Justification of the Order of Selection of Sources of Financing Investments into Technical Re-equipment of an Enterprise

The article analyses existing theoretical and practical approaches, procedures and algorithms of selection of sources of financing investments. It shows that the majority of scientists offer to perform selection by the criteria of financing sources price minimum. It shows that determination of a common optimisation criterion would not ensure correct results in all cases under modern economic conditions. The article proves the necessity of independent establishment of restrictions and financing sources selection criteria by the enterprise depending on economic conditions, its financial state and goals and tasks it solves. The author develops an order of selection of sources of financing investments into technical re-equipment of the enterprise. The proposed order is universal, since it takes into account a possibility of use of various restrictions and selection criteria and also could be used for justification of selection of sources of financing real investments.