Introduction. In the process of gradual application of the OECD corporate governance principles in Ukraine and under conditions of scarce financial resources, it becomes necessary to develop investment policies for the state-owned enterprises with a natural monopoly.
Problem statement. Investment policy of the companies with a natural monopoly in the infrastructure sector has certain distinctions, since classic goal of profit maximization, without the above features, may lead to market distortions and discrimination against individual consumers of infrastructure services. This makes it necessary to solve the problem of adaptation of their investment activity to the specific activity of such companies.
Purpose. of the article is two-fold. First is to substantiate the theoretical and methodological foundations for designing an investment policy for the companies with a natural monopoly in the transport and infrastructure sectors. Second is to provide scientific and practical recommendations for its implementation on the example of the investment activity at a state-owned company formed as a holding (network) company.
Materials and methods. The theoretical and methodological basis of the article comprised a set of methods and techniques. Logical generalization was used to determine the content of investment activities of natural monopoly entities in the field of transport infrastructure. Methods of analysis and synthesis were applied to study the peculiarities of the activities of these enterprises, identify trends in their development in the context of impact on investment policy. Systematic approach was utilized to determine the elements of the investment policy formation and investment management process. Expert methods, such as questioning, PEST- and SWOT-analysis, method of extraction of expert knowledge, were applied in the assessment of the effectiveness of investment projects. Analysis of financial and economic state of the studied companies was performed using statistical methods. Finally, the article uses the method of weighted convolution for portfolio prioritization of a company’s investment projects.
Results. The study proposes theoretical and methodological bases of the investment policy formation for the companies with a natural monopoly in the transport and infrastructure sectors of Ukraine, including substantiation of the purpose, principles and types of investment activity; definition of the stages of the investment management process, as well as formation of investment projects portfolio and its structure.
Conclusions. The proposed essential approaches to design an investment policy of an enterprise and respective instruments of its implementation, outlined in the article, can be applied at both state-owned enterprises in the transport and infrastructure sectors formed as a holding (or using network or branch principle) company and private companies with a natural monopoly.
