Опыт использования портфельных концепций менеджмента для анализа распределения инвестиционного потенциала в интегрированной бизнес-группе

Using the portfolio theory we have investigated how portfolio investor and controlling shareholder appraise investment decisions on the on the distribution of investment resources among strategic business units in a business group. In order to apply the existing portfolio theory for the simulation of the investment behavior of strategic investors we have developed a specific ‘investment return’ measure which is defined as the multiple of the market multiplier (P/E) and the required return on capital invested (ROCE). We have found that the optimal structure of the investment distribution chosen by a portfolio investor can differ from the investment decision of a controlling shareholder. Application of theoretical findings was demonstrated for the Russian business groups “Interros” and “Sistema”.