1.2 Features of financial investments management .

Taking into account features and forms of financial investment management by it at the enterprise will be organized.

Management of financial investments of the enterprise represents system of the principles and methods of providing a choice of the most effective financial instruments of capital investments and its timely reinvestment.

Management of financial investments is subordinated to the general investment policy of the enterprise and directed on achievement of its investment purposes.

Management of financial investments of the enterprise is carried out on the following main stages:

Figure - 3.

Note – Done by author based on [2]

1 .The analysis of financial investment condition in the previous period. Main objective of carrying out such analysis is studying of tendencies of dynamics of scales, forms and efficiency of financial investment at the enterprise in a retrospective.

At the first stage of the analysis the total amount of investment of the capital in financial assets is studied, rates of change of this volume and specific weight of financial investment in a total amount of investments of the enterprise in preplanning period are defined.

At the second stage of the analysis the main forms of financial investment, their ratio, an orientation on the solution of strategic problems of development of the enterprise are investigated.

At the third stage of the analysis the structure of concrete financial instruments of investment, their loudspeaker and specific weight in a total amount of financial investment is studied.

At the fourth stage of the analysis level of profitability of separate financial instruments and financial investments as a whole is estimated. It decides as the relation of the sum of income gained in different forms on separate financial instruments (on its adjustment on an inflation index), to the sum of the means invested in them. Level of profitability of financial investments of the enterprise is compared with the average level of profitability in the financial market and level of profitability of own capital.

At the fifth stage of the analysis the risk level of separate financial instruments of investment and their portfolio as a whole is estimated. Such assessment is carried out by calculation of coefficient of a variation of gained investment income for a number of the previous reporting periods. The calculated risk level is compared with level of profitability of an investment portfolio and separate financial instruments of investment (compliance of these indicators to a market scale "profitability risk").

At the sixth stage of the analysis level of liquidity of separate financial instruments of investment and their portfolio as a whole is estimated. The assessment of this indicator is made on the basis of calculation of coefficient of liquidity of investments for date of carrying out the analysis (in the last reporting period). The calculated level of liquidity is compared with level of profitability of an investment portfolio and separate financial instruments of investment.

The carried-out analysis allows to estimate the volume and efficiency of a portfolio of financial investments of the enterprise in the previous period.

2 .Defining of financial investment volume in the forthcoming period.

This volume at the enterprises which aren't institutional investors, usually small and is defined by the size of the available financial means presorted for implementation of the forthcoming real investments or other expenses of future period. Borrowed funds to financial investment of the enterprise usually aren't raised (except for the separate periods when level of profitability of securities significantly surpasses level of a rate of percent for the credit).

A certain volume of financial investment is differentiated in a section long and the short-term periods of its implementation. The volume of long-term financial investment is defined in the course of the solution of problems of effective use of investment resources for implementation of real investment projects, the insurance and other trust funds of the enterprise formed on a long-term basis. Volume of short-term financial investment is defined in the course of the solution of problems of effective use of temporarily free rest of monetary assets (as a part of working capital of the enterprise), formation of positive and negative cash flows formed in connection with unevenness.

3 .Choice of financial investment forms . Within the planned volume of the financial funds allocated for these purposes, the concrete forms of this investment considered above are defined. The choice of these forms depends on character of the tasks solved by the enterprise in the course of the economic activity.

The solution of strategic problems of development of operating activities is connected with a choice of such forms of financial investment, as capital investments in authorized capitals of joint ventures and acquisition of a controlling stake of the separate companies representing strategic interest for diversification of this activity.

The solution of problems of a gain of the capital in long-term the period is connected, as a rule, with its investments in the long-term share and monetary instruments which predicted profitability taking into account a risk level satisfies the investor.

The solution of problems of obtaining the current income and anti-inflationary protection of temporarily free monetary assets is connected, as a rule, with a choice of short-term monetary or debt share instruments of investment, real which level of profitability isn't lower than the developed rate of return on the invested capital (the corresponding scale "profitability risk").

4 .Assessment of investment qualities of separate financial instruments.

Methods of such assessment are differentiated depending on types of these tools; as the main indicator of an assessment level of their profitability, risk and liquidity acts. In the course of an assessment the factors defining investment qualities of different types of financial instruments of investment — actions, bonds, deposit deposits in commercial banks, etc. are in detail investigated. In system of such analysis the assessment of investment appeal of branches of economy and regions of the country in which this or that issuer of securities carries out the economic activity receive reflection. An important role in the course of an assessment is played also by character of the address of these or those financial instruments of investment in the organized and unorganized investment market.

5.Forming of financial investments portfolio. This formation is carried out taking into account an assessment of investment qualities of separate financial instruments. In the course of their selection in a formed portfolio the following major factors are considered: type of a portfolio of the financial investments, formed according to its priority purpose; need of diversification of financial instruments of a portfolio; need of ensuring high liquidity of a portfolio and others. The special part in formation of a portfolio of financial investments is assigned to ensuring compliance of the purposes of its formation to strategic objectives of investment activity as a whole.

The portfolio of financial investments created taking into account stated factors has to be estimated on a ratio of level of profitability, risk and liquidity to be convinced that in the parameters it corresponds to that type of a portfolio which is determined by the purposes of its formation. In need of strengthening of focus of a portfolio in it necessary amendments are introduced.

6 .Ensuring effective operational management of financial investments portfolios. At essential changes of an environment of the financial market investment qualities of separate financial instruments decrease. In the course of operational management of a portfolio of financial investments its timely restructuring for the purpose of maintenance of target parameters of its initial formation is provided.

Thus, in the course of implementation of management by financial investments key parameters of investment activity of the enterprise in this sphere and its major criteria are defined.