MODELS OF INTEGRATED ASSESSMENT OF INVESTMENT PROJECTS FOR VARIOUS ECONOMIC ENTITIES
( Pp. 11-17)

More about authors
Loseva Olga V. doktor ekonomicheskih nauk, docent, professor Departament korporativnyh finansov i korporativnogo upravleniya
Financial University under the Government of the Russian Federation Fedotova Marina A. Dr. Sci. (Econ.), Professor, Head of the Department of Corporate Finance and Corporate Governance
Financial University under the Government of the Russian Federation
Moscow, Russian Federation
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Abstract:
Introduction. Evaluation of the effectiveness and economic feasibility of investment projects of different directions and for different economic entities is an extremely urgent task. Its solution will allow the state, the region, the organization and the private investor to make informed investment decisions, effectively use budget funds, implement a competent investment policy aimed at reducing the risks from investments. The article posed and solved the following tasks: 1) approaches to the integrated assessment of investment projects, objects and subjects of evaluation; 2) the proposed system of quantitative indicators by which characterized by different kinds of the feasibility of investment projects; 3) justifies the selection model method for the valuation of the investment project; 4) developed an algorithmic model of finding the integral indicator of assessment of the investment project for different economic actors. Materials and Methods. The article uses the materials of the research work of the financial University, carried out in the framework of the state task for 2019, cost and scenario approaches to the evaluation of the investment project. In determining the value of the investment project, the methods of income, comparative and cost approaches are used. The Saati method is used to implement the scenario approach. In the construction of the integral index - the method of expert assessments. Results. The investment project is proposed to be considered as an object of integrated assessment, including the assessment of its cost, efficiency and determination of compliance with quantitative and qualitative criteria of economic feasibility in the modern economy. The following types of economic feasibility (criteria) are identified: General; social; budgetary; environmental; regional; sectoral; economic; commercial; financial; economic. To quantify the economic feasibility of the proposed specific indicators that may vary depending on the type of investment project (economic; social; environmental; infrastructure; innovation). The final assessment of the economic feasibility and, consequently, the investment attractiveness of the project, is determined by taking into account the importance of a criterion for the evaluation of the project for the subject of the economy. The model of choice of method of calculation of cost of the investment project depending on its purpose and a stage of realization is offered. Algorithmic models of valuation and economic feasibility of investment projects for various economic entities on the basis of scenario approach are developed. The result of their application is an integral evaluation indicator, for which the boundaries of positive or negative decision-making on investment or uncertainty situation are indicated. Summary. The proposed approaches and algorithmic models will provide a single result of the integrated assessment, which is a metric of investment attractiveness and feasibility of the investment project.
How to Cite:
Loseva O.V., Fedotova M.A., (2019), MODELS OF INTEGRATED ASSESSMENT OF INVESTMENT PROJECTS FOR VARIOUS ECONOMIC ENTITIES. Economic Problems and Legal Practice, 5 => 11-17.
Reference list:
Loseva O.V., Fedotova M.A., KHotinskaya G.I. Delovaya aktivnost kak operezhayushchiy indikator ekonomicheskogo razvitiya: zarubezhnyy i rossiyskiy opyt // Vestnik Finansovogo universiteta. 2015. № 3 (87). S. 26-37.
Loseva O.V., Fedotova M.A. Otsenka faktorov rosta investitsionnoy privlekatel nosti regionov // Imushchestvennye otnosheniya v Rossiyskoy Federatsii. 2015. № 2 (161). S. 61-70.
Metodicheskie rekomendatsii po otsenke effektivnosti investitsionnykh proektov (utv. Minekonomiki RF, Minfinom RF, Gosstroem RF 21.06.1999 № VK 477) // Moskva, izd. Ekonomika , 2000.
Nikonova I.A., Smirnov A.L. Proektnoe finansirovanie v Rossii. Problemy i napravleniya razvitiya. M.: Izdatel stvo Konsaltbankir , 2016. S.9-10.
Prikaz Minekonomrazvitiya Rossii ot 17.11.2016 № 722 Ob utverzhdenii Federal nogo standarta otsenki Opredelenie investitsionnoy stoimosti (FSO № 13) .
Prikaz Minekonomrazvitiya Rossii ot 17 noyabrya 2016 goda N 721 Opredelenie likvidatsionnoy stoimosti (FSO N 12) .
Prikaz Minekonomrazvitiya Rossii ot 24.02.2009 № 58 (red. ot 05.02.2018) Ob utverzhdenii Metodiki otsenki effektivnosti ispol zovaniya sredstv federal nogo byudzheta, napravlyaemykh na kapital nye vlozheniya // Rossiyskaya gazeta, № 92, 22.05.2009 (Prikaz).
Federal nyy zakon ot 25.02.1999 № 39-FZ (red. ot 25.12.2018) Ob investitsionnoy deyatel nosti v Rossiyskoy Federatsii, osushchestvlyaemoy v forme kapital nykh vlozheniy // Sobranie zakonodatel stva.1999, № 9, st. 1096.
Braouezec Y., Joliet R. Valuing an investment project using no-arbitrage and the alpha-maxmin criteria: From Knightian uncertainty to risk // Economics Letters 178 (2019). 111-115.
Marchioni A., Magni C.A. Investment decisions and sensitivity analysis: NPV-consistency of rates of return // European Journal of Operational Research 268 (2018) 361-372.
Miller K. D., Waller H. G. Scenarios, real options and integrated risk management // Long range planning. - 2003. - T. 36. - №. 1. - S. 93-107.
Keywords:
investment project, evaluation, cost, efficiency, algorithmic model, integral indicator of evaluation, investment decision-making.


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