Методы оценки экономической эффективности НИОКР и особенности их применения

Abstract

Valuation of research and development projects (R&D) is crucial for technological development, financial and operational performance improvement of companies. However, R&D valuation methods are not fully and in detail disclosed in publications, a single concept for assessing the effectiveness of R&D has not yet been developed. The cause of this scientific and practical problem is that scientific developments are carried out in conditions of increased risk and uncertainty, often aimed at solving strategic, long-term tasks, which does not allow at the initial stage to reliably evaluate their final effect of innovations. The object of research in the article are methods for assessing the economic efficiency of R&D. The aim of the article is to formulate an approach to R&D valuation method selection based on applicability criteria developed by the authors. In the course of the study, a review of existing methods for assessing effectiveness was conducted, their advantages and disadvantages were identified, and the feasibility of using a specific assessment method based on the specifics of scientific development was analyzed. There were considered R&D economic efficiency valuation models (discounted cash flows, Monte-Carlo simulations, real option valuation, decision tree analysis, relief from royalty method) as well as methods for determining discount rates used in these methods. When applying various valuation methods, the discount rate may vary due to differences in risk accounting approaches. There were also considered examples of alternative methods for R&D efficiency valuation such as grading system and integral efficiency index. The theoretical result is a review of R&D valuation methods and generalization of the information. The practical result of the work is the description of approach for selection of optimal R&D economic efficiency valuation method and possible implementation of the described approach in practice.