Investment Projects Research Articles

High-tech industry development: selection of technology parks operation model elements in the field of high technology

The article presents the justification of model elements choice for technology parks work in the sphere of high technologies in Russia. The methodology for creating the model, which was built on the position of borrowing the best practices of existing models of innovation infrastructure facilities operation and functioning in the country, has been given. It has been proposed to form a rating among operating technology parks, within the framework of which a comprehensive assessment of technology park management companies’ performance has been carried out according to four groups of indicators (sub-indexes) such as subjects investment attractiveness, information openness, technology parks internal ecosystem, and management company efficiency. Based on the rating results, the leaders among technology parks have been identified, and their behavioral models adopted as reference metrics for the model to be developed. Based on the leaders’ position, it has been proposed to choose the best technology parks model in the field of high technologies in terms of their interaction with residents. Recommendations have been presented for the technology parks infrastructural model as the most promising for private companies, while investment projects should be developed considering federal requirements and standards to ensure their successful implementation and achievement of the set goals. Technology parks in the sphere of high technologies play a key role in Russian economy development. They contribute to the development of innovations, new technologies, high-tech industries, and knowledge-intensive business. It is important that such technology parks development is optimally organized with due regard to modern requirements and regulatory measures.

Innovative development of water transport enterprises as a branch of high-tech industry

The article is devoted to the innovative development of enterprises of high-tech products on the example of water transport. Water transport refers to high-tech products and in this regard, its production has a rather complex production logistics (intellectual, supply, organizational, financial, information, personnel, innovation, etc.) [2-3]. In this regard, the search for promising directions in the development of high-tech products becomes particularly relevant and important: a real opportunity to implement research and innovation and investment projects, the implementation of which will bring enterprises of the high-tech industry for the production of water transport to leading positions not only in the national economy, but also in the world [4-6]. This determines the importance of monitoring research projects as a vector for the development of innovative production at two levels: product (high-tech products) and technological (innovative technologies) [7]. The innovative vector of development of enterprises of high-tech products allows the actual efficiency of high-tech production to be brought closer to full potential efficiency, other things being equal, production factors in a short time of the stage of research and scientific and technical development of the life cycle of products of shipbuilding products, which is given the main attention in the article [6-7]. At the same time, an innovative approach, introducing products into industrial circulation, naturally provides conditions for further scientific and technical (innovative) development of both the products themselves and technologies (in other words, early introduction of products ensures its early withdrawal: the speed of the wheel of economic efficiency of production activities). When the actual efficiency of the limit of the potential efficiency of technological production is reached, in accordance with the laws of synergy, there is a leap, an innovative transition to a new (next, subsequent) level of potential efficiency of production of high-tech products, which naturally puts forward new requirements of an innovative nature to production. Otherwise, production due to the (law) moral aging of industrial products is doomed to bankruptcy due to the so-called factor of technological flexibility of production (TG). Which (TG), if organizationally taken into account in the economic activities of enterprises as forecasting, planning and management (design and innovation management), forms (economically ensures) the sustainable functioning and development of enterprises of high-tech products in modern conditions (the wheel of economic efficiency of production activities is the human factor): in the market model of the state transformation of a product (product) into a commodity and contracting.

ECONOMIC-INSTITUTIONAL PROBLEMS OF EUROPEAN REMILITARIZATION

This article is dedicated to the examination of the economic-institutional problems and prerequisites for the reconstruction of the European military-industrial complex. During the consideration of this issue, the following tasks were set and addressed: – to find out the economic factors determining the ability of European economies to provide the Ukrainian army with a sufficient amount of weapons and ammunition; – to identify barriers to capital involvement in the military-industrial complex; – to study the institutional prerequisites for changing motivations for investing in the military-industrial complex. On one hand, the remilitarization of Europe appears inevitable due to the formation of an anti-Western axis of evil, consisting of Moscow, Beijing, and Tehran. On the other hand, remilitarization for formerly pacifist Europeans is not an easy matter. We believe that the problem of remilitarization has at least three aspects: price, investment, and civilization. If we were to depict the problem of European remilitarization as an iceberg, the price aspect would be the most superficial, obvious part of the problem, while the civilization aspect would be its foundation. Price aspect: This has manifested, in particular, in the rapid increase in procurement prices for weapons. The anomaly is that even with a fourfold increase in prices, which apparently promises manufacturers profits in the hundreds (!) of percent, demand saturation through increased supply does not occur. Investment aspect: It is evident in the relatively insufficient investment activity in the European military-industrial complex compared to what it should be. The issue lies in the unacceptably high risks of possible investment projects in the defense sector, namely, the risk of a decrease in demand for manufactured goods. Considering the normal profitability of production assets in developed countries, successful remilitarization could involve guarantees of extensive and stable state purchases of weapons and ammunition from producers for the next ten to fifteen years. Civilization aspect: Maintaining consistently high demand for military goods for one to two decades requires a fundamentally different approach from European societies and states to issues of war and peace than is currently the case. It turns out that for the remilitarization of Europe, a series of colonial wars is needed. Colonialism, in any of its manifestations, involves the institutionalization of inequality between Europeans and those outside Europe. Remilitarization means that the “flower generation,” the people who tried to “love, not war,” must acknowledge their defeat, and more than half a century of conscious rejection of making military violence a significant political instrument, which has always been reckless, is regarded as a terrible mistake that must not be repeated. European elites see and understand the consequences of this choice. Therefore, we can argue that the million shells for Ukraine cost Europeans significantly more than a few pitiful billion euros. It costs dreams of humanism, of a bright communist future, dreams of a time when the bright, rational, human will ultimately overcome all that is dark, primitive, and bestial.

PERAN DAN PERKEMBANGAN GREEN SUKUK PADA PEMBANGUNAN INFRASTRUKTUR DI INDONESIA

Sustainable development aims to open up opportunities for the issuance of Sukuk (Sharia Securities) as an alternative sustainable financing for infrastructure development in Indonesia, along with public awareness of the concept of sustainable and environmentally friendly development, a new investor market has been launched. Green Sukuk emerged as an investment for various government projects that are included in the 9 eligible green sectors. This research resulted in the conclusion that the green sukuk that have been issued in Indonesia have contributed to sustainable development goals in accordance with goal 7, goal 8, goal 9, goal 11 and goal 13.

Shakaijin, shadow education, and the entrepreneurial self: fabricating personhood in neoliberal Japan

Under the neoliberal vision for free-market capitalism, discourses validating meritocratic competition reproduce homo œconomicus, narrowly self-interested human capital seeking to maximise its economic utility. Against this background, juku, Japan’s network of for-profit, deregulated shadow education institutions, eases educational transitions for enterprising citizens seeking advantage within the nation’s highly competitive exam and graduate recruitment systems. However, while ‘rational’ investments in juku aid neoliberal biographical projects (youth→adolescence→adulthood), they do so through panoptic systems of tension and accommodation, with pivots to individualistic self-interest producing docile entrepreneurs of the self. More damagingly, ‘agentive’ and ‘rational’ decisions to engage with juku anchor to transmissible cultural patrimony, creating opportunities to blame those who, through no fault of their own, lack the financial means to self-commodify within Japan’s enterprise society. The association between economic output and entrepreneurial selfhood shapes notions of ‘worth’ in increasingly neoliberal terms. Thus, only by relating juku investment to its social origin may we appreciate the corrosive impact of economic liberalisation on Japan’s learning ecology.

Integration of Building Information Modeling and Artificial Intelligence of Things in the Post-War Reconstruction and Renovation of Buildings

The construction industry of Ukraine shall not only recover but also upgrade, enhance and reevaluate existing building projects. Further research raises two pertinent issues for Ukraine - retrofitting and reconstructing destroyed infrastructure. The study's priority objective is to restore damaged and ruined buildings rapidly. It may be achieved using the creation of recovery methods in Ukraine and countries in the post-conflict stage of development. The research involves creating technical specifications for the product of a new version of the automated construction management system, which provides working with the software complexes based on the BIM model. The system implies using Building Information Modeling (BIM) and Artificial Intelligence of Things (AIoT) to make organization of reconstruction faster, better and less costly. The research has been held to demonstrate the viability of the approach. In addition, we acquire a reduction of energy consumption and an increase in the lifespan of the building by choosing retrofitting methods. The efficacy of BIM and IoT technologies enables the integration of contemporary demands to diminish design time and costs. These technologies also optimise design solutions by assimilating knowledge from previous building and structure designs. Additionally, they offer essential information support for the entire investment project life cycle.

Modern distributed production (manufacturing) as an important part of the future Ukrainian nationally rooted industry

The purpose of this paper is to propose a variant for the development of a part of the national industry, which would be free from the problems of large investments and threats of unprofitability against the background of innovations. Before the full-scale war, which began in 2022, Ukrainian industry was an offspring and a powerful part of the Soviet heavy industry, mainly of the third technological order. Now, the enterprises that were powerful generators of the national economy GDP are to a greater extent located in the temporarily occupied or front-line territory. Industrial regions suffered significant damage to the production base and infrastructure facilities. The post-war restoration of the domestic industry requires large capital investments, which the national economy is not capable of. In addition, there is a limitation on the duration of investment projects due to the rapid development of modern technologies. According to experts, any project whose implementation exceeds 3 years is risky. In addition, there is a Marxian tendency of the rate of profit to decrease, due to a change in the capital structure, in particular, a decrease in labor expenses. Modern processes of mechanization of production, increase of innovative components (computerization, Internet of things, digitalization, etc.) increase the risks of unprofitability. The authors give an example of the closure of coal mining enterprises in European countries against the background of scientific and technical progress. At the same time, based on the analysis of literary sources, the trend of the spread of the DIY 4.0 phenomenon (from Do It Yourself) was revealed – the use of the most modern technological elements for the manufacture of products designed to meet the manufacturers' own needs. Especially in the USA, the Maker Movement, which is a new culture of industrial activity, is developing. The article substantiates that the technological base of DIY 4.0 and the culture of the Maker Movement are the foundation of the new distributed manufacturing, free from the "curse" of mass investment and unprofitable innovation. It is distributed manufacturing that is able to fundamentally change the quality picture and structure of industry, to ensure the national rooting of industrial production.

Nickel Smelter Moratorium: Efforts to Establish Laws to Ensure Legal Certainty of Investment

The downstream effort is not solely an economic motive, but there are efforts to pursue the target of net zero emissions through the development of Electric Vehicles (EV). Therefore, in the future the transportation sector will shift to the EV ecosystem. Support for the EV ecosystem requires components such as batteries whose the raw materials come from nickel ore produced using hydrometrological methods. This research uses a normative legal research method (legal research) which combines secondary materials in the form of supporting data on the application of Law Number 3 of 2020 concerning Amendments to Law Number 4 of 2009 concerning Mineral and Coal Mining in Indonesia. In this research, the authors concludes that the increase in investment of nickel downstream projects has raised concerns about the amount of Indonesian nickel reserves, so the government should planning a moratorium on RKEF type smelters and switching to HPAL smelters. To ensure legal certainty, the government must form regulations aimed at complying with mechanisms and procedures that are in accordance with state administration and capital investment.

An MCDM Method with Dynamic Weights for Investment Project Selection

An MCDM Method with Dynamic Weights for Investment Project Selection

Measures for Investment Risk Management of Enterprise Technological Innovation Projects

Enterprise technological innovation project investment risk management refers to the enterprise taking a series of measures to manage and control possible investment risks when making technological innovation project investment decisions. Investment risks in technological innovation projects refer to various risks that may have a negative impact on investment due to the uncertainty of technological innovation and changes in the market environment. This article, from an industry professional perspective, analyzes and discusses measures for investment risk management of corporate technological innovation projects.

ЭТАПЫ ПРЕДИНВЕСТИЦИОННОЙ ФАЗЫ МЕГАПРОЕКТНОГО ФИНАНСИРОВАНИЯ ЭКОНОМИКИ

The article offers the author's description of the stages of the pre-investment phase of mega-project financing of the economy. The launch of this process was preceded by a thirty-year transformation of the socio-economic system of the Russian Federation. During these transformations, the previously functioning organizational and economic mechanism was deactivated. Its viability until the start of the special military operation was due to the ongoing policy of Reaganomics, closely related to the principles of the Washington Consensus. Determining a new vector of economic development, the Government of the Russian Federation selected 11 technological sovereignty projects for the first time in December 2023. Among them are port infrastructure projects, shipbuilding, energy, mechanical engineering, infrastructure projects, and instrument engineering. By designating banks as subjects of financing megaprojects, the state thereby promotes the development of economic relations using such a financial instrument as a state guarantee. To make a decision on their participation in large-scale investment projects, authorized government bodies organize the calculation of all performance indicators, incl. budgetary, financial, economic, social. If we are talking about projects that have passed the examination and are significant for the constituent entities of the Russian Federation, its initiators determine the structure of financing. When participating in projects of commercial banks, according to established practice, the Ministry of Finance of the Russian Federation may offer a state guarantee of the federal budget as security. In this case, issues of the effectiveness of a particular project fade into the background. Reason: if negative results are obtained from the implementation of the investment project, the commercial bank will write off from the treasury account all existing debt on loans issued to the megaproject operator. But in this case, the amount of debt on the loan will be lost from the federal budget. To prevent this from happening, it is important to maintain a balance of interests of all participants in the megaproject. The role of the state remains two-pronged. When identifying “positive” and “negative” aspects of state activity, the gradation assumes the presence of the following structure: a) the “negative” aspect was determined by the acceleration of economic growth and was the basis of structural transformation; b) the “positive” aspect was that set of socio-political circumstances that determine growth from the fundamentally possible potential to the real.

Government-enterprise green collaborative governance and urban carbon emission reduction: Empirical evidence from green PPP programs

The reliance solely on the government or enterprises to promote climate governance is contingent upon the vested interests of economic entities and the regulatory bodies' efficiency in governance. Can the model of government-enterprise green collaborative governance evolve into a long-term mechanism for addressing the climate crisis and achieving the goals of sustainable development? By crawling data on public-private partnerships (PPP), employing ChatGPT to identify green PPP projects, and building a generalized difference-in-differences framework based on the Guidance on Building a Green Financial System issued in 2016, this present study investigates whether the involvement of private capital in government-led environmental and climate governance can effectively facilitate government-enterprise green collaborative governance, thereby mitigating urban carbon emissions. The study finds government-enterprise green collaborative governance can significantly reduce urban carbon emissions. The conclusion remains valid even after several rounds of robustness tests, including removing the influence of pertinent climate policies, adjusting the settings of independent and dependent variables, and removing self-selection issues. Heterogeneity tests show, on the first hand, the carbon emission reduction effect of government-enterprise green collaborative governance differs due to the differences in the characteristics of green PPP(Pubic-private partnership) projects such as project return mechanism, project investment volume, and project cooperation term; on the other hand, the carbon emission reduction effect also shows heterogeneity with various urban characteristics such as geographical location, city type and city size. Mechanism tests indicate government-enterprise green collaborative governance affects urban carbon emissions mainly through structural effects, technological effects and co-investment effects. This paper offers a valuable framework for effectively promoting environmental and climate co-governance between governmental bodies and enterprises, while enhancing the market's role in resource benefit allocation within climate governance to mitigate the risks associated with climate change.

Urban memory and identity weighed against economic investment in urban renewal projects: A case of Kisumu City, Kenya

Urban memory and identity weighed against economic investment in urban renewal projects: A case of Kisumu City, Kenya

Research on the Construction of a Risk Assessment Indicator System for Transportation Infrastructure Investment under Public–Private Partnership Model

This paper is dedicated to developing a risk assessment indicator system applicable to transportation infrastructure investment projects in the public–private partnership (PPP) model. Initially, through practical research, literature reviews, and expert interviews, key risk factors for transportation infrastructure investment projects in the PPP mode were identified. Based on these risk factors, a preliminary risk assessment indicator system was established. Subsequently, the principal component analysis (PCA) was used to reduce the dimensions of the indicators, simplify the structure of the system, and highlight key risk factors. Simultaneously, the CRITIC-EWM method was applied to calculate the weights of the indicators. Furthermore, to validate the effectiveness of the indicator system, a questionnaire survey was conducted, collecting 314 responses. Structural equation modeling was applied to validate the effectiveness of the indicator system and examine its application value in practical risk management processes. The primary contribution of this study lies in proposing a method for constructing a risk assessment indicator system that combines quantitative and qualitative analyses, providing new theoretical and practical guidance for risk management of transportation infrastructure investment projects under the PPP mode.

NPV, IRR, PI, PP, and DPP: A unified view

This paper introduces a class of investment project's profitability metrics that includes the net present value (NPV) criterion (which labels a project as weakly profitable if its NPV is nonnegative), internal rate of return (IRR), profitability index (PI), payback period (PP), and discounted payback period (DPP) as special cases. We develop an axiomatic characterization of this class, as well as of the mentioned conventional metrics within the class. The proposed approach offers several key contributions. First, it provides a unified interpretation of profitability metrics as indicators of a project's financial stability across various economic scenarios. Second, it reveals that, except for the NPV criterion, a profitability metric is inherently undefined for some projects. In particular, this implies that any extension of IRR to the space of all projects does not meet a set of reasonable conditions. A similar conclusion is valid for the other mentioned conventional metrics. For each of these metrics, we offer a characterization of the pairs of comparable projects and identify the largest set of projects to which the metric can be unequivocally extended. Third, our study identifies conditions under which the application of one metric is superior to others, helping to guide decision-makers in selecting the most appropriate metric for specific investment contexts.

Does crude oil price volatility affect risk-taking capability in business group firms: evidence from India?

PurposeThe study tests risk-taking and risk-aversion capabilities while distinguishing between business group firms and stand-alone firms and considering oil price volatility. Second, this attempt to study the linkage between risk-taking during market down movements and when the firms have established themselves as product market leaders. Third, this study analyses the “sentiment” state, where it explores the reaction of corporations when the market is in the negative direction, and lastly, it explores the linkage between product market competition and risk-aversion.Design/methodology/approachThis study uses financial information for 1,273 non-financial companies and other required data from various sources. The study employs panel data and utilizes different empirical methodologies, including the generalized method of moments (GMM) estimator, to test the stated hypotheses.FindingsWe find that the business group firms have more risk-taking proficiencies compared with the stand-alone firms. Moreover, this study discovers that the corporates avoid taking risks when the market is not performing well. Also, when the market is down and crude prices are high, the management expects high earnings in the future, willingly takes risks and shows that product market leaders do not follow the risk-aversion strategy.Practical implicationsThe empirical results indicate that oil price movement can restrict management’s behaviour when choosing a risky investment project. Management should develop a robust policy that follows the group of firms. In the policy, the management should describe the level of risk that may be taken by the firm and implement it when required.Originality/valueSince we do not find any studies in this context, then there is a major and essential gap in the literature that this study should fill.

Comparative Analysis of Deep Learning Methods for Fault Avoidance and Predicting Demand in Electrical Distribution

In recent years, the distribution network in Chile has undergone various modifications to meet new demands and integrate new technologies. However, these improvements often do not last as long as expected due to inaccurate forecasting, resulting in frequent equipment changes and service interruptions. These issues affect project investment, unsold energy, and penalties for poor quality of supply. Understanding the electricity market, especially in distribution, is crucial and requires linking technical quality standards with service quality factors, such as the frequency and duration of interruptions, to understand their impact on regulated distribution to customers. In this context, a comparative study will be carried out between Long Short-Term Memory (LSTM) and transformer architectures, with the aim of improving the sizing of distribution transformers and preventing failures when determining the nominal power of the transformer to be installed. Variables such as voltages and operating currents of transformers installed between 2020 and 2021 in the Valparaíso region, Chile, along with the type and number of connected customers, maximum and minimum temperatures of the sectors of interest, and seasonality considerations will be used. The compilation of previous studies and the identification of key variables will help to propose solutions based on error percentages to optimise the accuracy of transformer sizing.

Market research of russian medical construction facilities: cost estimation and investments in construction programs

Within the framework of the study, conditions are analyzed, cost estimates and other characteristics of large construction projects in the medical field are presented. The article analyzes investment projects of construction medical facilities in the Russian Federation. Plans for the development of some large medical networks are also briefly highlighted. A review of literature sources on health development programs of the subjects of the Russian Federation was conducted, federal target programs were considered, investment projects for the construction of medical facilities planned for completion in 2023-2025 were studied. Some analytical results of monitoring for 2020-2023 on the activity of the investment market in the direction of the Russian strategic and institutional design of the construction of medical facilities in the Russian Federation are presented.

ВЕНЧУРНЫЕ ИНВЕСТИЦИИ КАК ВСПОМОГАТЕЛЬНЫЙ ИНСТРУМЕНТ ПРИ РЕА-ЛИЗАЦИИ ИННОВАЦИОННО-ИНВЕСТИЦИОННЫХ ПРОЕКТОВ

The article examines the essence of venture investments and their main features. The basis of venture investments is, first of all, innovative projects implemented by develop-ing companies; the form of investment should not be limited by any other condi-tions. The main problems of the Russian venture investment market are analyzed: small volume, legislative uncertainty, per-sonnel shortage, difficulties in attracting for-eign investment. For a solution, it is pro-posed: improvement of legislation, limited involvement of insurance companies and pension funds in venture investments, redis-tribution of state support for venture invest-ments, additional tools for a safe exit from venture investments for all interested parties. The implementation of innovation and investment projects through the purchase and integration into the internal processes of a large company, which was previously a strategic investor, also depends on solving the problems of the entire venture market as a whole, since at the moment the number of such transactions is insignificant.

Selection of rated head of a pumped storage power station

Abstract Rated water head is one of the important parameters of pumped storage power station, which is of great significance to the safe and stable operation of the power station. However, at present, there is no unified regulation on the selection of rated head of pumped storage power stations at home and abroad. Based on the relevant technical documents and selection standards, combined with the unit manufacturing, stable operation, kinetic energy utilization, project investment and other aspects of specific projects, we finally conclude the rated head recommendation scheme of the power station, which can provide a certain reference for similar pumped storage power stations.