МЕТОДИЧНІ ЗАСАДИ ОЦІНЮВАННЯ ЕКОНОМІЧНОЇ ЕФЕКТИВНОСТІ ІНВЕСТУВАННЯ РОЗВИТКУ ПІДПРИЄМСТВ

Abstract

Ensuring economic development of enterprises requires from them the investment of financial resources. Herewith there are many directions of such investment, methods and sources of financing of investment projects, in particular, the purchase of fixed assets and other assets. When adopting investment decisions on the acquisition of assets, the enterprise should compare the expected cash flows from the exploitation of these assets with the amount of investments in their purchase. Under such conditions, it appears a need for a retrospective assessment of the economic efficiency of investments in the acquisition of assets by enterprises in previous periods. The purpose of this article is to develop methodical bases for assessing the economic efficiency of investment in enterprise development. The method of assessing such efficiency for the totality of the available assets at the enterprise is developed, taking into account the terms of their acquisition and the value of net cash flow from their exploitation from the moment of their acquisition until the moment of assessment. It is proposed to evaluate the indicator of the period of achievement of the minimum required efficiency of investments in the development of the enterprise. This period represents the time interval between the moment of investing in the acquisition of assets of the enterprise and the moment when the received cash flow will provide the minimum acceptable level of economic efficiency of invested money. The article shows that the achievement of the minimum acceptable efficiency of investment in the development of the enterprise is a criterion for the success of its investment activity. The factors influencing the period of achievement of minimum acceptable efficiency of investment in the development of the enterprise are determined. Directions for reduction of this period are determined. In particular, they include the optimization of volumes of current assets of the enterprise. A model for determining the value of financial results of the enterprise, which will provide the minimum acceptable efficiency of funds that were invested in tangible assets of the enterprise in previous periods, is proposed. Implementation of the developed methodical principles for assessing the economic efficiency of investing in the development of enterprises in their practice will improve the monitoring of investments realized by enterprises and the process of regulating their investment activity.