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The architectural heritage is one of the structural elements of the nation with an enormous energy potential for spiritual development and national consciousness in the multitude of nations, and ethnic groups in the world; as well as an anchor in the wave of change generated by the globalization process. A major impediment to safeguarding the pact is the lack of financial means. The protection and maintenance of architectural monuments were and are expensive. In this research, the authors set out to examine the experience of different countries on how to finance rehabilitation, restoration, conservation, maintenance and/or revitalization of built heritage. Economic aspects of heritage safeguarding applied in the Netherlands, Romania, Russia, Turkey, the USA are examined. Economic and financial measures for safeguarding heritage are identified at the country, municipality (locality) and object level. The state of the existing built heritage in the municipality is analyzed. Chisinau, the capital of the Republic of Moldova, has the economic situation and the existing potential within the current legal framework. The correlation between the state of the object, the type of intervention required and the potential, sources, and financing modalities are highlighted. The opportunities and impediments to the implementation of economic and financial measures to safeguard the heritage in the conditions of the Republic of Moldova are assessed.

Actuality of the research topic is conditioned by the importance of investment management in the financial management of economic entities. Maintaining the dominant positions in the top of the best performing enterprises at national and international level can be achieved by applying innovations in improving investment management. The research topic aims are to define the models and principles of directing existing investments in world theory and practice and to implement innovations in investment management at the micro-economic level. The purpose and objectives of the research are to the concept of investment and their classification as well as to study the world practice of training and management of portfolio and capital investments. Determine the particularities of the formation of the optimal portfolio structure, the cost-effectiveness-risk relationship and the method of combating the risk of an investment portfolio. And applying innovations in solving the problems of training, management and combating investment risk. In order to achieve the purpose and objectives of the research, the methods of analysis and research that we have used: analysis, synthesis, induction, deduction, observation, generalization, the complex and systemic methodological approach of contemporary economic concepts. An important contribution was made by the experts Ulrike B. And Radeke J. From the German Economic team Moldova and the economists from Expert Group, who served as guidance and guidance point throughout the entire study, having at their core essential works that contributed enormously to the consolidation of the research level of that work. The results of the research would allow the identification and understanding of the functioning of a system of training and application of innovations in the process of improvement of the investment management of enterprises in the Republic of Moldova., {"references":["1.\tHotărîre Nr. 585 din 12-05-2016 cu privire la Consiliul pentru promovarea proiectelor investiţionale de importanţă naţională Publicat : 20-05-2016 în Monitorul Oficial Nr. 134-139 art. 643","2.\tHotărîre Nr. 274 din 29-05-2019 pentru aprobarea Regulamentului privind modul de elaborare, încheiere și monitorizare a implementării acordurilor de investiții cu privire la proiectele investiționale strategice Publicat : 14-06-2019 în Monitorul Oficial Nr. 193-202","3.\tHotărîre Nr. 274 din 29-05-2019 pentru aprobarea Regulamentului privind modul de elaborare, încheiere și monitorizare a implementării acordurilor de investiții cu privire la proiectele investiționale strategice Publicat : 14-06-2019 în Monitorul Oficial Nr. 193-202","4.\tAnghel G., Avram D., Rolul investițiilor și al mediului de afaceri în dezvoltarea economică. Revista română de statistică, ASE, București, 2018, p.35","5.\tDoval E. Managementul іnvestіțііlor. Bucurestі, Edіtura Fundațіeі Românіa de Mâіne, 2006, p.247","6.\tHîncu R., Bunu M., Dascaliuc D. Bazele activității investiționale. Chișinău, ASEM, 2010, p.\t38"]}

I denna uppsats undersöks genom en kvalitativ metod vilka finansieringssätt somkommunala bostadsbolag använder sig av samt hur räntehöjningarna i Sverige det senasteåret har påverkat de kommunala bostadsbolagens verksamhet och agerande. För attbesvara frågeställningen har intervjuer genomförts med sju olika kommunala bostadsbolagoch med den kommunala långivaren Kommuninvest. Informationen från dessa intervjuer harsedan sammanställts och analyserats för att komma fram till ett resultat och en slutsats.Resultatet av den kvalitativa undersökningen visar att kommunala bostadsbolag till skillnadfrån privata bostadsbolag inte måste förlita sig på att låna kapital på egen hand utanuteslutande lånar med hjälp av kommunen man tillhör genom antingen en kommunalinternbank eller ett kommunalt borgensåtagande. Följaktligen får kommunala bostadsbolag iregel mer fördelaktiga lånevillkor och billigare ränta än privata bostadsbolag eftersomkommuner anses vara stabilare låntagare än enskilda företag och i de flesta fall har enväldigt god kreditrating.Slutsatsen av studien är att kommunala bostadsbolag väljer finansieringssätt främst utifrånstorleken på bostadsbolaget och kommunen som det är beläget i, vilket finansieringssätt somär billigast för tillfället samt vilka preferenser personerna som arbetar med inlåning ochfinansiering i bostadsbolagen har kring de olika finansieringssätten. En gemensam nämnareär dock att i stort sett alla kommunala bostadsbolag förutom ett fåtal lånar av Kommuninvestsom har konkurrerat ut affärsbankerna de senaste åren och blivit den överlägset vanligastefinansieringskällan för kommunala bostadsbolag.Undersökningen visade också att kommunala bostadsbolag inte har påverkats nämnvärt avdet senaste årets ränteökningar eftersom många bolag har haft långa bindningstider medfast ränta, en mindre andel rörlig ränta i låneportföljen samt andra skydd mot ränteriskensom exempelvis räntetak. Därför har andra kostnadsökningar som orsakats av den kraftigtökade inflationen varit mer betydande. Dock kommer ränteökningarna att få en störrepåverkan på många av bostadsbolagen de kommande åren eftersom många bolag har lånsom löper ut under den perioden och då kommer behöva förnya dessa lån till en högre ränta. In this essay, a qualitative method is used to examine which financing methods municipalreal estate companies use and how the interest rate increase in Sweden the past year hasaffected the municipal real estate companies' operations and actions. To answer thequestion, interviews with seven various municipal real estate companies were conducted andone with the municipal lender Kommuninvest. The information from these interviews has thenbeen compiled and analyzed to present a result and a conclusion.The results of the qualitative study show that, unlike private real estate companies, municipalreal estate companies don't have to rely on borrowing capital on their own, but exclusivelyborrow with the help of the municipality they belong to through either a municipal internalbank or a municipal guarantee commitment. Consequently, municipal real estate companiesusually receive more favorable loan terms and cheaper interest rates than private real estatecompanies because municipalities are considered to be more stable borrowers thanindividual companies and in most cases they have a very good credit rating.The conclusion of the study is that municipal real estate companies choose financingmethods primarily based on the size of the real estate company and the municipality in whichit is located, the cheapest financing method at the moment and what preferences the peoplewho work with deposits and financing in the housing companies have regarding the variousfinancing methods. A common denominator, however, is that virtually all municipal realestate companies, apart from a few, borrow from Kommuninvest, which has out-competedthe commercial banks in recent years and become by far the most common source offinancing for municipal real estate companies.The study also showed that municipal real estate companies haven’t been significantlyaffected by the past year's interest rate increases because most of them have had long-termfixed interest rates, a smaller proportion of variable interest rates in the loan portfolio andother protections against interest rate risks such as interest rate caps. Therefore, other costincreases caused by the sharply increased inflation have been more significant. However,the interest rate increases will have a greater impact on several real estate companies in theupcoming years because many companies have loans that expire during that period and willhave to renew these loans at a higher interest rate.

Incluye tablas La presente investigación tuvo como objetivo general determinar la relación entre el desarrollo empresarial y las fuentes de financiamiento para las pymes del sector de la construcción en el Distrito Especial, Turístico y Cultural de Riohacha. Las dimensiones fueron elementos que articulan el desarrollo empresarial, factores de éxito para el desarrollo empresarial, tipos de Fuentes de financiamiento y estrategias de financiamiento. Teóricamente la variable de desarrollo empresarial se sustentó con los postulados de Delfin y Acosta (2016), Zuñiga (2018), Chiavenato (2017), David y David (2017), entre otros. Para la variable fuentes de financiamiento se sustentó con los siguientes autores: Gitman y Zutter (2016), Ortiz (2015), entre otros. La metodología utilizada se encuentra bajo el paradigma cuantitativo y enfoque positivista, el tipo de investigación fue descriptiva y transversal, el diseño de investigación fue no experimental, y de campo. La población estuvo conformada por 18gerentes de las empresas de la construcción del Distrito Especial Turístico y Cultural de Riohacha. La técnica e instrumento de recolección de información utilizada fue una encuesta tipo cuestionario de 57 ítems, bajo el escalamiento tipo Likert con las siguientes alternativas: Siempre (5), Casi Siempre (4), Algunas veces (3), Casi nunca (2) y Nunca (1). Para la validez del instrumento se utilizaron (5) expertos, se aplicó la confiabilidad de coeficiente Alpha de Cronbach cuyo índice fue 0,8515, considerándose de alta confiabilidad para ser aplicado la población objeto de estudio. Se empleó el coeficiente de correlación de Spearman indicado que entre el desarrollo empresarial y las fuentes de financiamiento, hay una relación directamente proporcional importante, por lo que la presencia o no de un buen desarrollo empresarial, determinan o afectan de manera significante las fuentes de financiamiento y todo lo relacionado con ello. Ante los resultados encontrados, se puede decir que el desarrollo empresarial es una variable moderadamente presente internalizada por los gerentes de las pymes del sector de la construcción de Riohacha, donde entre sus dimensiones destacan los elementos que articulan el desarrollo empresarial, evidenciándose debilidad en la imagen corporativa, por lo cual se deben realizar estrategias para el posicionamiento, mientras las fuentes de financiamiento es una variable moderadamente presente por los gerentes de las pymes del sector de la construcción de Riohacha, teniendo debilidad al implementar estrategias de financiamiento, donde no se tiene una clara decisión sobre a cual fuente de financiamiento recurrir, para tener un empuje en las pymes estudiadas. Se recomienda aplicar efectivamente los factores de éxito para el desarrollo empresarial en concordancia con el financiamiento a corto y largo plazo, que permitan a las pymes del sector de la construcción emitir resultados confiables a sus clientes, logrando alcanzar el desarrollo empresarial en las pymes. The general objective of this research was to determine the relationship between business development and sources of financing for SMEs in the construction sector in the Special, Tourist and Cultural District of Riohacha. The dimensions were elements that articulate business development, success factors for business development, types of financing sources and financing strategies. Theoretically, the business development variable was supported by the postulates of Delfin and Acosta (2016), Zuñiga (2018), Chiavenato (2017), David and David (2017), among others. For the variable sources of financing, it was supported by the following authors: Gitman and Zutter (2016), Ortiz (2015), among others. The methodology used is under the quantitative paradigm and positivist approach, the type of research was descriptive and cross-sectional, the research design was non-experimental, and field. The population was made up of 18 managers from the construction companies of the Riohacha Special Tourist and Cultural District. The information collection technique and instrument used was a questionnaire-type survey of 57 items, under the Likert-type scaling with the following alternatives: Always (5), Almost Always (4), Sometimes (3), Almost never (2) and Never (1). For the validity of the instrument, (5) experts were used, the reliability of Cronbach's Alpha coefficient was applied, whose index was 0.8515, considering high reliability to be applied to the population under study. The Spearman correlation coefficient was used, indicating that between business development and financing sources, there is an important directly proportional relationship, so that the presence or absence of good business development determines or significantly affects the sources of financing. and everything related to it. Given the results found, it can be said that business development is a moderately present variable internalized by the managers of SMEs in the construction sector of Riohacha, where among its dimensions the elements that articulate business development stand out, showing weakness in the image For this reason, strategies must be carried out for positioning, while the sources of financing is a variable moderately present by the managers of SMEs in the Riohacha construction sector, having weakness when implementing financing strategies, where there is no clear decision on which source of financing to turn to, to have a boost in the SMEs studied. It is recommended to effectively apply the success factors for business development in accordance with short and long-term financing, which allow SMEs in the construction sector to deliver reliable results to their clients, achieving business development in SMEs. RESUMEN ABSTRACT INTRODUCCIÓN 1. EL PROBLEMA 1.1 PLANTEAMIENTO DEL PROBLEMA 1.1.1 Formulación del Problema 1.1.2 Sistematización del Problema 1.2 OBJETIVOS DE LA INVESTIGACIÓN 1.2.1. Objetivo General 1.2.2. Objetivos Específicos 1.3 JUSTIFICACIÓN 1.4 DELIMITACIÓN 1.4.1 Delimitación temática o teórica 1.4.2. Delimitación geográfica o espacial 1.4.3. Delimitación temporal 2. MARCO REFERENCIAL 2.1. ANTECEDENTES DE LA INVESTIGACIÓN 2.1.1. BASES TEÓRICAS 2.2. Desarrollo empresarial 2.2.1. Elementos que articulan el desarrollo empresarial 2.2.1.1. Crecimiento Económico 2.2.1.2. Cultura Organizacional 2.2.1.3. Liderazgo 2.2.1.4. Gestión del conocimiento 2.2.2. Factores de éxito para el desarrollo empresarial 2.2.2.1. Innovación. 2.2.2.2. Soporte técnico 2.2.2.3. Atención de los mercados 2.2.2.4. Sistema promocional 2.2.2.5. Competencias del talento humano. 2.2.2.6. Modernización de procesos 2.2.2.7. Imagen corporativa 2.2.2.8. Utilización de recursos. 2.3. Fuentes de Financiamiento 2.3.1. Tipos de Fuentes de Financiamiento 2.3.1.1. Fuentes de Financiamiento a Corto Plazo 2.3.1.2. Fuentes de Financiamiento a largo plazo 2.3.2. Estrategias de financiamiento 2.3.2.1. Créditos comerciales 2.3.2.2. Endeudamiento 2.3.2.3. Acciones preferentes 2.3.2.4. Acciones comunes 2.3.2.5. Ganancias retenidas. 2.4. Marco Legal 2.5. Marco Contextual 2.6. Sistema de Variables 2.6.1. Definición Conceptual 2.6.2. Definición Operacional 2.6.3. Definición Conceptual 2.6.4. Definición Operacional MATRIZ DE OPERACIONALIZACION DE LAS VARIABLES 3. MARCO METODOLOGICO 3.1. Paradigma y enfoque metodológico 3.2. Tipo de Investigación 3.3. Diseño de la Investigación 3.4. Población y Muestra 3.4.1. Población 3.5. Fuentes de recolección de datos 3.5.1. Fuentes de Información primaria 3.5.2. Fuentes de Información secundaria 3.6. Técnicas e Instrumentos de Recolección de Datos 3.7. Validez y Confiabilidad del Instrumento de Recolección de Datos 3.7.1. Validez del instrumento 3.7.2. Confiabilidad del instrumento 3.8. Procesamiento estadístico de los datos 3.8.1. Codificación 3.8.2. Tabulación 3.8.3. Análisis estadístico 3.9. Procedimiento de la Investigación 4. RESULTADOS DE LA INVESTIGACIÓN 4.1. Análisis de los Resultados 4.2. Correlación entre desarrollo empresarial y las fuentes de financiamiento 4.3. Propuesta de los Lineamientos Estratégicos CONCLUSIONES RECOMENDACIONES REFERENCIAS BIBLIOGRÁFICAS Maestría Magíster en Finanzas