Vdovenkov V.A.Moscow Aviation Institute (State University of Aerospace Technology), Moscow, Russian Federation 777BBA@mail.ru
Importance Delay in implementing investment projects of technical re-equipment of enterprises, developing modern manufacturing facilities has become the essential problem of the Russian aviation industry development. Objectives This delay results in the shift of delivery time of sought-after products, and the industry is losing the competitive positions in the markets, and also it suffers to sustain direct economic losses due to the use of outdated technologies. Methods In the article, we offer a simple method of evaluating these kinds of losses depending on the length of delay and technological parameters of production. It enables to evaluate what kind of an investment growth is justified in order to enable avoiding the delay of an investment project implementation. The method relies solely on measurable indicators that can be found in the publicly available statistics. The paper shows that clarification of investment project parameters, which requires a delay in its implementation for one year, may not be justified economically, unless it enables to reduce the required amount of investment at 20-30%. This finding ise reasonable to take into account while funding the development of aviation industry enterprises. Adopting of advanced technologies in the industry increases the production profitability, and possible sales volume, and it also increases the self-investment capacity of enterprises. Accordingly, the longer are delays in implementing investment projects, the smaller is the amount of proprietary funds, on which industry can count while re-equipping enterprises. This positive feedback is also taken into account in the proposed models. Results The article systematizes the institutional and organizational factors, which cause a significant delay while implementing investment projects in the industry. These factors operate at the level of enterprises and at integrated structures themselves, and at the level of the industry as a whole. Conclusions and Relevance We point out that the need for accelerated (or, at least, timely) development of productive capacities of the Russian aviation industry and the development of new products requires changes in the decision-making procedure on allocating of funds, and oversight of their effective and intended expenditures.
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