MODELING THE INVESTMENT MECHANISM AS PART OF A CORPORATE FINANCIAL STRATEGY


Gainutdinov B.A., Razumovskaya E.A.

This study is devoted to the urgent task for the economy of any state - the search for effective formats for financing investment projects that develop the potential of individual companies and the national economy. It is obvious that there are no universal formats for investment practices, considering the significant differences: between individual enterprises in scale; between industries; between regions and countries - which determine the pool of tools used by business entities in the implementation of the financial strategy. However, the most common financial mechanisms in most developed countries for attracting investment in large-scale projects are those that involve state participation. The theoretical foundation of the investment mechanism in the implementation of corporate financial strategies, according to the authors, is unified. The authors attempted, along with traditional methods of analysis - statistical monitoring, graphical method, method of observation, measurement and analysis, to substantiate the main results of the study using economic and mathematical modeling. The authors proposed a mathematical model for making investment decisions based on the balance of strategies of participants; the analysis of scenarios of strategic interaction of participants of investment projects based on the theory of games - the balance of J. Nash and duopoly A.O. Cournot. The use of mathematical modeling allowed the authors to develop a function of the weighted average cost of capital of the investment project (WACP), designed to increase the efficiency of the use of financial resources attracted to investment projects when implementing a financial strategy. One of the practical consequences of this study is the fundamental possibility of using game theory to form a universal mechanism that would diversify investment sources and reduce the risks of ongoing projects at all stages. The authors are convinced that following the principles of the equilibrium strategy of J. Nash is to exclude corruption schemes in the distribution of state financing of investment projects. Keywords: financial strategy, investment mechanism, equilibrium, investment, weighted average cost of project capital. Highlights: the analysis of the structure of sources of financing for large and medium-sized companies and the dynamics of sources of financing of the main sectors of the national economy of the Russian Federation for the period since 2014, on the basis of which it was concluded that the total funding of the domestic economy is reduced from both state and borrowed sources; the specified reduction was not overcome by a significant (almost a quarter for the study period) growth of equity in investment; the possibility of using the investment decision-making model based on the profile of the strategy of J. Nash and the duopoly of A.O. Cournot in the formation of financial strategies of corporate structures and the state; a model of the investment mechanism based on the modified function of the weighted average cost of project (WACP) of F. Modigliani and M. Miller is proposed, which is a universal tool suitable for approximation for the formation of financial strategies of all categories of business entities.

Bulat A. Gainutdinov, General Director of JSC Ural Instrument-Building Plant, Ekaterinburg; Elena A. Razumovskaya, Doctor of Economics, Associate Professor, Professor of the Department of Finance, Money Circulation and Credit of the Ural Federal University named after the first President of Russia B.N. Yeltsin, Professor, Department of Finance, Money Circulation and Credit, Ural State Economic University, Ekaterinburg.


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