Problems of formation of sources of financing at project investment of enterprises and ways of their solution

Relevance of research. The investment activity of a manufacturing enterprise is strategic and tactical throughout its life cycle and is practically reduced to a set of cyclically implemented various projects to ensure the core business. The effective implementation of any project depends in particular on financial resources. Therefore, along with the choice of strategic directions of investment activities, it is necessary to take care of the formation of financial sources for the creation of investment resources. The purpose of the study is to outlining the main problems of forming sources of financing for project investment of enterprises and ways to solve them. Research methods: systematization, induction and deduction, generalization. Research results. The basic approaches to the decision of problems of formation of sources of financing at project investment of the enterprises are formed. Scope of the results: the results of the study can be used in the field of financial project support of investment and general activities of the enterprise. Conclusions. The basis for the rationalization of investment activities and effective projected formation and expenditure of financial resources should be the investment strategy of the enterprise, which is based on strategic choices at one stage or another in the life cycle. The investment activity of the enterprise should be considered as a set of large–scale investment projects for different purposes, while the diversity of projects should be brought into line with the stages of the enterprise life cycle: business start–up projects, maintenance projects, growth projects, development projects. Virtually all projects should be positioned as innovative, in particular startups, or innovative projects with startup ambitions. The set of different projects depending on the stage of the cycle has its own specifics of funding. At the same time, mechanisms of preliminary and preventive formation (including accumulation) of sources of financing should be involved. The set of sources of funding depends on the stage of the life cycle and can be reduced to the following list: own funds (shares), fundraising (crowdfunding platforms), venture finance (external), involvement (external and internal) and borrowing (external and internal), own funds (additional contributions by owners, depreciation deductions, profits, special accumulated funds of the enterprise), self–financing from income from financial and investment activities; venture self–financing for the development of promising innovative projects (including through participation in venture funds), project financing with new owners (co–owners), own funds (as savings from previous business)