INVESTMENT RISKS, THEIR CLASSIFICATION AND MANAGEMENT: LEGAL ASPECTS
Keywords:
investment activity, investment risk, financial risk, investment relationsAbstract
Problem setting. Modern development of the national legislation is aimed at increasing the volume of investment in leading industries of Ukraine. At the same time, the key point in this area is the issue of ensuring the rights and interests of the parties in the investment legal relations. In this aspect, attention is drawn to the possibility of creating a mechanism for effective accounting, management, minimization and elimination of risks.
Analysis of recent researches and publications. Some issues of essence, classification, management and minimization of financial and investment risks were researched, in particular, by such legal scientists as V. V. Poiedynok, V. Y. Polatai, Y. M. Zhornokui, O. M. Vinnyk, I. B. Chaikin in their writings, the issue of investment in certain sectors researched by S. V. Hlibko, R. P. Boichuk and economist, among which it is necessary to note research papers of O. A. Vishnevska, O. I. Dmytrenko and, A. S. Shapkyn.
The target of research is to carry out an analysis of the legal regulation of risks in investment activities, as well as identify possible legal means of managing them and eliminate them.
Article`s main body. As an economic category, "investment risk management" consists of identification of investment risk; his analysis; developing measures to minimize risks; application of these measures; assessment of the efficiency of management states; assessment of conformity of measures to identify investment risks. In order to eliminate risks in investment relations, it is necessary to calculate the size of risk using both objective (mathematical, statistical methods) and subjective.
Examples of legislative regulation and theoretical definition and ensuring the elimination of investment risks indicate situational regulation in the regulatory acts of the necessary actions related to existing risks.
In our opinion, the tasks of the legal solution of the problems described may be: the construction of a system of legal classification of investment risks; definition of system approaches (including branch directions) for division of risk groups; securing a minimum of criteria to be taken into account when determining investment risks; the formation of legal means and methods for neutralizing or minimizing the impact of risks on investment relations and projects.
Conclusions and prospects for the development. To legal signs of investment risks as a subset of financial should be attributed: the possibility of occurrence of losses or unplanned profit; causes of appearance - external and internal factors; have an economic nature but are manifested in normative legal acts, economic contracts by fixing their separate elements; the possibility of choosing the procedure for the implementation of investment legal relationships is determined, as a rule, taking into account the influence of risks on the interests of participants in these relationships; investment risks can be calculated in international agreements, regulations, contracts, and for elimination or minimization of bits may be used means of economic-legal regulation, including contractual nature.
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