Abstract
Due to the imposition of sanctions, based more on geopolitical interests, there were additional essential restrictions on sources of external credits, use of import raw materials and technologies, possibilities of attraction to work of the qualified employees which do not have the Russian nationality, participation in the international technology and scientific projects. At similar restrictions of different resources investment decisions are made extremely carefully, and especially careful and reasonable efficiency evaluation of the investments is required. Traditionally used techniques of efficiency evaluation of investment projects not fully consider strategic interests of owners of industrial enterprises and investors. Decrease in risks requires higher quality of project evaluation. In this work the method of multi-level consistently complex integral assessment of investment projects on an indicator of the integral indicator of their efficiency implementing consecutive selection of investment projects from a portfolio on essential indicators of commercial effectiveness, efficiency of production business activities, a financial state and productivity of activity is provided. The developed method of a complex assessment of investment projects is implemented for practical application by the software product allowing to create on the basis of economic-mathematical modeling specific recommendations in economic practice of industrial enterprises during the developing and implementation of investment strategies. The conclusion that for the Russian economy in the conditions of import substitution accounting of all set of interests of investors and owners of the enterprises provides development and implementation of reasonable investment strategies is drawn.
Highlights
Paramount tasks of industrial enterprises always there is a development and modernization of production for ensuring competitiveness for the realization account of implementation and expansion of production volumes of new types of products [1, 2]
Used techniques of efficiency evaluation of investment projects developed for a long time [9 - 11] not fully consider strategic interests of owners of industrial enterprises by opportunities of use of the available or again purchased resources for implementation of the planned investment projects during the periods after their end
At accomplishment of a choice of one investment project from a portfolio of projects in the conditions of sanctions restrictions there are questions of the approved application of the main indicators of productivity of project data (NPV, IRR, PI, PP): in projects with the different volume of investment, identical NPV values can be received; occurs in the projects having high NPV value situations when IRR value is much lower, than in projects with lower NPV value; in projects with the different volume of investment and NPV, almost identical PI values can be received; the payback period does not estimate cash flows outside a point of an investment payback and is used only in addition to other criteria of efficiency. In such situation there is a problem of improvement of quality of examination of efficiency of investment projects on the basis of the complex assessment reflecting, both interests of investors, and interests of the enterprises implementing project portfolios, and based on comparison of traditional indicators (NPV, IRR, PI, PP), and considering all set of the criteria interesting the investors united in a uniform integral indicator of efficiency evaluation of the considered projects
Summary
Paramount tasks of industrial enterprises always there is a development and modernization of production for ensuring competitiveness for the realization account of implementation and expansion of production volumes of new types of products [1, 2]. In modern market conditions on search of sources of investment additional factors in the form of sanctions from one states are imposed on others Such sanctions are based on economic interests, but essential weight is purchased by geopolitical interests of participants of the market. The operating techniques of an assessment of investment projects are based on procedure of discounting and calculation of mainly base indicators of productivity of investments (the net present profit (NPV), an internal return rate (IRR), an index of profitability (PI), a payback period (PP)). These techniques [11] not always allow to make a reasonable choice for the most effective project. In the projects having high rates of productivity of investments, the investor can be not satisfied since he can be interested in profitability and an investment payback, and other indicators such as reflecting strategic objectives of development of the enterprise regarding efficiency of production business activities, a financial state, social development, etc. which for each enterprise and the investment project can have the structure and the acceptable values
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