Substantiation of projects that account for risk in the resource-saving technological changes at enterprises

Authors

DOI:

https://doi.org/10.15587/1729-4061.2018.149942

Keywords:

project, resource-saving technological changes, risk, modeling of technological changes, prices for resources

Abstract

The purpose of the study was to model the investment risk of implementation of resource-saving technological changes at enterprises and to develop a method for consideration of risk for the substantiation of projects for introducing resource-saving technologies. Risk management is an important condition for increasing the expediency of technological change activities. In turn, the correct consideration of a risk factor can increase the confidence of owners of enterprises in the expediency of introduction of resource-saving technologies, which will increase the scale of such implementation.

We determined principles, an information base, and a sequence of assessment of the potential of resource-saving technological changes at enterprises.

We modeled an influence of prices for production resources, for which enterprises acquire industrial resources, on the effectiveness of resource-saving technologies implementation. The simulation results showed that the level of such efficiency is quite high only in a certain range of prices for resources. In this connection, we obtained expressions for determining the price ranges for a certain type of resource, which correspond to the three main options for the application of existing technological process. Such options are: to continue operation of the existing technology; to terminate its operation with the replacement of a new resource-saving technology; to stop using the existing technology without replacing it with a new one.

The study substantiates expediency of consideration of a risk factor in substantiation of projects of resource-saving technological changes at enterprises by calculation of a value of the maximum acceptable amount of investments in such an introduction. It proposes to determine the maximum acceptable amount of investments based on a constructed set of scenarios of values of those project indicators that have a low level of predictability. There is no need to substantiate a value of a discount rate, which often has a high degree of subjectivity, for this approach to a risk factor.

Application of the developed method of substantiation of projects for resource-saving technological changes will increase reasonableness of relevant investment decisions due to the comprehensive consideration of a risk factor in the practice of enterprises

Author Biographies

Valentyn Lesinskyi, Yuriy Fedkovych Chernivtsi National University Kotsiubynskoho str., 2, Chernivtsi, Ukraine, 58012

PhD, Assistant

Department of Radio Engineering and Information Security

Olexandr Yemelyanov, Lviv Polytechnic National University S. Bandery str., 12, Lviv, Ukraine, 79013

PhD, Associate Professor

Department of Business Economics and Investment

Oksana Zarytska, Lviv Polytechnic National University S. Bandery str., 12, Lviv, Ukraine, 79013

PhD, Associate Professor

Department of Business Economics and Investment

Anastasiya Symak, Lviv Polytechnic National University S. Bandery str., 12, Lviv, Ukraine, 79013

PhD, Associate Professor

Department of Business Economics and Investment

Orest Koleshchuk, Lviv Polytechnic National University S. Bandery str., 12, Lviv, Ukraine, 79013

PhD, Associate Professor

Department of Business Economics and Investment

References

  1. Diyalnist subiektiv hospodariuvannia. Statystychnyi zbirnyk. Available at: https://ukrstat.org/uk/druk/publicat/kat_u/publ9_u.htm
  2. Andel, I. V. (2015). Tekhnolohichne onovlennia – chynnyk pidvyshchennia konkurentozdatnosti promyslovykh pidpryiemstv rehionu na mizhnarodnykh rynkakh. Naukovyi visnyk NLTU Ukrainy, 25.1, 239–243. Available at: http://nltu.edu.ua/nv/Archive/2015/25_1/40.pdf
  3. Symak, A. V. (2011). Zarubizhnyi dosvid investytsiynoi polityky mashynobudivnykh pidpryiemstv z urakhuvanniam prostorovoho chynnyka. Aktualni problemy ekonomiky, 7 (121), 59–67.
  4. Ukraina u tsyfrakh. Statystychnyi zbirnyk zbirnyk. Available at: https://ukrstat.org/uk/druk/publicat/kat_u/publ1_u.htm
  5. Detemple, J., Kitapbayev, Y. (2018). Optimal Investment under Cost Uncertainty. Risks, 6 (1), 5. doi: https://doi.org/10.3390/risks6010005
  6. Kraynov, M. S. (2011). Ekspress-ocenka effektivnosti investicionnyh proektov. Polimernye materialy, 10, 38–45.
  7. Chernata, T. M., Sinienko, I. O. (2014). Otsinka efektyvnosti investytsiynykh proektiv za kryteriiem chystoho pryvedenoho dokhodu. Finansy Ukrainy, 10, 109–118.
  8. Sapohovska, O. V. (2015). Osoblyvosti audytu otsinky ryzykiv investytsiynykh proektiv. Biznes Inform, 7, 108–113.
  9. Harashchuk, O. V., Tselina, N. O., Melnychenko, O. D. (2009). Kilkisna otsinka investytsiynykh ryzykiv. Visnyk ekonomichnoi nauky Ukrainy, 1 (15), 55–57.
  10. Semenova, T. V., Protopopova, O. S. (2016). Comparison of investment projects in view of efficiency and level of risk. Molodiy vcheniy, 12.1 (40), 962–965.
  11. Malahova, A. A., Zyryanova, I. I. (2014). Problema ocenki riska finansovyh investiciy. Innovacionnoe razvitie sovremennoy nauki: sbornik statey Mezhdunarodnoy nauchno-prakticheskoy konferencii. Ufa: RIO MCII OMEGA SAYNS, 159–165.
  12. Dubrovin, V. I., Lovkin, V. M. (2010). Otsiniuvannia ryzykiv investytsiynoho portfelia. Radioelektronika, informatyka, upravlinnia, 1, 51–55.
  13. Kamnev, I. M., Zhulina, A. Yu. (2012). Metody obosnovaniya stavki diskontirovaniya. Problemy ucheta i finansov, 2 (6), 30–35.
  14. Podkopaev, O. A. (2015). Metody i podhody k rascheta beta-koefficienta dlya opredeleniya stavki diskontirovaniya finansovyh i real'nyh investiciy. Mezhdunarodnyy zhurnal prikladnyh i fundamental'nyh issledovaniy, 3-2, 245–249.
  15. Dashko, I. M. (2010). Urakhuvannia chynnyka ryzykovanosti pry pryiniatti investytsiynykh rishen na mashynobudivnykh pidpryiemstvakh. Skhid, 7 (107), 30–34.
  16. Dashko, I. M., Yemelianov, O. Yu., Kret, I. Z. (2011). Sutnist investytsiynoho ryzyku ta yoho vrakhuvannia pry obgruntuvanni napriamiv investytsiynoi diyalnosti pidpryiemstva. Visnyk Natsionalnoho universytetu "Lvivska politekhnika", 698, 28–34.
  17. Dziadynevych, Yu. V., Buriak, M. V., Rozum, R. I. (2011). Metody otsinky efektyvnosti investytsiy v enerhozberezhennia. Innovatsiyna ekonomika, 2, 119–122.
  18. Kozyk, V. V., Petrushka, T. O., Yemelianov, O. Yu. (2013). Study of economic feasibility of resource saving technologies introduction as a factor of enterprices’ economic development. Naukovyi visnyk Natsionalnoho hirnychoho universytetu, 4, 134–140.
  19. Sredojević, D., Cvetanović, S., Bošković, G. (2016). Technological Changes in Economic Growth Theory: Neoclassical, Endogenous, and Evolutionary-Institutional Approach. Economic Themes, 54 (2), 177–194. doi: https://doi.org/10.1515/ethemes-2016-0009
  20. Renn, O., Benighaus, C. (2013). Perception of technological risk: insights from research and lessons for risk communication and management. Journal of Risk Research, 16 (3-4), 293–313. doi: https://doi.org/10.1080/13669877.2012.729522
  21. Piva, M., Vivarelli, M. (2018). Technological change and employment: is Europe ready for the challenge? Eurasian Business Review, 8 (1), 13–32. doi: https://doi.org/10.1007/s40821-017-0100-x
  22. Fleiter, T., Worrell, E., Eichhammer, W. (2011). Barriers to energy efficiency in industrial bottom-up energy demand models – A review. Renewable and Sustainable Energy Reviews, 15 (6), 3099–3111. doi: https://doi.org/10.1016/j.rser.2011.03.025
  23. Kvon, G. V., Khamidullin, F. F., Samysheva, E. Y., Vaks, V. B., Mararov, N. V. (2016). Methods of Evaluating the Efficiency of Energy Saving Projects with Taking risks Into Account. International Journal of Environmental and Science Education, 11 (15), 7441–7452.
  24. Stadnytskyi, Yu., Zahorodniy, A., Kapitanets, O., Tovkan, O. (2006). Ekonomichnyi vybir optymalnykh tekhnolohiy: mikro- ta makroekonomichni aspekty. Lviv: ZUNTs, 320.
  25. Yemelyanov, O., Symak, A., Petrushka, T., Lesyk, R., Lesyk, L. (2018). Assessment of the Technological Changes Impact on the Sustainability of State Security System of Ukraine. Sustainability, 10 (4), 1186. doi: https://doi.org/10.3390/su10041186
  26. Balandina, I. S. (2011). Pryntsypy formuvannia potentsialu resursozberezhennia na pidpryiemstvakh u suchasnykh umovakh. Biznes Inform, 11, 141–143.
  27. Burda, V. Ye. (2013). Potentsial enerhozberezhennia ta napriamy vykorystannia alternatyvnykh dzherel enerhiyi u promyslovosti. Ekonomichnyi chasopys-XXI, 1-2 (1). Available at: http://soskin.info/ea/2013/1-2/201313.html

Downloads

Published

2018-12-10

How to Cite

Lesinskyi, V., Yemelyanov, O., Zarytska, O., Symak, A., & Koleshchuk, O. (2018). Substantiation of projects that account for risk in the resource-saving technological changes at enterprises. Eastern-European Journal of Enterprise Technologies, 6(1 (96), 6–16. https://doi.org/10.15587/1729-4061.2018.149942

Issue

Vol. 6 No. 1 (96) (2018): Engineering technological systems

Section

Engineering technological systems

License

Copyright (c) 2018 Valentyn Lesinskyi, Olexandr Yemelyanov, Oksana Zarytska, Anastasiya Symak, Orest Koleshchuk

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

The consolidation and conditions for the transfer of copyright (identification of authorship) is carried out in the License Agreement. In particular, the authors reserve the right to the authorship of their manuscript and transfer the first publication of this work to the journal under the terms of the Creative Commons CC BY license. At the same time, they have the right to conclude on their own additional agreements concerning the non-exclusive distribution of the work in the form in which it was published by this journal, but provided that the link to the first publication of the article in this journal is preserved.

A license agreement is a document in which the author warrants that he/she owns all copyright for the work (manuscript, article, etc.).
The authors, signing the License Agreement with TECHNOLOGY CENTER PC, have all rights to the further use of their work, provided that they link to our edition in which the work was published.
According to the terms of the License Agreement, the Publisher TECHNOLOGY CENTER PC does not take away your copyrights and receives permission from the authors to use and dissemination of the publication through the world's scientific resources (own electronic resources, scientometric databases, repositories, libraries, etc.).
In the absence of a signed License Agreement or in the absence of this agreement of identifiers allowing to identify the identity of the author, the editors have no right to work with the manuscript.
It is important to remember that there is another type of agreement between authors and publishers – when copyright is transferred from the authors to the publisher. In this case, the authors lose ownership of their work and may not use it in any way.