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participants will receive a corresponding reward.
Western experts suggest using the following rule: “money that is
successfully invested in business today should generate income in the future, but
the same money that is not invested in the business may lose its value over time
due to inflation, risk, and a penchant for liquidity” (Антонюк и соавт., 2011).
This makes it possible to conclude that the invested funds should in the long run
ensure the growth of the cost of venture entrepreneurial structures and be the
best investment of all possible alternatives.
So, the future value of the company is one of the target indicators in the
context of venture financing, and its growth or excess over the committed costs
can be determined as the expected effect of such financing. It is the magnitude
of the growth in the value of the venture company in the process of its
functioning (or, at least, the excess of value over the costs of investors), taking
into account the achievement of the set goals, can objectively serve as an
indicator of effectiveness in assessing the feasibility of venture financing. In
general, it is customary to evaluate the market value (capitalization), which
reflects a short and medium-term assessment of management effectiveness by
investors and shareholders, the ability of managers to attract external sources of
financing and is reflected in the market price of the shares of this company
(Gaughan, 2017). Increase this value and determine the effectiveness of
investments.
In our opinion, a joint investment project in any field of activity begins
with investments, due to which the necessary amount of resources is acquired,
the process of production and marketing of products is organized. Capital in the
process of its movement passes successively three stages of the circuit:
procurement, production, and marketing.
We propose to supplement the methodological approach in the
implementation of a joint project with public-private partnership:
At the first stage, a private business acquires the necessary fixed assets,
production stocks, at the second stage, part of the funds in the form of stocks
goes into production, and part is used to pay employees, pay taxes, social
insurance payments and other expenses.
Therefore, the faster the monetary joint capital makes the circuit, the more
effective the public-private partnership is, it will achieve and realize the socio-
economic goals set at the beginning of its implementation.
The delay in the movement of funds at any stage leads to a slowdown in
capital turnover, requires additional investment, and may cause a significant
deterioration in the investment value of the project.
The effect achieved because of accelerated turnover is expressed primarily
in an increase in output without additional financial resources. In addition, due
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to the acceleration of capital turnover, there is an increase in the amount of
profit, since usually it returns to the original monetary form in increments. From
what has been said, it is necessary to strive not only to accelerate the movement
of capital at all stages of the circuit, but also to maximize its return through the
selection of projects with the greatest multiplicative effect, which is expressed in
an increase in the amount of profit per ruble of capital. The increase in capital
profitability is achieved by the rational and economical use of all resources,
preventing their cost overruns, losses at all stages of the circuit. As a result,
capital will return to its original state in a larger amount, i.e. with profit.
When calculating the profitability of capital, “Equity capital + Long-term
borrowed funds” are also used as an investment base. It differs from the base
“Total amount of assets” in that current assets formed from short-term borrowed
funds are excluded from it. This indicator characterizes the effectiveness of not
all capital, but only equity (stock) and long-term borrowed capital. They call it
usually the profitability of invested capital (Топсахалова, 2010).
Given the close relationship of strategic and operational planning in the
work of public-private partnerships, we outline the structure of the business plan
of the investment project.
The business plan of the investment project is the main document that
allows you to justify and evaluate the investment potential, determine the
income and expenses of project participants, analyze break-even, return on
investment, profitability and socio-economic effect.
Based on the foregoing, we can identify the main goals pursued in the
development of a business plan:
- firstly, it is a tool for attracting government funding necessary for the
implementation of the project
- secondly, at the initial stage of the project, the business plan serves as the
main communication tool between private business, the state, and counterparties
(future suppliers, sellers, and employees)
With a feasibility study, a business plan is required:
- investor — to determine the effectiveness of capital investment
- entrepreneur — to develop a program of action and leadership in the
process of project implementation
- to government bodies — to regulate and control credit relations
The approaches to the development and presentation of a business plan are
differentiated depending on the nature of the internal structure of the created
enterprise with public-private partnership (production, financial, organizational)
and the nature of the investment project.
You can offer the following structure of a business plan (Figure 2).
A brief description or summary, although it opens a business plan, is
prepared only when the business plan is fully developed, when the concept of
the project, its rationale and forms of implementation are fully defined. The
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main requirements for the development of this section are detailed information
on market competitiveness and socio-economic significance of the project.
1. Characteristics of
the enterprise and
investment project
2. Marketing Plan
3. Production plan
4. Financial plan
a) the legal form of the
enterprise
b) characteristics of
owners and managers
c) enterprise
management structure
d) the nature of the
investment project
a) the market
characteristics of the
enterprise
b) customers
c) competitors
d) company product
e) selling price
f) the company’s
position in the market
g) product promotion
channels
a) technological chain
b) the need for fixed
assets, working capital
c) the costs of the
enterprise for the
production and sale of
products
a) a financing and
investment plan
b) plan for profit (loss)
c) cash flow plan
d) planned balance
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