Международная студенческая научно-практическая конференция «Инновационное развитие государства: проблемы и перспективы глазам молодых ученых». Том 1

Galenytska K.A., Artemenko J.F., Rieznik M.A.

Oles Honchar Dnipropetrovsk National University, Ukraine


In the current conditions of market economy any investor is under the threat of a variety of risks. In most cases, investing money in the production of certain goods or services, the investor can’t be absolutely confident about public recognition of this production. In practice, such recognition depends on a successful combination of different factors, thus, investors are running a risk of getting less profit than they expect or of suffering losses. Therefore, studying investment risks and identifying the factors that cause them, as well as calculating possible losses are vital issues that investors must take into account while making decisions about investing in a particular industrial or commercial activity.

In the present-day Ukrainian economy the problem of investment risk management is particularly acute because of instability of the tax treatment, fall of the national currency, and low purchasing power of a considerable part of population. Therefore, it is important for fund holders who deal with the national market to calculate the possible impact of investment risks carefully. Since it is impossible to avoid risks completely, they can and they should be consciously managed, bearing in mind that all types of risks are interrelated and their level is constantly changing under the influence of the environment, whose parameters of influence are continuously changing.

The risk management can be presented in realizing such stages. The first stage is to determine the type of risk and to assess it. All investment risks can be divided into 2 big groups: market and personal risks. The first group includes legal, political, environmental, general economic risks as well as risks in the equity market. The second group includes personnel, technical, design, financial, marketing risks. In terms of investment losses risks can be classified as acceptable, critical and catastrophic [1].

The second stage is qualitative and quantitative analysis.

The main task of qualitative analysis is to identify risk situations that can occur with a project under research and factors that define it. The main task of quantitative analysis is quantitative assessment of an investment risk.

The quantitative assessment of investment risks is performed with the help of the followings methods: analytical methods, which include sensitivity analysis and analysis of scenarios; probability and theoretical ones, that include statistical techniques, which determine the statistics of losses and profits, simulation methods (Monte Carlo simulation method, historical simulation method), methods of constructing trees (trees of events, trees of faults, trees of events and consequences), logical and probability methods; heuristic methods of quantitative analysis; alternative methods (neural network, modeling based on fuzzy logic) [2].The methods of expert evaluation and the method of integrated risk assessment are also used. The method of expert evaluation is applied when there is a lack of strict mathematical proofs of optimality of solutions. This method is generally oriented to using a human as a "measuring" instrument for getting quantitative estimates of processes and judgments. The integral risk assessment is getting from all the main events some quantitative parameters that can characterize the risk in general without using particular situations.

The methods of influencing the risks should be determined in the third stage.

There are several methods of influence:

1. The internal mechanisms of the investment risk management [3]:

- risk prevention;

- compensation: reservation, self-insurance, internal security, taking risk on your own, creating the system of working balances, monitoring and forecasting;

 – localization of risk: establishing venture capital enterprises, creating special departments to implement risky projects;

- distribution (dissipation) of risk: diversification (of activity, investment, supply, distribution), division of responsibility among the members of the project, the distribution of risk over time;

- hedging;

- management of assets and liabilities;

- prevention measures (price controls, regulatory accounting and regulatory dividend policy, etc.).

2. The external mechanisms of risk management:

- insurance;

- insurance safeguards.

3. The complex use or partial correlation of all the methods mentioned above.

The fourth stage is the implementation of risk management methods and evaluation of results, control of risk. In this stage, the theoretical knowledge gained in previous stages gets used in practice.

Therefore, carrying out investment activities always takes place in varying conditions of uncertainty, that’s why understanding the importance of effective investment risk management at enterprises is extremely urgent and an important stage in planning both the current and future industrial and economic activity of a market participant.


1. Щукін Б.М. Інвестування : курс лекцій / Б.М. Щукін. – К. : Вид-во МАУП, 2004. – 216 с.

2. Управление рисками: етапы и методы [Електронний ресурс]. – Режим доступу: http://www.finanalis.ru/litra/349/2321.html

3. Козьменко О.В. Страховий ринок України в контексті сталого розвитку: монографія / О.В. Козьменко. – Суми: ДНВЗ «УАБС НБУ», 2008. – 350с.