Theoretical research of the investment mechanism of the seaports’ infrastructure development

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Theoretical research of the investment mechanism of the seaports' infrastructure development

O. I. Shumlianska, PhD in economics, associate professor,

associate professor of the department «Enterprise and economic-mathematical modelling», Odessa national maritime university, Odessa

L. M. Krysyuk, PhD in economics, associate professor, associate professor of the department «Enterprise and economic-mathematical modelling», Odessa national maritime university, Odessa

T. Ye. Chebanova, associate professor of the department «Enterprise and economic-mathematical modelling», Odessa national maritime university, Odessa



Abstract

The problem's urgency concerning investing the seaports' infrastructure is caused by insufficient working out the financial aspects of this problem; by special social and economic, strategic and political importance of seaports in the transport system. Scientific novelty of research consists in the theoretical substantiation of system of financing the investment projects, providing balanced development of the seaports' infrastructure; in working out a system of estimating the investment projects risks on the basis of multifactor sensitivity analysis, that allows analytically taking into account the cumulative effect on the investment project criterion of all factors or their groups, urgent in the current economic situation. The research objective consists in working out the scientifically well-founded approaches to formation of the system of financing the investment projects, providing the dynamical development of the seaports' infrastructure in accordance with requirements of the economy of Ukraine.

Keywords: investment, seaports, infrastructure, project, risk, multifactor, sensitivity, financing.



Анотація

Теоретичне дослідження інвестиційного механізму розвитку інфраструктури морських портів

О. І. Шумлянська, кандидат економічних наук, доцент, доцент кафедри «Підприємництво та економіко-математичне моделювання», Одеський національний морський університет, м. Одеса

Л. М. Крисюк, кандидат економічних наук, доцент, доцент кафедри «Підприємництво та економіко-математичне моделювання», Одеський національний морський університет, м. Одеса

Т. Є. Чебанова, доцент кафедри «Підприємництво та економіко-математичне моделювання», Одеський національний морський університет, м. Одеса

Актуальність проблеми інвестування в інфраструктуру морських портів обумовлена недостатністю розробки фінансових аспектів проблеми стосовно безпосередньо інфраструктури морських портів; особливою соціально-економічною, стратегічною і політичною значимістю морських портів як найважливішої складової транспортної системи. Наукова новизна дослідження полягає у теоретичному обґрунтуванні системи фінансування інвестиційних проектів, що забезпечує збалансований розвиток інфраструктури морських портів; у розробці системи оцінки ризиків інвестиційних проектів на основі саме багатофакторного аналізу чутливості, який дозволяє аналітично враховувати сумісний вплив на критерій інвестиційного проекту усіх факторів або їх груп, актуальних в економічній ситуації, що склалася. Мета дослідження полягає у розробці науково обґрунтованих підходів до формування системи фінансування інвестиційних проектів, що забезпечує динамічний розвиток інфраструктури морських портів відповідно до вимог економіки України.

Ключові слова: інвестиційний, морські порти, інфраструктура, проект, ризик, багатофакторний, чутливість, фінансування.

The problem's urgency concerning investing the seaports' infrastructure, that caused a choice of an subject of research, is being confirmed by the following positions:

- insufficiency of working out the financial aspects of the problem, concerning directly the seaports' infrastructure, in outlined backlog of seaports' capacities from requirements for handling the foreign-trade cargo flows;

- special social and economic, strategic and political importance of seaports as the main component of the transport system, providing realization of national sea policy concerning strengthening the international contacts, development of the foreign and domestic trade, increasing the economic potential of Ukraine.

The research objective consists in working out the scientifically well-founded approaches to formation of the system of financing the investment projects, providing the dynamical development of the seaports' infrastructure in accordance with requirements of the economy of Ukraine.

To achieve the research objective the following problems were put:

- to concretize the essence and meaning of the notion «seaports' infrastructure» as object of investment activity;

- to research theoretical and methodological aspects of the economic notions «investments», «investment projects», and also the aspects of their efficiency estimation, of the forms and methods of financing concerning the seaports' infrastructure;

- to reveal trends and perspectives of the development of the seaports of Ukraine in conditions of the world economy globalization;

- to analyze the seaports' investment activity for the purpose of revealing existing problems in financing the development of the seaports' infrastructure;

- to work out the financing investment projects models allowing to attract the additional investment resources for the seaports' infrastructure development.

The research object is the seaports' infrastructure.

The research subject is the economic relations arising in the process of investing to the development of the seaports' infrastructure, of financing the investment projects, of repayment of the invested money resources to the investor, of forming the investment resources market.

Review of the last researches and publications. The theoretical basis of research was made by works of domestic and foreign scientists concerning investments, investment projects, forms and methods of their financing. So, we can note the works by Birman G., Kaukin A., Varfolomeyeva V., Blank I., Koltynjuk B., Filichyova E., Peresada A., Volkov I., Trujilo L., Nombela G. and a lot of others. But the aspects of financial problems concerning directly the seaports' infrastructure are worked out insufficiently.

Scientific novelty of research consists in the theoretical substantiation of system of financing the investment projects, providing balanced development of the seaports' infrastructure, in working out a system of estimating the investment project risks on the basis of multifactor sensitivity analysis, that allows analytically taking into account the cumulative effect on the investment project criterion of all factors or their groups, urgent in the current economic situation.

The basic material of research.

The seaports' activity is an important condition of providing national economy's competitiveness in a foreign market, the major element of the industry economic branches' development. The port activity intensively develops, is attractive for the investors, is capable to satisfy requirements for export-import cargoes' reloading, has good possibilities for transit potential's development.

The economic growth and national economy's transition to the innovation way of development is impossible without country's transport complex modernization, including seaport's modernization. At the International transport forum of 2010 (in Leipzig) it has been underlined that just innovations have provided prompt transport's development in 20th century.

And there are equally important as simple innovations, such as the seat belt and the container, and complicated innovations - systems of satellite navigation and gas-turbine engines. Besides, innovation decisions had huge value in sphere of management and organization of transport process - creation of the ports-hubs, of the international transport corridors, of the uniform carriage documents, of the electronic customs and others.

Now there is important the necessity of strengthening the state role for introduction of innovations, including innovations in management system.

The state policy concerning ports is based on:

- support of the base infrastructure, of the safety objects and order in ports;

- creating favorable standard legal and financial-economic conditions for the managing subjects' activity;

- attracting investments;

- harmonious development of the adjacent transport's types;

- realization of the regional programs concerning development, increasing well-being and educational level of the branch's workers.

Such complex approach will allow to provide innovative ports' development at a stimulating state role and as a whole to satisfy requirements of national economy for cargoes' carriages. The innovative scenario of ports' development assumes realization of the coordinated and interconnected economic, technical, organizational and legal decisions concerning a number of actual problems. The acceleration of technological development is the main problem in innovative development.

One of the most effective directions in the field of technological innovations is active introduction of logistical transport-technological systems (LTTS) - container, package, ferry, ro-ro, etc.

LTTS has a number of advantages:

- considerable time reduction, and, hence, power inputs reduction concerning cargo handling operations;

- providing the cargo safety;

- sharp reduction of a share of hard manual skills;

- increasing the level of the environment protection.

According to branch science LTTS provides decreasing transport costs: container-package and all other kinds of carriages of enlarged cargo units (ECU) - to 47 % (depending on cargo sort and transport scheme); lighter carrying - 9-11 %; highly specialized (for example, automobile carrying) - to 30-37 % [1, p.46].

Applying LTTS allows to reduce sharply the quantity of the fixing requisite for the equipment of the railway rolling stock and ships.

The domestic and foreign experience shows that using progressive LTTS for carrying general cargoes and wide nomenclature of the goods of a timber industry complex allows to reduce the cumulative transport costs to 25-50 % [1, p.46].

Creation of the complex and highly specialized LTTS of delivering the most labour-consuming for transport piece cargoes in optimum enlarged cargo units (packages, block-packages, trailers, roll-trailers) in the mixed, direct mixed and combined communications under the scheme «from door to door» is the most perspective direction of transport system development that completely corresponds to the basic directions of transport development of the European Union countries.

The transport system of Ukraine considerably lags behind the advanced countries in the field of cargoes' carriages by the enlarged units under the scheme «from door to door». It follows from here the necessity of active introduction of high technologies of cargo carriages and cargo handling by the enlarged places. The important problem is updating the hoisting-and-transport equipment in the ports. According to a number of experts, one of economic crisis consequences is recession of demand for the hoisting-and-transport equipment, in particular, for the portal cranes.

A problems' solution is connected with carrying out a complex of technical, economic and organizational actions, directed to modernization and increasing the competitiveness of domestic sea transport. We can note special importance of working out investment projects concerning development of seaport's infrastructure, providing escalating the reloading capacities in accordance with predicted cargo flows, providing increase of technical equipment of port objects and providing introduction of modern transport technologies.

For the market system of managing it is required special market infrastructure, providing functioning the markets of goods, labour, capital, finance, information, etc. The market infrastructure is the totality of instruments, forms, methods and processes providing common conditions of normal functioning of the market economy.

It represents the totality of kinds of the activity providing effective functioning of managing subjects and their interaction in certain real market space. We can note the following functions of the market infrastructure: distributive, communicational and regulating.

Distributive function is understood as distribution of the commodity-material assets, financial and labour recourses on branches and regions.

Communicational function is the organization of an equivalent exchange by labour products (goods, services, information, etc.). Balancing of supply and demand is being provided with the help of regulating function of the market infrastructure.

In conditions of market economy the infrastructural branches, carrying out their functions, are rather effective kinds of activity. So, the modern market infrastructure is being characterized by low material-capacity and resource-capacity, by accelerated temps of the development in comparison with other economy branches, by the high multiplicative effect of increasing the demand for the production of infrastructural branches.

It exerts stabilizing influence on economy that is caused by low infrastructure's sensitivity to cyclic fluctuations of material manufacture, by preservation of demand for infrastructural branches' production during the periods of recessions and depressions. The market infrastructure exerts stimulating influence on development of various branches; it renders beneficial effect on the employment sphere.

Thus, market infrastructure is a system of channels and connections on which there is an overflowing of the material and financial resources and also advancement of each product from the manufacturer to the consumer.

With reference to the seaports, as major subsystem of transport system, the infrastructure category should be considered in indissoluble connection with their economic mission, character of activity and functions.

The seaports' activity is many-sided and multi-profile. There are the following functions of the ports:

- Cargo handling from the railway, automobile, other types of transport to the ships and on the contrary;

- Temporal cargo's storage in port complexes;

- carrying out dredging works for the purpose of providing safe movement of the ships;

- Pilotage, information, logistical services, ships' repair, etc.

To realize these functions it is necessary to work out corresponding technical and communication maintenance, allowing to coordinate in uniform continuous technological process the activity of various specialized structures functioning in seaports: the stevedore companies, logistical, pilotage, towing, repair and other service structures, and also customs and frontier service [2, p.84].

The infrastructure of seaports carries out the same functions, as a market infrastructure in the whole: distributive, communicational and regulating. It promotes distribution of the commodity-material assets, of the financial and labour resources on the branches and regions.

Realization of the scale investment projects demands the maximum mobilization and effective utilization of the investment resources, a scientific substantiation of rational financing schemes raising interest of the managing subjects in investing to the seaports' infrastructure development.

There are several models of port infrastructure's financing in the world practice:

- municipal model of organization of a port infrastructure; it is developed in countries of Northern Europe (Newtherlands, Belgium, Germany);

- state model; it is actively used in South Europe and in South America. In this case the state controls and finances all seaports;

- private model of financing port infrastructure, it is accepted in Great Britain, this model assumes maintenance of ports and port infrastructure at the expenses of private investors [3, p.35].

The forms of financing maritime and port infrastructure in different countries are shown in figure 1.

Figure 1. The forms of financing maritime and port infrastructure in different countries

As a successful example of transition from state to private form of financing seaport can be given the largest sea port Buenos-Aires. Port's privatization began in 1992 from the revision of legislation of seaports' regulation. As a result the central state structure (Administration General Portuaia, AGP) has lost complete control over the maintenance and development of port and port infrastructure.

The port has been divided into three zones of possession: Dock Sud, it has been given to the regional authorities; Puetro Sur, it is in management of municipal authorities; Puetro Nuevo, remained in management of the central state structure [3, с.35]. After privatization port Buenos-Aires became one of the most developed ports of the world.

The effective organizational port activity can be created with the help of innovations. The port of Rotterdam is one of successful examples of port's transferring to the base of modern technologies. According to the accepted strategy the port has chosen a way of innovative development in following priority directions:

- steady development (ecology and energy efficiency);

- intensification of territory's using;

- navigation.

At the level of port administration innovation management has been formed as follows. In each direction it has been created the innovation group of several employees of port administration under the guidance of the manager of an average link. The groups carried out the analysis of existing and new technologies capable to impulse port's development the next 10-20 years, defined necessity and possibilities of introduction of this or that innovation, ways and possibilities of its development in the technical and financial relation.

Each group annually reports to the port top management about a course of introduction of a certain innovation. On the basis of reports the cumulative positions of port's innovation strategy on the near future (one-two years) are being formed.

For supporting and development of new technologies in the port of Rotterdam a complex approach is being applied; it includes the following groups of measures of innovation activity stimulation:

- tight interaction with the leading educational establishments;

- working out the complex program of ecological innovations Rotterdam Climate Initiative, according to this program the port and profile state departments finance the scientific-research and developmental works concerning new technologies;

- establishment by the port administration of the funds, the activity of these funds is directed to stimulation and subsidizing of development of effective organizational structure;

- supporting business-incubator, financing the activity of innovation startups with subsequent creation of an effective organizational infrastructure.

The resulted example testifies that at the effective interaction of the private business (port's owners) and the state it is possible to create the powerful modern and innovative infrastructure attractive for the internal and external investors throughout many years.

The investment projects of port complexes, as a rule, are rather expensive with large payback period. Especially large capital investments are demanded by creation of port transport-technological complexes which represent a construction of new seaports. For example, cost of construction of one reloading terminal on the average makes 70-80 mln. dollars, dredging works, as a rule, occupy 15-20 % of a total cost of the terminal, hydraulic engineering constructions (berths) - 10-15 % of a total cost of the reloading complex [4, p. 12].

Concerning payback periods of the investment project, they differ depending on the object. The project as a whole can be paid back rather quickly (for 5-10 years) under favorable conditions of its exploitation. If we consider each port object separately, the payback period essentially varies.

Concerning the state objects, the payback period is larger (on the average 15-20 years). Concerning the private objects, payback period is much smaller, it is explained by various sources and incomes of owners. Large capital investments and large payback periods are considerable deterrent of attraction investments into development of the seaports' infrastructure.

A variety of investment requirements of domestic economy stimulates using variety of forms and methods of projects' financing, basic of which are budgetary, project, venture and leasing financing. Project financing is the most widespread and perspective financing form. In comparison with other forms it has a number of distinctive signs and advantages: presence of an independent project society; isolated from primary enterprise activity monetary flows; proportional risks' distribution among all project's participants; adequate providing with own capital at the expense of shareholders, investors and sponsors; presence of business plan worked out in details.

The basic problems of realization of project financing in domestic practice are: the limited banks' participation in the investment process; the unfinished mechanism of investment payback; rather high level of risks; plurality of economic and legal relations in the project society; insufficient level of the competition in the investments' market [5, p.112].

The wide spectrum of forms and methods of financing the investment projects cannot be universal for all activity fields. Thus, there is the problem of their adaptation to the concrete activity field and, first of all, to seaports' activity.

It is necessary to consider the seaport (as research object) in two aspects:

- natural-material aspect;

- social-economic aspect.

Concerning the natural-material aspect the seaport represents a complex of buildings, constructions, berths, cargo handling mechanisms, land and water transport, access roads, navigation equipment and other material means for providing effective, safe and ecologically pure work of the seaports.

In economic aspect the seaport represents a sphere of production relations between manufacturers, forwarding agents, stevedores, carriers on the one hand and the state on the other hand (concerning advancement of transported cargo to the final consumer).

Besides economic functions, seaports realize the national sea, customs and boundary policy and carry out the state port control. The social and economic meaningfulness of seaports is caused, first of all, by their belonging to the sea transport system as major artery of national economy and its foreign economic relations.

The specificity of seaport's activity causes the essential features of the process of investing the seaports' development, namely:

- high level of the state participation and state regulation of seaports' investment activity;

- limited number of participants of the investment process, that shows insufficient development of the investment market;

- heightened complexity of working out the investment projects;

- complex character of the majority of investment projects;

- investment projects of port complexes are rather expensive.

In connection with the above mentioned positions we can note the importance of estimating risks of the ports' investment projects. The effective activity of the seaport is possible only with a comprehensively developed investment project, carefully taking into account a wide range of problems. Any projecting can be considered completed, if it is properly estimated. And consequently the methods of an estimation of the investment projects are integrally included into the system of the methods of projecting [6, p. 23; 7, p. 157; 8, p. 122]. Revealing, managing investment project risks and corresponding sensitivity research of the project criteria underlie the reliable port activity. In conditions of the changeable state of market of the sea transport services seaports have to react upon the environment's changes adequately and effectively for the purpose of increasing the competitiveness, of supporting financial stability and for the purpose of successful development. Ensuring such ability requires working out a system of revealing and estimating the possible divergences between investment real (factual) indices and investment project indices.

For long-term successful functioning and development of the seaports «researches on risk» are especially urgent. They have in the basis a sensitivity analysis of the investment project criteria of efficiency (net present value (NPV), discounted profitability index (DIP), payback period (PP), internal rate of return (IRR)) [6, p.24; 7, p.157].

In order to reveal the possible risk losses related to reaction of the investment project criteria upon the factors' change, the method of multifactor sensitivity research has been offered [8, p.124-127; 9, p. 122-124]. A feature of the method is that it allows analytically taking into account the cumulative effect of all factors or their groups, urgent in the current economic situations, revealing risky and not risky investment project criteria.

Multifactor index of sensitivity (MIS) of the investment project criterion y towards the set of any changes of all factors

is called the quotient obtained when the relative increment of the criterion y is divided by the root-mean-square relative change of the changed factors:

, (1)

The formula (1) expresses MIS as the relative and average quantity on the totality {}. It has been used the basic and replaced -measured points:

; . (2)

We suggest to consider the standard multifactor criterion's sensitivity in conditions of uncertainty of factors' changing [7, p.158; 9, p. 122-125]. Standard changes correspond to identical-percentage factors' changes and allow estimating the criterion's sensitivity in conditions of uncertainty:

(3)

Or



, (4)

the sign of changing depends on the economic reasons, the quantity is set.

The changes correspond to the identical-percentage changes of the factors . The conditions (3), or (4), imposed on changes of factors , and also such changes we'll call standard.

At standard changes of factors (4) on the basis of the average MIS (1) it has been received the average standard MIS of the criterion:

; (5)

the -measured points have been used here:

, . (6)

The developed method of multifactor sensitivity research of the investment projects on the basis of suggested point standard MIS should promote increasing the efficiency of the ports' management decisions concerning investments in conditions of functioning in changeable market environment of the sea transport services.

The perspectives of seaports' development are defined by national politics and processes of globalization of the world economy. In these conditions we can allocate the following perspective directions of seaports' development: seaports' entering the international transport corridors, development of intermodal transport systems, increasing the seaports' capacities for container carriages, introduction of the up-to-date technologies of cargo carriage and handling, based on the logistics' principals. These perspectives are connected with large volumes of investments.

The second priority direction of forming the effective system of financing the investment projects is development of the forms of financial interrelations between state and private business on the conditions of state-private partnership. Many participants of the market are inclined to a conclusion that the concession is the most advantageous scheme of transferring the state property to the investors.

After all, the concession is advantageous for the state and for the investor. This scheme allows the state to demand property back in case of careless performance of the obligations, and this scheme allows the investor individually make decision concerning financing or developing this or that object. Earlier the participation of the private capital in the state port actives management was only in the form of drawing up the lease contracts.

All Ukrainian private and state container terminals are not loaded or they are used for ore and coal handling. And today it is easier for the European cargoes and containers to get to the logistical flows of «a silk way» through the European ports of Black sea - Constanta and Burgas.

In Ukraine size of port charges is higher by 25-30 %, than in neighbouring countries. The infrastructure ministry of Ukraine together with the international financial organizations has begun preparation of the project of transfer to concession of specialized seaport «Olviya» in the Nikolaev oblast and the Kherson sea trading port.

These are the most simple objects for transfer to concession: ports - state property, there are not present private stevedores and actually there are no lease relations. Specialized seaport «Olviya» and Kherson sea trading port occupy an insignificant share in the market of cargo handling - 5 % and 3 % accordingly. Nevertheless, these ports were not passed by the general tendency - loss of cargo flow. According to the port administration data, following the results of nine months of 2016 the Kherson sea trading port has reduced the volumes of cargo handling by 4,5 %, the seaport «Olviya» - by 14,4 %. For comparison, concerning all ports, the general reduction of cargo handling volumes has made 9 %. The future of all port sphere of Ukraine will much depend on the investors.

But experts do not highly appraise chances of these two ports to find in quality concessionaires the international companies. Except container operators, other international operators do not aspire to Ukraine for the present. It is necessary to carry out dredging works in these ports for the big ships. Just Kherson sea trading port will need about 100 mln. dollars (dredging to 11-11,5 m with the berths' reconstruction).

Concerning transit cargoes, the Ukrainian ports' perspective is just with coal and ore deliveries to the consumers from the Eastern Europe - metallurgists and power engineering specialists. The most real candidates - investors who already work in Ukraine or Ukrainian companies generating the cargo flow (metallurgists, grain traders, etc.). Today the river logistics is the most advantageous delivery way and, probably, further it will develop more intensively.

Investments are directed first of all to projects on expansion of operating capacities, increasing a physical throughput. Moreover, such projects are not always coordinated with forecasts of foreign trade volumes [10, p. 60].

At a choice of the goods transportation route the cargo owner is guided by both price factors and not price factors. Price factors are the cost of elements of a logistical chain on all cargo route, for example, freight rates, port charges, pilotage cost, cargo handling cost, tariffs on railway cargo carriages, etc. Not price factors are the ports' qualitative characteristics influencing on cargo handling speed and providing availability of port services.

We can allocate the following key factors of the port's «qualitative» competitiveness:

- navigation availability (depths, channels, navigation period);

- quality of the port services (pilotage, towage, mooring);

- quality of the infrastructure (presence of the specialized terminals, of the warehouses, of the production spaces) and access to the infrastructure;

- quality of administrating, storage services, services of cargoes' movement on the land, etc.



Conclusions

Operating with the data of analytical researches of the category «investment mechanism», represented in various scientific and standard documents, we define the investment mechanism as organizational structure, instruments and processes used for estimating the investment needs and for estimating the investment projects which can meet these needs. Simultaneously, the investment mechanism, as organizational structure, is urged to reflect specificity of the investment activity of this or that economy sector.

In order to increase the reliability of the investment projects, to reveal the possible risk losses related to reaction of the investment project criteria upon the factors' change, the method of multifactor sensitivity research has been worked out. A feature of the method is that it allows analytically taking into account the cumulative effect of all factors or their groups, urgent in the current economic situations, revealing risky and not risky investment project criteria.

The investment mechanism of the seaports' infrastructure development should reflect key features of the investment process in this sphere in current conditions - necessity of the state investments with attracting the means of private investors and using the government programs leaning on the transport, investment, budgetary policy and on the strategy of national economy development.

Thus, we can define the investment mechanism as the way of investment policy and strategy of the state and business in port management with preserving state property in the infrastructure of port management.

sea port financing investment



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Література

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