Е. В. Дмитриева
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●Прочитайте и переведите текст. INVESTMENT INVESTMENT: 1. Expenditure on the purchase of financial securities such as stocks and shares. Also called financial investment. Portfolio investment is undertaken by persons, firms and financial institutions in the expectation of earning a return in the form of interest or dividends, or an appreciation in the capital value of the securities. 2. Сapital expenditure on the purchase of physical assets such as plant, machinery and equipment (fixed investment) and stocks (inventory investment), i.e., physical or real investment. In economic analysis, the term investment relates specifically to physical investment. Physical investment creates new assets thereby adding to the country's productive capacity, whereas financial investment only transfers the ownership of existing assets from one person or institution to another. Investment requires that an amount of current consumption is foregone (i.e., saved) so as to release the resources to finance it, Investment expenditure is a component of aggregate demand and an injection into the circular flow of national income. In national income analysis, investment in the provision of social products such as roads, hospitals and schools undertaken by the government is counted as part of government expenditure; thus, investment expenditure is normally defined as consisting only of private sector investment spending. Investment can be split up into gross and net investment: (a) gross investment is the total amount of investment that is undertaken in an economy over a specified time period (usually one year); (b) net investment is gross investment less replacement investment or capital consumption, i.e., investment which is necessary to replace that part of the economy's existing capital stock which is used up in producing this year's output. The amount of fixed investment undertaken is dependent on a number of factors other than capital consumption considerations. In national income analysis, the marginal efficiency of capital/investment 2nd the interest rate are important determinants of the level of investment. 99 The marginal efficiency of capital/investment itself is dependent upon business confidence and expectations about future demand levels and therefore plant utilization. The volatility of business expectations in the short run means that planned levels of fixed investment can vary significantly over time, leading to large changes in the demand for capital goods, that is, large fluctuations in the investment component of aggregate demand leading to larger fluctuations in output and employment through the multiplier effect. Similar considerations apply to inventory investment with stock levels being increased or decreased over time with changing business expectations. The long-term significance of investment lies in the contribution it makes to economic prosperity. Building new factories, adding new machinery and equipment, and investing in new techniques and products enables industry to supply a greater quantity of more sophisticated products and services to the consuming public, while similar investments in the provision of social capital (schools, health, etc.) contribute vitally to the up-grading of general living standards. At the micro-level a firm's investment decisions depend upon the profitability or cash flow implications of particular investment projects and are considered as part of its capital budgeting procedures. жүктеу/скачать 1,01 Mb. Достарыңызбен бөлісу:
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