Optimization of the structure (percentage ratio) of the assets is of great importance for the investment management of the industrial enterprise. The classical models of portfolio investments assume that the assets are infinitely divisible; therefore, the determination of the optimal shares of the acquisition of assets is considered the solution to the task of forming an optimized investment portfolio of the enterprise. This approach is justified in the case if the investment plan of the company includes a number of investment projects and investment of each project is relatively small in relation to the entire value of the investment. If this condition is not met, the resulting solution may be not just non-optimal, but even unacceptable. These circumstances force the investors to apply not only ‘continuous’, classic models, but also their integral versions in analyzing the efficiency of the investment plan. The restoration of the productive capacity of enterprises in order to implement the main government program-import substitution-in vital sectors of the economy is now of great importance in the practice of problems of the Russian economy. It is obvious that the import substitution process, just as any industrial process, is a chain of the sequential elements which are the steps to achieve the ultimate goal. Elements of the production process are related to each other within a certain mechanism of interaction, i.e., the ‘production technology’. It can be concluded that the import substitution process also includes a number of relatively independent elements or steps, such as the replacement of the original resource, or equipment, or personnel. In conditions of limited investment resources, not all of them may be involved in the import substitution process at the same time, i.e., not all the elements of the manufacturing process can be replaced with the domestic due to (2) The criterion/indicator of NPV or ‘net’/added present value is used to assess the economic efficiency of capital investments. The NPV formula is the most commonly used in our economics. However, the sound use of this indicator as an effectiveness criterion confronts a series of discussion points. (3) In the case of applying the ‘risk-free’ interest rate when calculating the NPV criterion, the risk of non-receipt of the planned recurrent cash flow should be considered separately; in this case, NPV would be the expectation of the net present value. (4) Investment projects in the optimal plan of the enterprise must comply with acceptable cost effectiveness (necessary condition) and feasibility in the context of limited investment resources (sufficient condition). (5) In the formation of the optimal investment plan of the enterprise, all the investment projects included in it are considered to be ‘indivisible’. (6) In order to optimize the investment plan of the enterprise, which consists of indivisible projects, adequate methods and optimization models are applied (the method of ‘branch and bound’, dynamic programming method etc.). (7) The considered approaches to the assessment of investment projects in practice can be applied to justify the effectiveness and optimization of investment programs and import substitution plans at Russian enterprises. © 2016, ASERS Publishing House. All rights reserved.

Авторы

Издательство

ASERS Publishing House

Номер выпуска

1

Язык

Английский

Страницы

32-39

Статус

Опубликовано

Ссылка

Том

7

Год

2016

Организации

^{1}People’s Friendship University of Russia, Moscow, Russian Federation

Дата создания

19.10.2018

Дата изменения

19.10.2018

Поделиться

Communications in Computer and Information Science.
Springer Verlag.
Том 601.
2016.
С. 61-71

Communications in Computer and Information Science.
Springer Verlag.
Том 601.
2016.
С. 188-198