Tvarių investicijų vertinimo koncepcija

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Document Type:
Straipsnis / Article
Lietuvių kalba / Lithuanian
Tvarių investicijų vertinimo koncepcija
Alternative Title:
Concept of evaluation of sustainable investment
In the Journal:
Regional formation and development studies. 2019, Nr. 1 (27), p. 123-130
Darnus vystymasis; Investicijų vertinimas; Tvarios investicijos.
Investment evaluation; Sustainable development; Sustainable investment.
Summary / Abstract:

LTTvarių investicijų vertinimo klausimas plačiau nagrinėtas globalaus, šalies ar regiono kontekste, tačiau šių investicijų vertinimas investuotojo (organizacijos) požiūriu – gana siaurai. Siekiant užtikrinti Nacionalinės darnaus vystymosi strategijos įgyvendinimą, būtina sukurti integruotą tvarių investicijų vertinimo metodiką investuotojo (organizacijos) požiūriu, kuri skatintų investuoti. Labiausiai esmę atitinkantis tvarių investicijų apibrėžimas galėtų būti: investicijos, kurios padeda įgyvendinti darnaus vystymosi tikslus. Atlikus tyrimą nustatyta, kad tvarias investicijas investuotojo (organizacijos) požiūriu priimtiniausia vertinti remiantis trijų ramsčių teorija, kuri integruoja tvarių investicijų vertinimą ekonominėje, aplinkosaugos ir socialinėje srityse. [Iš leidinio]

ENThe issue of sustainable investment assessment by researchers is more widely explored in a global, national or regional context, however very narrow in terms of sustainable investment, which justifies the relevance of the topic. The concept of sustainable development is based on three equivalent components – environmental protection, economic and social development. The concept of sustainable investment is not found in the scientific articles of Lithuanian authors, yet foreign authors pay much more attention to this concept, often referring to it as socially responsible investments. The theoretical analysis has shown that the assessment of sustainable investment is possible from the point of view of the investor/organization and at the global, state or regional level as an integral part of the whole process of sustainable development assessment. In foreign literature, the method of valuing sustainable investment is the Net Present Value (NSPV) approach. This method is a modified net present value method. NSPV determines the likely future return that the investment generates using financial, social, and environmental resources compared to a minimum return of investment. Then the future value is recalculated to present value. To calculate NSPV, one needs to know not only the minimum rate of return, but also the reasonable discount rate for estimating the time value of money. However, setting a minimum rate of return in terms of financial, environmental and social resources is very difficult, so often this rate of return coincides with the expected return on normal investment, which distorts the true value of sustainable investment.This is only an isolated approach, which is not covered by a complex assessment of sustainable investment, and it is clear that the assessment of sustainable investments must be integrated – not only with traditional investment valuation methods but also with modern, non-standard ones. The assessment of sustainable investment is also linked to another theory – Triple Bottom Line (TBL). The main scientific and practical problem and challenge facing TBL is the lack of a single unit of measurement. For example, the profit can be estimated in dollars or another currency, but how can social capital be measured? Several TBL assessment methods are available – money (in a specific currency), indexing criteria. However, both methods of evaluation are not considered appropriate, as it is not clear how to quantify philosophical things or other more difficult definitions in monetary terms. In conclusion, from the point of view of an investor/organization, it is preferable to consider sustainable investment based on the Triple Bottom Line theory, which integrates the assessment of sustainable investment in economic, environmental and social fields. [From the publication]

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2021-02-02 19:04:29
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