In the thesis on the basis of development of modern regulations and standards of project finance risk management, a theoretical generalization is conducted and a new solution of an important scientific problem is proposed, which is related to the development of theoretical bases and formation of scientific and methodological support for project finance risk management in order to intensify investment activity and increase investment in the real economy.
It is improved the classification of project financing risks based on criteria definition, systematization of factors, spheres and conditions of their occurrence, nature and forms of manifestation, possibility of forecasting and estimation of losses, which allowed to distinguish additional classification features: environment, duration and scope of impact on the project, profile, risk tolerance, risk propensity, impact, capacity, project impact and loss nature. This classification allows us to identify individual risks in the early stages of the implementation of an investment project, to clearly identify them and to ensure that they are effectively managed through their adoption, avoidance or minimization.
During the research it is proved that the project finance risk management 9. The project finance risk management mechanism is defined as the set of ways, methods and financial and non-financial instruments used by project participants to monitor, prevent and hedge risks arising at all stages of the investment project. The practical application of this approach allows to maintain the overall level of project risks within the established limits in accordance with the accepted level of risk tolerance and to increase the level of reliability and stability of formation of future cash flows.
In order to optimize the cost of borrowed capital for the implementation of the investment project, as well as to increase the validity of the credit risk components in accordance with the regulatory requirements of the National Bank of Ukraine, the necessity to determine the credit rates for financing investment projects in the form of a “rate corridor” calculated according to the terms of servicing debt and quantitative values of project financial sustainability indicators: interval debt service coverage ratio for the loans of investment project (DSCRi), ratios of cumulative loan life coverage ratio of the loan for investment projects (LLCRc), interval debt coverage ratio for the interest charges (ICRi).
In order to diversify sources of financing investment projects and manage project finance risks, scientific and methodological approaches have been developed to organize the issue and circulation project bonds in Ukraine, the use of which allows to increase opportunities for raising funds for long-term financing and reduce the cost of borrowed capital, and helps to ensure compliance with financial implementation of investment projects to the requirements of current regulatory practice of the National Bank of Ukraine to protect the interests of investors.
It is improved scientific and methodological approaches to minimize the negative impact of political risks in project financing through the use of the World Bank Group's guarantee instruments (IBRD partial credit risk guarantee and project partial risk guarantee, IFC partial credit risk guarantee), which make it possible to consider external factors of negative impact on project characteristics and financial conditions of its implementation (type of borrower and beneficiary, base asset, interest rate guarantee, financing currency), which allows to increase the level of investor protection in implementation of long-term investment decisions in Ukraine.
