Matrix tools for the formation of a corporation’sinvestment portfolio in conditions of financial instability

UDC 330.45; 338.2
Publication date: 03.08.2021
International Journal of Professional Science №7-2021

Matrix tools for the formation of a corporation’sinvestment portfolio in conditions of financial instability

Gurskaya Yulia Mikhailovna
Elizarova Marianna Ioanovna
Slavyanov Andrey Stanislavovich
330.45; 338.2
1. Researcher at CEMI RAS, Moscow
2. Candidate of Economic Sciences, Senior Researcher at CEMI RAS, Moscow
3. Candidate of Economic Sciences, Associate Professor of the Department of the Bauman Moscow State Technical University, Moscow
Abstract: The paper analyzes the existing methods of evaluating the effectiveness of investment projects, which take into account mainly the financial result. In an unstable external environment, the influence of external factors can significantly affect the effectiveness of the project, which are usually not taken into account. An industrial corporation can assemble a portfolio of projects that will meet its goals with maximum results. At the same time, several scenarios should be taken into account, each of which corresponds to a certain result. Taking into account the probability of occurrence of each event, a portfolio of investment projects is formed. To solve this problem, it is proposed to use a matrix toolkit developed on the basis of the methodology of game theory. The paper proposes an approach based on the matrix method of forming a portfolio of projects that ensures uniform and sustainable development of the corporation.
Keywords: investment project, economic efficiency, payment matrix, project portfolio, matrix


The existing methods of selecting investment projects are mainly focused on achieving a financial result, when the project that will give the maximum economic effect is selected. at the same time, the public, social, budgetary and other effects of the project are not always taken into account. Thus, the introduction of automatic lines, robots, processing centers and other advanced equipment allows to multiply the output of products, but their use leads to the release of labor, which will affect the unemployment rate, a decrease in purchasing power, and an increase in social tension is possible. Due to these negative effects, it is necessary to implement another project that would create jobs in the region. It can be argued that it is almost impossible to find such a project that would give positive effects in all areas, and therefore, the problem of selecting projects in such a portfolio that would ensure the uniform and sustainable development of the economic system becomes urgent.

Materials and Methods

When making a decision, the investor uses tools based on discounting cash flows, which allow you to correctly compare several projects, the volume of investments and the return of funds in which does not coincide in time. Based on the obtained value of the net present value of the project (NPV), the derivatives NPV are analyzed — the internal rate of return of the project (IRR); the profitability index — (Profitability Index); the payback period of the project, etc. [1, 7, 11] These methods are widely used in industrialized countries with market economies, due to their ease of use for evaluating economic efficiency and selecting commercial projects, where the financial result is the determining indicator. Using these tools in countries with a developing economic system characterized by its instability and high risks, these methods led to unexpected conclusions. Calculations based on these methods showed that it is unprofitable to conduct research and development on the basis of domestic research organizations, it is much more efficient to get technological licenses or finished products abroad than to go through the entire innovation cycle independently [2, 12]. As a result, in the early 90s, the development of its own software was stopped in Russia and the country completely switched to foreign software, projects in the aviation, machine-tool industry, instrument-making and other knowledge-intensive economic activities were frozen. Local markets of high-tech products and services in a short time came under the influence of foreign corporations, and the economic sanctions that followed, due to the complication of the international situation, damaged the innovative development of the country [13].

The paper proposes, on the basis of mathematical modeling methods, to develop a mechanism for selecting projects in the portfolio that ensures the achievement of not only the commercial goals of the investor, but also the solution of social, environmental and other tasks of society.



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