4.1. Division of Investment
In terms of the division of
investment at their destination, in the
economic literature is usually faced with
two basic groups of investments. These
are fixed investments (basic funds) and
investment in working capital fund.
Under the investment in fixed capital
investment in facilities mean a
permanent nature such as buildings,
equipment, long-term plantations, roads,
ports etc. Under the investment in
revolving funds mean investment in raw
materials, semi-finished, unfinished
products and finished products. In other
words, under investment in revolving
funds mean a corresponding increase in
investment in the stock of the economy
(Devetaković et al. 2011). To understand
the essential difference between these
two categories of investments, it is
necessary to point out the essential
difference between fixed and revolving
funds. Basic economic characteristics of
fixed assets is reflected in the fact that
their spending takes place over long
periods of time in the course of large
scale production cycle that is constantly
and continuously. Thus, the basic
characteristics of fixed assets that they
give adequate (productive or nonproductive) services over a number of
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years and during that period within each
of the many production cycles
successively transferred part of its value
to the produced goods and services. This,
in other words, means that the basic
economic characteristics of fixed assets
in the fact that they are amortized.
Therefore, the concept of depreciation
solely related to the category of fixed
assets. Basic economic characteristics of
revolving funds is reflected in the fact
that they, unlike the fixed assets that are
successively consume a large number of
production cycles consumed during a
single production cycle. Thus, rotary
funds are not subject to depreciation.
Obviously, one could say that each
investment grip on the line to increase
fixed assets should regularly monitored
and appropriate investment grip on the
line to increase working capital funds. It
is not necessary to emphasize that most
of the investments of each national
economy refers to fixed investments,
while investments in current funds
represent only a small part of the total
investment. Except for the purpose of
production and non-production,
investment and can be divided according
to their technical structure. Under the
technical structure of investments we
understand the relationship between the
size of investments that are invested in
certain categories of investment goods.
According to the nomenclature which is
accepted by us and settled as well as
according to our statistical-planning
practices, investments by technical
structure divided into three basic
categories. These are: civil works,
equipment (import and domestic) and
other (purchase various licenses,
investments in studies and research, an
increase of livestock purchase of
livestock, etc.). In addition to
investments by purpose can share and
investment in new facilities and
investments that are invested in
reconstruction, modernization, upgrading
and expansion of existing facilities.
Except for the purposes of investment
criteria can share and according to the
criteria of funding sources. As with
many other economic sectors can be
observed, so the economic categories of
investments at certain difference occurs
when the category is treated from the
standpoint of the economy as a whole
(ie, from a macroeconomic point of
view) from the standpoint of individual
organizations of associated labor (ie. The
microeconomic aspect). In addressing
the economic category of investments
from the standpoint of the economy as a
whole, ie. from a macroeconomic point
of view, one can speak of three
categories of investments, and getting it
as a criterion for categorizing these
sources of funding.
Therefore, when dealing with problems
of analysis of investments and fixed
assets from a macroeconomic point of
view, then we are interested not only the
size of the funds spent in the capital and
durable goods in general, but also the
structure of the sources of these funds.
When we say that we are in
macroeconomic analysis of investments
interested in the structure of sources for
financing investment, then we mean in
the macroeconomic structure of their
sources of funding. This, in other words,
means that we are in macroeconomic
analysis of investment interest than just
their size, and information about how the
funds were spent for investments in the
current distribution of national income,
and how much from the corresponding
buffer funds. According to the criterion
of sources of financing those
investments that are financed from the
current distribution of national income
categorize as net investments, and those
investments that are financed from the
current distribution of national income
and the corresponding buffer funds
called gross investment. The third
macro-economic categories of
investment are new investments, which
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are largest between gross investment and
net investment.
However, when the economic category
of investment is treated with a
microeconomic point of view, the
situation is somewhat different. This
difference in treatment of the concept of
investment with macroeconomic and
microeconomic standpoint stems mainly
from the fact the microeconomic aspects
of the criterion of funding sources to
finance investments mostly irrelevant,
and if for some aspects was also
relevant, such a criterion is in practice
hardly be applied.
Therefore, the microeconomic aspect of
the concept of investment meets mostly
formulation that under investment
involves expenditure of funds for the
replacement of existing (worn-out and
written) and the construction of new
fixed assets, regardless of the structure
of the sources of their funding.
From everything is resolved to conclude
that the macroeconomic aspects of
investment analysis is very relevant
information about the structure of their
economy, while the microeconomic
aspects of the analysis of investments
mainly irrelevant. This, in other words,
means that the issue of these differences
is basically boils down to whether the
criterion of their economic structure (in
terms of funding sources) is relevant or
not (Ilić, 2005).


 Although there is no optimum ratio that
would be (in general) could be applied to
all economies and in various stages of
development, it can generally be said
that in normal conditions fixed
investments should make up the largest
part of the total investment. In most
developed economies and well-organized
investment in revolving funds usually
range between 10 and 20% of total gross
investment. A smaller part of the
investment in working capital in total
investment is usually a reflection of
better social organization of work,
greater efficiency of the system, the
faster and more efficient circulation of
revolving funds, and therefore greater
economic efficiency and social
profitability of investments. When you
mentioned the relationship between
investment in fixed capital and
investment in revolving funds worsens,
or when the investment in revolving
funds begin to grow significantly, it is
usually a sign that they are in the process
of social reproduction and economic
growth emerged some disorders. These
symptoms are usually accompanied by a
slowdown in economic growth and
reducing the economic efficiency of the
social profitability of investments, and
social accumulation. This phenomenon
can be explained by the fixed
investments have resulted in an increase
in production capacity, while investment
in revolving funds have resulted in an
increase in inventories of raw materials,
semi-finished and finished products
(Devetaković et al. 2011). It is
understood that excessive increase in
stocks, ie. such an increase is not a
prerequisite for the normal process of
social reproduction, comes as a result of
disturbances in the functioning of the
appropriate mechanism of the economic
system.