Оптимизация на собственото участие в съфинансирани грантови проекти чрез абсорбиране на финансовите ефекти и модифициране на инвестиционния разход
Оwner’s Capital Optimization in Co-financed Grant Projects by Absorption of Financial Effects and Investment Cost Modification

Author(s): Evgeni Raykov
Subject(s): Economy, Business Economy / Management, Financial Markets, Public Finances
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: subsidies and owner’s capital; financial effects; present value; investment costs
Summary/Abstract: In this paper we present the practical aspects of the options for optimization of owner’s capital in subsidized projects by identifying and fully utilizing the grants and net financial effects in favor of the owners, considered separately from the activities of the enterprise. The residual equity is compensated by adjusting the value and amortization of the initial investment cost. The purpose of the analysis is to implement the project with minimal risk for the investor, reducing the value and horizon of the actually committed capital by equalizing the present value of the expected cash flows of the project, the present value of the cash flow for the owner and the present value of the expected EBITDA.

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