Диапазон точности определения объема инвестиций в форме капитальных вложений

Abstract

The subject of the study is the application of a variable approach to estimate the volume of investments required for the implementation of the investment project in the form of capital investments. The study considers domestic and foreign literature on the issue of exceeding the actual volume of investments spent on the creation of a facility over the planned volume of investments. In modern domestic conditions, the volume of investments required for the construction of the facility increases from the moment the customer makes a management decision to begin the implementation of the investment project at the stage of studying the feasibility of investments up to the commissioning of the facility, completed by construction and placing the newly created real estate object on accounting. The problem of exceeding the planned investment volume (overrun budget) for the construction of the facility is characteristic not only for domestic, but also for foreign practice of implementing investment projects. On the example of several objects put into operation, the variable approach to the assessment of the investment volume was analyzed. The concept of the expected accuracy range of determining the volume of investments in the form of capital investments is formulated and justified by calculations of its value, at various stages of the life cycle of the investment project. The author proposes to apply a variable approach in determining the planned investment volume for investment projects, including for calculating investment efficiency indicators. The proposed approach will allow: increasing the accuracy of estimating the required amount of investments for the implementation of an investment project; increasing the efficiency of investments in the form of capital investments starting from the stage of technology-economic justification of investments; among comprehensive measures, solving the problem of overrun budget – exceeding the actual volume of investment spent on the implementation of an investment project over the planned investment volume. In the course of further research, in the development of the author’ s proposals, it seems advisable to perform for a number of commissioned objects the calculation of investment efficiency indicators at the indicated stages of the investment project implementation (feasibility study of investments, approval of project documentation, actual costs after putting the object into operation) according to the methodology proposed by the author: using the estimated volume of investments and the marginal volume of investments when pessimistic, basic and optimistic investment performance should be assessed within the expected range of investment volume accuracy in the form of capital investments.