Home  Journals  Regional Economics: Theory and Practice  37(364) - 2014 October

Trends of the enterprises' investment activities in capital investments and the prospects in the economically underdeveloped regions

Available online: 8 October 2014

Subject Heading: INVESTING

JEL Classification: 

Pages: 22-28

The article states that an investment breakthrough as the result of well-defined investment policy of the State, reflecting its active participation in an investment process serves as the most important condition for the sustainable economic growth of production modernization of the Russian Federation. The authors point out that the study of the most important problems of the Russian economic development leads to an assumption that they are mainly associated with an investment field. The tax stimulation of investment activities as one of the main directions requires an improvement of the Russian Federation investment climate in the areas as follows: introduction to the tax laws of the new categories of taxpayers represented by the participants of an investment project within the territory of the North Caucasus Federal District; introduction of a special tax regime for solving of complex of problems of the taxation of investment activities, which is successfully used in a number of developing countries; introduction of technical innovation of the special economic zones with the provision of a significant number of tax benefits. The article presents an analysis of the structure of financial resources invested in the fixed assets of the Russian Federation and in the territorial subjects of the North Caucasus Federal District. At the same time, the authors emphasize that the share of invested equities is lagging behind of the share of borrowed funds. At the same time, the share of the amortization fund, which is invested in the fixed capital, is lagging behind an accumulated depreciation funds and the authors make adequate conclusions in this regard. The authors recommend the form of the State participation in an investment process to be applied in Russia, since its successful usage is widespread in the United States, and also they encourage the private investment through the tax mechanism in conjunction with the depreciation policy. The paper also substantiates the need of increasing an equity capital of an enterprise in an investment structure of fixed capital. The authors emphasize that the made analysis has demonstrated that, despite the increased possibilities of an economy, less than 20% of the profit is invested in fixed capital. Furthermore, the paper identifies that the amounts of depreciation funds invested in fixed capital lag behind of the amount of the accrued depreciation.

Keywords: investment activity, capital investment sphere, production, modernization, fixed capital, depreciation funds, tax regulation, tax incentive mechanism, balanced financial result

References:

1. Aliev B.Kh., Abdulgalimov A.M., Aliev M.B. Teoriya i istoriya nalogooblozheniya: ucheb. posobie [Theory and history of taxation: a textbook]. Moscow, Vuzovskii uchebnik Publ., 2008, 240 p.
2. Akhmeduev A.Sh., Rabadanova A.A. Strategicheskoe planirovanie i upravlenie razvitiem ekonomiki regionov Severo-Kavkazskogo federal'nogo okruga [The strategic planning and management of economic development of the North Caucasus Federal District regions]. Vestnik Dagestanskogo nauchnogo tsentra RAN – Bulletin of Dagestan Scientific Center of RAS, 2010, no. 39, pp. 99–106.
3. Alimirzoeva M.G., Aliev B.Kh., Dzhafarova Z.K. Investitsionnyi protsess i ego vliyanie na ekonomiku Respubliki Dagestan [An investment process and its influence on the Republic of Dagestan economy]. Regional'naya ekonomika: teoriya i praktika – Regional economics: theory and practice, 2013, no. 5, pp. 2–8.
4. Dadashev A.Z. O stimuliruyushchem potentsiale nalogovoi politiki [On the stimulating potential of tax policy]. Ekonomist – Economist, 2009, no. 8, pp. 45–50.
5. Zhukov E.F. Samofinansirovanie pri kapitalizme: teoriya i praktika [Self-financing under capitalism: theory and practice]. Moscow, Finansy i statistika Publ., 1990, 160 p.
6. Isaev E.A. Modernizatsiya regional'nykh finansov [Modernization of regional finances]. Moscow, RANEPA Publ., 2009, 222 p.
7. Tatuev A.A., Nagoev A.B., Gergova Z.Kh. Prioritety modernizatsii ekonomiki Severo-Kavkazskogo federal'nogo okruga: monografiya [Priorities of modernization of the economy of the North Caucasus Federal District: a monograph]. Moscow, Kreativnaya ekonomika Publ., 2012, 272 p.
8. Panskov V.G. Nalogi i nalogooblozhenie: teoriya i praktika [Taxes and taxation: theory and practice]. Moscow, Yurait Publ., 2012, 680 p.
9. Sokolov M. Rol' amortizatsii v nakoplenii [The role of depreciation in the accumulation]. Ekonomist – Economist, 2010, no. 7, pp. 36–57.
10. Sovershenstvovanie institutsional'nykh i finansovykh mekhanizmov formirovaniya i realizatsii investitsionnoi politiki gosudarstva: monografiya [An improvement of institutional and financial mechanisms of formation and realization of the State investment policy: a monograph]. Moscow, Financial University Publ., 2013, 248 p.
11. Suleimanov M.M., Aliev B.Kh. Regional'naya nalogovaya politika v determinantakh protsessov detsentralizatsii [Regional tax policy in determinants of decentralization processes]. Ekonomicheskii analiz: teoriya i praktika – Economic analysis: theory and practice, 2013, no. 40, pp. 47–52.
12. Ekonomika nalogovykh reform: monografiya [Economics of tax reforms: a monograph]. Kiev, Alerta Publ., 2013, 432 p.

View all articles of issue

ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 22, Iss. 4 April 2024

Archive