Assessment of the role of stakeholders in various forms of financing investment projects
Abstract. Currently, the economy of the Russian Federation is experiencing a crisis in the inflow of monetary capital. One of the ways to resolve the crisis that has arisen is to create conditions for effective financing of investment projects, including by ensuring a balance of interests of project stakeholders. This article reveals the importance of expectations, motivations and economic interests of all stakeholders in financing investment projects. In the course of the work, the correlation of the interests of stakeholders and their influence on the financial decisions of other categories of stakeholders, depending on the chosen method of financing the project, is given. An important emphasis is placed on the high level of dependence on the chosen financial strategy of stakeholders and the direct implementation of the investment project not only at the design stage, but also throughout its existence. The information base of the study was made up of both scientific works of economic researchers and regulatory legal acts of the Russian Federation in the field of investment, as well as the results of analytical activities of public authorities in Russia and the world. Based on the results of the work, the conclusion is made about the close relationship of the role of stakeholders in the process of investing capital in an investment project, as well as the potential possibility of transforming the collaboration of interests of all stakeholders into a measurable indicator in order to assess the socio-economic efficiency of the entire investment project.
Keywords: investments, financing, stakeholders, investment project, financing methodology
Highlights:
♦ the analysis of the impact of the stakeholders of the investment project in various forms of financing investment projects is presented;
♦ based on a retrospective analysis of the implementation of investment projects in Russia and the world, an author`s assessment of the economic efficiency of the project implementation was carried out, depending on the motives and expectations of the project stakeholders and the influence of stakeholders on the final financial indicators of the investment project;
♦ it is concluded that there is an economic relationship between the role of stakeholders and the financing of investment projects, evaluation of the effectiveness of the final results.
Vadim I. Khalin, Elena A. Rasumovskaya - Ural State University of Economics, Yekaterinburg, Russia