Fundamentals of investment strategy and policy analysis
The article deals with the problem of formation of methodological bases of the analysis of the investment strategy and policy of the company. The concept of investment activity analysis is given. Seven main stages of the analysis of investment activity of the enterprise, from definition of object of research before preparation of conclusions and recommendations by results of the carried-out analysis are defined. The main directions of investment analysis are considered and the factors influencing the investment process are revealed. The main methods of assessing the effectiveness of investment, including financial (payback period, net present value, return on investment index, internal rate of return) and non-financial (multipliers, stock indices). It is established that the choice of the method of analysis depends on the object of investment. It is shown that for the strategic analysis of major investment projects it is necessary to apply also approaches other than the method of net present value or payback period. These include real options, methods of forming an economic portfolio, methods of variant analysis, risk analysis.