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Risks of Achieving Efficiency of Developers in the Context of Project Financing
Abstract
The urgency of the problem under consideration lies in the increasing need for financing sources for developer companies. It has been established that the value of the estimated project risk affects the choice of the settlement scheme of project financing - with a full refund of credit funds, with a non-refund of credit funds by the developer company and with a limited refund of credit funds. It was determined that the change in the profit distribution structure of the development project, the inclusion of the bank as a participant who is responsible for the results of the development project, determines the cost of project financing. The fall in the profitability of the project with the same risks of its implementation limits the possibility of obtaining project financing from banks, development companies have marginal levels of credit debts due to the accumulation of debt throughout the project. The directions of development of the project financing mechanism were analyzed: increasing the availability of lending for housing developers by reducing lending rates, increasing lending terms, as well as reducing the requirements for collateral; amendments to the legislation on shared construction aimed at establishing the procedure for re-lending, refinancing within the framework of project financing; ability to assess and manage risks associated with the implementation of projects by developers; development of the project financing market, increase in the number of participants, investors and financing instruments; the key change from funding under the existing scheme is a reduction in the interest rate. A system of indicators for assessing the performance of development companies, predictive key risk indicators and their threshold values are proposed. As a result, measures are taken to influence the risk event or reduce the damage from its implementation, which has a positive effect on the effectiveness of the development company.
About the Author
T. Yu. Shemyakina
State University of Management
Russian Federation
Russian Federation
Tatyana Yu. Shemyakina
Scopus Author ID: 57219558197
Ryazanskiy pr., 99, Moscow, 109542
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Review
For citations:
Shemyakina T.Yu. Risks of Achieving Efficiency of Developers in the Context of Project Financing. Issues of Risk Analysis. 2024;21(4):94-103. (In Russ.)
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