Economic Analysis: Theory and Practice

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Principles of selecting investments for mono- or portfolio financing

Vol. 17, Iss. 11, NOVEMBER 2018

Received: 29 August 2018

Received in revised form: 14 September 2018

Accepted: 28 September 2018

Available online: 29 November 2018


JEL Classification: C61, G31, H43

Pages: 2107–2117

Kogan A.B. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation

ORCID id: not available

Subject The article investigates the approaches to identifying the most advantageous investment among several alternatives for financing by a private company, a public-private partnership, and for a portfolio of real investments financed by a private company.
Objectives The purpose is to describe an algorithm of choosing the most advantageous investment under equal return on investment of compared alternatives and define the economic and mathematical problem of building an optimal portfolio of real investments and principles of its solution.
Methods The study rests on a well-known methodology for estimating the effectiveness of real investments (cash flow analysis, cash flow discounting, calculation of net present value and discounted payback period, etc.) and on my own developments. It also employs a common methodology for constructing the optimization tasks.
Results It is possible to choose the most advantageous real investments from several alternatives for the following situations: mono-financing of investments by a private company, by a public-private partnership, and building a portfolio of real investments of a private company from many alternatives under soft constraints on the capital value.
Conclusions The offered solution to the problem of forming the optimal portfolio of real investments can be improved in the future. The most advantageous is the investment that maximizes the wealth of its owners (company shareholders, the State, a private partner).

Keywords: finance, optimal portfolio, real investment


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