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DOI: 10.15862/42FAOR425 (https://doi.org/10.15862/42FAOR425)

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Gorbunov N.A. Investment support for industrial development of real sector enterprises in the context of a high cost of capital. Russian journal of resources, conservation and recycling. 2025; 12(s4). Available at: https://resources.today/PDF/42FAOR425.pdf (in Russian). DOI: 10.15862/42FAOR425

Investment support for industrial development of real sector enterprises in the context of a high cost of capital

Gorbunov Nikita Andreevich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: nikita.gorbunov2004@gmail.com

Abstract. The continued high cost of borrowed capital throughout 2024 and 2025 has challenged real sector enterprises to reconsider their approaches to financing investment activities and justifying capital investments. This study examines a set of methods and tools for investment support for enterprise industrial development, ensuring the feasibility and sustainability of capital investments in the face of expensive debt financing. This paper explores the theoretical foundations of enterprise investment management, systematizes methods for assessing the effectiveness of investment projects, analyzes the structure of sources of financing for fixed capital investments, and characterizes the impact of the key interest rate trajectory on the investment activity of economic entities. Particular attention is paid to strengthening the role of internal financing sources in the context of rising bank loan costs and updating the regulatory and methodological framework for assessing the effectiveness of investment projects. Based on a summary of statistical data and scientific publications, the author proposes a systematization of investment support for enterprise industrial development, integrating the management of financing sources, project selection, investment risk, and the relationship between capital investment and operating returns. The study’s results indicate that, in the context of a high cost of capital, the focus of investment support shifts from external debt financing to profit mobilization and depreciation, while project selection criteria become more stringent due to an increase in the discount rate. The practical significance of this work is determined by the applicability of the proposed systematization to enterprise financial services in formulating investment policies and justifying capital investments in conditions of limited access to affordable borrowed capital.

Keywords: industrial economics; resource base for industrial development; industrial development; investment support; investment activity; capital investment; financing sources; real sector; sectoral economics; cost of capital

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