The information and methods

On the threshold of a new stage of the economic development of the country potential investors show more and more interest to the economic basis and its efficiency

The investment appeal rating is an interrelated estimation of two main components of the investment attractiveness: risk and potential.

The investment risk extent shows the probability of the investment loss and its income. The integrated risk covers eight types of risk (this year a management risk was added to the earlier considered ones). The regional rank in relation to the each type of risk was determined by the value of the investment risk index - a relative deviation from the Russian average level, taken as a unit. The investment potential considers the basic macroeconomic characteristics, such as the territory manufacture saturation, the population consumer demand and other parameters. In all previous ratings the regional total investment potential was made up of eight private potentials, each of which in its turn is characterized by the whole group of parameters. Each regional rank relatively to the each potential type depends on a quantitative estimation of its potential amount as a share (in percentage) in the aggregate potential of all 88 Russian regions.

The general potential or risk parameter is calculated as the weighed sum of private potential or risk types. The parameters are summarized, each with its weight factor. The regional final rank is calculated by the value of the weighed sum of private parameters. As a result, each region besides its rank is characterized by a quantitative estimation: the amount of its potential as an object of investments and the degree of risk of investing into the given region compared to the Russian average one.

The current changes in the investment climate had an impact on the preferences of potential investors. The results of questioning potential investors revealed even more attention in favor to the investment potential. With the decrease of financial resources deficit, the financial risk role became much less important. In investors' opinion a criminal risk threat has also diminished. The period, when investors considered Russia as a source of the qualified manpower and a receptive consumer market, is apparently over. Nowadays investors are focused on the already created production potential and the economic risk as a reflection of the efficiency of its functioning (diagram 10).

The research results are presented in the form of tables, diagrams and charts, which show the region distribution, dynamics, grouping and their geography according to the parameters of potential and risk rating and their components, and the explanatory text is also included. An actual rating is the region distribution into 12 groups (table 1, diagram 1) by the values of the total potential and integrated risk.

The investment risk and potential components were estimated by means of about two hundred initial quantitative and qualitative characteristics. There were referred to as the usual main informative sources the data of the Federal service of the state statistics of the Russian Federation, the Ministry of Finances of the Russian Federation, the Ministry of economic development and trade of the Russian Federation, the Ministry of regional development of the Russian Federation, the Ministry of informative technologies and communications of the Russian Federation, the Central Bank of the Russian Federation, the Ministry of Taxation of the Russian Federation, the Ministry of the natural resources of the Russian Federation, the Ministry of the Internal Affairs of the Russian Federation and also the database of the Rating agency Expert R А and the news lines of the Russian news agencies, which are annually collected in all regions by a uniform technique.

The law inquiry computer system of our permanent partner - Consultant Plus was used for estimating the legislative risk. The information on the distribution of the cellular communication and the level of the Internet penetration in the regions was provided by ComNews Research. The results of the federal and regional elections were taken from the Internet-site of the Central Electoral Commission of the Russian Federation and the election commissions of the constituent entities of the Federation.

At the rating was also used the information on the legislation, strategies and programs of the development, presented in the Internet regional sites, as well as the information sent by the administrations of some constituent entities of the Federation on their own initiative.

The share of the each component contribution to the total potential or the integrated risk was assessed by questioning experts from Russian and foreign investment, consulting companies and the enterprises on the basis of a specially elaborated enquiry. As in the last year an expert appraisal of the factors of the investment climate among foreign investors was assisted by the Union of the German economy in Russia and the Group of the World Bank in Russia. The technique received the KPMG positive conclusion.