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What is the financial capital market. General characteristics of the capital market. Types of transactions in the securities market

capital market is a segment of the financial market where long-term credit resources are sold or bought, as well as securities with a circulation period of more than a year.

The functioning of the capital market allows enterprises to solve the problems of both the formation of investment resources for real investment projects and financial investment (long-term financial investments).

Loan capital market

Loan capital market - a set of financial markets in which capital is redistributed between creditors and borrowers with the help of intermediaries based on supply and demand for capital. Banks, funds and other specialized financial firms act as intermediaries in the loan capital market.

The main task of the loan capital market is the transformation of idle funds into loan capital.

Borrowers (debtors) are primarily entrepreneurial firms that use borrowed funds to create new capital. Borrowers also include individual consumers, who borrow money to buy durable goods, and the government to cover budget deficits and finance public facilities. However, if the former present a demand for capital in monetary form, then the latter - the demand for money.

The demand for money from households and the state is not related to entrepreneurial activity. Demand for loan capital - the sum of all borrowed funds for which there is demand from borrowers at a particular interest rate. The demand for borrowed funds depends on the profitability of entrepreneurial investments.

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Plan

Introduction…………………………………………………………….

1. general characteristics capital market………………………….

2. Interest as the price of using capital……………………..

3. Discounting…………………………………………………..

Practicum………………………………………………………….

Conclusion………………………………………………………...

List of used literature……………………………..

Introduction

In the conditions of market relations, the capital market is very important, as it is an important source of long-term financial resources. The capital market includes the market valuable papers and the banking services market, which contributes to the solvency of the financial system.

The most important function of the financial market is the transformation of free cash into loan capital, then it is redistributed between various business entities of the economy, which set themselves one goal - to increase capital.

The relevance of this topic lies in the fact that at present, interest in the capital market has intensified from one side or another.

aim term paper is to study and reveal the features of the capital market. Based on the goal set, the following tasks need to be solved: to reveal the essence of capital and interest as the price of using capital.

General characteristics of the capital market

capital market(capital market) - a part of the financial market in which long money is circulating, that is, funds with a maturity of more than a year. In the capital market, there is a redistribution of free capital and their investment in various profitable financial assets.

The capital market is a part of the financial market where the supply and demand for medium-term and long-term loan capital is formed.

The demand for capital is firms and population. At the same time, their motives for behavior are somewhat different, but as a result they behave in a similar way: when the interest rate decreases, firms and consumers increase the demand for loans.

Fig.1 Demand curve

That's why the market demand curve for capital has a negative slope(Fig. 1), like any demand curve for a good or resource. Let's look at how this follows from the behavior of firms and consumers.

1. Firms present a demand for capital in order to use it to acquire capital goods (equipment, materials, etc.) and make a profit. They resort to debt capital services when they do not have enough of their own money (for example, the demand for their product has increased and firms want to expand production). At the same time, the cheaper the loan will cost the company, the more money it will want to borrow.

For example, a retail firm at a low interest rate decides to take out a loan and build three new stores at more high rate percent, it will decide to build only two stores, at an even higher one, only one, and at a certain value of the interest rate, it will refuse to expand production altogether.

2. Consumers borrow money not to make a profit, but to buy some consumer goods. They do this on several occasions.

First, they can borrow money to ensure current consumption in the event of an unexpected decrease in income. In this case, money is needed to acquire goods of prime necessity and, strictly speaking, is not capital. Such loans can exist in conditions of uncertainty in income generation - for example, in the event of a crop failure for farmers.

Second, consumers can borrow for the purchase of capital consumer goods, which have a relatively high price and require saving money from income over a long period of time.

Suppose a consumer wants to buy a piano that costs $10,000. In order to collect the required amount, the consumer needs to save 1,000 rubles for ten years. The consumer may not wait ten years, but borrow 10,000 rubles and buy a piano right away, and then pay off the debt with interest within ten years. In this case, he will immediately begin to receive utility from the piano, but the piano will cost him more. The amount of interest that he pays will be the payment for the opportunity to get the piano faster.

Any consumer at a given interest rate will make his choice, which is determined by several factors. Firstly, preferences consumer - a more impatient consumer who wants to quickly start playing the piano, is more likely to be ready to pay the required amount in the form of interest to start consuming this good immediately. Secondly, certainty of the future- if the consumer does not know his income in the future, he may not decide to take a loan, as he may have problems repaying the debt. Thirdly, income consumer - the poorer the consumer, the sooner he decides to wait and not pay extra money for the approach to the start of consumption.

A change in the interest rate changes the choice of consumers - the lower the percentage, the more consumers decide to borrow money and buy the good right away, and not "tolerate" until they accumulate the required amount themselves.

In this way, when the interest rate decreases, the demand for capital increases as both firms and the public decide to borrow more money.

The capital supply curve has a positive slope(Fig. 2), which is also determined by the behavior of consumers and firms.

Rice. 2 Supply curve

1. Firms act as creditors if they have temporarily "extra" money, which they cannot use with profit themselves. What are the reasons for the appearance of "extra" money?

One of the reasons for the appearance of temporarily free cash in an individual firm may be the need to save part of the profits received in the form of depreciation charges intended to cover the costs of the capital good.

Third, provides loans government bodies and the population to solve such important tasks as covering the budget deficit, financing part of housing construction, and the like.

Forms of cash (financial resources) turnover in the capital market:

The credit market allows for the accumulation, movement, distribution and redistribution of loan capital between sectors of the economy. The credit market is a mechanism by which relationships are established between enterprises and citizens who need money, and organizations and citizens who can provide (borrow) them under certain conditions.

At the same time, the credit market is a synthesis of markets for various means of payment. In countries with developed market economies, credit agreements are mediated, firstly, by credit institutions (commercial banks or other institutions), which borrow and provide loans, and, secondly, by investment or similar organizations that ensure the issuance and movement of various debt obligations that are realized in a special securities market.

The functioning of the capital market allows enterprises to solve the problems of both the formation of investment resources for the implementation of real investment projects, and effective financial investment (implementation of long-term financial investments). Financial assets that are traded on the capital market tend to be less liquid; they are characterized by the highest level of financial risk and, accordingly, the highest level of profit.

It should be noted that such a traditional division of financial markets into the money market and the capital market in the current conditions of their functioning is conditional. This conditionality is determined by the fact that modern market financial technologies and the conditions for issuing many financial instruments provide for a relatively simple and quick way to transform individual short-term financial assets into long-term ones and vice versa.

Describing the individual types of financial markets for both of the above features, it should be noted that these types of markets are closely interconnected and operate in the same market space. Yes, all types of markets that serve the circulation of various financial assets (instruments, services) are at the same time an integral part of both the money market and the capital market.

Capital as a factor of production expresses the totality of production resources created by people in order to use them to produce future economic benefits for the sake of profit. The composition of capital includes: buildings, structures, equipment, tools, technologies, developments, materials, raw materials, semi-finished products.

Different elements of capital participate in the production process in different ways. It is important to note that one component of capital is used once and completely consumed during each cycle of production. The other part functions for several years and is gradually consumed over a number of production cycles. The first part of the capital is called negotiable capital, and the second - main.

To working capital- raw materials, materials, fuel, energy, semi-finished products, etc.

The working capital market will be a typical resource market. The principles of its organization and the mechanism for establishing equilibrium on it have much in common with the market. labor resources. Profit maximization in the working capital market is achieved at the point of equality of the marginal product in monetary form and the marginal cost of the existing material resource. In other words, when an enterprise optimizes the demand for working capital, the MRP = MRC rule applies.

Do not forget that an important feature of working capital will be that its elements are transformed into cash. Why is working capital called working capital.

The creation of any value involves the use fixed capital. The organization of new production is impossible without capital investments in structures, buildings, equipment. The functioning of the enterprise also requires the cost of updating and restoring the existing fixed capital.

Since fixed capital has been involved in economic activity for several years, the time factor is of particular importance in the functioning of the fixed capital market.

Capital market - the sphere of the market, formed by the ratio of supply and demand of capital as a factor of production. The subject of demand for capital is business, entrepreneurs. The demand for capital is the demand for investment funds necessary for the acquisition of capital in its physical form (machinery, equipment, etc.). The subjects of the supply of capital as a factor of production are households. Households offer investment funds, i.e. amounts of money that a business uses to acquire productive assets. The offer of investment funds occurs with the help of financial intermediaries (investment funds, commercial banks, etc.). When the demand for loan capital coincides with its supply, there is an equilibrium in the capital market; there is a coincidence of the marginal return on capital and the marginal cost of missed opportunities. The price of equilibrium in the capital market is interest. Interest is the factor income received by the owner of the capital. For the subject of demand for capital, interest represents the cost incurred by the borrower of capital.

On the capital market borrowing and lending money. Since money is borrowed mainly for the acquisition of capital goods, this market is called the capital market.

Lending money is called lending. loans or loan(from lat . creditum- "loan"). Those who lend money are called creditors and those who borrow money are called borrowers.

interest rate called the price that must be paid for the use of money for a certain period of time. Since both the price and quantity in this market are measured in the same units - money, relative values - percentages - are used to measure prices.

For example, a rate of 5% per year means that for the use of 1000 rubles during the year you need to pay 50 rubles.

One of the main features of the capital market is that any firm and any consumer can act in this market both as a lender and as a borrower. First, all firms and consumers use this resource (and therefore may need it). Secondly, this "resource" does not require production (therefore, any firm or consumer can have money, regardless of the type of its activity).

Demand, supply and equilibrium of capital obey the same laws as supply, demand and equilibrium of any other good.

Firms present a demand for capital in order to use it to acquire capital goods (equipment, materials, etc.) and make a profit. They resort to loan services when they do not have enough money of their own (for example, to expand production).

Consumers borrow money for ensure current consumption, for example, in the event of an unexpected decrease in income. In this case, money is needed to acquire goods of prime necessity and, strictly speaking, is not capital. Such loans can exist in conditions of uncertainty in income generation - for example, in the event of a crop failure for farmers.

Second, consumers can borrow for the purchase of capital consumer goods, which have a relatively high price and require saving money from income over a long period of time.

Consumer choice at a given interest rate determined by several factors.

BUT) preferences consumer;

B) certainty of the future

AT) income.

Sentence borrowed funds is formed due to the fact that firms and consumers form temporarily "extra" cash reserves.

At firms stock source can be equity, if she cannot profitably use it herself (the company has reduced production, and part of the money has been released); additional capital is generated as a result of depreciation charges. The owner of the company (as a consumer) in case of receiving a high arrived may decide not to spend it on their own needs, but to use it to receive additional income in the form of interest.

Consumers may save money to make up for a low income in the future, or to buy a capital good. The higher the percentage, the more consumers will refuse to take out a loan to buy an expensive thing and will save money - that is, they will act on the capital market not as buyers, but as sellers. Owners of money capital who use it only to earn interest are called rentier. When the rentiers return his loans, he again lends money andsoon.

Consumers spend borrowed money in markets for consumer durables, and firms spend in markets for intermediate goods.

Since one of the main factors is information about future income (for consumers) and demand (for firms), the equilibrium can change relatively quickly as a result of a change in expectations of future events. For example, if information spreads in the household about an impending depression or rise in the economy, consumers and firms can dramatically change their behavior in the capital market. In the longer term, equilibrium depends on frugality consumers (if people are less interested in current consumption and want to save more money "for later", save for children, etc.). Or as you increase income consumers (if people become richer, they will be able to save large sums, for example, to raise money not to buy a bicycle, but to buy a yacht or an airplane). Or just as economic growth- the more firms and consumers will be in the economy, the greater the number of participants in the capital market.

The capital market should have institutions that would facilitate the meeting of lenders and borrowers and reduce transaction costs.

The peculiarity of the capital market is that all firms and consumers who wish to lend or borrow money are ready to do so with various amounts and for various periods. Some consumers want to lend for six months, while others - for two years. Some firms want to take out a loan for two months, while others - for ten years. All market participants in such a situation would have huge transaction costs associated with finding a partner who would be willing to borrow (give) the right amount for the right period.

One of the ways out of this situation is the appearance capital market intermediaries, which will facilitate the task of finding a partner for participants in this market. A separate intermediary will combine all the money lent at an equilibrium interest rate into one big "cauldron" and then distribute the necessary amounts from this cauldron to everyone who wants to take a loan.

The intermediary in the capital market will act in its own interests - for the sake of profit. Mediator in one's own name will borrow from all firms and consumers wishing to become creditors, and in one's own name will lend to firms and consumers who wish to become borrowers. Moreover, in order to make a profit, he will borrow at a lower interest rate than repay. The difference between the rates will be his revenue, from which he will pay all the costs of operations and, possibly, make a profit.

Intermediaries perform a role similar to stores that buy goods from manufacturers and then sell them to consumers, reducing transaction costs for both parties.

Intermediaries can be specialized if they work only with certain types of loans or certain types of market participants. For example, pension funds accept consumers' savings for the subsequent payment of their pensions and lend them in the capital market. Or savings banks who also work with consumers who collect or borrow money to buy expensive goods (houses, cars, etc.).

But intermediaries in the capital market can be universal if they work with many types of lenders and borrowers.

One of the main types of intermediaries in the capital market can be banks, which combine the issuance of loans with the performance of two other important functions: ensuring the security of money transactions and servicing the non-cash circulation of money.

It should also be noted that with the development of the economy, another institution appears on the capital market - securities, which allows you to partially bypass intermediaries in the capital market.

Introduction

Section 1. Theories of capital. Capital market and its structure

1 Capital, its concept and theories

2 Concept, features, structure of the capital market

Section 2. Features of the functioning of the capital market in Russia

1 The evolution of the capital market in Russia. Development of the capital market in Russia in modern conditions

2 State and prospects of the capital market in Russia

Conclusion

List of sources used

Introduction

Capital is property used for profit.

According to the classical understanding, this is, as a rule, physical (production, real) capital. It includes the means of production that are used to produce goods and services (buildings, structures, equipment, machinery). To qualify as capital, a commodity must have the following characteristics:

· the possibility of using other goods in the production (which makes it a factor of production);

· this product must be the result of processing (unprocessed Natural resources, for example, minerals);

· a similar product is not used in the entire production process (which significantly distinguishes this product from raw materials and semi-finished products).

In the course of the development of the economic system, money capital is allocated as an independent one. It should be noted, however, that money-capital appears as a result of the fact that in the process of the circulation of industrial capital there is a time lag in the acts of purchase and sale, as well as in the sale and acquisition of means of production. As a result, temporarily free funds begin to appear, which industrial capital transfers to entrepreneurs who are able to manipulate money professionally and more efficiently.

Such circumstances lead to the emergence of a layer of loan (monetary) capitalists.

Transactions with loan capital differ from commodity-money transactions in that the latter are associated with the purchase of means of production, the hiring of labor, and also with the sale of marketable products. Money-capital thus inevitably assumes the form of a loan when money itself becomes the specific object of purchase and sale.

The emergence of loan capital created the need for institutional consolidation of emerging changes.

The level of development of national capital markets is determined by a number of factors. Among these factors, the main ones worth highlighting are:

Ø the level of economic development of the country;

Ø established traditions of functioning of the stock and credit markets in the country;

Ø the level of production accumulation in the economic system;

Ø household savings.

Undoubtedly, the most significant among the above can be considered the level of economic development of the country.

Thus, a completely obvious conclusion follows that this criterion is best met by three world economic centers:

Ø USA;

Ø Europe;

ØJapan.

There are colossal in scale, highly developed capital markets. However, here, it is worth noting, there are some differences and characteristic features.

The paper considers the essence and evolution of the capital market, its functions and structure. Some problems of the functioning of the capital market in Russia and possible ways to solve them are also noted.

Section 1. Theories of capital. Capital market and its structure

1.1 Capital, its concept and theories

Traditionally, capital is divided into fixed and circulating. According to its areas of functioning, it is customary to divide it into industrial (production), financial (loan) and trade.

Among the theories of capital and profit, the most famous are the labor theory, the theory of capital as an income-generating good, and the theory of abstinence.

As an economic resource, capital should be divided into realand financial.

Representatives of most of the largest economic schools and trends tried, first of all, to explain in their own way the essence and significance of capital. This can be seen even from the titles of many works, for example: “Capital and Profit” by E. Behm-Bawerk, “Capital” by Karl Marx, “Value and Capital” by J. Hicks, “The Nature of Capital and Profit” by I. Fischer. capital market russia

Capital is the sum of goods in the form of intellectual, material, as well as financial resources, which are used as a resource for the production of even more goods.

Narrower definitions are also widespread.

For example, following strictly accounting definitioncapital should be considered all the assets of the firm.

According to the economic definition, capital should be divided into two main types:

real (that is, in material or intellectual form);

financial, which is in the form of money and various financial assets.

Very often, a third type is also distinguished human capital, which is formed as a result of investment in a good education, continuous professional development, and health.

In the Russian Federation, fixed capital is very often called fixed assets, although the latter is a somewhat narrower concept. Fixed assets are a set of material values created by social labor that serve for a long time and lose their value in parts. At the same time, fixed assets also include intangible assets, brand value, etc.

Real working capitalconsists of material assets. It includes:

productive reserves;

unfinished production;

finished products in stock;

goods for resale.

The classification of real capital (real assets, non-financial assets) is shown in Figure 1.

Rice. 1 - Structure of real capital

If, for example, tangible current assets are supplemented with funds in settlements with suppliers and buyers (which include receivables or installment payments to buyers, as well as deferred expenses or advances to suppliers), cash in the cash desk of the enterprise and wage costs, then, In this case, we get by the accounting definition working capital(current assets, current assets).

Capital generates income in the form of profit. Profits can be various options, for example:

company profit;

royalties of the owner of intellectual capital, etc.

financial capital(also called financial assets) consists of cash, as well as financial assets. Being a consequence of the needs of the economic cycle, financial capital gives income in the form of profit (for example, from shares), as well as interest (from bonds or bank deposits). Financial capital, which is provided in the form of a loan, is also called loan capital.

Concerning theories of capital, they have a fairly long history.

For example, Adam Smith characterized capital as an accumulated stock of things, as well as money. David Ricardo interpreted capital already as a material stock of production means. That is, for example, a stick and a stone in the hands of a primitive man seemed to him, in fact, an analogous element of capital, as well as machines with factories.

The approach of Ricardo (also called Ricardian) to capital as a stock of means of production is reflected in the statistics of the national wealth of a number of countries, including the Russian Federation. For example, domestic statistics in national wealth includes both fixed assets, tangible current assets, and household property (for example, durable consumer goods).

Marx, unlike his predecessors, approached the concept of "capital" already as a category of social character. K. Marx considered capital to be a self-increasing value, which gives rise to the so-called surplus valueand only hired labor, according to Marx, can create it.

Among the interpretations of capital, it is impossible not to single out a rather interesting temperance theory. Among its founding fathers should be attributed, first of all, the English economist Nassau William Senior (1790-1864). The scientist considered labor as a "victim" of the worker, who sacrifices his leisure and rest, while capital is already a "victim" of the capitalist. The latter refrains from using all his property for personal needs, turning a significant part of it into capital (that is, letting it into expanded reproduction).

According to the American economist I. Fisher (1867-1947), capital is what generates the flow of services, which subsequently turn into an influx of income. At the same time, the more the services of this or that capital are valued, the higher the income will be. Thus, the amount of capital should be estimated on the basis of the amount of income received from it. As an example: if renting an apartment brings its owner $5,000 every year, and in a reliable bank he can receive 10% per annum on the money deposited in the urgent account, then the real price of the apartment is $50,000, since this is the amount that should be put in bank at 10% per annum, in order to receive $ 5,000 every year.

The definition proposed by Fisher is one of the most popular in the world.

1.2 Concept, features, structure of the capital market

Real capital, of course, in the modern economy fully retains its significance, but financial capital, which consists of money and securities, is becoming increasingly important.

The coexistence of these two types of capital has led to the fact that the modern economy consists, in fact, of two sectors. The financial sector is based on financial capital, producing Financial services, and at the same time, the real sector is based on real capital and produces goods, as well as non-financial services.

As for the structure of the capital market (financial market), it can be represented as an aggregate:

foreign exchange market;

market of derivative financial instruments (derivatives);

insurance services market;

loan capital market (credit market);

the stock market (which, together with part of the credit market, forms the stock market).

In the capital markets, a variety of transactions are carried out, corresponding to the main market segments.

Among the main ones, it should be noted:

currency operations;

operations with derivatives (derivative financial instruments);

operations in the insurance services market;

operations in the loan capital market;

operations with debt securities;

operations in the government securities market;

transactions in the stock market.

In the modern world, stocks and bonds are the most popular means of investing capital due to the fact that they are highly liquid, that is, they can be sold at a profit.

Non-financial investments (investments in real capital) form the demand for real capital. This investment demand consists of the demand for a huge number of goods and services needed for the reproduction and renewal of real capital, called investment goods and services.

The main investment goods are, as a rule, equipment, machinery, transport and building materials for fixed capital, as well as fuel, raw materials, energy, materials and semi-finished products for working capital, plus investment services (design, geological exploration, etc.). ).

The largest demand for investment goods comes from firms. However, the consumers of investment goods are also:

households (for example, when they buy machinery and equipment, build houses, purchase fuel and energy, etc.);

state and non-profit organizations(purchasing, for example, goods for the needs of defense, maintaining internal law and order, science, education, healthcare, etc.).

The supply of real capital is formed by producers and sellers of investment goods, that is, first of all, it is:

industrial firms;

construction;

agricultural;

transport;

trading;

investment services firms.

The structure of real capital markets essentially consists of investment goods markets. They are very diverse, it is difficult to list them, however, the main ones stand out for them:

car markets;

equipment;

Vehicle;

fuel and materials.

capital marketsname those segments of the capital market where financial assets are traded.

The structure of the capital market or the financial market can be represented in different ways. Below, in fig. 2 shows one of the most basic options.

Rice. 2 - Structure of the capital market

In the derivatives market, the foreign exchange market, the insurance services market, most often short-term transactions are carried out (performed for a period of up to 1 year inclusive). In the credit market, which is subdivided into the markets of bank loans and debt securities, quite a lot of short-term transactions are also carried out.

As for the stock market, it is more characterized by the prevalence of long-term transactions. The stock market, as well as part of the credit market (debt securities market) are often combined into one market - the stock market (securities market), although often the stock market sometimes means only the stock market.

Currency market- the largest of the capital markets.

This is due to the following reasons:

· serves this market, both foreign trade and the international movement of capital, with its colossal scale;

· in this market, a huge number of purely speculative transactions are carried out. These are transactions that are not aimed at exchanging currencies for foreign trade or international capital movements, but at obtaining a margin from currency arbitrage (from changes in exchange rates);

· for hedging (insurance) risks of changes in exchange rates, as well as purely for speculative purposes, short-term currency instruments are issued in large quantities (this is, first of all, currency derivatives).

Currency trading, as well as currency derivatives, is carried out everywhere in the world, but the most significant role belongs to the global financial centers. Judging by all types of foreign exchange transactions, the championship will belong to London (about 30% of the world's foreign exchange transactions), then New York and Tokyo. If we analyze the scale of trading in currency futures, then most of these operations are carried out in Chicago.

As for Russia, the bulk of foreign exchange transactions are carried out in Moscow, primarily on the Moscow Interbank Currency Exchange (MICEX).

In the world, you can exchange any currency (if not directly, then through a third currency), however, nevertheless, exchange operations gravitate towards several currencies of the world, which are also called world currencies. This primarily applies to the US dollar. It is the US dollar that accounts for about half of all world currency transactions. Gradually, as the financial and economic situation in the EU stabilizes, the euro becomes a competitor to the dollar. Much more modest positions are held by the Japanese yen, the pound sterling, and the Swiss franc.

The size of the global insurance marketestimated at 2.5 trillion. $. It is she who is the amount of annual insurance payments or insurance premiums. Nowadays, a huge number of firms of various sizes operate on the world market of insurance services. Many of these companies are multinational.

The market of insurance services is especially developed in economically developed countries. Sometimes, even according to the degree of development of this market, conclusions are drawn about the economic development of the country. In these countries, according to various estimates, insurance covers about 90-95% of all possible risks, while in Russia - less than 10%. Thus, it is insurance companies that are powerful investors in developed economic systems.

In the capital markets, various operationscorresponding to the main market segments.

On the monetarymarket (it is also called forex) exchange one currency for another. Currencies are exchanged on this market for completely different purposes, namely:

payments for foreign trade goods;

international investments;

return of debts;

risk neutralization;

arbitration.

The development of the electronic communication system has made the market global, functioning 24 hours a day.

Trading in currency derivatives (derivative securities) is concentrated on commodity, stock or special futures exchanges.

Forwardcurrency transactions (forward transactions, forwards) can be concluded for any period in the future and for any amount. Forwards are not liquid because they are difficult to sell to a third party.

Futurescurrency transactions (futures) are also based on transactions for the purchase and sale of currency in the future. However, unlike a forward, a futures contract is an exchange-traded agreement that requires delivery of a standard amount of an asset on a standard date.

Operations in the insurance services markettraditionally aimed at protecting against damage to health and life, pensions and working capacity and the insured or insured person (personal insurance), for his possession, use and disposal of property, as well as to cover payments to individuals or legal entities for harm caused to third parties (liability Insurance).

Operations with securities (operations in the stock market).

When classifying transactions with securities, several criteria can be used. The division into cash and urgent transactions is the most important. Also distinguish arbitrage deals, which are based on the resale of securities on various exchanges, when there is a possible difference in their rates, as well as package deals, which are transactions for the purchase and sale of large lots of securities.

For cash transactiontypical is that its implementation in most cases occurs immediately after the conclusion of the transaction.

Urgent operations, in fact, are supply contracts, according to which one party undertakes to provide a certain amount of assets at a certain time, and the other, in turn, to immediately accept them and pay a predetermined amount.

Section 2. Features of the functioning of the capital market in Russia

2.1 The evolution of the capital market in Russia. Development of the capital market in Russia in modern conditions

The private sector of the Russian economy that emerged as a result of privatization turned out to be unable to fully solve a number of the most important tasks from the point of view of the main part of society. First of all, the thesis about the deliberately high efficiency asset management in private business. Assets that are privately owned, owned by specific personalized owners, bring an effect only under certain conditions:

competition;

strict observance of the law;

channeling the energy of private economic activity into areas that do not have a depressing effect on the development of other socio-economic areas.

Private investment in the real sector in the new post-Soviet system began to become significant only after the financial crisis of 1998, which was caused in large part by falling prices for Russia's main commodity exports. This factor significantly reduced the possibility of relatively easy "money taking" from the state and the population. This motivated representatives of large businesses to invest part of their funds in less profitable areas of activity.

We should also mention the migration of capital abroad as a significant factor in the formation of supply and demand in the Russian market. Historically, already in the late 1980s, the illegal export of capital from the country began in the USSR. In the 1990s, this trend also prevailed. Capitals were haphazardly invested in the form of loan capital, mainly in non-commercial real estate, or simply "eat" abroad. In the 2000s, the nature of the export of capital from the Russian Federation has already fundamentally changed, since there was a clear trend towards increasing entrepreneurial capital.

Foreign investments, as well as foreign assets obtained with their help, are gradually beginning to play a special role in the Russian economy, since the first domestic TNCs began to appear and successfully develop. Thus, a rather peculiar, parallel external economy gradually began to form in our country, closely connected with the internal one and exerting an increasingly noticeable influence on its development, contributing to its integration into the global economy. In principle, this phenomenon is typical for all, without exception, developed countries that actively participate in the process of globalization.

Foreign expansion quite often provides a synergy effect for the development of the entire business of the parent company, which is a positive factor for the entire Russian economy.

Gazprom Concern, which ranks second in the world in terms of sales among oil and gas companies, also seeks to participate in projects for the exploration, production, transportation and marketing of hydrocarbons in third countries as part of the strategy of the company's global presence in the global oil and gas market, using both participation in competitions and auctions, and asset exchange operations.

Rosneft is also making ambitious plans, hoping to become one of the five largest global corporations in terms of capitalization in the medium term.

Judging by the number of companies operating abroad that are associated with Russian capital, it can be said that offshore companies form the basis of the external economy of the Russian Federation.

A natural question arises: “is it worth limiting the foreign expansion of Russian business?”. It is worth saying that this phenomenon is an objective process, which is due to the trend towards market globalization of the world economy and the increasing integration of Russian business with it. Consequently, by taking strict restrictive measures, it is possible to drive part of the relevant financial flows into the “shadow” channel.

On the other hand, considering Negative consequences foreign expansion of Russian business and the development of a parallel external economy, it is necessary to develop and implement a balanced policy in this area. Two main directions can be distinguished:

state support for foreign expansion of domestic business;

market and administrative measures that would help reduce the unjustified outflow of capital from Russia and bring the domestic and foreign economies closer together.

In the Russian Federation today there is no well-thought-out state policy regarding the investment expansion of business.

Also, one of the main problems is that enterprises use very little such a source of capital as the stock market, and, in fact, are not ready to attract external strategic investors.

1.2 State and prospects of the capital market in Russia

The priorities of Russian policy to support foreign investment by domestic companies should be to promote:

modernization of the country's economic system;

export diversification;

improving the supply of raw materials for production;

saturation of the domestic market with consumer goods;

restoring the lost positions of Russian firms at the international level;

reducing the outflow and intellectual capital abroad and the shortage of qualified labor resources;

environmental protection and reduction of environmental pollution;

conversion of financial debt of foreign countries, etc.

All these listed priorities correspond to the national interests for the long-term and sustainable development of the country.

Since the effectiveness of foreign investments in the Russian economy is low, the problem of creating a targeted program for controlling foreign direct investment is relevant.

According to Navoi A., it should include:

development of a strategy for their implementation (necessary volumes of attracting direct investment, a list of priority sectors, measures of state support);

creation of a clearer system for monitoring direct investment (detailing by industry, type of investment, country and industry affiliation of investors, determining the share of repatriated capital, investment terms);

analysis of the effectiveness of foreign direct investment (the share of foreign investments directed to the renewal of the production assets of the controlled enterprise, the dynamics of labor productivity at the acquired enterprise, the state of competition in the industry, the share of profits exported by direct foreign investors abroad.

Conclusion

The transformation of the Russian economy from an administrative-command to a market one necessitated the creation of a loan capital market in the Russian Federation to serve the needs of the economy. However, the true development of the loan capital market in the country is possible with the corresponding development of other markets, such as:

Ø the market for the means of production;

Ø consumer goods market;

Ø labor market;

Ø land market;

Ø real estate market.

All these markets need money, which is provided by the loan capital market.

.The main theories of capital that have contributed to the modern understanding of the concept of "capital" are highlighted.

.A modern view of capital, the capital market and its structure is presented. The issues of supply and demand in the market of capital services, loan capital and capital goods are reflected.

.The evolution of the capital market in Russia and the current state of the market are shown. Reflected recommendations for improving the current state of the capital market. It was revealed that the capital market is inextricably linked with state policy (due to both the instruments of influence on the market and the fact that the state is either a co-owner of most of the country's large industries, or creates public corporations). In turn, the Russian market is inextricably linked with the world market (credit in the West, foreign investment in the Russian economy).

List of sources used

1. Bukasyan G.M. Economic theory study guide. - M.: INFRA-M, 2011.

2. Vlasevich Yu. Economy of Russia: effects and paradoxes. M.: UNITY-DANA, 2011.

M.A. Sazhina, G.G. Chibrikov. Economic theory. - M.: Infra-M, 2012.

Nureev R.M. Microeconomics course. - M.: Norma - Infra-M, 2010.

Russian economy: financial system. / Ed. Gerasimenko V.V., Gorodetsky D.E. - M.: MSU, TEIS, 2012.

Russian capital markets: is there life on Mars? // Stocks and bods market. - No. 4. - 2010.

Sviridov O.Yu. Money, credit, banks. - Rostov-on-Don: Phoenix, 2010.

Modern economy. / Ed. Mamedova O.Yu. - Rostov-on-Don, 2001.

Economics: Textbook / Ed. Bulatova A.S. - M.: BEK, 2012.

Economic theory / Ed. A.I. Dobrynina, L.S. Tarasevich. - St. Petersburg: Peter, 2011.

http://www.grandars.ru

http://cyberleninka.ru.

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In economic theory and business practice, the concept of ʼʼcapitalʼʼ is used often and ambiguously. Capital is understood as plants and factories, warehouses and transport communications, equipment and tools, raw materials and finished products, knowledge, human skills and financial assets. The concept of ʼʼcapitalʼʼ extends to a wide variety of objects, a common feature of which is the ability to generate income. Capital is a stock of tangible and intangible assets used productively to generate income. In other words, capital is any resource created for the purpose of producing more economic goods.

There are two main forms of capital: physical (material) capital and human capital.

Human capital - the physical and mental abilities of a person obtained through education or practical experience; a measure of the ability to generate income embodied in a person. In other words, human capital is a special kind of labor resources.

For this reason, capital in the proper sense of the word usually means only physical, material factors.

physical capitalnon-expendable property used by the firm in its activities. Distinguish between fixed and circulating physical capital . Main capital- means of production that are repeatedly used in the production process and transfer their value to the finished product in parts, as they wear out. This includes: buildings, structures, machines, machine tools, equipment, vehicles, etc. Depreciation - a decrease in the value of fixed capital (for example, a car), ĸᴏᴛᴏᴩᴏᴇ occurs as a result of its use or after a certain period of time (over time). Depreciation is physical and moral. The annual write-off of a part of the cost of fixed capital is called depreciation.

Fixed capital serves for several years and is subject to replacement (reimbursement, ᴛ.ᴇ. the process of replacing worn-out fixed capital) only as it is physically or morally depreciated (the latter means the depreciation of fixed capital as its productivity becomes cheaper or with the start of production of machinery and equipment, in principle new quality, which makes the use of the old fixed capital technically and economically unprofitable). Each year, the owner of fixed capital writes off a certain part of the cost of his equipment (carries out depreciation). For example, if a machine costs $10,000 and lasts 10 years, then if its cost is written off evenly, the annual depreciation will be $1,000 per year.

Working capital- means of production that participate in the production process once and transfer their value to the finished product as a whole.(Working capital - real assets, the value of which is fully included in the cost of a new product and returned in cash to the entrepreneur, when the product is sold in each cycle). Working capital includes raw materials, materials, fuel, semi-finished products, etc.

Circulating capital is completely consumed during one production cycle, and its value is included in the cost of production in its entirety, in contrast to fixed capital, the value of which is taken into account in costs in parts.

Capital in the market of factors of production means material factors, capital goods. Another aspect of capital is related to its monetary form. The common denominator to which the value of capital in the form of any asset is reduced is money capital. In monetary terms, the value of both physical and human capital must be calculated. Capital embodied in the means of production is called real capital. Money capital or capital in monetary form is an investment resource. By itself, money capital is not an economic resource, that is, it cannot be used directly in production, but it can be used to purchase factors of production.

A feature of the capital market is that firms demand not for physical capital (machines, equipment, etc.), but for temporarily free cash that can be spent on these capital goods and then returned by giving part of the profits from their use to the future. For this reason, the demand for capital is ϶ᴛᴏ the demand for money. (this is the demand for borrowed funds (loan capital)), and not just for money. Outwardly, the demand for money as money and the demand for loan capital are not the same thing. Business shows a demand for borrowed funds for investment, ᴛ.ᴇ. he needs a certain amount of money to replenish the productive assets (capital in physical form). Of course, households also demand money, but the nature of this demand is different, since it is not related to entrepreneurial activity. At the same time, let's not forget that the demand for physical capital, like other factors of production, is a derived demand, ᴛ.ᴇ. it depends on the demand for those goods and services in the production of which physical capital is used.

The capital market is an integral part of the market for factors of production. In this market, the specificity of the existing laws of supply and demand allows you to set a price for any kind of capital.

Physical capital is in demand because it is productive. A feature of the capital market is that firms demand not for physical capital (machines, equipment, etc.), but for temporarily free cash that can be spent on these capital goods and then returned by giving part of the profits from their use to the future.

Who are the subjects of demand for capital and supply of capital in a market economy? The subject of demand for capital is business, entrepreneurs. The subjects of capital supply are households. The demand for capital is the demand for investment funds, not just money. When we speak of the demand for capital as a factor of production, we mean the demand for investment funds necessary for the acquisition of capital in its physical form (machinery, equipment, etc.). In other words, it is important to distinguish between the form in which the demand for capital will take place and the content of this demand. Purely outwardly, the demand for capital appears as a demand for a certain amount of money. But the demand for money as money and the demand for capital in the form of money are not the same thing. Business makes a demand for investment funds, i.e. it needs a certain amount of money to buy production assets (capital in physical form). Households (population) also demand money, but the nature of this demand is different, it is not related to entrepreneurial activity.

For this reason, the demand for capital is ϶ᴛᴏ the demand for money. (this is the demand for borrowed funds (loan capital)), and not just for money.

Loan capital (cash or borrowed)- capital that is given for temporary use (this is commonly called a loan or loan) at a certain (loan) percentage.

The demand for capital can be represented graphically as a curve with a negative slope. The negative slope of demand is explained by the diminishing marginal productivity of investment as the amount of borrowed capital increases. (An explanation of the meaning of the law of diminishing returns should be as follows: the additionally applied costs of one factor (labor) are combined with the same amount of another factor (land). Therefore, new additional costs give an ever smaller amount of additional output. For example, you have an office in which people clerks Over time, if you increase the number of clerks without increasing the size of the premises, they will get in the way under each other's feet and possibly the costs will exceed the income).

The point of intersection of the curve of demand for loan capital and the supply of loan capital shows the equilibrium rate of loan interest ( r0 ). The equilibrium in the capital market reflects the optimal ratio between the volume of today's goods and services and their hypothetical quantity in the future and indicates the optimal amount of invested capital ( Q0 ).

The interest rate is determined by the supply of accumulated funds by the demand for borrowed funds. Loan interest- the price paid to the owners of capital for the use of their borrowed funds during a certain period. Loan interest is expressed using the interest rate (interest rate) for the year. Interest rate– the amount of money ĸᴏᴛᴏᴩᴏᴇ required to pay for the use of one borrowed monetary unit in year. The loan interest rate is calculated as the ratio of the annual income received in the form of loan interest to the value of the provided monetary capital (credit).

r=R/K*100%

where r is the loan interest rate, R is the annual income of the lender, K is the amount of money capital lent out.

Distinguish between nominal and real interest rates. Nominal lending rate– lending interest rate, expressed in monetary units at the current exchange rate, excluding inflation. This is the amount of money paid per unit of borrowed currency over a certain period of time. The nominal rate shows how much the amount that the borrower returns to the lender exceeds the amount received in the form of a loan. Real interest rate– lending interest rate, expressed in monetary units, adjusted for inflation. This rate is the main one when making investment decisions.

Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the difference between the two is that the real interest rate adjusts according to the rate of inflation. Let's take an example to clarify the difference between them.
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Assume that the nominal interest rate and the inflation rate are each 10%. If you borrow $100, you should pay $110 a year. At the same time, due to 10% inflation, the real value, or purchasing power, of $ 110 at the end of the year will be only $ 100. It turns out that, adjusted for inflation, if you borrow $ 100, then at the end of the year they pay $100. While the nominal interest rate is 10%, the real interest rate is zero. In other words, by subtracting the inflation rate (10%) from the normal interest rate (10%), the real interest rate is zero. Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the real interest rate is equal to the nominal rate minus the inflation rate.

Or another example, the nominal annual interest rate is 9%, the expected inflation rate is 5% per year, the real interest rate is (9-5=4%).

One ruble today is worth more than the ruble that will be received in a year. Why? Because this money can be deposited in the bank, where it will begin to earn interest. The present value of one monetary unit paid in the future is called the discounted (or present) value.

Mathematically, this will be expressed in a discount formula based on compound interest. In general, it looks like this:

Value of money today = Money in the future / (1 + Interest rate)n

To clearly illustrate how discounting is carried out, we present the following example.
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An investor wants to receive $15,000 in three years by investing in bank deposits at a rate of 10% per annum and, to this end, wants to know how much money he should invest today. In this way,

$15,000 in three years = $15,000 / (1+0.1)3 = $11,270

Therefore, at present, it is extremely important for an investor to invest $11,270. Let's just say that this is a perfect example.
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In reality, things will be a little different. In particular, tax deductions will affect the amount of the amount. And inflationary processes will also make themselves felt.

Addition - clarifications

A feature of the capital market is that when they talk about the demand for capital or the supply of capital as a factor of production, they mean the investment funds necessary for the purchase of capital assets. In other words, we are talking about loan capital. Loan capital- capital provided by the owners of money on loans to entrepreneurs and generating income in the form of interest. The movement of loan capital is called credit. All economic agents, both those who borrow money and those who provide funds for loans, operate in markets that economists call capital markets. Loan capital market- a set of financial markets in which capital is redistributed between creditors and borrowers with the help of intermediaries based on the demand and supply of capital. borrowers (debtors)) are primarily entrepreneurial firms that use borrowed funds to create new capital. Borrowers are also individual consumers, who borrow money to buy durable goods, and the government to cover budget gaps in financing the creation of public facilities. At the same time, if the former present a demand for capital in monetary form, then the latter show a demand for money. The demand for money from households and the state is not related to entrepreneurial activity. Demand for loan capital- the sum of all borrowed funds for which there is demand from borrowers at any rate of loan interest. The demand for borrowed funds depends on the profitability of entrepreneurial investments. The subject of demand for capital is business. The demand for capital can be represented graphically as a curve with a negative slope. Lenders- individual consumers, firms and the state with free cash. Offering capital, that is, providing investment funds for a loan, they refuse to independently use these funds. Οʜᴎ allocate part of their current income for the use of others and receive compensation for this in the form of loan interest. Loan capital offer- the sum of all savings offered by creditors at any possible interest rate. The subjects of the supply of capital, first of all, are households. The supply of loan capital depends on the time preferences of those who save and on the number of savers.

(A feature of human behavior is the fact that the individual prefers today's goods to the goods of the future, albeit greater. This feature is called time preference). The capital supply curve has a positive slope. Intermediaries banks, funds and other specialized financial firms act on the loan capital market. The main task of the loan capital market is the transformation of dormant funds into loan capital.

If we combine two graphs together (the demand for capital and the supply of capital), then at the point of intersection of the curves, equilibrium is established in the capital market.

Capital market - concept and types. Classification and features of the category "Capital market" 2017, 2018.