Structure of Sources of Financing the Enterprises’ Investment Program: The Theoretical Aspect

Abstract

Increasing the investment activity of enterprises requires improving the use of their existing opportunities to financially ensure the implementation of planned investment programs. The article is aimed at improving the theoretical bases for substantiating the structure of sources of financing the investment programs of enterprises in the process of developing their financial and investment strategies. The main tasks that should be solved in the development of a substantiated strategy for financing the investment program of enterprise are determined. A substantiation sequence of the structure of sources of financing of this program is proposed. At this, the sequence involves taking into account restrictions on the amount of borrowed financing of investment projects, which makes possible to maintain an adequate level of financial stability of economic entities. A methodology of surveying the owners of an enterprise about the share of their profit that they will agree to invest in the development of their enterprise upon the condition of a certain profitability of such investment, is presented. A mechanism for recalculation of shares of the owners of enterprise in its share capital after the implementation of the planned investment program is elaborated. Prospect for further research in this direction is to increase the number of types of sources of financing that are taken into consideration in the development of a substantiation sequence of the structure of sources of financing of the investment program of enterprise. In particular, it is necessary to evaluate the possibilities of using the attracted sources of financing of investment programs, that is, contributions of third parties to the share capital of enterprises.

Keywords

• enterprise
• investment program
• source of financing
• strategy
• profit
• credit