Актуальность темы исследования: В экономическом процессе инвестиции занимают центральное место, что в свою очередь, предопределяет общий рост экономики предприятия. Вследствие инвестирования в отраслях и на предприятиях растут объёмы производства, возрастает доход, развиваются и уходят вперёд экономическое соперничество между ними. Цель работы – исследовать пути повышения эффективности инвестиционной деятельности компании (на примере АО «KEGOC»). Предложена методика расчета интегрального показателя оценки ее эффективности инвестиционной политики на основе применения параметров функции желательности, что повышает объективность расчетов при определении эффективности инвестиционной политики. / Relevance of the research topic: In the economic process, investments occupy a central place, which in turn determines the overall growth of the enterprise's economy. As a result of investment in industries and enterprises, production volumes are increasing, income is growing, economic competition between them is developing and moving ahead. The purpose of the work is to investigate ways to improve the efficiency of the company's investment activity (by the example of KEGOC JSC). The methodology for calculating the integral indicator of the assessment of its effectiveness of investment policy based on the application of parameters of the desirability function is proposed, which increases the objectivity of calculations in determining the effectiveness of investment policy.

In modern conditions, the effective development of industrial enterprises is complicated by the low organizational and technical level of production, high costs and insufficient financial resources, which requires the active attraction of investment funds. The purpose of the master's thesis is to develop a methodological approach to the formation of the investment policy of a non-ferrous metallurgy enterprise within the framework of Industry 4.0. The research considers the concept of the investment policy of the enterprise and the correlation of the investment activity of the enterprise with the implementation of technologies of Industry 4.0. The sources used were teaching and research literature, the results of empirical research of the author and corporate statistics. In the master's thesis, the author’s methodology for the selection of investment projects was developed as part of the investment policy of an industrial non-ferrous metallurgy enterprise, which includes three stages of selection: preliminary, coefficient, final. The application of this technique allows you to deepen the analysis and assessment of the effectiveness of investment projects related to Industry 4.0. / В современных условиях эффективное развитие промышленных предприятий осложняется низким организационно-техническим уровнем производства, высокими затратами и недостаточными финансовыми ресурсами, что требует активного привлечения инвестиционных средств. Целью магистерской диссертации является разработка методического подхода к формированию инвестиционной политики предприятия цветной металлургии в рамках «Индустрии 4.0». В работе рассматривается понятие инвестиционной политики предприятия и вопросы взаимосвязи инвестиционной деятельности предприятия с внедрением технологий «Индустрии 4.0». В качестве источников использовалась учебно-методическая и научно-исследовательская литература, результаты эмпирических исследований автора и данные корпоративной статистики. В магистерской диссертации была разработана авторская методика отбора инвестиционных проектов в рамках инвестиционной политики промышленного предприятия цветной металлургии, включающая в себя три этапа отбора: предварительный, коэффициентный, заключительный. Применение данной методики позволяет углубить анализ и оценку эффективности инвестиционных проектов, связанных с «Индустрией 4.0».

В условиях постоянно изменяющихся экономических явлений и процессов, регулярных колебаний на внутреннем и внешнем рынках, наиболее острой является проблема эффективного вложения и использования капитала с целью получения положительного экономического эффекта при инвестировании. Целью магистерской диссертации является развитие теоретико-методических основ оценки инвестиционной привлекательности промышленного предприятия. В ходе работы было проведено исследование существующих теоретических материалов по оценке инвестиционной привлекательности предприятий, изучены труды множества авторов, напрямую или косвенно, связанных с тематикой работы, установлена степень разработанности проблемы. Было рассмотрено множество методик оценки инвестиционной привлекательности промышленного предприятия. В качестве источников использовалась учебно-методическая и научно-исследовательская литература. В магистерской диссертации была разработана авторская методика оценка инвестиционной привлекательности промышленного предприятия. В ее основу легли показатели, характеризующих научно-исследовательский, производственно-технический и финансовый потенциал предприятия, в совокупности с вероятностью банкротства модели Альтмана и учетом внешней среды функционирования предприятия. Предлагаемый подход к оценке ориентирован на принятия решения со стороны инвестора. Непременным условиями являются комплексность и системность. Использование описанного подхода позволит получить всесторонне обоснованный ответ на вопрос о целесообразности инвестирования. / In the context of constantly changing economic phenomena and processes, regular swings in the internal and external markets, the most pressing problem is the efficient investment and use of capital in order to obtain a positive economic effect when investing. The aim of the master's thesis is to develop the theoretical and methodological foundations for assessing the investment appeal of an industrial enterprise. During the work, a study of existing theoretical materials on assessing the investment attractiveness of enterprises was carried out, the works of many authors, directly or indirectly related to the topic of the work, were studied, the degree of development of the problem was established. A variety of methods for assessing the investment attractiveness of an industrial enterprise were considered. Educational-methodical and scientific-research literature was used as sources. In the master's thesis, the author's methodology for assessing the investment attractiveness of an industrial enterprise was developed. It was based on indicators characterizing the research, production, technical and financial potential of the enterprise, together with the probability of bankruptcy of the Altman model and taking into account the external environment of the enterprise. The proposed approach to valuation is focused on decision making by the investor. Complexity and consistency are indispensable conditions. Using the described approach will allow you to get a comprehensively substantiated answer to the question of the advisability of investing.

2009年6月30日政府開放陸資來台投資，經濟部統計至2012年4月止，累計核准陸資來臺投資件數為246件，核准投(增)資金額計2億8千萬美元。陸資來台基本上仍處小規模、試探性階段。在兩岸經貿關係逐步深化之後，政府未來是否有比照僑外投資方式開放陸資來台投資之可能，使陸資來台投資，轉化為我國經濟發展的正面能量，值得探討。因而，本研究之目的如下：(一)探討陸資來台投資之動機(二)陸資與外資來台投資政策及規範之比較分析(三)提出具體建議提供政府擬定陸資來台投資政策之參考。 本研究以文獻分析及個案深度訪談方法，就陸資來台投資之製造業、服務業中選出具代表性個案，計4家陸資企業進行訪談；另為陸資與外資來台投資政策及規範之比較分析，選定2家具代表性外資企業進行訪談，以為本研究之目的進行探討，並提出具體政策建議。 研究發現陸資來台投資動機主要為獲取先進技術與經營管理經驗、響應中國大陸政府對台投資政策、拓展市場，擴大出口，進行全球化佈局等，來台投資除企業對外投資經濟層面動機外，尚有響應中國大陸政策，積極推動陸資企業來台投資佈局之政策性動機存在。而就陸資與外資來台投資政策差異，政府主要對陸資採「先緊後鬆、循序漸進、先有成果、再行擴大」的原則政策，對外資則採獎勵投資、減少外人投資障礙之開放政策；在陸資來台投資項目係採正面表列，所開放的項目係以國內發展成熟且不會對國內經濟造成負面衝擊的產業為主；而外資來台投資項目則採負面表列方式管理，除少數基於國家安全、公共秩序、善良風俗或國民健康考量及法律明定或國際協定予以禁止以及部分特許行業加以有條件限制外，均予以開放，開放程度已達95％以上。 本研究提出具體建議提供政府擬定陸資來台投資政策之參考，建議政府可參照開放外資投資政策，擴大開放陸資來台投資政策，將陸資來台投資項目從正面表列改以開放的負面表列管理，惟就擴大開放陸資來台投資政策下，政府對相關可能造成負面衝擊之影響，建議亦應有相關配套產業政策：如推動兩岸新型產業合作、輔導弱勢產業轉型與升級，以因應未來擴大開放趨勢、關鍵技術產業智慧財產權之保障、儘速簽署投資保障協議等，以為因應，降低衝擊之影響。另就陸資來台投資法令規範，建議建立完善投資審查機制，以防衛國家安全及因應關鍵技術流失之不利衝擊，另建議放寬大陸人員來台進出之法令、陸資購置不動產相關法令，以利陸資來台投資。 / Taiwan’s Government deregulated the investment capital of Mainland China in Taiwan on June 30, 2009. According to the statistical data of Ministry of Economic Affairs, up to April 2012, Mainland China investment in Taiwan has accumulated to 246 cases and the accumulated amount of investment (incl. capital increase) is US$280 million. Basically, the Mainland China capital investment in Taiwan is still in small scale. Following the gradual deepening of cross-strait economic and trading relationship, it is worthwhile to probe into the possibility of treating the Mainland China capital investment in Taiwan as ordinary foreign investment in Taiwan and turning it into positive energy of the economic development of Taiwan. The purposes of this research are such as following: 1) The motive of Mainland China capital investing in Taiwan, 2) Comparison and analysis of the policies and regulation of Mainland China capital and traditional foreign investment, and 3) Proposing practical suggestions for reference of the government in formulating Mainland China capital investment policy. By Literature Analysis Approach and in Case Interview Method, the research selected representing cases of Mainland China investment in manufacturing and in services industries. There were 4 Mainland China capital enterprises interviewed. Also by comparative analysis on the policies and regulations of traditional foreign investment and Mainland China capital investment, two representing foreign invested enterprises were interview. The efforts pointed directly to the purposes of the research as well as providing practical policy suggestions. It is found that the motives of Mainland China capital investment in Taiwan are mainly in obtaining advance techniques and operating and management experience, echoing the Taiwan Investment Policy of Mainland China government, developing market, expanding export and globalization deployment. Besides the economic motives in foreign investment of the Mainland China enterprises, they are also echoing the policy of mainland China government and actively to deploy their investment in Taiwan. In the difference of policies of Taiwan Government toward Mainland China capital and traditional foreign capital, Taiwan government is working in the principle of “Tight firstly then loose, Moving progressively, See the result before expansion” to the Mainland China capital investment, while it is in encouraging and reducing barrier to foreign investment to the traditional foreign investment. Under the control of Mainland China capital, it is subject to positive listing, and the items opened is the industries that are matured and will not result in negative impact on the domestic economy. In addition, under the control of foreign capital investment, it is rather in negative listing, that only the industries are excluded based on national security, public order, decent customs or national health, or those forbidden specifically under law or international treaty, or the charter business, all others are opened and the level of open reached 95%. This research provided practical suggestions for the reference of government in formulating the Mainland China capital investment. We suggest that the government shall take reference of policy for opening foreign investment to expand the scope for Mainland China capital investment and turn the positive listing to negative listing in administration, but under the expanding liberalization of Mainland China capital investment, the government shall guard off the negative impacts with packaged industry policy such as new cross-strait industry cooperation, assisting the transformation or upgrading of disadvantage industry to cope with future expansion, Key techniques industry and intellectual property right protection and speed up investment protection treaty, so as to reduce the impact. In the part of legislation and regulatory of investments of Mainland China Capital, it is suggested to build complete investment review mechanism to defend national security and to cope with the unfavorable impact resulted from loss of key techniques. We will also suggest deregulating the purchasing of real estate to induce the investment of Mainland China capital under the control of the entry and exit of Mainland China people.

L’investissement éthique est un investissement fondé sur des critères extra-financiers : l’investisseur cherche un enrichissement tout en poursuivant une fin non matérielle tirée du respect de certaines valeurs La coloration éthique a vocation à rejaillir sur le régime de cet investissement. Elle dicte le contenu de la politique d’investissement, oblige les intermédiaires financiers à informer les investisseurs de manière adéquate, et les contraint à veiller à la conformité éthique de l’investissement jusqu’à son dénouement.L’investissement éthique ne saurait toutefois se limiter à cela. Adoptant une démarche conséquentialiste, les investisseurs peuvent s’engager auprès des émetteurs pour y défendre leurs valeurs. D’un point de vue théorique, cet activisme actionnarial met en lumière l’échec des thèses traditionnelles à définir la finalité des sociétés. Plutôt que de raisonner en termes d’intérêt social, il conviendrait à présent de recourir à la Stakeholder Theory. / Ethical investment is based on non-financial criteria: the investor expects a return on the investment while pursuing a non-material objective, based on the respect of certain values. Ethics bring a nuance, which impacts the set of rules for this type of investment. It establishes the content of the investment policy and requires financial intermediaries to inform investors adequately. It also forces them to ensure ethical compliance of the investment to its ending. Ethical investment, however, is not limited to this. By adopting a consequentialist approach, investors can engage with issuers to defend their values. From a theoretical point of view, this shareholder activism highlights the failure of traditional theories to define the purpose of companies. Because the concept of “intérêt social”, which the French doctrine struggles to define, leads to a deadlock, a cross-disciplinary approach, the Stakeholder Theory, should be preferred.

Une convention datée du 4 décembre 1990 régit les relations commerciales entre la France et la Qatar. Dans le cadre des relations bilatérales entre les États, les différents échanges commerciaux et les investissements entre les personnes privées et publiques sont encadrés par de nombreux textes et conventions. Ce cadre juridique doit instaurer un facteur essentiel : La confiance. Bien sûr, des mesures incitatives figurent également dans ces textes favorisant les investissements. La loyauté est le moteur de toute relation commerciale. Si elle devait être entachée cela conduirait immanquablement à une rupture du contrat. De surcroit, le droit permet-il des investissements sur la durée : la confrontation à des enjeux économiques et géostratégiques, qui peuvent surgir à tout moment, peuvent venir mettre à mal toute politique d'investissements engagée. Les investissements étrangers sont devenus un des facteurs-clé pour l'économie nationale tant pour la France que pour le Qatar. Pour ce dernier, le droit des investissements est en train de se développer, notamment pour ce qui est de la protection des investissements étrangers par la création d'un régime juridique adapté. L’État du Qatar a l'obligation de diversifier son économie et ses sources de financement limitées pour l'instant aux hydrocarbures. Cette obligation de diversification pousse les autorités qatariennes à développer rapidement un cadre juridique pour les investissements internationaux Dans ce domaine la France dispose, d'un arsenal juridique solide, et plus ancien que celui du Qatar. Il était donc intéressant de mener une étude comparée entre les deux systèmes juridiques : objet de cette thèse. / An agreement dated December 4, 1990 governs commercial relations between France and Qatar. In the context of bilateral relations between States, the various commercial exchanges and investments between private and public persons are framed by numerous texts and conventions. This legal framework must establish an essential factor : Trust. Of course, incentives are also included in these investment promotion texts. Loyalty is the driving force of any business relationship if it were to be tainted that would inevitably lead to a breach of contract. ln addition, the law allows investments over time : the confrontation with economic and geostrategic stakes, which can arise at any time, can come to undermine any committed investment policy. Foreign investment has become a key factor for the national economy for both France and Qatar. For the latter, investment law is developing, particularly with regard to the protection of foreign investment through the creation of an appropriate legal regime. The State of Qatar has an obligation to diversify its economy and its limited sources of financing for the moment to hydrocarbons. This obligation of diversification pushes the Qatari authorities to rapidly develop a legal framework for international investment ln this area France has a solid legal arsenal, and older than that of Qatar. It was therefore interesting to carry out a comparative study between the two legal systems : the subject of this thesis.

The relationship between international investment agreements and EU law has attracted increased attention in past few years. The aim of this thesis is to bring a detailed analysis of various aspects of this complicated relationship. In attainment of this aim it proceeds in the following steps. After a short introduction (Chapter I.), Chapter II. briefly overviews typical content of bilateral investment treaties, following with a more detailed analysis of relevant EU law rules concerning foreign investment and subsequent comparison of both sets of rules. Chapter III. deals with investment agreements to be concluded by the EU, in particular with questions of external competence for foreign investment, responsibility for breaches of investment agreements concluded by the EU and the future shape of EU investment policy. The status of existing bilateral investment treaties concluded between EU member states and third countries is analyzed in Chapter IV. Chapter V. tackles various issues related to investment treaties concluded between member states (so called intra-EU BITs).

Investment Policy of the European Union - protection of foreign direct investment Abstract One of the changes brought about by the Lisbon Treaty is the explicit inclusion of foreign direct investment and its protection in the common commercial policy of the European Union. This is one of the areas of exclusive competence of the EU. The European Union has subsequently stated negotiating bilateral agreements governing, inter alia, investment issues. However, it has not been spared from controversy and negative publicity that has been accompanying especially the TTIP and the CETA. This work aims to analyse the investment policy of the EU and mutual interaction of its institutions with the Member States and third parties. After general introduction to the topic of international investment law and EU law (chapters II. and III.), it is devoted to the issue of protection of foreign investment in the internal market. Its regime is then compared with the BIT regime (chapter IV.). Attention is then focussed towards the EU's external relations in the field of investment protection. Its competence is subjected to further analysis (chapter V.) and current results of efforts of the Commission and the EU as such are also discussed (chapter VI.). It is so in the light of possible impacts of foreign investment in terms of...

Le patriotisme économique relève davantage du discours politique que d’un concept juridique. Il fait référence aux comportements des citoyens, des entreprises et des États. Celui des États peut en substance être défini comme la défense par ces derniers de leurs entreprises stratégiques. Ainsi précisée, cette notion se traduit en pratique par l’institution de dispositifs nationaux de contrôle des investissements étrangers, par la stabilisation de l’actionnariat des entreprises stratégiques au travers des prises de participations des fonds stratégiques d’investissement, ou encore, par l’octroi de droits exclusifs ou spéciaux. De tels comportements peuvent contrarier les principes de la libre circulation - capitaux, établissement - et de la libre concurrence. Ces principes souffrent cependant de tempéraments qui laissent une certaine marge de manœuvre aux États, laquelle est cependant étroite. Cette étroitesse conduit ces derniers à être sans cesse inventifs pour défendre leurs entreprises. Le droit des sociétés offre de ce point de vue des outils pertinents pouvant servir ce dessein. Mais, la protection des entreprises stratégiques en dehors des exceptions ou dérogations prévues par le traité, qui traduit la persistance des replis nationaux, n’est pas sans relever les limites de l’opposition systématique aux patriotismes économiques nationaux. De plus, une telle faculté risque de fragiliser l’achèvement du marché intérieur. Pour ces raisons, il importe pour les autorités de l’Union européenne, d’engager une dynamique permettant de mieux prendre en compte les préoccupations patriotiques des États. Agrégée à un concept cohérent, à savoir le patriotisme économique européen, une telle démarche consisterait à instaurer une politique d’investissement commune qui sache conjuguer ouverture aux capitaux étrangers et préservation des secteurs stratégiques. Mais, l’efficacité d’une telle politique est relative. C’est pourquoi, on doit lui adjoindre un cadre autonome de contrôle des investissements en provenance des pays tiers. / Economic patriotism is more a political speech than a legal concept. It refers to behaviors of citizens, companies and governments. Concerning States, this concept can essentially be defined as defense of strategic companies. In practice, this notion is reflected by the institution of national systems of foreign investments control, by stabilizing the shareholding of companies through strategic investment funds, or by granting exclusive or special rights. These behaviors can antagonize the European Union law. However, this law allows exceptions that offer opportunities to States. But the flexibility of States is close. This narrowness leds them to be constantly inventive to defend their strategic companies. Business law allows such an approach. But the protection of strategic companies without the exceptions or derogations permitted by the treaty, which reflects the persistence of domestic markets partitioning, is not without showing the limits of systematic opposition to national economic patriotisms. In addition, such a power may weaken the completion of the internal market. For these reasons, it is important for the authorities of the European Union, to initiate a dynamic that can permit to take better account of the States patriotic concerns. Aggregate to a coherent concept, namely the european economic patriotism, such an approach will permit to establish a common investment policy that can combine openness to foreign investments and preservation of strategic sectors. But, the effectiveness of such a policy is relative. That’s why, it’s crucial to add to it an autonomous control framework for investments coming from non-member countries.