EXPLICATION OF THE INVESTMENT POLICY ESSENCE BY THE CASE OF METALLURGICAL SECTOR COMPLEX

Abstract

The article analyzes multiple definitions of enterprise investment policy. It reveals the scientists’ judgments on the essence of the enterprise investment policy and presents the term definitions integrated with the scientific approach, applying semantic-syntactic criteria in the ontological analysis methodology. In terms of the scientific approaches, suggested by the authors, the objectives of the industrial enterprise investment policy, methods for evaluating the investment policy in general, and the capital investment projects specifically are considered. The authors outline the main problematic issues that require further in-depth research. Differences in the objectives of the investment policy between the enterprises inside the branch, as well as factors of influence on institutional conditions of investment into the metallurgical industry are identified based on the analysis of the strategic profile of the national metallurgical companies and analytical data of the World Steel Association. The authors give the essential criteria of the investment activity efficiency in the field, among which are: fluctuation in world metal prices; the national currency exchange rate volatility; vertical integration in metallurgic enterprise management; oligopoly in the domestic metallurgical market. Approaches, proposed by the authors, are relevant both methodologically and practically, and encourage to further investigation of the enterprise investment policy and investment activity specifics in the metallurgical industry sector.