Specific Features of Managing Investments as a Factor of Increase of the Level of Economic Security of Enterprises of Mining and Smelting Complex
AbstractThe article identifies that ensuring economic security of an enterprise at a set level requires necessary investment resources. It offers to consider investments not in the context of investment security as a component of economic security of an enterprise, but as a factor of influence upon the level of the latter. Investment projects on holding (achieving) the set level of economic security are offered to be considered alternative and non-uniformly scaled. The key stage of investments management is their assessment. The article justifies a methodical approach to assessment of economic efficiency of alternative non-uniformly scaled investment projects on the basis of reduced increases of their investments, in which, unlike in existing ones, determination of values of reduced increases of investments and relevant income on them is conducted by means of reducing sums of investments of both projects at the beginning of the period of their receipt, and sums of income by them - at the end of the assessed period. Moreover, different discount rates by each of the compared variants are taken into account depending on the level of their risk. The sums of the found reducd increases are compared with each other with consideration of the discount rate of the project with a bigger volume of investments. This allows justification of expediency of carrying out not only the sum of investments into an investment project of ensuring the set level of a certain component of economic security with lower volume of necessary investments, but also their increase in the alternative variant.
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Bibliographic InfoArticle provided by RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics in its journal Business Inform.
Volume (Year): (2013)
Issue (Month): 5 ()
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Web page: http://www.business-inform.net
investments; alternative investment projects; assessment; economic security;
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