Оценка инвестиционных проектов энергетического сектора как инструмент управления рисками

Экономический анализ: теория и практика. 2018. Т. 17. № 5 (476). С. 856–870.

Kosov M.

Importance Realization of investment projects is one of the important factors of economic growth. However, models for investment projects evaluation that are implemented under the State support have a number of shortcomings.

Objectives The purpose of the study is to review methods to evaluate investment projects and identify the best ones.

Methods The study draws on the methods of systematization, comparison, and economic analysis.

Results The paper presents a choice of the most optimal model of investment project enabling to mitigate risks related to the probability of default, loss given default and their consequences for the State (in the event of compensation of damages caused by a breach of warranty), to reduce the likelihood of shortfall in tax revenues to appropriate budgets anticipated from the project. The findings may be applied for investment project evaluation to obtain the most accurate risk parameters.

Conclusions The proposed measures implementation implies the use of scenario and probabilistic approaches that make it possible to consider all feasible project alternatives. The State support to investment projects at the macro level allows increasing the country's GDP, as the competitiveness and contribution of each organization to the national economy increase.

Keywords: инвестиции, налоги, бюджет, бюджетное финансирование, investments, tax, budgetary financing, добыча и производство угля, Coal extraction, coal production