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

Using of the Portfolio Theory for the Analysis of the Investment Allocation within the Business Group

Denis Kotov ()

MPRA Paper from University Library of Munich, Germany

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”.

Keywords: Business groups; internal capital market; portfolio theory (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Date: 2007-04-05
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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

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