CONTENTS

Volume 12, 2003

Investment CLIMATE

Natalia VORONINA. Mineral resources exploitation taxes as a factor forming investment climate

The taxation in a transition economy with considerable mineral resources must imply a wide variety of legal tools because the mine and oil exploitation projects contain necessary estimates of expected tax revenues. The resource lease taxes might be a fiscal element but they can not make a basic source of the mineral extraction revenues. Regardless of all reasoning against the use of state capital, to fund the stock capital a bearing interest is preferred to an operating one.

Investment MARKET

Yuri ERSHOV. Russia’s place in the future world energetic

Russia’s fuel and power complex is the basic and system forming industry in the national economy. Therefore it is of vital importance to foresee the world market need in Russian energy resources and the trends of the world industry power consumption.

Victor MOSKVIN. Errors of investment project quality management

Faults are inherent in practically any investment project but their gravity differs in consequences, which must be determined by project analysis.

Mikhail ELIZAVETIN. The structure of foreign investment influx in Russia

Since 2000 a trend has been outlined of the foreign capital influx steadily growing by 4-5 billion USD a year. However a yearly sum of direct investment remains practically unchanged about 4 billion. The paper describes the factors affecting the dynamics and structure of the foreign investment in Russia.

Vladislav BABANIN. Offshore business influence on development of Russia’s regions economy

The great offshore business tycoons operating in the Russian market rather serve the needs of their clients than help Russian natural and juridical persons to set up offshore companies. Thus it is hard for the control bodies to detect the capital drain abroad and deliberately understated tax payments from the businesses employing professional consultants on tax and finance planning. Although some Russian enterprises managed to survive and strengthen their financial position due to sophisticated offshore projects.

Investment TECHNOLOGIES

Leonid RATKIN. Particular development of information systems for attracting investment in defense industries

Beside the requirements of keeping closed and confidential information there are specific features of structuring and presenting data.

Vladislav ZHEMCHUZHNIKOV, Alexei PETROV. Optimum strategy and tactics of investment planning in a holding company

The stages of strategic planning and operative tactical management of a holding investment program, and recommendations on optimizing financial and investment decisions at every particular stage.

Innovation

Gennadi ZINCHENKO. The management vector of the mono-production model of a national economy development

The state policy essence and objectives. Main lines of the macroeconomic policy. The formal mono-production model of national development. The macroeconomic policy vector in a digital mono-production model of the Russian economy in 1995.