Özet:

In this article we consider the strategy of choosing an investment portfolio, which consists of commercial and social project. It is assumed that the market is inefficient (net present value can be positive) may be invested both its own and borrowed funds, there is a mechanism by which the investor is more profitable to implement social and commercial project than just a commercial. Investigated indicators such as net present value, the modified internal rate of return, the weighted average cost of capital. Proposed to measure risk using sensitivity (elasticity) the net present value to changes in rates of economic alternatives; and express the social effect of the project through such qualitative characteristics: type of activity to be addressed, the scope and quality of the project. Permission function of "winning" the investor, which is dependent on social benefits, tangible and intangible benefits of the project. Choosing portfolio is carried out according to three criteria (financial, social, risk) among all the possible combinations of projects.

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