The Application of International Risk Requirements for the Assessment of Investor Attractiveness of Russian Power-Generating Companies
The paper presents the results of a study on the assessment of the current state of investor attractiveness of Russian power-generating companies taking into account modern international requirements of the system of risk management. The paper hypothesizes that the current level of investor attractiveness of the power-generating companies should determine the adequacy of coverage requirements for economic capital within existing resources. The proposed methodological approach is a modification of the model of Merton-Vasicek to the assessment of economic capital specific to the Russian energy sector. In practice, the use of the presented methodological approach allows us to solve several problems. On the one hand, this increases the rate of investor decision taking into account the proposed level of risk. On the other hand, optimization of the process of capital management of a power company is based on its development strategy.
KeywordsPower-generating company Investor attractiveness Investment risk Economic capital Optimization Development Risk management Strategy
The work was supported by Act 211 Government of the Russian Federation, contract № 02.A03.21.0006.
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