Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study)
The paper identifies causes of the failure of investment policy at coal-mining enterprises. The study shows that investment is mostly aimed at extensive reproduction and extension projects of time that requires immediate completion. The method suggested allows assessing investment attractiveness of...
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irk-123456789-876342015-10-23T03:02:21Z Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) Pavlenko, I.I. Management The paper identifies causes of the failure of investment policy at coal-mining enterprises. The study shows that investment is mostly aimed at extensive reproduction and extension projects of time that requires immediate completion. The method suggested allows assessing investment attractiveness of coal-mining enterprises and it highlights a relationship of the industrial and environmental factors that determines a priority of objects for investment in the context of the coal industry sustainable development. A group of natural and industrial factors which determine investment attractiveness of coal mines are selected and grounded on the basis of study of production elements of the mine. Every factor is valued quantitatively with the use of comparative (model) characteristics. The algorithm to determine mutual influence of abovestated factors on the level of economic reliability of the mine is developed. As a result, groups of mines are formed using the grade system in order to ensure that the addressee will be chosen but in accordance with the level of investment attractiveness. There are generalized ideas of coal sector future development as for lifetime of mines, quality of reserves, and information about new construction sites as well as expediency to reconstruct a part of mine stock, and necessity to close unpromising mines which worked out their qualitative recerves. В статі виявлено причини провалу інвестиційної політики на вуглевидобувних підприємствах. Дослідження показує, що інвестиції в основному спрямовані на екстенсивне відтворення підприємств, що є досить тривалим у часі. Запропонована методика дозволяє оцінити інвестиційну привабливість вуглевидобувних підприємств та її основні взаємозв’язки промислових та природних факторів, які визначають пріоритетність об’єктів для інвестування в контексті стійкого розвитку вугільної промисловості. Група природних та технологічних факторів визначають інвестиційну привабливість вугільних підприємств, які обрані та ґрунтуються на основі дослідження виробничих запасів шахти. Кожен фактор оцінюється кількісно з використанням порівняних характеристик. Розроблено алгоритм для визначення взаємного впливу перерахованих факторів на рівень економічної надійності шахті. В статье выявлены причины провала инвестиционной политики на угольных предприятиях. Исследование показывает, что инвестиции в основном направлены на экстенсивное воспроизводство и что долго во времени. Предложенная методика позволяет оценить инвестиционную привлекательность угледобывающих предприятий и ее основные взаимосвязи промышленных и природных факторов, которые определяют приоритетность объектов для инвестиций в контексте устойчивого развития угольной промышленности. Группа природных и технологических факторов, определяющих инвестиционную привлекательность угольных шахт, которые выбраны и обоснованы на основе исследования производственных запасов шахты. Каждый фактор оценивается количественно с использованием сравнительных характеристик. Разработан алгоритм для определения взаимного влияния вышеуказанных факторов на уровень экономической надежности шахты. 2014 Article Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) / I.I. Pavlenko // Економічний вісник Донбасу. — 2014. — № 4(38). — С. 126-131. — Бібліогр.: 7 назв. — англ. 1817-3772 http://dspace.nbuv.gov.ua/handle/123456789/87634 330.322 : 620.91 (477) en Економічний вісник Донбасу Інститут економіки промисловості НАН України |
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Management Management Pavlenko, I.I. Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) Економічний вісник Донбасу |
| description |
The paper identifies causes of the failure of investment policy at coal-mining enterprises. The study shows that investment is mostly aimed at extensive reproduction and extension projects of time that requires immediate completion. The method suggested allows assessing investment attractiveness of coal-mining enterprises and it highlights a relationship of the industrial and environmental factors that determines a priority of objects for investment in the context of the coal industry sustainable development. A group of natural and industrial factors which determine investment attractiveness of coal mines are selected and grounded on the basis of study of production elements of the mine. Every factor is valued quantitatively with the use of comparative (model) characteristics. The algorithm to determine mutual influence of abovestated factors on the level of economic reliability of the mine is developed. As a result, groups of mines are formed using the grade system in order to ensure that the addressee will be chosen but in accordance with the level of investment attractiveness. There are generalized ideas of coal sector future development as for lifetime of mines, quality of reserves, and information about new construction sites as well as expediency to reconstruct a part of mine stock, and necessity to close unpromising mines which worked out their qualitative recerves. |
| format |
Article |
| author |
Pavlenko, I.I. |
| author_facet |
Pavlenko, I.I. |
| author_sort |
Pavlenko, I.I. |
| title |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) |
| title_short |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) |
| title_full |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) |
| title_fullStr |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) |
| title_full_unstemmed |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) |
| title_sort |
modeling of investment attractiveness of energy enterprises of ukraine under globalization (coal industry case study) |
| publisher |
Інститут економіки промисловості НАН України |
| publishDate |
2014 |
| topic_facet |
Management |
| url |
http://dspace.nbuv.gov.ua/handle/123456789/87634 |
| citation_txt |
Modeling of Investment Attractiveness of Energy Enterprises of Ukraine under Globalization (Coal Industry Case Study) / I.I. Pavlenko // Економічний вісник Донбасу. — 2014. — № 4(38). — С. 126-131. — Бібліогр.: 7 назв. — англ. |
| series |
Економічний вісник Донбасу |
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2025-07-06T15:17:19Z |
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1836911207822393344 |
| fulltext |
І. I. Pavlenko
126
Економічний вісник Донбасу № 4(38), 2014
UDC 330.322 : 620.91 (477)
І. I. Pavlenko,
DrHab (Economics),
European University, Kyiv
MODELING OF INVESTMENT ATTRACTIVENESS OF ENERGY ENTERPRISES
OF UKRAINE UNDER GLOBALIZATION (COAL INDUSTRY CASE STUDY)
A strive of the coal-mining enterprises for invest-
ment is their priority objective under conditions of
economic crisis. Innovative development of the enter-
prises is primarily attained through upgrading their
mining assets, operation technology and raising safety
standards. The implementation of clean coal technolo-
gies, coal extraction and enrichment requires a signifi-
cant investment in the geological and marketing re-
search, and studies of the technical, technological and
economic conditions. Formation of appropriate in-
vestment strategy requires finding sources of business
finance; therefore the creation of the two areas of in-
vestment at the level of industry and enterprise in the
framework of the strategy is of particular importance.
The Strategy of the Coal Industry Development to
2030 indicates the state to be a major investor in the
coal industry for the next 20 years. However, the Strat-
egy envisages the reduction of funding for their busi-
nesses and access to self-sufficiency of production. The
application of the clean coal technologies of extraction
and enrichment is a key development strategy of coal
enterprises through simulation of innovations, which
makes up the research topic worthy.
This study is based on the contributions made by a
number of researchers into exploration of the issues
related to funding innovative development of the coal-
mining enterprises: A. Alymov, A. Amosha [2, p. 3],
A. Akmayev [1, p. 129], A. Astakhov, O. Wagons, D.
Halushko, T. Hatova, G. Provinces, F. Evdokimov,
M. Ivanov, A. Kabanov, I. Pavlenko, I. Petenko [5, p.
255], B. Reichel, V. Sally [6, p. 22]. However, we
attempt to use modeling of the industrial development
in order to focus on the core unsolved problems of
ensuring investment policy of implementing the clean
coal technologies and raising capacity of coal mining
assets. Besides, there is a need to study the concept of
evaluating the status of each coal mine.
The purpose of the study is modeling the process
of investing in the innovative development of the coal
industry. The framework of the study purpose involve
a necessity to solve such problems as the analysis of
the current forms of reproduction industry, identifying
key problems and inefficient use of funds to construct a
model of evaluation of investment attractiveness of
mines including sectoral priorities and trends on the
world coal market in the context of sustainable devel-
opment.
Mining industry as a set of individual enterprises
has a structure`s ability, because new construction and
reconstruction (modernization) are elements in differ-
ent directions; closure of some mines is also of this
structure elements. Its formation depends on the rela-
tion between coal-mining enterprises at some period of
time at which carried out various forms of reproduction
industry (simple, extended, narrowed). According to
some form of reproduction separate enterprises and
industry, based on a systematic approach, have identi-
fying an appropriate funding sources: a simple repro-
duction of a separate enterprise is obliged to finance
the enterprise itself and extended – an industry that can
attract investment funds from different sources. In this
case the volume of industry investments is not the sum
of individual enterprises investments under these con-
ditions Investments provided mainly "on demand",
when there is a need for in the process of development
of mine, construction or reconstruction of the separate
elements of technological lines or buying equipment.
All these possible sources of concerning enterprise and
industry has its own advantages and disadvantages and
a focus that is desirable to increase or decrease the
share of appropriate sources (Table 1).
Table 1
Desired funding coal mining enterprises *
Source of
investment
Desired focus share of investment
for
individual
enterprise
for the
industry
for the state
budget
State budget
funds
increasing increasing reduction
Own funds reduction increasing increasing
Bank Loans reduction reduction reduction
Borrowed
funds
reduction reduction increasing
* Developed by author based on data [3, p. 29].
The dynamics of coal industry financing structure
by source in accordance with "The Strategy" provides a
temporary increase of the state budget share from
72.6% in 2007 to 77.5% in 2011, would be followed by
Management
І. I. Pavlenko
127
Економічний вісник Донбасу № 4(38), 2014
a gradual decline to 67.0% in 2030 , reducing the share
of own funds of enterprises from 27.2% in 2007 to
14.7% in 2030 and increasing the share of other private
sources from 1.0% in 2007 to 18.4% in 2030. Thus the
average annual volumes of financing are increasing by
the state budget from 2.25 billion in 2007 to 4.51 bil-
lion in 2014.
The leading role in sources of investment financ-
ing plays the state budget and own assets. Bank loans
as well as borrowed funds aims facilitate financing for
a certain time period or even be absent.
The leading role in investment financing plays the
state budget and own assets of the enterprises. Bank
loans as well as borrowed funds aims to facilitate fi-
nancing for a certain period of time or even be absent.
We are conducting a systematic analysis of ob-
jects related to the conservation capacity potential of
mines by the degree of development of average annual
estimated cost (Table 2). The study includes 91 object,
including new construction, reconstruction and tech-
nical re-equipment of the Capacity Expansion - 34 and
reconstruction and technical requipment without the
capacity expansion - 57 objects. Assets under construc-
tion are 855 because of insufficient of capital invest-
ment, which it is used to construct a total of 5.01 bil-
lion. capital investments. Continuous under-funding of
capital construction (volume decreased by 3.8 times -
from 870 million. In 1991 to 229.4 million. In 2013)
has caused a sharp reduction in construction works,
including carry out preparatory workings decreased
from 2232.7 km in 1990 to 639.2 km in 2013.
Table 2
Development of cost estimate limit by groups objects from 2008-2013*
Indicators
Data unit
Index by groups of objects
Total
new
construction
reconstruction
increment of
of capacity
reconstruction
without the
capacity
expansion
technical
retooling
with an increase
of capacity
technical
retooling
without the
capacity
expansion
The number of
objects
object 7 18 20 9 37 91
Started work by
groups of objects
–
1965
1984
1979
1982
1979
-
The estimated
cost of
construction
mln.
UAH
2702
5961
3559
1106
3789
17117
The average
estimates cost of
object
mln.
UAH
386
331
178
121
102
188
Disbursed cost
estimate limit of
01.01.2008
mln.
UAH
1516
1421
1655
541
1726
6559
Disbursed cost
estimate limit of
01.01.2013
%
56,1
23,8
46,5
48,9
45,6
40,0
The distribution of objects at the average annual percentage of estimated cost for disbursedcost estimate limit
of 01.01.2013
less than 1,00
object /%
disbursed
–
6 / 11,9
8 / 10,9
–
2 / 7,5
9 / 11,5
1,01 – 2,00 - // - 2 / 53,3 3 / 18,7 8 / 38,8 – 4 / 18,6 17 / 36,0
2,01 – 3,00 - // - 1 / 50,8 3 / 38,8 3 / 51,5 5 / 44,3 5 / 51,8 17 / 47,1
3,01 – 5,00 - // - 3 / 70,5 4 / 56,8 3 / 47,6 1 / 73,5 9 / 71,8 20 / 63,9
5,01 – 10,00 - // - – 1 / 48,1 5 / 9,2 1 / 100,0 9 / 67,8 16 / 66,1
more 10,0 - // - 1 /100,0 1 / 58,6 – 2 / 35,3 8 / 59,4 12 / 54,8
The average
annual estimated
cost
disbursedcost
estimate limit by
groups objects
%
1,40
1,19
1,86
2,22
1,82
–
* Developed by author based on data [7, c. 24-83].
І. I. Pavlenko
128
Економічний вісник Донбасу № 4(38), 2014
All objects will divide into the following groups
(in percent per year): from development to 1.00; 1,01-
2,00; 2,01-3,00; 3,01-5,00; 5,01-10,00; more than
10.00 per year. The calculation results are shown in
Table. 2.
Work on the preparation and disclosure of excava-
tion or field training layers and layers of support or
capacity increase mine that it is work, caused by the
development of mines in the space are characteristic of
most of the point out groups (particularly the first
four). Out of the total estimated cost of the object
(17.117 billion.) only 57% (9,769 million.) accounts
for elements intensive development industry (new
construction, reconstruction and technical re-
equipment of power increase). Thus, almost half of the
volume of financing from state budget accounts for
support of capacity of existing enterprises, that is a
simple reproduction.
All objects will divide into the following groups
(in percent per year): from development to 1.00; 1,01-
2,00; 2,01-3,00; 3,01-5,00; 5,01-10,00; more than
10.00 per year. The calculation results are shown in
Table. 2.
Work on the preparation and disclosure of excava-
tion or field training layers and layers of support or
capacity increase mine that it is work, caused by the
development of mines in the space are characteristic of
most of the point out groups (particularly the first
four). Out of the total estimated cost of the object
(17.117 billion.) only 57% (9,769 million.) accounts
for elements intensive development industry (new
construction, reconstruction and technical re-
equipment of power increase). Thus, almost half of the
volume of financing from state budget accounts for
support of capacity of existing enterprises, that is a
simple reproduction.
Determined that in real conditions when it is de-
sirable to facilitate intensity of the state budget and
increase the share of own funds, the role of loans can
be increased, especially under favorable credit terms
(low bank rate). It is obvious, that terms of construc-
tion is so stretched unacceptable, particularly, when
you consider the work of minefield. Based on the
above, it can be concluded, that the investment policy,
carried out for a long time, was unsatisfactory, because
it has the following principal errors:
- mainly funding of facilities the simple (exten-
sive) reproduction in loss extended objects (intensive)
development;
- distribution of unsatisfactory by volume funding
between numerous objects;
- focus on the prolonged timing of planned of
work on individual objectst, that it generates large
volumes of work in progress.
The long periods of construction is not objectively
necessary. They are subjective because they arise due
to the managing investments process, but when we
detailed study of issue – it is not, although volume of
financing is really insufficient. Whatever volume of
financing, including insufficient, there is another aspect
of the issue - use of it that is. As the possibility of "less
need", then the easiest method of apportionment – give
all of equally and gradually, as happens in reality. Is
much more difficult to make allocation on the principle
of most efficient use of available resourcesthat it is
targeted. For this purpose, in particular, is necessary
quantify the "state of mine" and determine what to
expect from this mine, if it provides the particular
funding.
There is a need to develop scientifically based of
methodological approach to determining the invest-
ment attractiveness of coal mines influenced by pre-
defined the system of environmental and industrial
factors. That economic subsystem mine is determined
interaction of the other two subsystems: the extraction
of mineral resources and the preparation of new re-
serves to further working out.
Adapting the methodology of quantitative assess-
ment of the investment attractiveness of the choice to
build a favorable investment objects. The difficulty lies
in the fact that certain factors that describe the state
mine directly to not comparable with each other, such
as the depth of mining of coal and the kinds of coal.
Accounting for the effects all existing factors is rather
complicated, therefore is required choose from the
main of them that really shape the extent investment
attractiveness of mine. It is advisable to determine
investment attractiveness of the mine as a quantitative
index of the state, which preliminary (without the pro-
ject) describes as feasibility maintain or increase the
capacity of the enterprise, with a larger value of the
index corresponds to a higher degree of relevance.
Investment attractiveness of mine is characterized geo-
logical base and the level of development of industrial
factors, and hence the attractiveness index should take
into account both of these factors. The quantitative
influence major environmental and of industrial factors
on investment attractiveness mine is shown in Table. 3.
The study suggests, index of investment attrac-
tiveness (I) of the mine as a whole to determine as
composition of these nine factors, with the value I have
a level of 0.6 ... 3.3. In particular, for mine "Komso-
molets Donbas" industrial factors provided at the level
of 2.4, and environmental - 0.6. The smaller value of
this index corresponds to less investment attractive-
ness, that is reconstruction and maintenance of such
mines requires more capital investments (to bring these
mines to the level of large, efficient operating compa-
nies).
This approach makes it possible to rank mine ac-
cording to their investment attractiveness and opens the
possibility of an objective and substantially to ap-
proach to solving the issue about whom or advisable
І. I. Pavlenko
129
Економічний вісник Донбасу № 4(38), 2014
preferable to send investment, the total of which is
always limited.
Table 3
The complex of natural and industrial factors
that determine the level of investment attractiveness
of mines *
Environmental factors Industrial factors
The residual mineral
reserves
Throughput the main units
(production processes) of
mine
Capacity coal seams being
developed
The complexity of
underground of mine
management
Immutability seams within
the limits a mine field
The production capacity
of the mine
The depth of mining of coal The average volume of
annual production for
several years
The kinds of coal
* Developed by the author based on data [4. with. 4-
11].
Determination of the index of investment attrac-
tiveness provides an opportunity to make a a compara-
tive assessment of the state mines, but then is neces-
sary with the mine aggregate got with higher index of
investment attractiveness to choose the specific mine
which should to send resources of capital investments.
Established that of nine factors that describing invest-
ment attractiveness mine is most closely related with
the capital investment capacity are capacity seems and
throughput the main parts of the enterprise. The larger
capacity and less through put varies some basic parts of
the mine, the less need for capital investment to sup-
port or increase the capacity of mine.
At the same capital investments in these coal
mines you can obtain greater effect. It is therefore logi-
cal to consider these mines a perspective and invest is
primarily in such enterprises. Based on these common
prerequisites, it is advisable to use a quantitative index
of perspective mines that enables determine the se-
quence of of capital investments by some enterprises
under limited of investment opportunities in the indus-
try.
We analyzing the group of mines in one region or
some mines from different regions in a mode
of comparison of, we obtain a list of mines that have
different levels of technical, economic and financial
indicators. As a result, these mines have different in-
vestment attractiveness, and the task is put on targeting
and a priority for investments. We suggest a mecha-
nism of comprehensive assessment of investment at-
tractiveness and priority of mines.
First of all, we determine for each mine level of
economic of reliability and attractiveness. These pa-
rameters are indicative of internal reserves of the mine
in terms of favorable to invest, and on this basis we
divided the mine into 3 groups (leaders, middle and
closing) with appropriate assessment on a five point
scale. Each score is the aggregate estimation of indexes
the mine (combined coefficient of, the level of invest-
ment attractiveness). The higher the score, the greater
the probability of transition to another group of the
enterprise, and subsequently larger size of investment.
The next stage of research is to construct a model
identifying perspective mines. As the objective func-
tion is adopted the maximum of coefficients of per-
spective mine:
1
max
n
i
i
A G
=
= , (1)
limitations:
1
n
i
i
k K
=
≤ ; 0
1
n
i
i
D D
=
≥ ;
1.5
10
K
n
q
= ≥ ;
i i iG mq tq= × . (2)
Conventional signs in models (1) - (2):
A – the objective function; K – the annual volume
of capital investments allocated for the reconstruction
of the mine again; q – the average annual resource
development capital investments in once again recon-
structed the mine; n – amount of the mines that can be
reconstructed according to available investments; 1.5 –
reserve ratio of the considered mine (in order to prove
amount them of not less than 10); qi – the index
of the mine under consideration, ni ,1= ; mqi – mqi -
capacity of seams on i-mine (relative indicator);
ni ′= ,1 ; tqi – technological reliability coefficient i-
mine ni ′= ,1 ; Gi – coefficient of perspective i-mine
ni ′= ,1 ; ki – amount of capital capacity (annual) for
i-mine; Di – mining in the i-mine
ni ′= ,1 ; D0 –
specified or desired production levels.
This index for groups of Dobropilskiy mine is 4,
but for mine Torez-Snizhne region this index is 2. The
combination of mine with the largest values of the
index of perspective with further targeted prospects
investment is determined by the number of perspective
of mines.
Suggested model is adapted to the conditions of
partial reduction potential of enterprises concerning
mining of anthracite in terms of transformation is rela-
tively to perspective the mine to infrastructure of Torez
region under the criterion rising living standards. It is
established that the level of investment of 400 million.
and the availability of funds in the amount of 50 UAH.
on 1 ton capacity the mine "Progress" is capable by
2015 to increase production volumes of high quality
coal to 1.1 million tons per year in of labor productivi-
ty 41 tons per month. The mine would have been self-
sufficient enterprise and it has reached a level of profit
І. I. Pavlenko
130
Економічний вісник Донбасу № 4(38), 2014
that is larger before tax in 2015 amounted to about 35
million UAH over a five year period.
Therefore, identification of the index of invest-
ment attractiveness provides an opportunity to make a
comparative estimation of the state mines and making
use of the aggregate of the mines having the highest
indices of investment attractiveness to choose the
group of specific mines, which deserve allocation of
the larges resources of capital investments. The coal
seams and capacity of the main parts of the mines are
shown to be the most closely associated with the capi-
tal investment capacity of the nine factors that charac-
terize the investment attractiveness of the mine. The
more the capacity of the coal seams and less varies of
the capacity of some basic parts of the mine, the less
capital investment is required to maintain or increase
the mine capacity.
To attract loans of international banks it is re-
quired to disclosure the patterns in volatility of the
mine prospective values, which are of paramount im-
portance while forming the regional budget, and also
creation of an anti-crisis program of coal regions de-
velopment. Social and environmental aspects of coal
regions require further investigation in the context of
globalization to create programs that support the min-
ers, subject to early retirement and projects that support
areas of abandoned mines and provide their sustaina-
bility, greening processes in the mines and use of the
clean coal technologies in mining and enrichment of
coal. Adaptation of international experience in creating
and implementation of these programs will have a
positive effect not only on investment of the region,
but also on the increase of the overall innovative activi-
ty.
References
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Павленко І. І. Моделювання інвестиційної
привабливості підприємств енергетичного ком-
плексу України в умовах глобалізації (вуглеви-
добувний комплекс)
В статі виявлено причини провалу інвестицій-
ної політики на вуглевидобувних підприємствах.
Дослідження показує, що інвестиції в основному
спрямовані на екстенсивне відтворення підпри-
ємств, що є досить тривалим у часі.
Запропонована методика дозволяє оцінити ін-
вестиційну привабливість вуглевидобувних підп-
риємств та її основні взаємозв’язки промислових та
природних факторів, які визначають пріоритетність
об’єктів для інвестування в контексті стійкого роз-
витку вугільної промисловості.
Група природних та технологічних факторів
визначають інвестиційну привабливість вугільних
підприємств, які обрані та ґрунтуються на основі
дослідження виробничих запасів шахти.
Кожен фактор оцінюється кількісно з викорис-
танням порівняних характеристик. Розроблено
алгоритм для визначення взаємного впливу перера-
хованих факторів на рівень економічної надійності
шахті.
Ключові слова: інноваційний розвиток, моде-
лювання, державна підтримка, державне фінансу-
ваня, вугільна промисловість, капітальні вкладення,
адресне інвестування.
Павленко И. И. Моделирование инвестици-
онной привлекательности предприятий энерге-
тического комплекса Украины в условиях гло-
бализации (угледобывающий комплекс)
В статье выявлены причины провала инвести-
ционной политики на угольных предприятиях. Ис-
следование показывает, что инвестиции в основном
направлены на экстенсивное воспроизводство и что
долго во времени.
Предложенная методика позволяет оценить
инвестиционную привлекательность угледобыва-
ющих предприятий и ее основные взаимосвязи
промышленных и природных факторов, которые
определяют приоритетность объектов для инвести-
ций в контексте устойчивого развития угольной
промышленности.
І. I. Pavlenko
131
Економічний вісник Донбасу № 4(38), 2014
Группа природных и технологических факто-
ров, определяющих инвестиционную привлека-
тельность угольных шахт, которые выбраны и
обоснованы на основе исследования производ-
ственных запасов шахты.
Каждый фактор оценивается количественно с
использованием сравнительных характеристик.
Разработан алгоритм для определения взаимного
влияния вышеуказанных факторов на уровень эко-
номической надежности_шахты.
Ключевые слова: инновационное развитие, мо-
делирование, государственная поддержка, государ-
ственное финансирование, угольная промышлен-
ность, капитальные вложения, адресное инвестиро-
вание.
Pavlenko I. I. Modeling of Investment Attrac-
tiveness of Energy Enterprises of Ukraine under
Globalization (Coal Industry Case Study)
The paper identifies causes of the failure of in-
vestment policy at coal-mining enterprises. The study
shows that investment is mostly aimed at extensive
reproduction and extension projects of time that re-
quires immediate completion. The method suggested
allows assessing investment attractiveness of coal-
mining enterprises and it highlights a relationship of
the industrial and environmental factors that deter-
mines a priority of objects for investment in the context
of the coal industry sustainable development.
A group of natural and industrial factors which
determine investment attractiveness of coal mines are
selected and grounded on the basis of study of produc-
tion elements of the mine.
Every factor is valued quantitatively with the use
of comparative (model) characteristics. The algorithm
to determine mutual influence of abovestated factors
on the level of economic reliability of the mine is de-
veloped. As a result, groups of mines are formed using
the grade system in order to ensure that the addressee
will be chosen but in accordance with the level of in-
vestment attractiveness.
There are generalized ideas of coal sector future
development as for lifetime of mines, quality of re-
serves, and information about new construction sites as
well as expediency to reconstruct a part of mine stock,
and necessity to close unpromising mines which
worked out their qualitative recerves.
Keywords: innovation development, modeling,
clean coal technology, government funding, coal indus-
try, capital investments, address investment.
Received by the editors: 21.10.2014
and final form 23.12.2014
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