Ilgalaikių investicijų finansavimo šaltiniai ir jų kainos nustatymo metodiniai aspektai

LTStraipsnyje analizuojami ilgalaikių investicijų finamavimo šaltiniai, siekiant išsiaiškinti esminius investicijų finansavimo šaltinių ir kapitalo skirtumus. Autorė pateikia visus galimus ilgalaikių investicijų finansavimo šaltinius, suklasifikuoja juos pagal atitinkamus kriterijus. Vadovaujantis užsienio ir lietuvių mokslininkų patirtimi, detaliai nagrinėjami ilgalaikių investicijų finansavimo šaltinių kainos nustatymo metodai, jų pritaikymo galimybės ir problemos Lietuvos ūkio subjektų veiklos sąlygomis. [Iš leidinio]Reikšminiai žodžiai: Finansavimo šaltiniai; Ilgalaikės investicijos; Investicijos; Investicijų finansavimas; Investicijų investavimo kaina; Metodiniai aspektai; Palūkanų norma; Financing sources; Interest rate; Investment funding; Investment investment costs; Investments; Long-term investment; Long-term investments; Methodological Aspects.

ENFoundation of market economy relations and transition from producer market to consumer market caused the implementation of technological innovation, i.e. long-term investment. […] Sources of finance of long-term investment are various Some researchers do not recognise depreciation and revenue from sale of old assets as a source of finance. The methods, which are used to estimate cost of capital in Western countries, are hardly suitable for Lithuania The estimation of cost of depreciation and revenue from sale of old assets is poorly researched. The first problem is that the most of researchers do not differentiate two concepts: capital and sources of finance. Capital means the sources of total assets and sources of finance mean the sources of cash. Financing of investment is possible, when we have enough cash. In most cases these two concepts are identical (bank loan, share capital), but in certain cases they differ (depreciation, revenue from sale of old assets) The second problem is that all researchers identified cost of debt capital and interest rate. Cost of debt capital in most cases is greater, than interest rate, because of such expenses as bank commissions, registration expenses of bank guarantee, loan contract and mortgage contract, insurance premium and so on. These expenses must be included into cost of debt capital, when they increase interest rate for the most part. The third problem is that the methods, which are used to estimate cost of capital in Western countries, are hardly suitable for Lithuania. Use of CAPM is problematical for two reasons: capital market is weak and rate of return on Government bonds is not risk-free (lately fluctuates from 15.8 to 7 %).DCF method for estimation of equity capital can be used only by few firms, where flow of expected dividends grows at a constant annual rate through time. The estimation cost of equity on interest rate of bond is simple, but least precise. Some companies issued bonds in 1999, so the use of this method is limited too. The most suitable for all companies is the method of net profitability. The fourth problem is concerned with estimation of the cost of depreciation and revenue from sale of old assets. Researchers solve this problem differently: ignore as source of finance of long-term investment; admit that it is not necessary for depreciation to be brought into the calculations to determine the company's cost of capital; suggest cost of depreciation to equate with weighted average cost of capital. Although there is no direct link, depreciation can be regarded as a form of retained profit for the specific purpose of replacing wom-out assets. If depreciation-generated funds are not reinvested in the company, they must be distributed only to shareholders. Repayment of a credit for bondholders or banks was done or will be done, so for financing of a new investment can be used only the part depreciation- generated funds, which were supplied earlier by shareholders. So, the cost of depreciation must be equal to the cost of retained profit. The fifth problem is that researchers do not investigate the cost of grants. Grants are given for financing concrete investment project and can not be used for other alternative investment .So, the principle of alternative cost can't be adapted to estimation cost of grants. [From the publication]