Risk Assessment Models of the Companies Implementing R&D Projects
Companies implementing R&D projects face their unique features. There is the need for large capital investments, long-term implementation, high growth potential, low probability of success, and diffculties in fnancing among them. Implementation of such projects is associated with high risks....
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| Format: | Article |
| Language: | Russian |
| Published: |
Government of the Russian Federation, Financial University
2019-02-01
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| Series: | Финансы: теория и практика |
| Subjects: | |
| Online Access: | https://financetp.fa.ru/jour/article/view/824 |
| _version_ | 1797878769070899200 |
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| author | V. В. Minasyan |
| author_facet | V. В. Minasyan |
| author_sort | V. В. Minasyan |
| collection | DOAJ |
| description | Companies implementing R&D projects face their unique features. There is the need for large capital investments, long-term implementation, high growth potential, low probability of success, and diffculties in fnancing among them. Implementation of such projects is associated with high risks. This leads to underfunding as uncertain results deter investors. The problem of assessing the risks arising from the implementation of such projects has not yet been suffciently studied at the level of mathematical analysis models. The objective of the article is to develop a model allowing to explore the risks arising from implementing R&D projects. The author has developed a risk assessment model using the VaR measure modifed for this application. The formulas have been obtained to calculate this measure. They have been adjusted to simple analytical expressions assuming the balanced distribution of cash flow from the project, or triangular distribution. The model considers the most important causes of risks in R&D projects. It can be used in a real-case scenario if a preliminary risk assessment of a project is done before its implementation and a decision is made on risk-based implementation. Moreover, this methodology can be used to standardize the decision-making process for the R&D projects implementation considering the “risk appetite” using the VaR risk measure. |
| first_indexed | 2024-04-10T02:37:20Z |
| format | Article |
| id | doaj.art-e3ad081490a94b9f898bb2b54894a98c |
| institution | Directory Open Access Journal |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| last_indexed | 2024-04-10T02:37:20Z |
| publishDate | 2019-02-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj.art-e3ad081490a94b9f898bb2b54894a98c2023-03-13T07:49:29ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892019-02-0123113314610.26794/2587-5671-2019-23-1-133-146706Risk Assessment Models of the Companies Implementing R&D ProjectsV. В. Minasyan0Высшая школа финансов и менеджмента РАНХиГС при Президенте РФCompanies implementing R&D projects face their unique features. There is the need for large capital investments, long-term implementation, high growth potential, low probability of success, and diffculties in fnancing among them. Implementation of such projects is associated with high risks. This leads to underfunding as uncertain results deter investors. The problem of assessing the risks arising from the implementation of such projects has not yet been suffciently studied at the level of mathematical analysis models. The objective of the article is to develop a model allowing to explore the risks arising from implementing R&D projects. The author has developed a risk assessment model using the VaR measure modifed for this application. The formulas have been obtained to calculate this measure. They have been adjusted to simple analytical expressions assuming the balanced distribution of cash flow from the project, or triangular distribution. The model considers the most important causes of risks in R&D projects. It can be used in a real-case scenario if a preliminary risk assessment of a project is done before its implementation and a decision is made on risk-based implementation. Moreover, this methodology can be used to standardize the decision-making process for the R&D projects implementation considering the “risk appetite” using the VaR risk measure.https://financetp.fa.ru/jour/article/view/824r&d проектымера риска varденежный потокравномерное распределениетреугольное распределениеноситель распределения |
| spellingShingle | V. В. Minasyan Risk Assessment Models of the Companies Implementing R&D Projects Финансы: теория и практика r&d проекты мера риска var денежный поток равномерное распределение треугольное распределение носитель распределения |
| title | Risk Assessment Models of the Companies Implementing R&D Projects |
| title_full | Risk Assessment Models of the Companies Implementing R&D Projects |
| title_fullStr | Risk Assessment Models of the Companies Implementing R&D Projects |
| title_full_unstemmed | Risk Assessment Models of the Companies Implementing R&D Projects |
| title_short | Risk Assessment Models of the Companies Implementing R&D Projects |
| title_sort | risk assessment models of the companies implementing r d projects |
| topic | r&d проекты мера риска var денежный поток равномерное распределение треугольное распределение носитель распределения |
| url | https://financetp.fa.ru/jour/article/view/824 |
| work_keys_str_mv | AT vvminasyan riskassessmentmodelsofthecompaniesimplementingrdprojects |