Suchergebnisse

Final Economic Master's thesis is relevant, because the role of foreign capital for economic development is becoming greater. Inflow of foreign capital can provide the fastest way for developing countries to acquire industrial technology for economic development. Developing countries would be lost many decades to reach that level of excellence in technology, which developed countries had already reached in middle age, if not foreign investment. The Master's objective - is to explore the possibilities and prospects for attracting foreign direct investment in Lithuania, and to make proposals to improve them. Master's paper deals with foreign direct investment in theoretical aspects, discusses the concept of foreign direct investment, forms, strategies, legal framework. Analyzes the impact of foreign direct investment to local economic development, examines the factors affecting foreign direct investment, and the reasons for the favorable investment climate to create. Based on various statistical sources: the Lithuanian Statistics Department, Economic Cooperation and Development Organization, United Nations Conference on Trade and Development, the World Economic Forum, the World Bank and Lithuanian banks statistics, the dynamics of foreign direct investment in Lithuania was examined and compared with selected European Union countries. Conditions of promotion of foreign investments are discussed, features attractive for investors and causing doubts and concerns when undertaking risks in our country are described, attractiveness and peculiarity of Lithuania among other countries are analyzed. To sum up the investigation, the investment climate in Lithuania is favorable and it is mentioned among the most attractive countries for investments to come, but the volume of foreign investment is relatively small, their dynamics - is not constant. The work hypothesis is confirmed - the conditions and measures to attract foreign investment in Lithuania is objectively worse than in many other European Union countries. The main reasons are bureaucracy, corruption, poor labor relations and their regulation, poor business conditions for initiating and building permit conditions, complex and lengthy land acquisition procedures and documentation. Many countries provide various subsidies for investors, which is lacking in Lithuania. Tax reductions is not enough for foreign investors, knowing how fierce competition, is currently in Europe. Therefore, based on the experience of other countries, Lithuania should finance activities related to foreign direct investment in high value-added manufacturing and high value-added services.

The processes of privatization state property, which were executed in the Baltic States during 1991–2000, were very important not only for employees of privatized and technologically related companies but also for branches of economy, in which investors were attracted, as well as for social and economic progress of each Baltic State and for the strategic development direction of Lithuania, Latvia and Estonia in long perspective. At the beginning of the analyzed period, when the state ownership in the Baltic States was absolutely dominant, and dependence on former USSR (particularly on Russia – the successor of duties and rights of USSR) in economic-commercial areas was over 90 per cent, and they were obliged to use ruble as the only means of payments and settlements, the Baltic States started to implement complex of reforms in legal, social and economic areas. The Baltic States implemented these reforms as quickly as possible (except for Lithuania in 1993–1996), reducing their dependence on the emerging corruption-oligarchic system in Russia, which became much stronger by Russia's choice of a faulty privatization model, the results of which had impact on the economic-commercial processes of the Baltic States. Having no analogs in the world practice, the Baltic States implemented reforms in their economic-commercial and social areas, enacted both general laws governing the activities of the state and specific laws regulating management of enterprises, and within a minimum time period prepared for the privatization of state property. The author of this article tried to take into account new aspects of the main features of the privatization management methods in Lithuania, Latvia and Estonia, advantages and disadvantages of these methods, as well as basic factors (usage of the investments certificates, preferences for employees and attraction of strategic investors), which in the first stage of privatization considerably influenced this process. The implementation of the German privatization management model in the ...

Investing is the conversion of available savings to a specific asset, usually shares, bonds, real estate or investment fund units, with a simple purpose of increasing the amount of money invested in the future. Investments have several types, which are divided according to certain features: according to the investor's influence on the entity, according to the investor's permanent residence, according to the investor status, according to the investment object. Investment policy is often defined institutional investors including, where everything is more or less regulated. State investment policy is formulated in the program of activities of the Government of the Republic of Lithuania, taking into account economic and social-economic development forecasts of the Republic of Lithuania Investor's rights and protection, cooperation between the investor and the investment firms determine the Markets in Financial Instruments Directive.

Investing is the conversion of available savings to a specific asset, usually shares, bonds, real estate or investment fund units, with a simple purpose of increasing the amount of money invested in the future. Investments have several types, which are divided according to certain features: according to the investor's influence on the entity, according to the investor's permanent residence, according to the investor status, according to the investment object. Investment policy is often defined institutional investors including, where everything is more or less regulated. State investment policy is formulated in the program of activities of the Government of the Republic of Lithuania, taking into account economic and social-economic development forecasts of the Republic of Lithuania Investor's rights and protection, cooperation between the investor and the investment firms determine the Markets in Financial Instruments Directive.

There are no inaccessible stock markets in these technology and globalization modern-days. Financial capital is very mobile, during several ours financial capital can be transferred from one market to another. Using information systems, new modern technologies, information is accessible for all users. Central and East Europe stock markets during five years were very attractive for investors, because the level risk of investments and profit was appropriate. Central Balkan stock markets are new area for investors and speculators. There is big positive influence from European Union to stabilize political and economical situation in Balkans. This is reason to trust that investments are safety and can be profitable. The mane purpose is to evaluate macro and micro environment for investments in stock market of Central Balkan region countries, Croatia, Serbia, Bosnia and Herzegovina and verify optimal stock portfolio theory (W. Sharpe) in practice, when market is in growing and downgrade trends. There are tasks to find the answers to the mane goal: • To make analysis for macro economical indicators of Central Balkan region countries; • To make business environmental review in macro level; • To evaluate opportunities and limitations to trade securities in stock markets; • To evaluate stock markets risk and profit; • To separate stocks for optimal stock portfolio construction using W. Sharpe model; • To make six stock portfolios when stock market is in growing and downgrade trends.; • To test portfolios in practice; The paper consists of 5 main parts; 1 The macro economical environmental in Balkans; 2 The stock market exchanges of Central Balkans; 3 The Capital market theories; 4 The stock portfolio construction using W. Sharpe model. The results of research shows, that optimal portfolio construction using W. Sharpe model is more effective in growing stock markets, but also in downgrade market portfolio profit (loss) was better then market results. W. Sharpe model is expedient in stock market were a lot of securities and market fluctuation is very weak. The model is not effective to make investment profit prognosis.

There are no inaccessible stock markets in these technology and globalization modern-days. Financial capital is very mobile, during several ours financial capital can be transferred from one market to another. Using information systems, new modern technologies, information is accessible for all users. Central and East Europe stock markets during five years were very attractive for investors, because the level risk of investments and profit was appropriate. Central Balkan stock markets are new area for investors and speculators. There is big positive influence from European Union to stabilize political and economical situation in Balkans. This is reason to trust that investments are safety and can be profitable. The mane purpose is to evaluate macro and micro environment for investments in stock market of Central Balkan region countries, Croatia, Serbia, Bosnia and Herzegovina and verify optimal stock portfolio theory (W. Sharpe) in practice, when market is in growing and downgrade trends. There are tasks to find the answers to the mane goal: • To make analysis for macro economical indicators of Central Balkan region countries; • To make business environmental review in macro level; • To evaluate opportunities and limitations to trade securities in stock markets; • To evaluate stock markets risk and profit; • To separate stocks for optimal stock portfolio construction using W. Sharpe model; • To make six stock portfolios when stock market is in growing and downgrade trends.; • To test portfolios in practice; The paper consists of 5 main parts; 1 The macro economical environmental in Balkans; 2 The stock market exchanges of Central Balkans; 3 The Capital market theories; 4 The stock portfolio construction using W. Sharpe model. The results of research shows, that optimal portfolio construction using W. Sharpe model is more effective in growing stock markets, but also in downgrade market portfolio profit (loss) was better then market results. W. Sharpe model is expedient in stock market were a lot of securities and market fluctuation is very weak. The model is not effective to make investment profit prognosis.

There is considering the emission of government and municipal bonds as a way draw up assets for budget of state and municipality. This assets will be used for socially essential tasks. Because private persons issue debt securities too, in this work will be discuss caracteristics of debt securities issued by public government. Borrowing on the way of debt securities is a complicated phenomenon consisted of different stages in these are attending different subjects possessed only them typical rights and duties. The most attention is giving for analysis of relationship of issuers of government and municipal securities and investors and for the regulation of their relationship, because they are basic subjects in this process. In this work is trying to explore basic problems able arising for these subjects, because the more lacuna and problems are in their regulation the more these subjects will be used other borrowing way.

There is considering the emission of government and municipal bonds as a way draw up assets for budget of state and municipality. This assets will be used for socially essential tasks. Because private persons issue debt securities too, in this work will be discuss caracteristics of debt securities issued by public government. Borrowing on the way of debt securities is a complicated phenomenon consisted of different stages in these are attending different subjects possessed only them typical rights and duties. The most attention is giving for analysis of relationship of issuers of government and municipal securities and investors and for the regulation of their relationship, because they are basic subjects in this process. In this work is trying to explore basic problems able arising for these subjects, because the more lacuna and problems are in their regulation the more these subjects will be used other borrowing way.

There is considering the emission of government and municipal bonds as a way draw up assets for budget of state and municipality. This assets will be used for socially essential tasks. Because private persons issue debt securities too, in this work will be discuss caracteristics of debt securities issued by public government. Borrowing on the way of debt securities is a complicated phenomenon consisted of different stages in these are attending different subjects possessed only them typical rights and duties. The most attention is giving for analysis of relationship of issuers of government and municipal securities and investors and for the regulation of their relationship, because they are basic subjects in this process. In this work is trying to explore basic problems able arising for these subjects, because the more lacuna and problems are in their regulation the more these subjects will be used other borrowing way.

There is considering the emission of government and municipal bonds as a way draw up assets for budget of state and municipality. This assets will be used for socially essential tasks. Because private persons issue debt securities too, in this work will be discuss caracteristics of debt securities issued by public government. Borrowing on the way of debt securities is a complicated phenomenon consisted of different stages in these are attending different subjects possessed only them typical rights and duties. The most attention is giving for analysis of relationship of issuers of government and municipal securities and investors and for the regulation of their relationship, because they are basic subjects in this process. In this work is trying to explore basic problems able arising for these subjects, because the more lacuna and problems are in their regulation the more these subjects will be used other borrowing way.

As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to choose the best combination of ETF funds while forming an investment portfolio, analysis of ETF fund results and created risk is required, as well as determination of how these funds match in one portfolio and what result can be obtained. The object of research – Exchange Traded Funds, as means of risk decreasing. The purpose of this work – to perform evaluation of Exchange Traded Funds and different risks ETF portfolios that were formed according to the created model. To fulfill the purpose the following most important tasks were set: to discuss the features and types of ETF funds and to analyze advantages and disadvantages of the funds arising because of distinctive features of ETF, to distinguish the differences of ETF funds from traditional investment funds, to analyze possible ETF funds portfolio management methods, to analyze the dependence of risks and profitability as well as measuring of ETF funds and portfolio formed of them, to distinguish forming and management strategies of ETF funds investment portfolio and to create a ETF funds forming model according to the distinguished strategies, to analyze the results of ETF funds and to form investment portfolios of different risks according to the created model and to perform the evaluation of them. After analysis of profitability and risks of ETF funds it was determined that according to the results of the analyzed period the best one is the ETF of Latin America, as well as ETF depending on the price of gold. As the financial crisis is deepened, the main share indexes in many geographical regions dropped to great extent, but in the end of March of the year 2009 a period of sudden and constant rising started. This rising was influenced by the fact that economics of countries started to recover because of the economic stimulus package by governments, and investors directed the amount of money increased because of the economic stimulus to the financial instruments of higher risks. After analysis of the investment portfolios it was discovered that only the results of portfolio of aggressive risks were better than those of the comparative index. While analyzing the portfolios it was noticed that general risk of the portfolio depends not only on the instruments in the portfolio, it is also influenced by the investment period of the portfolio, because during the financial crisis the risks and profitability of ETF obligations was distorted to great extent. The market of obligations was highly instable because of the liquidity of obligations in market and share market that was later decreasing, therefore the risks of ETF obligations, even such as substantially non risky 10 – 20 years obligations of USA government, increased to great extent. It was noticed that it is difficult to choose the comparative index when forming the portfolio according to strategies of active distribution, block building or combined strategy of active distribution and block building, or by including the ETF funds of color metals and raw materials into the portfolio and later carrying out evaluation of it.

As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to choose the best combination of ETF funds while forming an investment portfolio, analysis of ETF fund results and created risk is required, as well as determination of how these funds match in one portfolio and what result can be obtained. The object of research – Exchange Traded Funds, as means of risk decreasing. The purpose of this work – to perform evaluation of Exchange Traded Funds and different risks ETF portfolios that were formed according to the created model. To fulfill the purpose the following most important tasks were set: to discuss the features and types of ETF funds and to analyze advantages and disadvantages of the funds arising because of distinctive features of ETF, to distinguish the differences of ETF funds from traditional investment funds, to analyze possible ETF funds portfolio management methods, to analyze the dependence of risks and profitability as well as measuring of ETF funds and portfolio formed of them, to distinguish forming and management strategies of ETF funds investment portfolio and to create a ETF funds forming model according to the distinguished strategies, to analyze the results of ETF funds and to form investment portfolios of different risks according to the created model and to perform the evaluation of them. After analysis of profitability and risks of ETF funds it was determined that according to the results of the analyzed period the best one is the ETF of Latin America, as well as ETF depending on the price of gold. As the financial crisis is deepened, the main share indexes in many geographical regions dropped to great extent, but in the end of March of the year 2009 a period of sudden and constant rising started. This rising was influenced by the fact that economics of countries started to recover because of the economic stimulus package by governments, and investors directed the amount of money increased because of the economic stimulus to the financial instruments of higher risks. After analysis of the investment portfolios it was discovered that only the results of portfolio of aggressive risks were better than those of the comparative index. While analyzing the portfolios it was noticed that general risk of the portfolio depends not only on the instruments in the portfolio, it is also influenced by the investment period of the portfolio, because during the financial crisis the risks and profitability of ETF obligations was distorted to great extent. The market of obligations was highly instable because of the liquidity of obligations in market and share market that was later decreasing, therefore the risks of ETF obligations, even such as substantially non risky 10 – 20 years obligations of USA government, increased to great extent. It was noticed that it is difficult to choose the comparative index when forming the portfolio according to strategies of active distribution, block building or combined strategy of active distribution and block building, or by including the ETF funds of color metals and raw materials into the portfolio and later carrying out evaluation of it.

Investment is one of the major factors determining successful development of an economy. In the long term, economic growth is achievable only fostering, strengthening and maintaining economic competitiveness on the international scale. Lithuania with its small and open economy is dependent on the successful economic ties with the European Union single market and the third countries. This Master thesis aims at identifying and assessing the impediments to investment process and providing for the measures allowing to remove the obstacles encountered when attracting direct domestic and foreign investment, and to encourage the development of the Lithuanian business and growth of the national economy. The Master thesis includes the analysis research of actions aimed at attracting direct foreign investment, allowing to conclude that Lithuania does not exploit its economic potential and is lagging behind its neighbours (in particular Estonia) according to economic indicators. It is possible to state that at the moment Lithuania has favourable conditions for investment into various areas of industry and business. However, there is a lack of motivation and appeal ensuring concrete actions to be taken. Therefore, it is essential to single out the factors, which frustrate investment and pose more or less serious problems in the opinion of investors. When examining the factors determining Lithuania's attractiveness for investment, note should be taken of the interrelation between positive and negative impacts of direct foreign investment, in particular when those impacts operate in the national economy experiencing transition from planned to market economies, as such macroeconomic processes as privatisation and increasing economic integration become important in this situation. After examining the system of measures intended to promote and attract investment, it should be highlighted that Lithuania lays plans for establishing eight industrial parks, which will offer to investors an opportunity to develop their activities. For this purpose, eight municipalities were chosen to found these industrial parks. The final pages of the paper sum up the types of state support and submit the proposals how to establish a new institution (Innovation Lithuania) with the aim to create favourable conditions for . It is assumed that such reorganisation of institutional and economic presentation abroad would uniformly and purposefully assist in achieving the common aim – to attract investment and promote export and tourism.

Investment is one of the major factors determining successful development of an economy. In the long term, economic growth is achievable only fostering, strengthening and maintaining economic competitiveness on the international scale. Lithuania with its small and open economy is dependent on the successful economic ties with the European Union single market and the third countries. This Master thesis aims at identifying and assessing the impediments to investment process and providing for the measures allowing to remove the obstacles encountered when attracting direct domestic and foreign investment, and to encourage the development of the Lithuanian business and growth of the national economy. The Master thesis includes the analysis research of actions aimed at attracting direct foreign investment, allowing to conclude that Lithuania does not exploit its economic potential and is lagging behind its neighbours (in particular Estonia) according to economic indicators. It is possible to state that at the moment Lithuania has favourable conditions for investment into various areas of industry and business. However, there is a lack of motivation and appeal ensuring concrete actions to be taken. Therefore, it is essential to single out the factors, which frustrate investment and pose more or less serious problems in the opinion of investors. When examining the factors determining Lithuania's attractiveness for investment, note should be taken of the interrelation between positive and negative impacts of direct foreign investment, in particular when those impacts operate in the national economy experiencing transition from planned to market economies, as such macroeconomic processes as privatisation and increasing economic integration become important in this situation. After examining the system of measures intended to promote and attract investment, it should be highlighted that Lithuania lays plans for establishing eight industrial parks, which will offer to investors an opportunity to develop their activities. For this purpose, eight municipalities were chosen to found these industrial parks. The final pages of the paper sum up the types of state support and submit the proposals how to establish a new institution (Innovation Lithuania) with the aim to create favourable conditions for . It is assumed that such reorganisation of institutional and economic presentation abroad would uniformly and purposefully assist in achieving the common aim – to attract investment and promote export and tourism.

Substantial body of academic literature agree that the financial constrain is the core problem in developing early stage small and medium sized enterprises (SMEs). Therefore, venture capital through financing and providing value added services is considered to be an effective tool in increasing regions innovation capacity, fostering economic growth as well as job creation. Thus, financing such promising young ventures, especially those with technological background, is encouraged in many countries through various Governments' initiatives. A wide range of research explores public programmes in enhancing venture capital markets development in various countries either through direct (when Government invest directly in fund) or indirect (for instance, tax relief, etc.) measures. Therefore the present paper focuses on the direct Government intervention in venture capital market development, through investing in venture capital funds (as the co-investor or limited partner) in order to facilitate SMEs through financing its early stage of development. Venture capital funds, pooled by Governments' sources, private and institutional investors, aiming to boost investments in early stage innovative companies, are considered as hybrid venture capital funds in this paper. [.]