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THEORETICAL APPROACHES TO DETERMINING THE SOURCES OF DOMESTIC CORPORATIONS PRODUCTION INVESTMENT

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Author(s): N. Klimova

Journal: Economics of Development
ISSN 1683-1942

Volume: 67;
Issue: 3;
Start page: 114;
Date: 2013;
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Keywords: investment activity | investment resources | investment strategy | depreciation expenses | corporation

ABSTRACT
The main problem that necessitates the revival of investment in joint stock companies is unsatisfactory condition of fixed assets of enterprises. The low rate of production capacity renewal in recent years has even become slower; the equipment wear rate is 4 – 5 times lower than in the industrialized countries. In addition to these points, one should consider a significant qualitative lag of domestic technologies in comparison with the world analogues.The purpose of this research is the generalization and improvement of the existing approaches to the formation of motivations system of domestic corporations production investing and the development of corporation investment strategy. The subject of the work is the system of motivations of production investing, formation of which will be provided by the unique complex influence on the investment activity of domestic corporations.All the directions and forms of investment activity of corporations are carried out due to the investment resources. Forming the investment resources strategy is the important component of financial strategy of a corporation.Among the domestic sources of investment financing, the main element is profit, or rather the part that remains at the disposal of the corporation after payment and settlement with shareholders. Another important source is depreciation. Their size depends on the amount of assets of the corporation and depreciation reserved.Under the conditions of the developed financial market the important source of the external financing is emission of own securities (stocks and bonds).Another motivational factor of bringing in of long-term fund raising can be the use of leasing. Leasing, as a source of investment resources has certain advantages in comparison with other forms of investing.The important sources of capital for productive investment are the foreign investments. In author's opinion, it is possible to increase the investment attractiveness of Ukrainian joint stock companies, by improving the legal, economic and information mechanism of investment activities.Consequently, characterizing the system of motivations of the production investing of stock associations it should be noted that the considerable part of capital is generated by an enterprise itself due to the depreciation reserves, others act due to a capital issue under the concrete investment programs and projects, bringing in the investment funds, resources insurance companies, commercial banks, non-standard methods of financing of investment activity.
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