Comparative characteristics of models of financing investment projects of joint-stock companies-Reference-Cited by-同舟云学术

Comparative characteristics of models of financing investment projects of joint-stock companies

Published:2023-03-31 Issue:1 Volume:2023 Page:93-102
ISSN:2073-5537
Container-title:Vestnik of Astrakhan State Technical University. Series: Economics
language:en
Short-container-title:

Author:

Gadzhiev Nazirhan Gadzhievich¹,Gavrilova Tatiana Mihaylovna²,Konovalenko Sergei Aleksandrovich³,Skripkina Olga Viktorovna⁴,Ahmedova Khamida Gadzhialievna⁵

Affiliation:

1. Dagestan State University

2. Kolomna Institute (branch) of Moscow Polytechnic University

3. Ryazan branch of Moscow University of MIA of Russia after V. Ya. Kikot’

4. Ryazan State Radio Engineering University named after V. F. Utkin

5. Bauman Moscow State Technical University

Abstract

The article considers the role of investments in the modern economy. A comparative analysis of the models of financing investment projects of joint-stock companies is carried out: equity financing; debt financing; mixed financing. The main parameter of the effectiveness of the investment project, which is the net present value of the cash flow of shareholders who purchased additionally issued shares, has been analyzed. The effectiveness of financing from borrowed funds is calculated, as well as the calculation of mixed financing. The optimal scheme of financing the investment project was determined by selecting the ratio of the share of borrowed and own funds, taking into account the financial capabilities of the economic entity, the interest rate on the loan and the rate of return on equity. The advantages and disadvantages of each model are noted. The indicators of net present value of different financing schemes are given. The model of mixed financing is considered the most effective, it is implemented through the involvement of both legal entities and individuals in the investment project, and, in some cases, of the state. It is emphasized that the reasonable attraction of financing sources and their rational use, developing an effective capital structure contribute not only to the development of the organization's activities, but also increase its competitiveness and investment attractiveness. Conclusions are drawn about possible implementing the model of public-private partnership. Graphs of indicators of the net present value of shareholders and enterprises in different models of financing investment projects of joint-stock companies are presented.

Publisher

Astrakhan State Technical University

Subject

Marketing,Organizational Behavior and Human Resource Management,Strategy and Management,Drug Discovery,Pharmaceutical Science,Pharmacology

Reference10 articles.

1. Чеглакова С. Г., Скрипкина О. В. Финансовые инструменты оценки инвестиционного климата // Экон. среда. 2020. № 3 (33). С. 107–113., Cheglakova S. G., Skripkina O. V. Finansovye instrumenty otsenki investitsionnogo klimata [Financial instruments for assessing investment climate]. Ekonomicheskaia sreda, 2020, no. 3 (33), pp. 107-113.

2. Сергеева А. В., Мелай Е. А., Никитина Е. А. Методика сравнительного анализа инвестиционной привлекательности организаций // Вестн. Астрахан. гос. техн. ун-та. Сер.: Экономика. 2022. № 2. С. 127–133., Sergeeva A. V., Melai E. A., Nikitina E. A. Metodika sravnitel'nogo analiza investitsionnoi privlekatel'nosti organizatsii [Methods of comparative analysis of investment attractiveness of organizations]. Vestnik Astrakhanskogo gosudarstvennogo tekhnicheskogo universiteta. Seriia: Ekonomika, 2022, no. 2, pp. 127-133.

3. Гаджиев Н. Г., Коноваленко С. А., Скрипкина О. В. и др. Основы финансовой грамотности: учеб. / под ред. Н. Г. Гаджиева. М.: Инфра-М, 2023. 245 с., Gadzhiev N. G., Konovalenko S. A., Skripkina O. V. i dr. Osnovy finansovoi gramotnosti: uchebnik [Fundamentals of financial literacy: textbook]. Pod redaktsiei N. G. Gadzhieva. Moscow, Infra-M Publ., 2023. 245 p.

4. Гаджиев Н. Г., Гаврилова Т. М., Коноваленко С. А. и др. Экономическая оценка инвестиций: учеб. пособие / под ред. Н. Г. Гаджиева. М.: Инфра-М, 2023. 173 с., Gadzhiev N. G., Gavrilova T. M., Konovalenko S. A. i dr. Ekonomicheskaia otsenka investitsii: uchebnoe posobie [Economic evaluation of investments: textbook]. Pod redaktsiei N. G. Gadzhieva. Moscow, Infra-M Publ., 2023. 173 p.

5. Гаврилова Т. М., Скрипкина О. В. Методы оценки влияния изменений условий реализации инвестиционного проекта на уровень его риска // Управлен. учет. 2022. № 10-3. С. 791–795., Gavrilova T. M., Skripkina O. V. Metody otsenki vliianiia izmenenii uslovii realizatsii investitsionnogo proekta na uroven' ego riska [Methods for assessing impact of changes in conditions for implementation of investment project on degree of its risk]. Upravlencheskii uchet, 2022, no. 10-3, pp. 791-795.

Cited by 1 articles. 订阅此论文施引文献订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献

1. Review for the textbook “Economic assessment of investments” / under the general editorship of N. G. Gadzhiev;Vestnik of Astrakhan State Technical University. Series: Economics;2024-06-28