Контрциклическое финансирование как инструмент стимулирования инвестиционной активности (специфические варианты структурирования)

Экономика и управление. 2022. Т. 28. № 1. С. 16–24.

Tikhomirov D., Цехомский Н. В.

Aim. The presented study aims to analyze specific options for structuring the financial flows of investment projects with the purpose of increasing investment activity. In this article, which is a continuation of the paper published in the journal ‘Economics and Management’ No. 12 (2021), the authors provide a detailed consideration of options for structuring the financial flows of projects.

Tasks. The first part of the article gives a general description of the mechanism of project financing in the implementation of investment projects and allocation of risks among participants, while also considering the factor of price volatility and an example of accelerated repayment of financing. The second part provides examples of specific repayment options capable of reducing the risks of a price decline for the investor.

Methodology. This study uses general scientific research methods (analysis, synthesis, induction, deduction), including the analysis of risk allocation options in the financial flows of projects and graphical representation of information, comparison of alternatives. Special methods of financial modeling and investment project efficiency assessment are also used. 

Results. The authors explore the options for countercyclical financing, describing the development of an optimal schedule and conditions for loan repayment to reduce the risks of negative market conditions for the project initiator. These options are illustrated with graphic examples describing the conditions for the implementation of the proposed investment project, the characteristics of which correlate with the real project

Conclusions. Approaches to fine-tuning the structure of financing to balance the interests of the project’s initiators and creditors and to stimulate investment activity in general are outlined. Examples are given that can be useful to  students, teachers, practitioners in the field of investment analysis and corporate finance, as well as representatives of the banking and business community.

Keywords: инвестиции, экономический рост, проектное финансирование, инвестиционные проекты, investment projects, финансирование проектов, capital investments, debt structure, долговая нагрузка, project finance, cash sweep, ускоренное погашение, cash sweep