文章基本信息

标题：Special aspects of using hybrid financial tools for project risk management in Ukraine
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作者：Volodymyr Mishchenko ; Svitlana Naumenkova ; Viktor Ivanov 等
期刊名称：Investment Management & Financial Innovations
印刷版ISSN：1810-4967
电子版ISSN：1812-9358
出版年度：2018
卷号：15
期号：2
页码：257-266
DOI：10.21511/imfi.15(2).2018.23
语种：English
出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The relevance of the article is due to the need of using non-traditional tools for capital raising and hedging financial risks in Ukrainian conditions that allow investors to protect themselves against possible losses during the entire life cycle of the investment project.The study is based on the National Bank of Ukraine statistical data,data of Ukrainian commercial banks,as well as on the authors'cal culations based on empirical and economic-statistical methods.According to in ternational practices,hybrid financial instruments were classified and the special aspects of their use in Ukraine were studied to manage the risks of project financ?ing.Specific features of using the structured bonds for financing investment proj?ects are determined based on the synthetic securitization scheme.The experience of Ukrainian banks was analyzed and the necessity to use financial instruments such as guarantees and letters of credit in risk management of project financing was substantiated.It has been established that forward contracts,currency swaps and over-the-counter currency options are the most acceptable instruments for hedging foreign exchange risks of project financing.Further studies of the problem should include the need for legislative regulation of using hybrid financial instru?ments,as well as methodological and regulatory support for the risk management of project financing at all stages of the investment project implementation.
关键词：project financing;hybrid instruments;shares;convertible bonds;multicurrency bonds;guarantees;letters of credit