Опыт Использования Портфельных Концепций Менеджмента Для Анализа Распределения Инвестиционного Потенциала В Интегрированной Бизнес-Группе
[Using of the Portfolio Theory for the Analysis of the Investment Allocation within the Business Group]
AbstractUsing the portfolio theory we have investigated how portfolio investor and controlling shareholder appraise investment decisions on the on the distribution of investment resources among strategic business units in a business group. In order to apply the existing portfolio theory for the simulation of the investment behavior of strategic investors we have developed a specific ‘investment return’ measure which is defined as the multiple of the market multiplier (P/E) and the required return on capital invested (ROCE). We have found that the optimal structure of the investment distribution chosen by a portfolio investor can differ from the investment decision of a controlling shareholder. Application of theoretical findings was demonstrated for the Russian business groups “Interros” and “Sistema”.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 11659.
Date of creation: 05 Apr 2007
Date of revision:
Business groups; internal capital market; portfolio theory;
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- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
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