Main aspects of developing an enterprise's investment policy

Abstract

In the context of the current economic crisis, the issues of forming promising directions for the investment activities of enterprises have become especially relevant. In particular, the formation of an investment strategy allows enterprise management to select the most optimal mechanism for allocating strategic resources required in the long-term perspective. The aim of this article is to explore the essence of an enterprise’s investment policy in the current stage of changing economic conditions and development, and to develop key rules, principles, and stages for designing its investment policy. The methodological foundation of the research is based on the works of leading domestic scholars and experts in the field of investment policy formation. In solving the tasks set in the paper, general scientific and specific research methods were applied, including scientific abstraction, systemic generalization, structural-functional modeling, and comprehensive analysis. Results. The study revealed that a decisive part of investment policy is the identification of the most rational ways to modernize and expand the enterprise’s production, scientific-technical, and financial potential. It was established that the main objective of investment policy is the clear distribution of financial and intangible resources among the organization’s projects and programs. The article proposes rules and principles for the development of enterprise investment policies. Stages for forming an effective investment policy were developed, aimed at ensuring the implementation of the most effective forms of capital investment, directed toward expanding the enterprise’s economic potential based on investment return and payback period indicators. It is recommended to coordinate investment projects within the framework of enterprise investment policy according to the allocated funds and implementation timelines, considering the criterion of achieving the maximum cumulative economic effect that may be obtained during the implementation of the investment policy. Conclusions. The investment policy of an enterprise is considered an integral part of its economic policy, which determines income sources, the structure, directions, and volume of investments based on the enterprise’s development needs, including the renewal of fixed assets, supporting infrastructure, and more. The prospects for further research lie in developing tools for improving enterprise investment policy by incorporating instruments of the modern paradigm of systemic economic management in investment governance, based on public-private partnerships and the social responsibility of business entities.