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Bankovní Institut Vysoká Škola Praha Hodnocení Investičního Projektu Založení Nového Podniku

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Bankovní Institut Vysoká Škola Praha Hodnocení Investičního Projektu Založení Nového Podniku Bankovní institut vysoká škola Praha Katedra bankovnictví a pojišťovnictví Hodnocení investičního projektu založení nového podniku Diplomová práce Autor: Dmytro Tereshchenko Finance Vedoucí práce: Ing. J. Fingerland Praha Červen,2011 "Bankovni institut vysoka skola" (Prague) Department of Banking and Insurance Evaluation of investment project of new enterprise establishment Diploma Thesis Author: Dmytro Tereshchenko Finance Supervisor: Ing. J. Fingerland Prague June, 2011 Statement I declare, that I am master, worked over the diploma independently using literary sources. I certify that the electronic version of the work coincides with the printed version, and I accept the fact that the work will be archived in the library of BIVS and it will be available to the third parties in the internal electronic database of the institute. Prague, June, 2011 Dmytro Tereshchenko Acknowledgement To my supervisor Ing. J. Fingerland for his professionalism, wise advices and positive mood. Prague, June, 2011 Dmytro Tereshchenko Annotation: In the first section of this thesis, we analyzed the essence of the investment project and its role in making investment decisions, stages, and overall sequence of project development, project risks, as well as the investment needs of projects and sources of their funding. In the second section of this thesis, we marked out basic stages, goals and objectives, business planning, identified the theoretical aspects of investment project economic efficiency evaluation, and peculiarities of investment project economic efficiency evaluation organization subject to risks and uncertainties. We highlighted key principles of substantiation and evaluation of investment projects which may be applied practically in all areas of business and for enterprises of different ownership forms, from the inception of the idea to create an enterprise (or invest in a project) until attraction of investment and project implementation. In the third section, based on the analyzed information we developed the business plan for the investment project, as well as thoroughly assessed business ideas and substantiated creation of a new enterprise for implementation of this project. Anotace: První část práce obsahuje analýzu podstaty investičního projektu a jeho význam v rozhodování o investicích, stupně a celkový vyvoj projektu, jeho rizika, investiční potřeby a finanční zdroje. Druhá část obsahuje základní kroky, cíle a záměry, definuje teoretické aspekty hodnocení ekonomické efektivity investičních projektů, zejména s ohledem na rizika a nejistoty. Jsou zdůrazněny klíčové principy hodnocení investičních projektů, použivané prakticky ve všech oblastech podnikání a pro podniky různých forem vlastnictví - od vzniku myšlenky vytvoření nové společnosti do prvních investic a realizace projektů. Ve třetí části práce je popsáno vytvoření podnikatelského plánu investičního projektu a vyhodnocena celková podnikatelská strategie, idea a perspektíva vytvoření nové společnosti pro realizaci tohoto projektu. Keywords: investment project, establishment of a new company. Klíčová slova: investiční projekt, vytvoření nové společnosti. Contents Introduction……………………………………………………………………………… 7 1. Theoretical Aspects of Investment Project Implementation…………………. 9 1.1 Economic Essence of the Investment 9 Project………..……………………………. 1.2. Classification of Investment Projects…………………………………………….. 12 1.3. Investment Project Development and Analysis Stages…….……………………... 14 1.4. Overall Sequence of Project Development and Analysis………………………… 18 1.5. Investment Project Risk Analysis and Assessment……………………………….. 21 1.6. Investment Needs and Funding 28 Sources…………………………………………... 2. Economic Essence of the Investment Project 32 2.1. The Role of Business Plan in Efficient Implementation of the Investment Project …………………………………………………………………………………….. 32 2.2. Substantiation of Economic Efficiency of the Investment Project 38 ……………….. 2.3. Basic Criteria of Investment Project Efficiency and Methods of Their Evaluation ……………………………………………………………………………………. 40 3. Substantiation of the Investment Project – Creation of New Enterprise for Construction and Operation of Recreational Complex in Bilohorodka, Kyiv- Sviatoshyn District, Kyiv Region…………………………………………………………………………….. 44 3.1. Project Summary………………………………………………………………….. 44 3.2. Project Characteristic 49 ……………………………………………………………... 3.3. Marketing 53 Analysis………………………………………………………………... 3.4. Marketing Plan……………………………………………………………………. 61 3.5. Operational Plan………………………………………………............................... 62 3.6. Investment Plan…………………………………………….................................... 66 3.7. Financial Plan…………………………………………………............................... 68 Conclusions……………………………………………………………… 74 ………. List of References ………………………………………………………………. 77 6 Introduction Thesis urgency: Today, attraction of investments in the real economy sector is of great importance for its survival. Adequacy of practical investment decisions made at various investment stages depends on understanding of the logic of investment processes. Investments precede the establishment of the company and determine its future activities, as well as represent the way to use accumulated capital. One of the most important and crucial stages of the process is substantiation of the investment project (investment object), which the investment resources will be invested in. Choice of the investment object depends primarily on such category as investment attractiveness of the enterprise or the investment project. Argumentation and substantiation of investment attractiveness require a business plan. Scientific substantiation of the problem: For the time being, one of the most serious problems faced by the entrepreneur is to substantiate the investment project, namely in preparation and writing of a business plan. But no matter how complicated is the business plan in writing, it is obligatory for any business. Theoretical aspects of substantiation of the investment project were studied by many scholars, in particular V.P. Savchuk, P.L. Vilenskiy, V.N. Livshits, S.A. Smolyak, K.N. Petrov, I.V. Lipsits, V.V. Kosov, W. Behrens, P.N. Havranek, etc. However, the problem of substantiation of the investment project remains urgent for future studies. The purpose and objectives of the study: The purpose of this thesis is to determine the theoretical and practical aspects of substantiation of the investment project as a mechanism of attraction of necessary funding for the desired investment object. According to this purpose a number of the following tasks must be solved: - to determine the role of the investment project in making the investment decision; - to determine the theoretical aspects of investment project economic efficiency evaluation; - to consider peculiarities of investment project economic efficiency evaluation subject to risk factors and uncertainty; - to identify basic characteristics of the investment project business plan; - based on the theoretical and practical knowledge, to substantiate the feasibility of creating a new company ―BEOGRAD‖, to determine the economic effect of the project ―Construction and Operation of Recreational Complex in Bilohorodka, Kyiv-Sviatoshyn District, Kyev Region‖, as well as to evaluate the efficiency of the investment project, to 7 determine the sensitivity of the investment project performance indicators to changes in various parameters, to determine the optimal source of funding, to make conclusions and give recommendations. Subject and object of the study: Subject of the study – the key principles of substantiation of investment project economic efficiency, from its inception until its implementation, for various participants of the investment process. Object of the study is the activity of newly created enterprise on implementation of the investment project. Methodological basis and investigation methods: Methodological basis of the work is formed by scientific methods of learning. The study involved principles and methods of subject-logical and structural-functional analysis, expert assessments, statistical processing of raw materials and results. Actual data were based on statistical and marketing studies conducted in the course of writing this thesis on the basis of official publications on the Internet and print media, as well as the results of calculations. 8 1. Theoretical Aspects of Investment ProjectImplementation 1.1. Economic Essence of the Investment Project Today, attraction of investments in the real economy sector is of great importance for its survival. Adequacy of practical investment decisions made at various investment stages depends on understanding of the logic of investment processes. One of the most important and crucial stages of this process is the choice of an investment project to contribute investment resources. Choice of the investment object depends primarily on such category as investment attractiveness of the project. The economic literature has not yet developed a unified approach to definition of the term ―investment attractiveness‖. Investment attractiveness was traditionally understood as the existence of such investment conditions which affect the investor’s preferences in choosing a particular investment object. The investment object may be a separate project, enterprise as a whole, corporation, city, region, or country. It is not difficult to find what they have in common: own budget and own management system. The object of each level (and, accordingly, its investment attractiveness) has its own set of
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