Hedging of financial risks of developing enterprises

Аuthors

Motyreva E. E.^*, Tarasova E. V.^**

Moscow Aviation Institute (National Research University), 4, Volokolamskoe shosse, Moscow, А-80, GSP-3, 125993, Russia

*e-mail: motyrevakatya1991@mail.ru
**e-mail: elenavtar@mail.ru

Abstract

Nowadays developing enterprises undergo hardship to find sources for innovative projects financing. Investors do not want to invest in risky programs, while enterprises are no able to bear the financial risks themselves. A distinctive feature of the high-tech defense developments production financing is preferential financing at the expense of budgetary funds. However, that does not absolve enterprises from financial risks due to insufficient financing or failure of terms. In this case, the enterprise is better to involve extra-budgetary financing. It would help: to exclude cases of forced attraction of own funds; to increase profitability and avoid loss of development; to reduce the probability of disruption in terms and penalties; to release a part of the developer's funds for own technical re-equipment and development; to reduce the impact of design, technological, financial and economic risks.

One of the distinguishing features of the development of high technology products is the presence of the objects of exclusive rights. These objects have a certain value, depending on the area of their application, utility, degree of elaboration and novelty. Additional funds for innovative projects implementation may be attracted by the sale of options for these objects to interested parties.

For the purposes of the developing company, it is necessary to sell such a number of options and at such a price that it would be able to ensure a risk-free return (i = 25%). For the company acquiring the option, the price is defined as the present value of future benefits taking into account the likelihood of a favorable outcome.

Including the price of sold options in the financial model of the project, you can achieve its payback.

Keywords:

objects of intellectual property, extra-budgetary financing, real options, hedging of risks, innovative projects of the defense industry

References

1. O gosudarstvennom oboronnom zakaze. Federal'nyi zakon ot 29.12.2012, № 275–FZ (On the State defense order. Federal law of 29.12.2012 no. 275), Moscow, 2012.

2. Ob utverzhdenii Polozheniya o gosudarstvennom regulirovanii tsen na produktsiyu, postavlyaemuyu po gosudarstvennomu oboronnomu zakazu. Postanovlenie Pravitel'stva Rossiiskoi Federatsii ot 05.12.2013, № 1119 (On approval of Provision on state regulation of prices for products supplied under the state defense order. Decree of the Russian Federation of 05.12.2013, no. 1119), Moscow, 2013.

3. Ob utverzhdenii Polozheniya o primenenii vidov tsen na produktsiyu po gosudarstvennomu oboronnomu zakazu. Postanovlenie Pravitel'stva Rossiiskoi Federatsii ot 13.12.2013, № 1155 (On approval of the Regulations on application of types of prices for products by the state defensive order. Decree of the Russian Federation of 13.12.2013 no. 1155), Moscow, 2013.

4. Limitovskii M.A. Investitsionnye proekty i real'nye optsiony na razvivayushchikhsya rynkakh (Investment projects and real options in emerging markets), Moscow, Yurait, 2011, 496 p.

5. Motyreva E.E., Tarasova E.V. Ekonomika i predprinimatelstvo, 2016, no. 11 (part 1), pp. 805-807.

6. Silant'eva E. A., Tikhonov A. I. Vestnik Moskovskogo aviatsionnogo instituta, 2016, vol. 23, no. 2, pp. 195-199.

7. Troshin A.N., Semina L.V., Nikolenko T.Yu. Vestnik Moskovskogo aviatsionnogo instituta, 2016, vol. 23, no. 2, pp. 200-207.

8. Ivanisov V.Yu., Panagushin V.P. Effektivnoe antikrizisnoe upravlenie, 2015, vol. 89, no. 2, pp. 72-83.