FEATURES OF INVESTMENT DEVELOPMENT HIGH-TECH ENTERPRISE POLICIES

Abstract

The authors comprehensively explore the theoretical and methodological features of the formation and implementation of investment policy of knowledge-intensive enterprises in conditions of high macroeconomic and technological uncertainty. Based on a retrospective analysis of the evolution of the “investment policy” category, the limitations of universal financial models when applied to the high-tech sector are substantiated. The article systematizes the key differences between the investment policy of high-tech organizations and traditional industries. The strategic features, financial and economic (abnormally high allocation of capital in R&D, prolonged negative cash flow, increased cost of attracted capital), as well as technological and organizational aspects, where intangible assets, intellectual property and human capital are the central objects of investment, are covered in detail. Special attention is paid to the need to transform the criterion apparatus for evaluating the effectiveness of investments. The critical need for a transition from deterministic methods to probabilistic models, scenario analysis, and methodology for evaluating real options has been proven. The importance of implementing proactive, iterative risk management covering scientific, technical, market, regulatory and personnel threats at all stages of the innovation lifecycle is also substantiated. It is concluded that the investment policy of a knowledge-intensive enterprise is a flexible adaptive system that acts as a fundamental driver of ensuring technological sovereignty and global competitiveness of business in the modern knowledge economy.