2004, VOLUME 5 #4. "TRANSPORT AND TELECOMMUNICATION". ЖУРНАЛ ИЗДАТЕЛЬСТВА TSI, ISSN 1407-6160 | TSI

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2004, VOLUME 5 #4. "TRANSPORT AND TELECOMMUNICATION". ЖУРНАЛ ИЗДАТЕЛЬСТВА TSI, ISSN 1407-6160

Игорь Кабашкин, Ростислав Копытов, Оценка инвестиционной привлекательности транспортного предприятия 

Combination of geographical and economic characteristics of Latvia demands a special approach to potential sources of financing and capital markets. It is especially true for the transport business that, upon Latvia having joined EU, has a large impact on the whole economy of the state. Therefore, one has to evaluate how attractive transport business enterprises are for investments from the standpoint of new projects and taking into account the costs history available. Usually in such cases strong arguments have to be defined in order to support profitability of investments into a specific enterprise operating in transport business. For this purpose one may use traditional evaluation techniques "with a project" or "without a project". The result of using the methodology discussed below is an increased enterprise value. However, in practice, there are often cases when in the process of implementing even well-supported projects the company management or investors are not happy with the decisions that were made. In such cases on can blame evaluation methodology - its embedded stereotypes are the main reasons for planning and/or control faults. One of the ways to reach a correct reasoning for investment attractiveness of a transport business is to get rid of contradictions that may appear on all stages of a typical evaluation procedure. Such contradictions appear as a result of incorrect use of cost concept in the framework of a specific enterprise. The problem is that evaluation starts at the point of the new project implementation, which involves changes made to the goals of the enterprise during modernization of its strategic policy. In this case, as a rule, one analyses future revenues while previous business results are ignored. Therefore, irrespective of a strongly supported efficiency of the new project, total project implementation costs exceed the expected results during the specified time-frame. This is the main reason for diminishing investment attractiveness of an enterprise. In order to assess such cases appropriately one needs to take into account full history of costs incurred by the enterprise. Therefore, calculations have to be performed on the basis of the full financing schedule, taking into account the general risk level of the project. In this way one has to account for economic inequality of cost and revenue parameters that are observed during different time spans.
Key words: investment attractiveness, estimate methodology, project efficiency

Ростислав Копытов, Оценка интересов участников венчурного инвестирования транспортного предприятия 

Nowadays venture capital favours the development of intermediate and small enterprises. Venture investment is a risky type of investment in prospective projects. Though in the Latvian market the risky capital hasn't been completely claimed. The main cause of this passive behaviour can be explained by the lack of experience in using the above type of investments on the part Latvian entrepreneurs. Besides, foreign venture funds don't seem to undertake active steps since they cannot read the Latvian market well and cannot give an exact evaluation of the extent of risk in dealing with Latvian enterprises. Taking into account the present scheme of the transport system in Latvia it seems quite beneficial to undertake risky investment in this area. Realization of this scheme is usually characterized by a high level of profitability at a high rate of risk. To minimize the extent of risk venture capitalist employ radical methods of improving the quality of management. In this connection risky capitalists demand an obligatory reconstruction of the enterprise organizational structure by replacing the key positions of the enterprise for the managers of the project. Thus the process of the enterprise development will include people experienced in investing the trend of business concerned and in the steady withdrawal of the risky capital from profitable enterprises. New managers exercise the enterprise management as well controlling revenues and expenses and working out financial policy and real budget and follow the interests of the whole scheme partners. Thus, before investing a project it is necessary to work out thorough plan of the business. Regardless of the functional trend of the enterprise the whole process of evaluation comes to managing the cost in the mid-term perspective. In this case it is necessary to assess the volume of investment and the connected risk, the increase of the firm turnover at the account of the effective management undertaken in the course the enterprise structural reorganization.
Key words: risky capital, venture investment

Игорь Кабашкин, Ростислав Копытов, Оценка инвестиционной привлекательности проекта "Трамвай 2002" 

Investment attractiveness of "Tram-2002" project estimation represents the basis for organizing production of trams of a new pattern and their realization through own distribution channels. Realization of the project will allow:
- to obtain programs of future activity with setting specific aims, working out strategy of their achievement and mechanism of realization, computation of necessary labour and material resources and basing the financial policy directions;
- to estimate the development perspective in supposed market segment with due regard of competitors activity, estimation of probable risks and the ability of their minimization;
- reveal weak spots in organization structure and management system and work out measures for their elimination;
- to get answer the questions concerning the advancement of the project from the position of probable business partnership and estimate reliability and attractiveness of business cooperation;
- to have impartial information about the enterprise activity, objectively estimate the results and plans of development and reveal "weak points" as well, examine measures taken by the management for overcoming them;
- objectively estimate potential possibilities of the project and at most approximate to businessplan volumes, conditions and in admissible time solve the problems on allotting financial resources.
"Tram 2002" project estimation is realized in middle term perspective. The main aspects are worked out in two versions: pessimistic and realistic for four possible scenarios of development. As a result of carried at estimation of investment attractiveness realization of advisability of every scenario of project development has been determined.
Key words: investment attractiveness, estimate methodology, project estimation

Игорь Кабашкин, Ростислав Копытов, Экспертиза инвестиционной привлекательности проекта "Юрмальские автостоянки" 

Parking functioning investment attractiveness in Jurmala should demonstrate the benefits of the stepby- step introduction of new parking places enabling the process of unloading the traffic streams and meeting financial and social demands of Jurmala Duma, citizens and the people resting at Riga seaside. This investigation estimates the financial opportunities in case of fares cancellation when crossing Jurmala bridge. The research work allows:
- to give reasonable arguments in favour of step-to-step transition to the parking both of the representatives of Jurmala Duma and other autotransport owners;
- to develop the foundation which would not contradict the interests of the local residents. More over, the foundation should reflect the aspects stimulating the interests of private transport owners in paid parking;
- to estimate the environment motivating the business (trade, hotel business, restaurants and cafes, sports and cultural institutions);
- to positively the benefits influencing the environment. The investigation was carried out in the average pace regime. 9 possible alternatives of development have been estimated and the most effective scenario has been chosen.
Key words: investment attractiveness, project investigation, project efficiency

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