Article is devoted to the current problems characteristic not only for Belarus, but practically to all countries of the former Soviet Union which main essence consists in the analysis of investment ensuring formation of the human capital. Purpose: the analysis and assessment of the key macroeconomic indicators, socio-economic factors and institutional conditions of investment ensuring formation of the human capital in Republic of Belarus. Methods – are used the main methods of scientific knowledge, such as analysis, synthesis, comparisons, tabular, etc. Results of work: The paradigm of innovative and technological development which is based on such progressive factors as digitalization of economy, scientific and technical progress, the intellectual capital, industrialization, etc. has the dominating impact on formation of modern society. It is aggregated them it is possible to divide into two big groups: the investment, including structure and structure of fixed assets and intangible assets of the industry, volumes of investment resources, innovative activity, and the human, including quantities of human resources, labor productivity level, degree of qualification of workers, scientific and innovative potential, etc. Their influence is defining and does not raise doubts in scientific and practical community. Formation of innovative economy assumes active introduction of achievements of scientific and technical progress, modernization of the production technology of products, improvement of organizational and economic mechanisms of management. The economy of knowledge is produced directly by the people generating the new ideas, knowledge, technologies. Progressive rates of technological progress are caused not only by existence of certain material and technical resources, but also quantitative structure and a qualitative condition of human resources. In this regard the special relevance is acquired by questions of investment of human development for the purpose of transformation of human resources of society in the most valuable capital – human. In article the main theoretical approaches to definition of the concept «human capital» are considered. The analysis of the key macroeconomic indicators reflecting trends in the sphere of investment ensuring formation and development of the human capital is carried out. An assessment of an intellectual and innovative component of the human capital in Republic of Belarus is given. Conclusions: The main directions of increase in efficiency of investment ensuring formation and development of the human capital are defined.
Introduction. The article analyzes the norms of current legislation in the field of foreign direct investment and taxation of transactions caused by the introduction of founding foreign investment. The essence of enterprises with foreign investments is revealed and the manifestations of foreign investment are determined. The procedure for making foreign investments in the authorized capital of business structures is outlined. Forms of foreign investment are described. The sources of equity formation of enterprises with foreign investments are given. Peculiarities of deposits to enterprises with foreign investments are determined. Emphasis is placed on the fact that the founders of enterprises with foreign investment have the opportunity to make contributions to the authorized capital with both cash and non-financial assets. The procedure for evaluating founding investments has been studied. The order of accounting reflection of formation of the authorized capital of the enterprises with foreign investments is outlined. The peculiarities of accounting and reporting of the founders' contributions to the authorized capital of enterprises with foreign investment are revealed. It is determined that the recognition of liabilities of non-resident founders for contributions to the authorized capital in foreign currency are both monetary and non-monetary balance sheet items. The method of accounting for positive and negative exchange rate differences is presented. Goal. Elucidation of the order of accounting reflection of the authorized capital at the enterprises with foreign investments and expression of offers on improvement of the account of the researched object. Method (methodology). General scientific methods (analysis, synthesis, induction and deduction), empirical theoretical (formalization, hypothetical) and empirical methodological methods of research (computational and analytical, implementation of results in practice, reporting of economic activity). Results. In order to accurately account for information on exchange differences, recognition of the founders' obligations on contributions to the authorized capital in foreign currency, it is proposed to reflect them in a separate analytical account, which should be opened in sub-account 423 "Accumulated exchange differences". Proposals have been made to improve the order of reflection in the accounting system of enterprises with foreign investment, exchange rate differences recognized as a result of revaluation of liabilities of non-resident founders on contributions to the registered capital.
Suppose each alternative in a capital investment decision can be represented as a cash flow without uncertainty, i.e., as a sequence of m + 1 real numbers. Then the problem of which financial criterion (e.g., present value, internal rate of return, return per unit expenditure, etc.) to use for the capital investment decision is the problem of defining a preference ordering (which usually means a utility function) on the vector space of dimension m + 1. A Set of axioms is proposed for the preference ordering. The axioms specify the directions of preference in case one cash flow dominates another in magnitude (at least as great in every period, greater in some period) or in time (same total revenue, but received sooner). Also, an axiom of marginal consistency is specified, i.e., one cash flow is preferred to another if and only if the difference (considered as a separate investment) is preferred to the do-nothing investment. In addition, there is an axiom of continuity. Our result is that the only consistent (i.e., consistent with the axioms) method for ranking investments according to their cash flows is to rank them according to the formula for “present value”, with positive (undetermined) rates of interest, possibly different for different time periods. Finally, an axiom specifying “temporal consistency” leads to the use of a single rate of interest. The viewpoint is that an overall corporate capital budgeting problem has two aspects: (1) the determination of a criterion, and (2) the determination of that capital program which maximizes the criterion, subject to the relevant constraints, e.g., on available projects, capital markets, etc. This paper is concerned with the first aspect only.