Sapko E.A.Admiral Makarov State University of Maritime and Inland Shipping, St. Petersburg, Russian Federation ursap@yandex.ru
The article deals with the issues of measurement of investment risks of the public sector projects, which financing comes from the funds of the Federal targeted investment program and is aimed at the development of investments in the Russian transport complex. The authors substantiate the use of the risk-free equivalent method as the most common for public sector and provide its model.
Keywords: Federal targeted investment program, public discounting rate, transport complex projects, risk, state bonds, risk-free profitability rate, bond rating, sovereign risk
References:
Malinovskaia O.V., Skobeleva I.P. Investitsionnyi potentsial gosudarstvenno-chastnogo partnerstva na transporte dlia Rossii[Investment potential of public and private partnership in the Russian transport]. Finansovaia analitika: problemy i resheniia – Financial analytics: science and experience, 2001, no. 3, pp.13–17.
Masgrave Richard A., Masgrave Peggi B. Gosudarstvennye finansy: teoriia i praktika [Public finance: theory and practice]. Moscow, Biznes Atlas Publ., 2009, 716 p.
RF Government Regulation “On Amending of some acts of the RF Government in connection with adoption of the Federal Law “On Modification of the Budget Code of the Russian Federation and separate acts of the Russian Federation” of January 09, 2014 № 16. (In Russ.)
RF Government Regulation “On Approval of rules of formation and implementation of the Federal targeted investment program” of September 13, 2010 № 716. (In Russ.)
FTP, FAIP and Departmental special-purpose program. Federal Target Programs (FTP). Available at: Link. (In Russ.)
Federal target programs and Federal targeted investment program. Investment Fund of the Russian Federation. Available at: Link. (In Russ.)
