CONTENTS

Volume 9, 2003

Investment CLIMATE

Yuri ERSHOV. Reforming the investment climate in Russia: major facets of the legislative base

Sufficient investment in Russia provides the base for extended reproduction, economic reform, and the pledge of people’s prosperity. The author considers the current state of investments in the country and the ways to mend the extremely adverse situation.

Vladimir SAVIN. China’s legislation on foreign investment as compared to our reality

The CPR legislative acts on foreign investment. The principles of this legislation, its specific features.

Investment MARKET

Victor MOSKVIN. Ensuring quality of the rapidly developing production when entering the market

It is important for professional investors and bankers to understand the efficiency of quality control in an investment project they are going to finance, otherwise they run the risk of financial failure.

Boris SAFRONOV, Boris MELNIKOV, Anastasia SHKURENKOVA, Valentina MARKOVSKAYA. Investment market: the situation in the 1^st quarter 2003

The first three months of 2003 had seen a much higher rate of investment growth than in the same period of 2002, due to the better financial situation in the industries and the greater investment opportunities in the export oriented industries.

Investment TECHNOLOGIES

Rudolf BLACHYOV. Optimum terms and sizes of investment credit repayments

The investment project efficiency can be increased by the choice of optimum credit repay terms. This choice is based on the analysis of the project and credit parameters.

Irina NIKONOVA, Ravil SHAMGUNOV. The project efficiency: count in the same and right way!

The efficiency of projects is often calculated in different algorithms using different structures of money channels. There is no a common view on the objective formulation and on the choice of discount rates. The authors offer the formulation of typical objectives for assessing the investment project efficiency, and the appropriate money channels and discount rates.

Innovation

Alexandr DEVITAIKIN, Alexandr POPOV, Volemir SMOLYARENKO. Scientific organization as an element of the national innovation system

The current post-industrial development process, i. e. transition from the raw material economy to the knowledge based economy calls for a national innovation system and a national innovation policy which are necessary for establishing the innovation economy and pursuing the said policy.