Методика оценки реальных инвестиций с конфигурацией неординарного денежного потока

Abstract

The methodology for efficiency evaluation of investment projects, concerning the calculation of several key indicators and making a decision on the advisability of project approval, is well-known in scientific spheres. It is based on the algorithm for evaluating portfolio investments, when the investment itself is initially and simultaneous. Further it generates a certain revenue flow to the owner of a security or physical asset. Real investments, such as capital or fixed assets investments are much more complex and diversified in their structure. The cash flow can naturally start with an influx of funds at the very beginning and then finish with the outflow. Frequently, the capital investment itself is not a single way of infusion, that's why the use of standard approaches often leads to a formal absence or, on the contrary, multitude of the internal rent rates and also causes uncertainty and problems with calculations of the payback period for purely mathematical reasons. Net Present Value can be defined by default in any situation, but the Internal Rate of Return specifically serves as the main relative and comparable indicator for both the project developer and potential investors in present conditions. This article offers the alternative algorithm that allows you to review the full-scale financial and economic characteristics of the project, regardless of the cash flow pattern under any circumstances. The divergences between the known and the proposed methodology are minimal, as the author explains us by researching the examples of the "ordinary" projects. Thus, this model can be considered as reasonable for evaluation purposes in comparison with basic methods, which are not intended to provide such an analysis in general. The object of the proposed research is real investment projects with signs of extraordinarity, the goal is to develop methodological approaches for their correct financial and economic evaluation. The methodological base is the apparatus of financial mathematics, the theory of efficiency and the theory of managerial decision-making. The key result is two approaches that always allow to calculate internal rate of return and the exact payback period, regardless of the configuration of the cash flow. The article will be useful primarily to initiators of projects in existing and created production, as well as potential investors in such innovations.