Economic Analysis: Theory and Practice
 

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Choosing efficient sources of funding for investment activity of industrial enterprises

Vol. 18, Iss. 6, JUNE 2019

Received: 19 February 2019

Received in revised form: 15 March 2019

Accepted: 3 April 2019

Available online: 28 June 2019

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: D92, Е22

Pages: 1098–1110

https://doi.org/10.24891/ea.18.6.1098

Korovkina N.I. Tula State University (TulSU), Tula, Russian Federation
korovkina-n-i@yandex.ru

ORCID id: not available

Indan A.A. Tula State University (TulSU), Tula, Russian Federation
an.indan@mail.ru

ORCID id: not available

Subject The article addresses sources of funding for investment activity of industrial enterprises.
Objectives The focus is on searching for efficient resources to finance investment activity of industrial enterprises.
Methods The methodology rests on concepts, hypotheses, and developments by domestic and foreign scientists addressing the issues of funding for investment activities. To estimate the cost of financing, we apply mathematical models.
Results The paper analyzes the main sources of financing of investment activity and highlights their advantages and disadvantages. We present models to assess the cost of different sources of funding for investment and offer a mechanism to select the most efficient one.
Conclusions The offered mechanism will enable to manage enterprise's own resources effectively and avoid overpaying for borrowed funds. The findings may be helpful for the management and specialists involved in or planning investment activities at industrial enterprises, as well as for participants of refresher courses, undergraduate and graduate students of economic universities.

Keywords: management mechanism, source of financing, investment activity

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