Zhanetta I. GerzelievaPublished in:
Russian Journal of Entrepreneurship
– Volume 17, Number 19 (October 2016)

JEL classification: D81, G31, G32

Keywords: capital investments, company, investment project, risk, uncertainty


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Abstract:

The article discloses specific features of investment project risks and their management process as the integral part of the company's investment solutions. Based on the analysis of Russian and foreign approaches to the concept of risk, the author's interpretation of the concept of “the investment project risk” is formed. It points out that the investment project risk is to be understood as both the financial and economic and the statistic category. Moreover, it is necessary to take into account the effect of risk on indices of the project's effectiveness and its cash flows as well as to take into account the forecasting character of investment project development. In order to facilitate the risk identifying procedure, the extended system of investment project risks is made upon the range of new classification criteria including elements of the investment project's effectiveness and the degree of the investment project's integration to the investor's activity. The complex scheme of investment project risk management aimed for the practical use by financial subdivisions of Russian companies for increasing of effective implementation of corporate investment projects. Such scheme contains five successive stages, is cyclic and has the feedback. The emphasis is made on its continuity at all stages of the project's life cycle, specific tasks and aims characteristic for each stage are disclosed. All stages of the suggested scheme are described, for instance it is shown that assessment of the investment project risk should combine methods of both qualitative and quantitative risk analysis. As a concrete example for implementation of the strategy for the investment project risk management, the author has developed measures for prevention of investment project risks and reduction of their consequences. The article will be useful for postgraduate students, master students and scientists in the field of investments and finance.

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