Опыт использования портфельных концепций менеджмента для анализа распределения инвестиционного потенциала в интегрированной бизнес-группе

Kotov, Denis (2007): Опыт использования портфельных концепций менеджмента для анализа распределения инвестиционного потенциала в интегрированной бизнес-группе. Published in: Модернизация экономики и общественное развитие [Текст] : в 3 кн. / oтв. ред. Е. Г. Ясин ; Гос. ун-т - Высшая школа экономики. - М. : Изд. дом ГУ ВШЭ, 2007. (2007): pp. 568-578.

Abstract

Using the portfolio theory we have investigated how portfolio investor and controlling shareholder appraise investment decisions on the on the distribution of investment resources among strategic business units in a business group. In order to apply the existing portfolio theory for the simulation of the investment behavior of strategic investors we have developed a specific ‘investment return’ measure which is defined as the multiple of the market multiplier (P/E) and the required return on capital invested (ROCE). We have found that the optimal structure of the investment distribution chosen by a portfolio investor can differ from the investment decision of a controlling shareholder. Application of theoretical findings was demonstrated for the Russian business groups “Interros” and “Sistema”.

• Item Type: MPRA Paper
• English Title: Using of the Portfolio Theory for the Analysis of the Investment Allocation within the Business Group
• Language: Russian
• Keywords: Business groups, internal capital market, portfolio theory
• Subjects: G - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment Decisions

References

Sharfstein D. The dark side of internal capital markets: evidence from diversified conglomerates // NBER Working Papers. N 6352. 1997. Stein J. Internal capital markets and the competition for corporate resources // Journal of Finance. 1997. Vol. 52. P. 111-134.