Бизнес-планирование. Учебник для бакалавров

1)the act of putting money, effort, time, etc. into some- thing to make a profit or get an advantage or the money, effort, time, etc. used to do this: The government wanted an inflow of foreign invest- ment. | Stocks are regarded as good long-term investments. |

The account requires a mini- mum investment of € 1,000. | There ‘s been a significant in- vestment of time and energy in order to make the project a success;

2)the act of putting money or effort into something to make a profit or achieve a result;

3)the act of putting money into a business to buy new stock, machines, etc. or a sum of money that is invested in a business in this way;

4)the act of buying shares, bonds, property, etc. in order to make a profit;

5)an amount of money that you invest in something.

Commentary

Types of investments

The term investment is used differently in economics and in finance. Economists refer to a real investment (such as a machine or a house), while financial economists refer to a financial asset, such as mon-

ey that is put into a bank or the market, which may then be used to buy a real asset.

Business Management

The investment decision (also known as capital budgeting) is one of the fundamental decisions of business manage- ment: managers determine the assets that the business enterprise obtains. These assets may be physical (such as buildings or machinery), intangible (such as patents, software, goodwill), or financial (Vid below). The manager must assess whether the net present value of the investment to the enterprise is positive; the net present value is calculated us- ing the enterprise’s marginal cost of capital.

A business might invest with the goal of making profit. These are marketable securi- ties or passive investment. It might also invest with the goal of controlling or influencing the operation of the second company, the investee. These are called intercorporate, long-term and strategic invest- ments. Hence, a company can have none, some or total con- trol over the investee’s strate- gic, operating, investing and financing decisions. One can

control a company by owning over 50 % ownership, or have the ability to elect a majority of the Board of Directors.

Economics

In economics, investment is the production per unit time of goods which are not consumed but are to be used for future production. Examples include tangibles (such as building a railroad or fac- tory) and intangibles (such as a year of schooling or on-the- job training). In measures of national income and output, gross investment I is also a component of Gross domes- tic product (GDP), given in the formula GDP=C+I+G+NX, where C is consumption, G is government spending, and NX is net exports. Thus investment is everything that remains of production after consumption, government spending, and exports are subtracted.

I is divided into non-residential investment (such as factories) and residential investment (new houses). Net investment deducts depreciation from gross investment. It is the value of the net increase in the capital stock per year.

Investment, as production over a period of time (“per year”), is not capital. The time dimension of investment makes it a flow. By contrast, capital is a stock, i. e. an ac- cumulation measurable at a point in time (say December 31st).

Investment is often modeled as a function of Income and

Interest rates, given by the re- lation I = f(Y, r). An increase in income encourages higher investment, whereas a higher interest rate may discourage investment as it becomes more costly to borrow money. Even if a firm chooses to use its own funds in an investment, the interest rate represents an opportunity cost of investing those funds rather than loaning them out for interest.

Finance

In finance, investment=cost of capital, like buying securi- ties or other monetary or pa- per (financial) assets in the money markets or capital markets, or in fairly liquid real assets, such as gold, real estate, or collectibles. Valuation is the method for as- sessing whether a potential investment is worth its price.

Returns on investments will

follow the risk-return spec- trum.

Types of financial investments include shares, other equity investment, and bonds (including bonds denominated in foreign currencies). These financial assets are then ex- pected to provide income or positive future cash flows, and may increase or decrease in value giving the investor capital gains or losses.

Trades in contingent claims or derivative securities do not necessarily have future posi- tive expected cash flows, and so are not considered assets, or strictly speaking, securi- ties or investments. Neverthe- less, since their cash flows are closely related to (or derived from) those of specific securi- ties, they are often studied as or treated as investments.

Investments are often made indirectly through intermedi- aries, such as banks, mutual funds, pension funds, insurance companies, collective investment schemes, and investment clubs. Though their legal and procedural details differ, an intermediary generally makes an investment using money from many individu-

als, each of whom receives a claim on the intermediary.

Personal finance

Within personal finance, mon- ey used to purchase shares, put in a collective investment scheme or used to buy any asset where there is an element of capital risk is deemed an in- vestment. Saving within per- sonal finance refers to money put aside, normally on a regu- lar basis. This distinction is important, as investment risk can cause a capital loss when an investment is realized, un- like saving(s) where the more limited risk is cash devaluing due to inflation.

In many instances the terms saving and investment are used interchangeably, which confuses this distinction. For example, many deposit accounts are labeled as investment ac- counts by banks for marketing purposes. Whether an asset is a saving(s) or an investment depends on where the money is invested: if it is cash, then it is savings, if its value can fluc- tuate, then it is investment.

Real estate

In real estate, investment is money used to purchase property for the sole purpose of holding or leasing for income

and where there is an element of capital risk. Unlike other economic or financial invest- ment, real estate is purchased. The seller is also called a Ven- dor and normally the purchaser is called a Buyer.

Residential real estate

It is the most common form of real estate investment as it includes the property purchased as other people’s houses. In many cases the Buyer does not have the full purchase price for a property and must en- gage a lender such as a Bank,

Finance company or Private Lender. Herein the lender is the investor as only the lender stands to gain returns from it.

Different countries have their individual normal lending levels, but usually they will fall into the range of 70–90 % of the purchase price. Against other types of real estate, residential real estate is the least risky.

Commercial real estate

Commercial real estate is the owning of a small building or large warehouse a company rents from so that it can conduct its business. Due to the higher risk of Commercial real estate, lending rates of banks and other lenders are lower

and often fall in the range of

50–70 %.

investor n someone who commits capital in order to gain financial returns

Investor Protection Act of 2002 Vid Sarbanes-Oxley Act, the abbrev. SOX

invisible balance noun phrase the difference in value over a period of time of a country’s imports and exports of services and payments of property incomes

IPPF, the abbrev. Vid International Professional Practices

Framework, the

IR abbrev. Vid inherent risk noun phrase

IRS ­abbrev. AmE Vid Internal

Revenue Service AmE

IS, a. I/S abbrev. Vid income statement noun phrase

ISA, the abbrev. Vid International Standards on Auditing, the

noun phrase sing. & pl.

J

95

Jj

judgement, judgment

J abbrev. Vid judgement n BrE, judgment n AmE

jack-of-all-trades n someone who can do many different types of work, but who often is not very skilled at any of them

JH abbrev. Vid job hunter noun phrase in: jobseeker n

JobHero n established in 2014, it has developed a career re- source website dedicated to helping job seekers land highquality jobs; Jobhero also pro- vides a variety of job specific cover letters and other tools and resources to help jobseek- ers.

jobseeker, a. job-seeker n, job seeker noun phrase BrE fml abbrev. JS syn.: job hunter noun phrase abbrev. JH

someone who does not have a job and is looking for one

JS abbrev. Vid jobseeker, a. job-seeker n, job seeker noun phrase

joint venture noun phrase abbrev. JV a business activity begun by two or more people or companies working togeth- er

judgement n BrE, judgment n AmE abbrev. J

1) an opinion that you form, esp. after thinking carefully about something: pass judge- ment (on sth)=(give your opinion, esp. a negative one); 2) the ability to make sensible decisions about what to do and when to do it;

3) L an official decision given by a judge or a court of law

junior auditor(s) noun phrase sing. & pl. those who make it possible to assess the finan- cial situation of the company:

The junior auditor provides con- trol and analysis to verify the regularity of a company’s ac- counts. | cf. senior auditor(s) noun phrase sing. & pl.

junk mail noun phrase letters esp. advertisements, that are sent by organizations to large

numbers of people — used to show disapproval

just-in-time adj M Tech. if goods are produced or bought using a just-in-time system, they are produced or bought just before they are needed so that the company does not have to store things for a long time.

JV abbrev. Vid joint venture noun phrase

know

Kk

know n in the know noun phrase infml having more information about something than most people

know-all n BrE, know-it-all n AmE infml someone who be- haves as if they know every- thing — used to show disap- proval

know-how n infml knowledge, рractical ability, or skill to do something

knowledge n 1) the informa- tion, skills, and understanding that you have gained through learning or experience;

2) when you know about a particular situation or event, or the information you have about it: safe/secure in the knowledge that |, be common/ public knowledge (=be known about by everyone), | to (the best of) sb’s knowledge (=used

to say that someone may not know the true facts), | a work- ing knowledge of sth (=enough knowledge of a system, sub- ject, language, etc. to be able to use it or to do a particular job)

KPMG abbrev. Vid Klynveld

Peat Marwick Goerdeler in:

KPMG International Limited

KPMG Europe LLP KPMG’s

member firms in the United

Kingdom, Germany, Swit- zerland, and Liechtenstein merged to form KPMG Europe

LLP in October 2007; these member firms were followed by Spain, Belgium, the Netherlands, Luxembourg, CIS,

Turkey, Norway, and Saudi

Arabia.

KPMG International Limited abbrev. KPMG an AngloDutch multinational profes-

sional services network and one of the Big Four accounting organizations; headquartered in Amstelveen, the Netherlands, although incorporated in the United Kingdom, KPMG is a network of firms in 147 countries, with over 219,000 employees and has three lines of services: financial audit, tax, and advisory. The name

“KPMG” stands for “Klynveld

Peat Marwick Goerdeler”. It was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.

In 2020 KPMG International Limited was incorporated in London, England. In February

2021, KPMG UK appointed its first female leaders (Bina Mehta, Mary O’Connor).

last-in-first-out n abbrev. LIFO n a method of inventory ac- counting in which the most recently acquired items are as- sumed to have been the first sold;inaperiodofrisingprices, this method yields a lower end- ing inventory, a higher cost of goods sold, a lower gross profit

(assuming constant price), and a lower taxable income.

lease n 1) L a contract by which property is conveyed to a per- son for a specified period, usu- ally for rent;

2) L the instrument by which such property is conveyed; 3) L the period of time for which it is conveyed

lease v 1) to grant use or occu- pation of under the terms of a contract;

2) to get or hold by such a contract

ledger balance noun phrase

1) Bank it is computed by a bank at the end of each business day and includes all withdrawals and deposits to calculate the total amount of money in a bank account.

Commentary

The ledger balance is the opening balance in the bank account the next morning and remains the same all day. The ledger balance is also referred to as the current balance and is different than the available balance in an account. If you log into your online banking, you may see your current bal- ance — the balance at the be- ginning of the day — and the available balance, which is the aggregate amount at any point during the day.

2) Bank & ACCT it is used in the reconciliation of book bal- ances.

lend v 1) a/ to give or allow the use of temporarily on the condition that the same or its equivalent will be returned; b/ to provide (money) temporarily on condition that the amount borrowed be returned, usually with an inter- est fee;

2) to contribute or impart:

Books and a fireplace lent a feel- ing of warmth to the room.;

3) to accommodate or offer (itself) to; be suitable for: The Bible lends itself to various interpretations.

lender n someone who lends money or gives credit in business matters

lending verbal noun disposing money or property with the expectation that the same thing (or an equivalent) will be returned

levy n 1) the act of imposing and collecting a tax, tariff, etc.;

2) the money so raised

levy v 1) to impose and collect (a tax, tariff, fine, etc.);

2) L to seize or attach (prop- erty) in accordance with the judgement of a court

liability n pl. liabilities 1) the state of being liable;

2) a/ something for which one is liable; an amount of money in a company that is owed to someone and has to be paid in the future, such as tax, debt, interest, and mortgage pay- ments;

b/ pl. the financial obligations entered in the balance sheet of a business enterprise; busi- ness obligations incurred but not discharged and entered as claims on the assets shown on the balance sheet;

3) something that holds one back; a handicap

lien n the right to take and hold or sell the property of a debt- or as security or payment for a debt or duty

LIFO abbrev. Vid last-in-first- out n

limited audit noun phrase an audit of limited scope (lim- ited in time span or confined to particular accounts, etc.)

liquid assets noun phrase pl. assets including coins and pa- per money, bank deposits and some kinds of securities