Modern problems of the transformation of saved monetary resources into effective investments, for both business organizations and all-level governments, are analyzed. Methods. It is emphasized that it would be objectively impossible to create a favorable investment climate in Russia’s national economy with no development of a state strategy and methods of investment stimulation on the securities market as a economic growth factor. Results. The objective need of creation of a state regulation system at all management levels for investment stimulation on the securities market is proven. The author emphasizes that the formation of a fictitious capital market, securities markets in regions and municipalities is a powerful tool of promotion of the processes of investment, redistribution of the corporate property, and business profit. Conclusion. Essential causes of the poor development of the securities market are revealed as well: dispersion of the share capital among small (minority) shareholders, the unprofitableness of investments into production because of increased risks, the lack of differentiation of regulating functions between various financial structures of the state.