Методологические проблемы оценки капиталовложений электросетевых компаний

Abstract

In the article the author reveals the most significant methodological problems in this most important area, which is the basis for the reproduction of economic systems, on the basis of considering the most widely used methods of capital investment assessment. The article also provides a brief theoretical characterization of capital investments. It is concluded that the reason for methodological problems in the assessment of capital investments is the issue of the nature of capital, which has not been fully resolved in the field of fundamental economic theory. The author draws attention to the fact that the detailed methods of capital investment assessment for specific conditions of management of individual sectoral economic systems, elaborated in scientific articles, dissertations and other works, do not receive scientific generalization and balanced assessment of the community. In fact, it means that there are no methods proven and used by many researchers and practitioners. It is shown that it is inappropriate to completely identify the investment process, project appraisal and capital investments of enterprises. The author points out the gap between financial and technological efficiency existing in the theory and practice of work with investments. Further, using the example of the Russian electric power transmission industry, the author shows how general methods of capital investment assessment may not be applicable depending on specific industry conditions, and how theoretical and methodological problems in practice turn into a lack of tools for decision-making. In conclusion, based on the consideration of disproportions in the mechanism of capital investment assessment, implementation and regulation, another fundamental issue of the theory arises – the need to change approaches to the conflict of interests and regulation of natural monopolies as a non-cooperative game.