Управління інвестиційною діяльністю підприємств України

In this work the candidate analyses already-existed models of enterprise capital estimation, he defines those models which are acceptable to be implemented in Ukrainian economic practice. The work substantiates the necessity of further investigation in order to find simple and clear visual aids and methods that can be implemented at Ukrainian enterprises in modern conditions. The article analyses opportunities and expediency of performing different methods to estimate investment project efficiency. Substantiated arguments given in this work against and for payment schemes and definition of cash flow in investment projects will let investors strengthen their belief in analytic results of project efficiency assessment and possibilities of paying back investments. The methods, which have been used traditionally to estimate the value of project cash flow as to the current value of cash flow, are proposed to update. These new methods involve changes in capital structure and value, loan payment frequency; these improvements provide better coincidence of forecast project efficiency and real results of its implementation. The work substantiates expediency of wide usage of financial performance indices in investment analysis; indices are calculated taking into account cash flow on the basis of payment scheme of personal capital. The work underlines the necessity of considering the local economic interests because we can observe the constant negative influence of modern enterprise activities on our environment.

The disadvantages of current integral methods, which help to understand expediency of investments, are defined. The integral index of project performance expediency, which includes totality of components that reflects the possible influence of various factors on investment results, is developed and proposed.

Based on systematization and analysis of modern methodic instruments to estimate capital value and taking into account peculiarities of its adoption in local circumstances, complex analytical model that allows assessing the value of separate components in enterprise capital as well as total average value, to set a price for enterprise and to monitor changes of essential model components while amending investment policy at enterprise is developed. Convenience and practical importance of this model is proved by experiments while researching vital problems of investment activities' management at Ukrainian enterprises.

The work provides all arguments for improving state regulations of investment activities at Ukrainian enterprises, for example: improving credit-and-finance mechanism of investment activities management; improving tax policy and using consecutive depreciation policy that consider being stimulating factors in all business industries; support of national investors and national production in implementing tasks that consider to be priorities for economic development of Ukraine.

Implementation of proposals, conclusions and practical recommendations from this dissertation that depicts how to make investment activities at Ukrainian enterprises better would improve effectiveness to reach target goals in investment process and to take management decisions; it would encourage investment activity at enterprise. New approaches would help to make effective investment strategies, to research changes of investment income and profits concerning different groups of investors. They would help to find out impact of changing correlation between personal and borrowed investment resources on the subject of investment profitability and set economic value of enterprise and then to observe some changes in its value due to amending investment policy at enterprise, estimate and compare economic results judging from implementation of real investment projects.

Keywords: management, investments, investment activities, investment strategy, capital value, value of enterprise, investments efficiency.