POLYVARIANCE OF SCIENTIFIC APPROACHES TO UNDERSTANDING THE ESSENCE OF THE CONCEPT «INVESTMENT SERVICES»

Abstract

The article reflects the results of scientific research of alternative approaches to the interpretation of the definition of investment services. The advantages and disadvantages of the target, production, product, process, instrumental, infrastructural, resource and opportunistic approaches to understanding the essence of the concept of “investment service” are identified and systematized. An improved definition of the concept of an investment service is the result of the choice of an investment idea, analysis of investment information and the use of investment technologies by investment firms in order to realize the financial interests of clients - individual and institutional investors, taking into account their investment profile (expected investment return, maximum losses, risk tolerance and the duration of the investment horizon). The proposed author's approach to the interpretation of the concept of an investment service takes into account the totality of such attributive features as complementarity, substitutionality, analyticity, manufacturability, personification, riskiness and timing. It was found that the providers of investment financial services are investment firms - legal and non-legal entities that on an ongoing basis provide at least one type of investment services to third parties and / or carry out at least one type of investment activity. The recipients of investment services are clients of investment companies - individual and institutional investors. The circle of financial interests of investors was determined, including: increase and mobilization of additional financial resources; accumulation of savings; formation of an optimal investment portfolio in terms of profitability, risk, liquidity, etc .; reducing the negative impact of information asymmetry on investment choice; reduction of transaction costs of investment operations; expanding the list of investment alternatives and deepening the diversification of investment assets; redistribution of risks associated with the provision of investment services. It is established that the definition of an investment service is derived from the generic concept of a financial service. However, if the concept of a financial service is always associated with cash flow, then in the case of the provision of investment services, cash flow is conditioned by the formation and use of investment capital.