)KeHHH.

4. B HCKJIlOlJlfTeJIbHhIX CJIylJaSlX npa peaJIH3aUHH HHBecTopOM npaopn

HopMaTHBHhIe npasoasre aKThI POCCHHCKOH e.uepaUHH, H3MeHSI

paaxepsr

rernoro HHBeCTHUHoHHOro npoexra B cepepe

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eTCSI B COOTBeTCTBHH C HHBeCTHUHOHHOH nporpaseroa POCTOBCKOH 06JIaCTH, nopsnox ¢OpMHpOBaHHSI H peaJIH3aUHH KOTOpOH yCTaHaB JIHBaeTCSI HOpMaTHBHbIM npaBOBbIM aKTOM MMHHHCTpaUHH POCTOB

rocYjlapCTBeHHbIx KanHTaJIbHbIX BJIO

)KeHHH H3 06JIacTHoro 6IO.u)KeTa OTPa)KaIOTCSI B 06JIaCTHOM 3aKOHe 06

o6.JIacTH B COOTBerCTBHH C ¢e,llepaJIbHbIM H 06JIaCTHbIM aaxonoztarens

TaJIbHbIH peMOHT aa cxer cpeztcrs 06JIaCTHoro 6IOjl)KeTa

¢OpMHpoBaHH~ HHBeCTHUHOHHOH

nporpaMMbI.

crBOM.

TIf paCXOjlOB ua KanHTaJIbHOe CTpOHTeJIbCTBO, peKoHcTpyKUHIO, xann

319

JI~eMbIX na xarnrransnste BJIO)KeHmI, Hanp~eTCSIB 3aKoHo.uaTeJIbHoe

CTBeKJIbIX KanHTaJIbHblX BJlO)KeHHH H3 06JIaCTHOro 61O,ll)KeT8

1. PeIIIeHH~ 06 oCyIUeCTBJIeHHH rocyaapcrsennsrx KanHTaJIbHbIX BJIO)Ke

8. 06AacTHOH JaKOH POCTOBCKOH o6Aa<:Tv1.06 HHBeCTHl.\l1S1X'

MapHO no COOTBeTcTByIOIUeMy BHjlY pacxoaon.

CraTbJl6.1.

nOpJl,lJ,OK npe,llOCTaBJIeHHJI HB KOHKypCHoit OCHOBe rocy

,llapCTBeHHhIX

rapaIITIdt POCTOBCKOit 06JIBCTH no HHBeCTHU,HOHHblM npo

eKTaM

1. Ilpenocraanemre

rocynapcrseaustx rapanrna POCTOBCKoH 06JIaCTH

(nanee - rOCYjlapCTBeHHble rapanrna) no HHBeCTHUHOHHbIM npoexrax

CJ(OH 06JIaCTH.

nporpaaxa

I1HBecTHUHoHHaSI

POCTOBCKOH 06JIaCTH

OpraHH3aUHH}].JI~06eCne'leHH~HCnOJIHeHH~ 06H3aTeJIbCTB HHBeCTopoB

yrsepxnaerca

nepezt TpeTbHMH JIHuaMH OCYIUeCTBmIeTCSI na KOHKypCHOH OCHOBe

1I0CraHOBJIeHHeM MMHHHCTpaUHH POCTOBCKOH 06JIaCTH.

3. I1HBecTHUHoHIlaSl

B nopamce, yCTaHOBJIeHHOM ¢e.uepaJIbHbIM 3aKOHOjlaTeJIbCTBOM H na-

nporpasnra POCTOBCKOM 06JIaCTH yCTaHaBJIHBaeT

ocaosnsre HanpaBJIeHHSI H npHHUHnbI rocyzapcrseunoro HHBecTHpo BaHHSI, otiecrresuaaionrae paUHOHaJIbHOe H 3¢¢eKTHBHOe HCnOJIb30

2.

CTO~IUeH cTaTbeH. OpraHH3aUH~ xoaxypcnoro orfiopa HHBeCTHUHOHHbIX npOeKTOB ocy

sanae Cpe.uCTB 06JIacTHoro 6IOjl)KeTa, HanpaBJIHeMbIX na rocynapcrnen

IUecTBJIHeTCSI MMHHHcTpaUHeH POCTOBCIWH 06JIaCTH HJIH ynOJIHOMO

nsre

'leHHbIM eIO 06JIaCTHbIM opranosr HCnOJIHHTeJIbHOH BJIaCTH. A)lMHHH- .

xarnrransnae BJIO)KeHHH.

4. I1HBecTHUHoHHaSl

rrporpaasra POCTOBCKOM 06JIaCTH

rpopvupyercs

H3 HHBeCTHIlHOHHbIX npoexroa na OCHOBaHHH nopyseaaa fJIaBbI A,llMHHHCTpaUHH

(Iytiepnaropa)

POCTOBCKOM 06JIaCTH, npeztnosce

HHH ztenyraros 3aKOHojlaTeJIbHoro C06paHHH POCTOBCKOM 06JIacTH, opranos HCnOJIHHTeJIbHOM BJIaCTH POCTOBCKOH 06JIaCTH, rJIaB MyHH

nnnansuax o6pa30BaHHH,

HopMaTHBHbIX npasonstx aKTOB POCTOB

BKJIIO'leHHH B HHBeCTHUHoHHyIO

opran HCnOJIHHTeJIbHOH BJiaCTH 06eCne'lHBaeT ny6JIHKaUHIO B cpen CTBax MaCCOBOH HHq>opMaUHH

co06IUeHH~ 06

ycnoaaax npoaenenaa

xoaxypca no crfiopy HHBeCTlIUHOHHbIX npoeKToB}].JISI npenocraaneaaa

rocynapcrneunsrx rapauruti.

Ilepeseae .uOKyMeHToB .uJISI ysacraa B

no HlIM

xoaxypce npHBo.uHTCSI B KOH

KypcHOH .uoKyMeHTaUHH.

CKOH 06JIaCTH.

5. Y cJIOBHeM

cTpaUHH POCTOBCKOH 06JIaCTH HJIH ynOJIHOMOlJeHHbIH eIO 06JIaCTHOH

nporpaxay

POCTOBCKOH

06JIaCTH Ha'lHHaeMbIX B ouepeanoa ¢HHaHcoBoM rony HHBeCTHUHOH

3. Peurenae 06 06pa30BaHHH, cocrase KOHKypCHOH KOMHCCHH, ee npen cenarene, pernaxeare pa60TbI, nopamce Be.ueHHSI H yqeTa ,llOKYMeHTa

HbIX npoexros HBJISleTCH HaJIH'lHe nOJIO)KHTeJIbHbIX 3aKJIIO'leHHH 06

UHH, nopaztse npHHSlTHSI peureunti 110nroraM npOBe,lleHHOrO KOHKyp

3
ca npHHHMaeTcSI A)lMHHHcTpaUHeH POCTOBCKOH 06JIacTH jlO npauarna

nOJIb30BaHH~ cpeacrs 06JIaCTHOro 6IOjl)KeTa no pe3YJIbTaTaM nposep

HJIH OjlHOBpeMeHHO C npHHSlTHeM penrenas 0 npoaeneaun xoaxypca.

KH: CMeTHOH CTOHMOCTH TaKHX HHBeCTHUHOHHbIX npoexron. IlOPMOK npOBe.ueHHSI nposepxa CMeTHOH CTOHMOCTH HHBeCTHUHOH HbIX rrpoexron H BbI.ua'lH COOTBeTcTByIOIUHX 3aKJIIO'leHHH yCTaHaBJIH

aae'rcs HopMaTHBHbIM npaBOBbIM aKTOM MMHHHCTpaUHH POCTOBCKOH 06J1aCTH. Ilepe'leHb HHBeCTHUHOHHbIX npOeKTOB, nOJIyqHBmHx nOJIO)KHTeJIbHbIe

3aJC.JIIO'IeHH~ 06 3¢¢eKTHBHoCTH, 0 .uOCTOBepHOCTH H 06 ouemce 060c HoaaHHOCTH HCnOJIb30BaHmi cpencrs 06JIaCTHoro 6IO.u)KeTa, aanpas-

4. K paccsrorpeamo npHHHMaIOTcSI HHBeCTHUHOHHble npoexrsr rrperen ,lleHTOB, HMeIOIUHX YCTOHlJHBOe ¢HHaHcoBoe nOJIO)KeHHe, KpHTepHH «oroporo orpaacaiorcs B KOHKypcHOH jlOKYMeHTaUHH.

5. He. npHHHMaIOTcSI K paccMoTpeHHIO 3aS1BKH IIpeTeHjleHTOB: He OnJIaTHBIIIHX YCTaBHbIH KanHTaJI; . HMeIOIUHX npOCpOlJeHHyIO 3ajlOJI)KeHHOCTb 110 3apa60THOH nnare 60JIee OjlHOrO MeCSlua;

320

npI1.\O;t:eHl-1~

npl1.\O;t:eHl-1e

• HMeIOmHX 3aj.{OJDKeHHOCTh lIO HaJIOraM H coopaa B 61O,1I)KeThI scex yposaea H

xomcypca lIO orfiopy HHBeCTHUHOHHhIX lIpoeKTOB .lI:JIH HX 61O.lI:)I(eTHoro

Ilepesens .lI:OKyMeHToB .lI:JIH

3aj.{OJI)I(eHHOCTh lIO panee lIOJIytIeHHhIM

xpeznrraa, B TOM tIHCJIe 6IO.lI:)I(eTHhlM;

ysacraa B xoaxypce "PHBO.ll:HTCH B KOH

KypCHOH .lI:oKyMeHTauHH.

4. Peurenne 06 06pa30BaHHH, COCTaBe KOHKYPCHOH

• He BOCCTaHOBHBIlIHX 6IO.lI:)KeTHhIe cpencrsa lIO HClIOJIHeHHhIM rocy

UHH, lIOpH.lI:Ke lIpHHHTHH peurenan lIO arorav nponeztemroro KOHKYP

• HaXO.ll:HmHXCH B CTaj.{HH peOpraHH3aUHH, JIHKBH.lJ:aUHH HJIH 6aHKpoT

ca lIpHHHMaeTCH MMHHHcTpauHeH POCTOBCKOH 06JIaCTH LlO lIpHHHTHH

CTBa B COOTBeTCTBHH C ¢e.ll:epaJIhHhIM 3aKOHO.ll:aTeJIhCTBOM;

HJIH OLlHOBpeMeHHO C lIpHHHTHeM peurenaa 0 nposenenaa xonxypca.

• O¢OPMHBIlIHX 3aHBKY C OTKJIOHeHHeM OT Tpe60BaHHH, npenycsror

5. llJIH

¢HHaHcHpoBaHHH HHBeCTHUHoHHOro npoexra aa CtIeT openers

06JIaCTHoro 6IO.lI:)KeTa npereanerrr .lI:0JI)I(eH nozrrsepnars HaJIHlIHe c06

.peHHhIX HaCTOHmHM 06JIaCTHhIM 3aKOHOM H KOHKypcHOH .lI:OKyMeH TaUHeH;

CTBeHHhIX cpencrs B 06'beMe He MeHee CTaBJIHTh He 60JIee lIHTH JIeT.

rapanraa lIpe.ll:OCTaBJIHIOTCH rrpa 06H3aTeJIhHOM

06eClIetIeHHH lIOJIyqaTeJIeM rocynapcrsermon rapanraa B03MemeHHH

100 % CYMMhI

6.

K paCCMOTpeHHIO lIpHHHMalOTcH HHBeCTHUHOHHhIe

rrpoexru

nperen

.lI:eHTOB, HMelOIUHX YCTOHtIHBOe ¢HHaHcoBoe lIOJIO)l(eHHe, KpHTepHH

npe

KOTOpOro OTpa)l(aIOTCH B KOHKypCHOH .lI:OKyMeHTaUHH.

.lI:ocTaBJIHeMOH rocynapcrseanon rapanraa,

Iocyaapcraennsre

20 % CTOHMOCTH HHBecTHUHoH

noro npoexra H oxynaeaocrs HHBecTHUHoHHoro npoexra .lI:OJI)I(Ha CO

• C006mHBIlIHX 0 ce6e JIO)l(HhIe CBe.ll:eHHH.

noreps 06JIaCTHOro 61O.lI:)I(CTa B paaaepe He MeHee

KOMHCCHH, ee npezt

ceztarene, pernasrenre pa60ThI, nopamce BeLleHHH H ysera .lI:OKYMeHTa

.lI:apCTBeH!lhIM rapaHTHHM H MYHHUHlIaJIhHhIM rapaHTHHM;

6. Iocynapcraennue

321

¢HHaHcHpoBaHHH.

xe COrJIallIeHHe 0 pecrpyxrypasauaa 3aj.{OJI)I(eHHOCTH);

npccposennyio

«06 I-1HBecTlo1l.1lo1~X·

CTBax MaccoBoH HH¢opMaUHH co06IUeHHH 06 yCJIOBHHX nposenenaa

rocynapcrseaasre BHe61O.lI:)I(eTHhIe ¢OH.lI:hI (KpOMe opra

HH3aUHH, O¢OPMHBIlIHX H BhIIIOJIHHlOmHX B YCTaHOBJIeHHOM lIOPH.lJ:

• HMeIOmHX

8. 06i\ClCTHOH 3aKOH POCT08CKOO OOAaCTI-1

rapaurun .lI:0JI)I(HhI HMeTh Ha.ll:Jle)l(amee ofiecneue

7.

He "pHHHMaIOTcH K paCCMOTpeHHIO 3aHBKH "pCTeH.lI:eHTOB:

HHe, HMeIOmee BhICOKYIO crenem, JIHKBH.lI:HOCTH.

• He OlIJIaTHBIlIHX YCTaBHhIH KalIHTaJI;

HClIOJIHeHHe 06H3aTeJIhCTB lIO rocynapcrsennsnr rapaHTHHM ocynte

• HMelOIUHX lIpOCpOtIeHHylO 3a.ll:OJI)I(eHHOCTh lIO 3apa60THOH lIJIaTe

. CTBJIHeTCH B lIOpH.lI:Ke, YCTaHOBJIeHHOM MMHHHcTpauHeH POCTOBCKOH 06JIaCTH.

• HMelOIUHX 3a.ZJ:OJI)I(eHHOCTh lIO ynnare HaJIOroB H C60pOB B 6IO.lI:)KeThI

7.

CT3TbJl

6.2. Ilopaaox

60JIec onuoro MeCHua;

ncex yposneti H roCYLlapCTBeHHhIe BHe6IO.lI:)KeTHhIe ¢OH.lI:hI (KpOMe

pa3MemeHHJI H3 KOHKypCHOii ocnoae Cpe,lJ;CTO

opraHH3aUHH, O¢OPMHBIlIHX H BhIIIOJIHHIOIUHX B yCTaHOBJIeHHOM

o6J1aCllloro 6JO,lJ;)fCeT3 .lI:JIJI HHaHCHpOBaHIUI HHBeCTHU,HOHHbIX npoexron

1. Paaxeutenne

lIOpH.lI:Ke COrJIallIeHHe 0 peCTpYKTYpH3aUHH 3a.ZJ:OJI)I(eHHOCTH);

cpeztcrs 06JIaCTHOro 6lO.lI:)KeTa .lI:JIH ¢HHaHcHpoBaHHH

• HMeIOIUHX lIpOCpOtIeHHylO 3a.ZJ:OJI)I(eHHOCTh lIO pauee lIOJIYlIeHHhIM

HHBeCTHUHOHHhIX npoexros ocymeCTBJIHeTCH B lIOpH.lI:Ke, rrpezrycnor peHHOM 3aKOHO.ll:aTeJIhCTBOM POCCHHCKOH cDe.ll:epaUHH 0

xpeznrrax, B TOM tIHCJIe 6IO.lI:)I(eTHbIM;

paaxeutenaa

• He BOCCTaHOBHBIlIHX 6IO.lI:)KeTHhIC cpezrcrsa lIO HClIOJIHeHHhIM rocy

3aKa30B na nOCTaBKH TOBapOB, BhIIIOJIHeHHe pa60T, OKa3aHHe ycnyr

.lI:apCTBeHHhIM H MYHHUHlIaJIbHhIM rapaHTHHM;

.lI:JIH rOCY.ll:apCTBeHHhIX H MYHHUHlIaJIhHhIX Hy)l(.lI:.

2. Paaaetueane

• HaXOMIUHXCH B CTa.ZJ:HH peopramtaauau, JIHKBH.lJ:aUHH HJIH 6auKpOT

cpezicrs 06JIaCTHOro 61O.lI:)I(eTa .lI:JIH ¢HHaHcHpoBaHHH

CTBa B COOTBeTCTBHH C ¢e.ll:epaJIhHhIM 3aKOHO.ll:aTeJIhCTBOM;

HHBeCTHUHOHHhIX npoexros MO)KeT ocymeCTBJIHThCH B ¢opMe rrpeao CTaBJIeHHH unsecropaa 61O.lI:)I(eTHhIX xpenaros JIH60 61O.lI:)I(eTHhIX HHBecTHuHH.

3.

• O¢OPMHBIlIHX 3aHBKY C OTKJIOHeHHeM OT Tpe60BaHHH, rrpenycvor peHHhIX HaCTOHIUHM 06JIaCTHhIM 3aKOHOM H KOHKypCHOH .lI:OKyMeH

OpraHH3aUHH KOHKypCHOro orfiopa HHBeCTHUHOHHhIX lIpoeKTOB ocy

TaUHeH;

IUeCTBJIHeTCH MMHHHCTpauHeH POCTOBCKOH 06JIaCTH HJIH ylIDJIHOMO

C006IUHBIlIHX 0 ce6e JIO)l(HhIe CBe.ll:eHHH.

tIeHHhIM eIO 06JIaCTHhIM opranou HCnOJIHHTeJIhHOH BJIaCTH. MMHHH

8.

KpHTepHeM oroopa HHBeCTHUHOHHhIX lIpoeKTOB .lI:JIH HX ¢HHaHcHpo

CTpaUHH POCTOBCKOH 06JIaCTH HJIH y"OJIHOMOtIeHHhIH eto 06JIaCTHOH

BaHHH aa ClIeT cpencrs 06JIaCTHoro 6IO.lI:)I(eTa HBJIHCTCH BeJIHtIHHa .lI:O

opran HClIOJIHHTeJIhHOH BJIaCTH 06eClIetIHBaeT ny6JIHKauHIO B cpea

xoaa, KOTOphIH lIOJIyqHT POCTOBCKaH 06JIacTh B pC3YJIhTaTe peaJIH3aUHH

322

npW\O)l(eHHll

npl-1AO)l(eHl-1e

8. 06AaCTHOI13aKOH PocrOBCKOI71 06AaCTl-1

-06 HHBeCTl-1L.\l-1SlX

323

Iloxaaarens 61O,n;ilCeTHOH S
3. HHBecTHl.(HoHHbIe rrpoexra, BKJllO'IaeMble B peecrp HHBeCTHl.(HOHHbIX

onpenenaerca KaK OTHOIneHHe CYMMbl ,n;HCKOHTHpOBaHHOH BeJIH'iHHbI HaJlOrOBblX nocrynnenaa H HHblX 06S13aTeJlbHbIX nnarexef B 06J1aCT

npoexros POCTOBCKOH 06J1aCTH, noztnescar sxcneprnse B COOTBeTCTBHH C 3aKOHo,n;aTeJlbCTBOM POCCHHCKOH
HHBeCTHl.(HoHHOronpoexra.

HOH 61O,n;ilCeT K

9. Paaxeutenae

paaxepy rocynapcraeaaoti nOJJ,lJ,epiICKH.

4. HHBecTHl.(HOHHblM npoexrax,

cpencrs 06J1aCTHoro 61O,n;ilCeTa ,n;J1S1 epHHaHcHpoBaHHSI

BKJllO'IeHHbIM B peecrp HHBeCTlll.(HOH

HHBeCTHl.(HOHHbIX npoexroa B epopMe npeztocraaneaaa 61O,n;ilCeTHblx

HblX npoexron POCTOBCKOH 06J1aCTH, MOiICeT 6blTb npenocraanena rocynapcraeaaaa nOJJ,lJ,epiICKa srpopsrax, npenycxorpenmsx nacres

Kpe,n;flToB ocymeCTBJISleTCSI na B03BpaTHoH H CpotIHOH OCHOBax C ynna

mHM 06J1aCTHblM 3aKOHOM.

TOH npouenroa aa nOJlb30BaHHe HMH B passsepax,

onpeneaaeuux

06

J1aCTHbIM 3aKOHOM06 06J1aCTHOM 61O,n;ilCeTe na TeKyll.(HH epHHaHcoBblH ron, H na CpOK He 60Jlee

24 MeCSll.(eB.

rAaBa

3. AreHTcTBO HHBeCTHI.IHH H pa3BHTHR POCTOBCKOH 06AaCTH

CTaTbSl 8. nOpSl,lJ;OK aaKJIIO'IeHHSI rocyaapcraenaoro KOHTpaKTa aa

10. Paaaemenae

cpencrs 06J1aCTHOro 61O,n;ilCeTa ,n;J1S1 epHHaHcHpoBaHHSI HHBeCTHl.(HOHHbIX npoexros B' epopMe npenocraaneaaa 61O,n;ilCeTHblx

HHBeCTHl.(HH opraaasanaaa, He SlBJlSllOmHMCSI rocynapcrseaaenta HJIH

oxaaaaue YCJIyr ,lJ;J1J1

rocynapcraeaaux

HY*Jl

Pocroacsoa

o6JIacTH no

opranaaanaa HHBeCTHl.(HOHHoro npouecca H npHBJIe'leHHIO HHBecTHIl,HA

1. MMHHHCTpal.(HSI

POCTOBCKOH 06J1aCTH HJlH ynoJlHoMo'leHHbIH eio

MyHHl.(HnaJIbHbIMH yHHTapHbIMH, npennpnaraaaa, ocymecranaercs

06J1aCTHOH opran HCnOJlHHTeJlbHOH BJlaCTH srrpase 3aKJIIO'IaTb rocy

na YCJlOBHSlX aaxpennenaa B rocynapcraemroji C06CTBeHHOCTH POC

napcraenaue KOHTpaKTbI na OKa3aHHe ycnyr MJi rocyziapcraeaaax Hy)K,ll P0CTOBCKOH 06J1aCTH no opraaaaauaa HHBeCTHl(HOHHOro npo

TOBCKOH 06J1aCTH SKBliBaJleHTHOH 'IaCTH YCTaBHblX (CKJIa,lJ;O'lHblX) KanHTaJlOB H HMymeCTBa YKa3aHHblX IOpH,n;H'IeCKHX J1Hl.( H (HJIH) aKl.(HH coanasaeaux aKl.(HOHepHbIX 06meCTB, H OepopMJI~eTCSI Y'laCTHeM POCTOBCKOH 06J1aCTH B YCTaBHbIX (CKJIa,lJ;O'lHbIX) xamrranax TaKHX IOpH,n;H'IeCKHX JIHl.( B COOTBeTCTBHH C rpaiIC,n;aHCKHM aaxoaonarem CTBOM POCCHHCKOH
11. Ilpenocraaneaae 61O,n;ilCeTHblxHHBeCTHl.(HH

npoH3Bo,n;HTCSI nocne

pe

uecca H npHBJle'leH~1O HHBeCTHl.(HH.

2. MMHHHcTpaU;HSlPocTOBCKOH

06J1aCTH HJlH ynoJlHoMo'leHHbIH eio

06J1aCTHOH opraa HCnOJlHHTeJlbHOH BJlaCTH na KOHKypCHOH OCHOBe nyTeM npOBe,n;eHHSI OTKpbITOrO xoaxypca onpeztenaer opraanaaumo, C KOTOpOH aaxmovaercs rocynapcraenaua KOHTpaKT.

3. Ilo peaynsraraa npOBe,n;eHHSI OTKpbITOrO xonxypca opraaaaauan-no

rHGTpal.(HH aKl.(HoHepHbIMH 06mecTBaMH B COOTBeTCTBHH C epe,n;epaJIb HbIM 3aKOHo,n;aTeJlbCTBOM ssmycxa aKl.(HHH npH06peTeHHSI POCTOBCKOH

6e,n;HTeJlIO npHCBaHBaeTCH craryc areHTCTBa HHBecTHtiHH H pa3BHTHSI POCTOBCKOH 06J1aCTH. .

06J1aCTblO npasa rocynapcraemroa c06CTBeHHocTH na cooTBeTCTBy

4. Iocynapcraennsui KOHTpaKT na OKa3aHHe yCJIyr MSI rocynapcraeaaux

toutee 06beMy q)HHaHcHpoBaHHSI KOJlH'IeCTBO aKl.(HH.

Hy)K,lJ; POCTOBCKOH 06J1aCTH no opraansauaa HHBeCTHl.(HOHHOro npo

no HCTe'leHHH zrayx J1eT co ,n;HH aasana nOJlY'leHHSI npH6bIJIH OT pea

necca H npHBJle'leHHIO HHBecTHl.(HH 3aKJIIO'IaeTCSI A,n;MHHHCTpal.(Heii POCTOBCKOH 06J1aCTH HJIH ynoJlHoMo'leHHbIM ero opraaox HCnOJlHH

J1H3al.(HH HHBeCTHl.(HOHHOro npoexra aKl.(HH, aaxpenneauue B rocynap cTBeHHoH c06cTBeHHocTH POCTOBCKOH 06J1aCTH, noztnexar npoztazce, a noayveanue OT HX nponaaor cpencrsa 3a'lHCJleHHIO B 06J1aCTHOH 61O,n;)KeT. CTaTbSl

7. Peecrp HHBeCTHU;HOHHbIX npOeKTOB POCToBcKoit 06JIacTH

1. Ilepeseas

HHBeCTHl.(llOHHbIX npoexros, epHHaHcHpyeMblx 3a C'IeT BHe61O,n;)KeTHbIX cpeztcra, peaJIH3al.(HSI KOTOpbIX ooecneuaaaer COl.(H

aJlbHO-SKOHOMH'IeCKOe pa3BHTHe POCTOBCKOH 06J1aCTH, epOPMHPY eTCSI B BH,n;e peecrpa HHBeCTHl.(HOHHbIX npoexros POCTOBCKOH 06 J1aCTH.

2. Peecrp HHBeCTHl.(HOHHbIX npoexroa

POCTOBCKOH 06J1aCTH epOPMHPY eTCSI B nopsmce, YCTaHoBJleHHoM A,n;MHHHCTpal.(HeH POCTOBCKOH 06 J1aCTH.

TeJlbHOH BJlaCTH C opranaaauneji, nuarpasurea KOHKypC, aa CpOK He pOJIee nHTH ner B nopsmce, yCTaHOBJIeHHOMepe,n;epaJibHbIM H 06J1aCT HbIM 3aKOHo,n;aTeJlbCTBOM.

5. H3MeHeHHe HJlH pacropxeaae rocyaapcraeaaoro KOHTpaKTa na OKa 3aHHe ycnyr ,n;JIH rocynapcreenaux Hy)K,ll POCTOBCKOH 06J1aCTH no opraHH3aUHH HHBeCTHl.(HOHHOronpouecca H npHBJIe'leHHIO HHBeCTH l.(HH ocyutecrsaaerca B rtopaznce, YCTaHOBJleHHOM epe,n;epaJIbHbIM H 06 J1aCTHbIM 3aKOHo,n;aTeJlbCTBOM. CTaTbSl 9. Ilpaaa H 06S1aaHHocTH areHTCTBa HHBeCTlmHA H paaBHTHSI POCTOBCKOA 06JIacTH .

Iocyztapcreeanstx KOHTpaKTOM na OKa3aHHeYCJIYrMSI rocynapcrseanux HyiIC,n; POCTOBCKOH 06J1aCTH no opraaaaaium HHBeCTHUHoHHOro npouecca

324

npl1AO)f(eHI1S1

nplMO)f(eHl1e

H npHBJIeqeHHIO HHBeCTHIJ:HH areHTCTBO HHBeCTHIJ:HH H pa3BHTHH POCTOB CKOH 06JIaCTH MOiKeT 6bITb naaeneno CJIe,ll;YlOmHMH

Pocr08CKOH

0611ilCT11 -06 I1HBeCTI1l.\I1S1X

325

YCJIyr ,lI;JIH rocynapcrsennux HyiK,ZJ; PocToBcKoH,06JIacTH no opraan

npasaxa H 06H3aHHO

3aIJ:HH HHBeCTHIJ:HOHHOro

CTHMH:

npouecca

ocyutecrsnserca aa cxer cpencrs,

1) no nonrorosxe npeMoiKeHHH no C03,l1;aHHIO 6JIaronpMTHbIX 3KOHO

H npHBJIeqeHHIO HHBecTHUHM,

npeaycaorpeansrx OT,lI;eJIbHOH CTaTb

eM B 06JIaCTHOM 61O,lI;iKeTe na oxepennoa
2. I1H
MHqeCKHX YCJIOBHH ,lI;JIH ocymeCTBJIeHHH npoH3BO,ll;CTBeHHoH, HHBe

0 ,lI;eHT~JIbHOCTH areHTCTBa HHBecTHIJ:HH H pa3BHTHH

CTHIJ:HOHHOH H HHHOBaI.lHOHHOH ,lI;eHTeJIbHOCTH, pa3BHTHIO npennpn

POCTOBCKOH 06JIaCTH B paxxax 3aKJIIOqeHHOrO rocynapcrsenaoro KOH

HHMaTeJIbCTBa;

rpaxra na OKaJaHHe ycnyr ,lI;AA rocynapcrseansrx HyiK,ZJ; POCTOBCKOH 06JIaCTH no opraHH3aIJ:HH HHBecrnIJ:HOHHoro npouecca H npHBJIe'leHHIO

2) no nonrorosxe H peaJIH3aIJ:HH Mep no npHBJIeqeHHIO OTeqeCTBeHHbIX H naocrpannux HHBeCTHIJ:HH;

HHBecTHIJ:HH eiKerO,ll;HO BHOCHTCH A,nMHHHCTpaIJ:HeH POCTOBCKOH 06

3) no
JIaCTH aa paCCMOTpeHHe 3aKOHO,ll;aTeJIbHOrO C06paHHH POCTOBCKOM

crpepe MaJIOro npennpananarenscrsa;

06JIaCTH.

4) no CO.l1eHCTBHIO nposeztenaa 3KcnepTH3bI HHBeCTHIJ:HOHHbIX npoexros

3. KOHTpOJIb 3a .l1eHTeJIbHOCTblO areHTCTBa HHBeCTHIJ:HM H pa3BHTHH

B COOTBeTCTBHH C 3aKOHO,ll;aTeJIbCTBOM POCCHHCKOH
POCTOBCKOH 06JIaCTH H HCnOJIHeHHeM rocynapcrseaaoro KOHTpaK

I

POCTOBCKOH 06JIacTH;

6) no paapaoorxe npeMoiKeHHH no pa3BHTHIO HH
7) no OKa3aHHIO CO,ll;eHCTBHH B npHBJIeqeHHH HHBeCTHIJ:HH ,lI;JIH peanaaa no paapafiorxe Mep no cTa6HJIH3aIJ:HH COIJ:HaJIbHO-3KOHOMHqeCKoro pa3BHTHR np06JIeMHblX repparopaa:

.

nO.l1rOTOBKe aHaJIHTHqeCKHX H lm
HHBecTHIJ:HOHHOM nOTeHIJ:HaJIe, HHBeCTHIJ:HOHHOM KJIHMaTe B POCTOB CKOH 06JIaCTH;

paapariorxe H

qeHHIO

peaJIH3aIJ:HH nporpaMMbI HHBeCTHIJ:HOHHOro MapKe

11) no ocymeCTBJIeHHIO opraHH3aIJ:HOHHOro conpOBOiK,lI;eHHH HHBeCTopoB

rAaBa

anocrpaaasrx

4. AbrOTbI no HaAOraM

11. nOJIyqaTeJIH JIbrOT no HaJIOraM 1. Hacn, yTpaTHJIa CHJIy - B CBH3H C npHHHTHeM 06JJaCTHoro 3aKOHa OT 8 HIOHH 2005r. N!! 333-3C. 2. Jlsrorsr no HaJIOraM B COOTBeTCTBHH C epe,ll;epaJIbHblM H 06JIaCTHblM

CTaTbJl

pax, ocymeCTBJIHlOmHM peaJIH3aIJ:HIO HHBeCTHIJ:HoHHbIX npoexros, npa YCJIOBHH BJIOiKeHHH HHBeCTHIJ:HH B 06beMe,

na reppnropaa POCTOBCKOH 06JIaCTH; 12) no nposeztenmo aHaJIH3a
• 3 MJIH py6. -

npessnnaroutea: .

Pocroae-na-Zloay, Taraapore:

B 3aCYllIJIHBbIX BOCTO'lHblX paaonax POCTOBCKOH

06JIaCTH: ,lly60BcKOM, 3aBeTHHcKoM, 3HMOBHHKOBCKOM, 0PJIOB

nsre OTpaCJIH H cexropu aKOHOMHKH;

CKOM,

13) HHblMH npasasra H 06H3aHHocTRMH, npenycsrorpennsnrn rocynap CTBeHHbIM KOHTpaKToM na OKa3aHHe ycnyr ztns rocynapcraeanux HYiK.l1 POCTOBCKOH 06JIaCTH no opraHH3aIJ:HH HHBeCTHIJ:HOHHOro

B ropoztax

0,5 MJIH py6. -

iKeHHH no npHBJIe:eHHIO BHe61O.l1iKeTHbIx HHBeCTHIJ:HH B npaoparer

CTBa HHBeCTHUHit H pa3BHTHJI POCToBcKOit 06JIacTH

1. OnJIaTa ycnyr areHTCTBa HHBecTHIJ:HH H pa3BHTHH POCTOBCKOH 06JIac TH, npenycssorpeanaa rocynapcraennsnr KOHTpaKTOM na OKa3aHHe

Ilponerapcxoa, PeMoHTHeHcKoM;

• 1 MJIH py6. -

npouecca

H npHBJIeqeHHIO HHBeCTHIJ:HH.

10.

nO,ll;rOTOBKH H pea

3aKOHO,ll;aTeJJbCTBOM 0 nanorax H cfopax npe,ll;OCTaBJIHIOTCR HHBeCTo

THHra;

CTaTbJl

crpepe

JIH3aIJ:HH Mep no npHBJIeqeHHIO OTeqeCTBeHHbIX H HHBeCTHIJ:HH.

IJ:HH 3HaqHMbIX .l1JIH POCTOBCKOH 06JIaCTH npoexros:

10) no

06JIaCTH no opraHH3aIJ:HH HHBeCTHIJ:HOHHOro HHTeJIbHOH BJIaCTH, ynOJIHOMOqeHHblM B

HHBeCTHIJ:HH;

9) no

rocynapcrsenuux HyiK,lI; POCTOBCKOH npouecca H npHBJIe HHBeCTHIJ:HH ocymeCTBJIHeTCH 06JIaCTHbIM opranox HCnOJI

ra na OKa3aHHe ycnyr ,lI;JIH

5) no opraHH3aIJ:HH H Be,ll;eHHIO peecrpa HHBeCTHIJ:HOHHbIX npoexron

8)

8. 06AaCTl-lOM JaKOH

B OCTaJIbHbIX paiionax H ropoaax,

xpoxe yxaaannsrx

B a63aIJ:aX BTOpOM H rperseu HacTOHmeH qaCTH; •

140 MJIH py6. - B HMymecTBo, yicaaaanoe B nonn. @~ n. 1 q. 1 CT. 13 nacroauiero 06JIaCTHoro 3aKOHa.

12. 06lU,He YCJIOBHJI npenocraaneaaa JIbrOT no HaJIOraM 1. JIbroTbI no HaJIOraM npe,ll;OCTaBJIHIOTCH HHBeCTopaM na CpOK oxyna

CTaTbJl

eMOCTH HHBeCTHUHOHHoro npoeicra,

npenycaorpeansra

npoexrnoa

326

npl1AOlKeHHlI

npWlOlKeHHe

,ZJ;OKyMeHTaUHeH, HO He 60JIee qeM na nars JIeT, na YCJIOBHHX H B no

, 6) nO,ZJ;nyHKT YTpaTHJI CHJIy -

pH,ZJ;Ke, YCTaHOB.neHHbIX MMHHHCTpaUHeH POCTOBCKOH 06JIaCTH H aa KJIIOqeHHbIM HHBeCTHUHOHHbIM norosopoa.

3aKOHa

CTHX, C03,ZJ;aHHbIX (npH06peTeHHbIX) B pasncax peaJIH3aUHH HH

npenycaorpemrax

BeCTHUHoHHOro

aaKOHO

,ZJ;aTeJIbCTBOM 0 HeCOCTOHTeJIbHOCTH (6aHKpoTcTBe);

B COOTBeTcTBHH C HacToHmHM 06:7IaCTHbIM 3aKOHOM, 3aKJI~qaIOT

nnarezax

HHBecTHUHoHHbIH aoroaop C MMHHHcTpaU;He» POCTOBCKOH"06 JIaCTH.'

npOCpOqeHHOH 3a,ZJ;OJI:lKeHHOCTH no aapafiornojl nnare

3.

60JIee O,ZJ;HOro MeCHua.

3. ITpe,ZJ;bHBJleHHe ,ZJ;onOJIHHTeJIbHbIX, xpoxe onpeneaemrsrx HaCTOHmHM

06JIaCTHbIM aaKOHOM,YCJIOBHH npe,ZJ;OCTaBJIeHHH JIbrOT no HaJIOFaMHe

ztonycxaerca.

CT8ThJI 13. JlbroTbi no H8JI0faM

1. I1HBeCTopaM, ocyuiecrsmnoutaa HHBeCTHUHoHHyIO ,ZJ;eHTeJIbHOCTb aa

repparopna POCTOBCKOH 06JIaCTH, npe,ZJ;OCTaBJIHIOTCH CJIe,ZJ;yIOmHe

nsroru no HaJIOraM:

I1HBecTHUHoHHbIH ,ZJ;OroBOp ,ZJ;OJI:lKeH coaepacars:

1) nOJIHOe HaHMeHOBaHHe CTOpOH;

2) npenxer; 3)
na HMymecTBo opraHH3aUHH~ HaJIOrOBOH CTaBKH no HaJIOry na HMymecTBO opraHH3aUHH B paaxepe 1,1

%:

paaxepa yMeHb

IIIeHHH HaJIOroBbIX nJIaTe:lKeH, no KOTOpbIM aaaecropy rrpenocras JIJIeTCH, JIbrora;

4) YCJIOBHH H JIOpH,ZJ;OK npe,ZJ;oCTaBJIeHHH TOH HJIH HHOH q>OPMbIrocy ,ZJ;apCTBeHHOH nOMep:lKKH;

1) YCTaHoB~eHHeB COOTBeTCTBHH C 06JIaCTHbIM 3aKOHOM 40 HaJIOre

•

5) 06H3aHHocTH Ii OTBeTCTBeHHOCTb CTOpOH aa HeHCnOJIHeHHed6H3a TeJIbCTB; ,

6) nOJIO:lKeHHH, B COOTBeTCTBHH C KOTOpbIMH He ztonycxaercx B reseaae

a) B OTHOIIIeHHH BHOBb C03,ZJ;aHHoro (rrpaooperenaoro) B

paxxax

cpoxa ero tleHCTBHH peaJIH3aUHH HJIH nepenaxa no BJIa,ZJ;eHHe, nOJIb

pacnopaxeaae

,ZJ;pyrHM JIHuaM o6opy,ZJ;OBaHHH UJIH

peaJIH3aUHH HHBeCTHUHOHHOro npoexra HMymeCTBa opraaaaa

30BaHHe HJIH

UHH, aa HCKJIIOqeHHeM HMymeCTBa, nepeaaanoro B apeany HJIH

HHorO HMYmeCTBa, npaotipereane KOTOPOrO opranaaauaea HBHJIOCb

anoe B03Me3,ZJ;Hoe nOJIb30BaHHe, KpoMe HMymecTBa, yxaaaanoro

yCJIOBHeM,ZJ;JIH npe,ZJ;OCTaBJIeHHH JIbrOT no HaJIOraM, JIu60 onpezteas

B nO,ZJ;n.

4B~

IOTCH YCJIOBHH TaKO» peaJIH3aUHH (nepeaasa):

nacroamero nynxra;

6) nO,ZJ;nyHKT YTpaTHJI CHJIy -

B CBH3H C npuasraeu 06JIaCTHoro

3aKOHa OT 28 ceHTH6pH 2005 r. B)

npoexra,

2. OpraHH3aUHH, HMeIOmHe npaso ua nonyseaae JIbrOT no HaJIOraM

BO ace yposna 6IO,ZJ;:lKeTOB;

3) HaJIHqHH

B CBH3H C npiuulTHeM 06JIacTHoro

ot 28ceHTH6pH 2005 r. oN!! 352-3C;

(pa60T, ycnyr), npOH3Be,ZJ;eHHOH aa npOH3BO,ZJ;CTBeHHbIX MomHO

HOM He MOryT 6bITb ~pe,ZJ;OCTaBJIeHbI B CJIy
2) HaJIHqHH npOCpOqeHHOH 3a,ZJ;OJI:lKeHHOCTH no HaJIOrOBbIM

321

B) B OTHOIIIeHHH npH6bIJ1H, nOJIyqeHHOH OTpeaJIH3auHH nponyxnaa

2. Jlsrorsr no HaJIOraM B COOTBeTCTBHH C HaCTOHmHM 06JIaCTHbIM 3aKO

1) npHMeHeHHH K HHBecTopy npoueayp,

8. 06NlcTHOH 3aKOH POCTOBCKOH 06NlCTH «06 HHBeCTHl.\HlIX'

BOTHOIIIeHHH

oN!! 352-3C;

7) CpOK ,ZJ;eHcTBHH. 4. IlopH,ZJ;oK 3aKJIIOqeHHH HHBeCTHUHol:IHoro ztoroeopa, a TaIOKe nepe

BHOBb C03,ZJ;aHHoro (npaofipereaaoro) B

paxxax

peaJIH3aUHH HHBeCTHUHOHHoro npoexra HMymeCTBa opraaaaa UHH, npenaaanaseaaoro ,ZJ;JIH 3KCnJIyaTaUHH ,ZJ;pyrHMH JIHUaMH H nepenaanoro B apenay HJIH aaoe B03Me3,ZJ;Hoe nOJIb30BaHHe, npa yCJIOBHH, 'ITO 06beM HHBeCTHUHH B yxaaanaoe HMymecTBo

.

. qeHb He06xo,ZJ;HMbIX ,ZJ;JIH 3TOro ,ZJ;oKyMeHToB onpe,ZJ;eJIHIOTCH

aopxa

.. THBHbIM rtpasoasnr aKTOM MMHHHcTpaUHH POCTOBCKOH 06JIaCTH. IJPH 3TOM CpOK 3aKJIIOqeHHH HHBeCTHUHoHHoro aoroaopa He MO:lKeT '"peBbIIIIaTb ceMH KaJIeH,ZJ;apHbIX ,ZJ;HeH co tlHH npe,ZJ;CTaBJIeHHH TaKHX ,ZJ;OKyMeHTOB.

5. Opransr MecTHoro CaMoynpaBJIeHHSI B npenexax CBoeH KOMneTeHUHH

npeasnnaer 140 MJIH py6.; 2) CHH:lKeHHe na xersrpe npOueHTHbIX nymcra CTaBKH HaJIOra aa npn 6bIJIb OpraHH3aUHH B qaCTH CYMMHaJIOra, 3aqHCJUIeMbIX B 06JIaCTHOH 6IO,ZJ;:lKeT: a) nO,ZJ;nyHKT YTpaTHJI CHJIy - B CBH3H C npHHHTHeM 06JIaCTHOro 3aKOHa or 8 HIOHH 2005 r. oN!! 333-3C;

,I

snpaae COBMeCTHO C opraaaua rocynapcraeauoa BJIaCTH POCTOBCKOH 06JIaCTH

ssrcrynars CTOpOHOH

HHBecTHUHoHHoro ,ZJ;orOBopa, onpeae

JIHTb nopsztox H nsrorasie YCJIOBHSI ocymeCTBJIeHHH HHBecTHUHoHHOH ,ZJ;eHTeJIbHOCTH B npeztenax TeppHTopHH COOTBeTCTBYIOmeto MyHHUH nansnoro 06paJoBaHHSI POCTOBCKOH 06JIaCTH.

328

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rAaBa

npw..OlKeH\o1e

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14. Iocynapcraenasre

B CpOKH, YKa3aHHbIe B

rapaHTHH npaa cy6'beKToo HHBeCTHlI,H

\o1HSeCTvll..IIo1SlX

329

aa cefia 06B3aTeJIbCTB no peanaaamra HHBeCTHQHOHHbIX npoexroa

HHBeCTHLlHOHHO~AeSlTeAbHOCTH

CTaTbB

8. 06AaCTHo,;1 3aKOH POCT08CKoI71 06AaCT\o1 «06

CTaTbB

HHBecTHQHo~HOM

noroaope.

15. 3aIIUlTa HHoeCTllII,lrlt

1. B POCTOBCKOH 06JIaCTH rapaarapyercs npenycaorpennas e.nepaJIb

OHHOD ,n;eBTeJIbHOCTH

1. B COOTBeTCTBHH C e,n;epallbHbIMH 3aKOHaMH, HaCTmUUHM 06JIaCTHbIM

HbIM 3aKOHo.naTeJIbCTBOM 3aIQHTa pOCCHHCKHX H HHOCTpaHHbIX HHBe

3aKOHOM H HHbIMH HopMaTHBHbIMH npaBOBbIMH aKTaMH POCTOBCKOH

CTHQHH He3aBHCHMO OT OpM c06cTBeHHocTH H opranaaauaonuo

06JIaCTH rapaHTHpyIOTCB H 06ecnetIHBaIOTcB pOCCHHCKHM H HHOCTpaH

npaBOBbIX OpM aasecropoa,

HbIM HHBeCTopaM, a TaKJKe 'DceM HHbIM cy6'beKTaM HHBecTHQHoHHOH

2. B cnysae

repparopaa POCTOBCKOH 06JIaCTH, He3aBHCHMO OT opraHH3aQHOHHO

.nepJKKH HHBeCTHQHoHHOH ,n;eBTeJIbHOCTH,

BeTCTBHH C HaCTOHIQHM 06JIaCTHbIM 3aKOHOM, a HMeHHO: noasnnator cYIQeCTBYIOIQHe aanoroaue CTaBKH, BBOMT HHbIe nanorn H C60pbI, tIeM

1) pasnue npaaa npa ocYIQeCTBJleHHH HHBeCTHQHoHHOH ,n;eBTeJIbHOCTH H nOJIyqeHHH rocynapcraennoa nOMepJKKH; 2) rJIaCHOCTb H OTKPbITOCTb npouenypu npHHBTHH penreaas 0 npeno

Te,

HBTHB YKa3aHHblX B HaCToBIQeH tIaCTH 3aKOHo,n;aTeJIbHbIX aKTOB, COOT

ynnarsr

caaoynpaaneaas

CTHQHOHI!oro ztorosopa.

Crarsa 16.

06)KaJIOBaHHH B cy.zre6HOM nopaznce peurenan, ,n;eHcTBHH

(6e3.neHcTBHH) opranos noro

BeTcTByIOIQHe OrpaHHtIeHHH He npHMeHBIOTCB B reseaae cpoxa HHBe

COOTBeTcTByIOIQHX

nanoros H C60pOB;

4) npaao

rocynapcraemroa

K HHBeCTHQHOHHbIM npoexrau, BKJIIOtIeHHbIM B peecrp

HHBeCTHQHOHHbIX npoexros (06'beKToB) POCTOBCKOH 06JIaCTH.n0 npn

HCnOJIb30BaHHe nOJIytIeHHbIX ,n;OXO,n;OB OT HH

BeCTHQHH H ,n;eHeJKHblX cpencrs nOCJIe

xoropue .neHcTBOBalIH na MoMeHT 3aKJIIOtIeHHH HHBeCTHQHOHHOro

ztoroaopa, -

CTaBJIeHHH rocynapcraenaoa nOMep)KKH;

3) fiecnpenarcraeaaoe

BJIaCTH, oprauos MeCT

H HX .nOJIJKHOCTHbIX JIHQ;

OTBeTCToeHHOCTb cy6'beKTOO HHBeCTHUHOHHOD ,n;eBTeJIb

HOeTH

1. ITpa

Hec06JIIO,n;eHHH cy6'beKTaMH HHBeCTHQHOHHOH .n~HTeJIbHOCTH

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5) B03MeIQeHHe y6bITKOB, npHtIHHeHHbIX HM B pe3YJIbTaTe He3aKOHHblX

HHBeCTHQHOHHbIMH

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npenycaorpeaasrx

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.neHcTBHH (6e3.neHcTBHB) opraaos rocynapcrsennon BJIaCTH, opra

B COOTBeTCTBHH C e,n;epaJIbHbIM3aKOHo.naTeJIbCTBOM H 3aKJIIOtIeHHbI

HOB MecTHoro caaoynpaaneaas H HX .nOJI)KHOCTHbIX JIHQ, B coorser

MH HHBeCTHQHOHHbIMH

CTBRH C 3aKOHo.naTeJIbCTBOM POCCHikKOH
2. Opransr

6) 3aIQHTa HHBeCTHQHH; 7) .nJIH oCYIQeCTBJIBIOIQero HHBeCTHQHoHHbIH npoexr anaecropa CTa

norosopaxa.

rocynapcraeanoa BJIaCTH POCTOBCKOH 06JIaCTH npa peann

3aQHH rocynapcrseaaux 3aKa30B necyr HMyIQeCTBeHHyIO OTBeTCTBeH HOCTb no CBOHM 06B3aTeJIbCTBaM,

npenycxorpemrsra noroaopaxa

6HJIbHOCTb YCJIOBHH H pe)KHMa, YKa3aHHbIx B HacToHIQeH cran-e,

H cOrJIarneHHBMH, B COOTBeTCTBHH C e.nepaJIbHbIM aaxononarens

rapanrapyercs B rexeaae cpoxa oxynaeuocra HHBeCTHQHOHHOro

CTBOM.

npoexra. I1HocTpaHHbIH mrsecrop nOCJIe ynnarsr

npeztycaorpemrsrx e.nepan:b

rAaBa

6. 3aKAIO'IHTeAbHble nOAO>KeHHSI 17. Baeaemre 0

HbIM H 06JIaCTHbIM 3aKOHo,n;aTeJIbCTBOM HaJIOrOB H C60pOB HMeeT·npa

CTaTbB

BO na csotionaoe HCnOJIb30BaHHe aa reppnropaa POCTOBCKOH 06JIaCTH

1. HaCTOHIQHH 06JIaCTHOH 3aKOH scrynaer B CHJIy no HCTetIeHHH oznroro

,n;eJiCTBHe HaCTOBUI,ero 06JIacTHoro 3aKOHa

LlJIH peHHBeCTHpOBaHHH H 6ecnpenBTCTBeHHbIH nepeson aa npenensr

MeCBQa co .nHH ero OHQHaJIbHOrO ony6JIHKOBaHHH, aa HCKJIIOtIeHHeM

POCCHHCKOH e.nepaQHH .nOXO.nOB, npH6bIJIH H npyrnx npaBOMOtIHO

CT.

nOJIytIeHHbIX .neHeJKHbIX CYMM B HHOCTpaHHOH BaJIIOTe.

3.

rocynapcraeaaoa non npenocraansexoti B COOT

nOJIO)KeHHH KOTOpbIX OrpaHHtIHBaIOT 06'beM

npaBOBbIX OpMH OpM c06cTBeHHOCTH:

2.

npHHBTHB 3aKOHo.naTeJIbHbIX aKTOB POCTOBCKOH 06JIaCTH,

,n;eBTeJIbHOCTH, OCYIQeCTBJIBIOIQHM HHBeCTHQHOHHYIO ,n;eBTeJIbHOCTb na

2.

13 HaCTOHIQerO 06JIaCTlIOrO 3aKOHa. 13 HaCTOHIQero 06JIaCTHoro 3aKOHa scrynaer B CHJIy no HCTe

CTaTbH

MMHHHCTpaQHH POCTOBCKOH 06JIaCTH oCyIQeCTBJIBeT KOHTpOJIb aa

tIeHHH oanoro MecBQa co .nHH ero OHQHaJIbHOrO ony6JIHKOBaHHB, HO

HCnOJIHeHHeM cy6'beKTaMH HHBecTHQHoHHOH .neBTeJIbHOCTH B3BTbIX

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330

npI-1l\OlKeHl-1S1

3. Co AHSI BcrynJIeHHSI B CHJIy HaCTOSlmerO 06JIaCTHOrO 3aKOHa npaanars

YTpaTHBillHMH CHJIy:

1) 06JIaCTHOH 3aKOH OT 4 ¢'eBpaJISI 1998 r. NQ 66-3C HHBecTHllHoHHOH AeSlTeJIbHOCTH

aa repparopna

.0 rroaztepaoce

POCTOBCKOH 06

JIaCTHi>; 2) 06JIaCTHOH 3aKOH OT 40KTSl6pSl 2000 r.

oN!

107-3C .0 BHeceHHH

H3MeHeHHH H AOnOJIHeHHH B 06JIaCTHOH 3aKOH "0 HHBecTHllHOHHOH AeSlTeJIbHOCTH

aa repparopaa

uonaepaoce

POCTOBCKOH 06

JIaCTH"i>; 3) 06JIaCTHOH 3aKOH OT 24 ceHTSl6pSl2001

r. NQ 171-3C.0 BHeceHHH

H3MeHeHHH H AOnOJIHeHHH B n. 4 CT. 9 06JIaCTHoro 3aKOHa "0 nOA

ztepaoce HHBecTHllHoHHOH AeSlTeJIbHOCTH CKOH 06JIaCTH"i>; , 4) 06JIaCTHOH 3aKOH OT 2 HOSl6pSl 2001

aa repparopaa

r . .N!! 187-3C «0 BHeceHHH

H3MeHeHHH H AOnOJIHeHHH B 06JIaCTHOH 3aKOH "0 HHBecTHllHoHHOH AeSlTeJIbHOCTH

POCTOB

na repparopaa

nozmepxxe

POCTOBCKOH 06

cee« A. 3.,

JIaCTH"i>; 5) 06JIaCTHOH 3aKOH OT 18 ceHTSl6pSl2002r. NQ 268-3C.OBHeceHHH H3MeHeHHH H AOIIOJIHeHHH B Q6JIaCTHOH 3aKOH '''0 HHBecTHllHoHHOH AeSlTeJIbHOCTH

na repparopna

KOfl'-lUHa

O. A.

nonMTMKa MYHM~MnanbHoro 06paaoBaHMR

MHBeCTM~MOHHaR

nonnepxxe

POCTOBCKOH 06

JIaCTH"i>;

YI.t86H08 noco6M8

6) 06JIaCTHOH 3aKOH OT 10 AeKa6p~ 2002 r .

.N!! 283-3C <10 BHeceHHH H3MeHeHHH H AOIIOJIHeHHSI B 06JIaCTHOH 3aKOH "0 nonnepxxe HH BecTHllHoH;HOH .n;eSlTeJIbHOCTH na repparopaa POCTOBCKOH 06JIac TH"i>;

7) 06JIaCTHOH 3aKOH OT 15 xapra 2004 r.,NQ 93-3C .0 BReceHHH H3 MeHeHHH B 06JIaCTHOH 3aKOH "0 nozztepaoce HHBecTHllHoHHOH AeSlTeJIbHOCTH na TeppHTOpHH POCTOBCKOH 06JIaCTH"j>.

A. ToncmUK06 E. Ea3QH06

3l11lCJlYlOlIUIit pe.l1l1KUHeit PyKoBO,llHtenb npoexra

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Be,ayundi penaerop

K. Pad3e6U'I E. fla6JI06U'I. 10. 1(e:caH06U'I

XY.l10lKHHk KOppelCTOPbI Beperxa

IIOJl/lHC8HO B nesars 10.07.09.

O. MaxnUHQ

6Ox90/16. Yen. n. JI. 21. THJl8lK 1500 31C1.

3sK83 N!! 1000.

000 «JIHAep». 194044, CBHI
o6mcpoccHilcKHil KlIBCCHljlHIClI'I'OP npollyxl\IIH OK 005-93, TOM 2;

95 3005 - JlHTePlITyp8 y'fe6HaJI.

HBJlOroB8ll11broTB -

OmC'fllT8HO C rOTOBblX IIHan03HTHBOB B

000 «THnorpaljlHJI ITpaB,!1ll 1906».

195299,C8HKT·ITcrep6ypr, KHpHwcKBJI yn., 2.

TCJI.: (812) 531-20-00,531-25-55

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