One
understands investment in the economiceconomics literature generally by investment, briefly <math> I< /math>, the “use of financial means” (Wöhe) or the plant of capital in fortunes. It is part of the operational process. In the broader sense belong to it beside short termPlants also investments into securities. The term is more closely calm and most common with long-term material assets. As long-term can be regarded thereby if means of production outlast the current financial year. Investments cover thereby a wide range from real estates overBusiness vehicles and machines up to the office equipment and can be transacted by public like also private enterprises.
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management economics
as investment in the sense of the management economics apply the acquisition of on a long-term basis usable means of production. Capital goods are taken up in the balance to the fixed assets and are thus considered as object of value in the possession of the enterprise. Capital goods become over thatexpected period of use copied (see writing-off).
For example a business vehicle in the value of 30.000 euro can be purchased. For this if a use of five years is planned, 6000 euro can be taken off from the yields as writing-off in each year. Thusnot already result the total costs in the balance in the first year, but become even (in this case linear contrary to the progressive writing-off and/or. degressive writing-off) over the entire service life distributes.
Investment and financing are considered as two differentSides the same medal, since each investment must be against-financed also accordingly.
classification
fundamental investments are differentiated according to the thes subject of the investment. Beyond that also still leaves itself after this rough subdivision after establishment, net,Gross and extension investments differentiate:
Article:
- Expenditures on capital assets: Traditionally frequently buildings and properties are mentioned; up-to-date also in art
- immaterial investments: Bspw. Licenses, patents, generally available acquired knowledge, F&E (research and development)
- financial investments: Bspw. Shares, loans, participation
further classification:
- Establishment investments: To the establishment resulting investments
- gross investments: Sum of spare and net investments
- net investments: Effective new investments, investments after departure of the writings-off, those for the financing of the replacement of the wear of the existing production plants serve
- replacements of investments: Investment for replacementof itself in the production process of wearing out capital goods
- reinvestments: By wear or technical progress resulting investments, which keep the capacity upright, as this wear is replaced
- extension investments: Investments with the goal, with more means of production and more workers also more of producing
- rationalization investments: Investments with the goal, with the same (or a smaller) quantity of workers or machines more (or equal much) to produce of being able
- than direct investment one designates investments in enterprise participation abroad. Direct investments are a form of the exportation of capital.
decision problem
investments are considered as delicate central decisions in the operational business, since they have frequently long-term strategic meaning. These result from the capital intensity, the long-term capital freeze and thus the heavy reversibility of investments. Problematic is also the time,it needs to an investment is realized (time-lay mentioned) and the information situation (mostly over the future), which leads to uncertainties.
In order to meet statements about the investment situation of an enterprise, there are some financialeconomical characteristic numbers. In addition belong the plant intensity, Supply intensity and investment ratio.
The investment decision is complicated the moreover one by the fact that apart from the pure economic criteria (for example service life, Kapitaleinsatz and profitability), which in the investment calculation are summarized and as decision recommendation prepared frequently further criteria (laws, technical feasibility, interdependences to other ranges) a role play. A new beginning for the determination of the Vorteilhaftigkeit of an investment are the material options, with which an investment with means of the option price theory can be determined.
resuming topics
- investment budgeting
- investment calculation
- Balance characteristic number
- investment assistance
- Leverage effect
- VALUE Investing
political economy
in the political economy both gross asset investments and Vorratsveränderungen are counted to the investments. They are an aggregate of the gross domestic product in the use calculation of the economical Gesamtrechnung
with the gross asset investments act itaccording to the above economical definition of investments around the acquisition of durable means of production by enterprise, private organizations without an acquisition character and public households. For purposes of the economical Gesamtrechnung thereby the acquisitions of housings by private households to the gross plant investments are counted,not however the acquisition of long-lived consumer goods by private households and purely military goods by public households. Also the acquisition of knowledge and abilities is not counted to the investments. The value of the gross asset investments minus the costs of the writings-off results in thatWorth the net asset investments.
Due to the great importance of the investments both and short term market indicator and and regulation reason for the long-term production capacity of a national economy is it one of the tasks of the political economy both the investment behavior of individual economical participants as well as thoseTo explain height of the investments in individual industries or a whole national economy theoretically.
The multiplicator effect of investments, describes after Keynes, around how much subject the income rises, if the investments increase by a certain amount. In an adaptation process createse.g. an investment of 100 millions € a increased national income of 200 millions €. The multiplicator would be in this example then 2,0. In this multiplicator effect Keynes saw the great importance of the investments for the economic situation and for the job market.
Howeverinvestments are inherent in after Keynes also a disadvantage that they increase also the production capacities (capacity effect). The problem of demand lacking is so possibly still strengthened, if investments increase the production capacities. Therefore Keynes spoke itself rather for if possible unproductive nationalOut, somewhat jokeful he spoke demand of the building of pyramids. “Two pyramids are better as one, in contrast to two railway lines from London to York, those not better than a railway line are.” (In practice the governments built certainly nonePyramids, but public expenditures for armament, which is economicalally Verschwendung, it approximates the Keynes conceptions much.) that investments are not only part of the demand, but also the offer capacities to increase and to a over investment crisis in such a way contribute can, in multiplicator accelerator models is mathematically represented.
press statement StBA 8. November 2005
for illustration from a press statement of the Federal Statistical Office (StBA):
“Largest investors were in the year 2004 with 12.2 billion euro again the car manufacturers, the 25% of all industrial investmentsaccomplished. From the previous year (13.1 billion euro) they could achieve their high investment level however not completely. Also the chemical industry invested with 5.2 billion euro less than 2003 (- 14.0%). Other important investors, like the nourishing trade (4.3 billion euro; +3.9%), mechanical engineering (4.2 billion euro; + 2.6%) and the manufacturers of metalworker certifications (2.9 billion euro; + 8.3%), increased however 2004 their investment volume. These five industries together accomplished almost 60% of all industrial investments with approximately 29 billion euro. “
Terms
gross investment net investment gross asset investment building investment equipment investment Vorratsveränderung
in addition:
as well as:
constant capital fixed capital
literature
- trained, Gerd: Investment. Kolhammer publishing house 1999, ISBN of 3-17-015187-8
- peoples Oppitz/peoples Nollau: Paperback economy calculation. Carl Hanser publishing house 2003, 400S., ISBN of 3446224637
- peoples Oppitz: Gabler encyclopedia calculation of production costs. Gabler publishing house 1995, 629 S., ISBN 3409199519
