Investicinių projektų rizika ir jos įvertinimo metodai

Abstract

Investment is defined as putting capital (encompassing both material means as well as intellectual values ) into a production process of trading or any other field of activity in order to organize production work, services and to gain a profit or some other final results (e. g. environment protection or raising the standard of living). Risk is a possibility of experiencing such an event that may result in incurring losses, i. e. to lose one’s firm’s resources or part of it, not to get part of their income or face additional cost in the production process of financial activity. The main kinds of risk are as follows: a) production risk which is related to possible failure to meet the claims of the investors who are listed in the contract; b) financial (credit) risk which concerns the firm’s default on the payments to their investors; c) investment risk which concerns the process of depreciation of the investment – financial portfolio made up of the firm’s own and acquired securities; d) market risk related to the possible fluctuation of the market percentage compensation (exchange rates inflation) in terms of the national monetary unit as well as foreign currencies. The participants of the project have to evaluate all the consequences which may occur as a result of the firm’s competitors’ actions or owing to the market changes. The aim of the market research is to provide the prospect partners with all the necessary data according to which the exactness of participating in the project is agreed upon and the precautions against possible financial losses are taken. Analyzing any risky operation the following criteria are applied to the project participants: a) risk losses do not depend upon each other; b) the losses of one direction risk portfolio do not necessarily increase the probability of some other risk losses; c) highest possible losses should not exceed the partners’ financial feasibility. [...].