IMPROVEMENT OF THE TECHNIQUE FOR EVALUATION OF EFFICIENCY OF INNOVATION PROJECT

Abstract

The purpose of the article is to improve the methodology for evaluating the effectiveness of the innovation-investment project in modern economic conditions. The method of calculation should take into account the distribution of the innovative effect between the developer, the implementer and the end user of the innovation product.The main task of the research is to develop the necessary tools for assessing the effectiveness of the implementation of the innovation and investment project.The article states that an important requirement for improving the assessment of the results of the implementation of the innovation-investment project is the consideration of the European vector of Ukraine's development and the approach of the calculation method to the standards of financial management of countries with developed market economies.The article presents the methodology for determining the economic effectiveness of the implementation of an innovation project involves step by step. At the first stage, it is necessary to determine the total cost of implementing the entire project. This will enable you to calculate the amount of outgoing cash flow. It will consist of current and one-time costs.At the second stage, it is necessary to determine the value of gross income of the enterprise from the implementation of the innovation project. It will equal the absolute value of all cash receipts from the implementation of an innovation project.At the third stage it becomes possible to determine the absolute value of net income. To do this, the volume of profitable cash flow should be reduced by the size of the output cash flow.At the fourth stage, you can determine the amount of discounted net income from the implementation of an innovation project. It will reflect the present present value of the effect of the implementation of the innovation project. The necessity of discounting the BH is due to the fact that both incoming and outgoing cash flows are separated from each other in time. In different time periods, cash flows are subject to factors that change their value. Therefore, in order to bring indicators of different periodicity of BH and CG to their present value, it is necessary to apply a discounting method. The implementation of innovative projects has a long-term perspective, so the results can not be determined with absolute precision, because the influence of risk factors and uncertainty should be taken into account.At the fifth stage we can determine the payback period of investments into an innovative project. The period (period) of return on investment in an innovative project will be equal to the time interval from the moment of the beginning of investment until the net income from the project, calculated on the basis of the incremental amount, fully compensates for the total costsAt the sixth stage it becomes possible to determine the return on investment index in an innovative project. The economic meaning of the indicator is that it characterizes the share of discounted net income, which falls on a unit of reduced total costs. The higher the value of the profitability index, the more profitable will be the investment into an innovative project. The profitability indicator is the basis for the quantification of an innovative rental. Innovative rent should be understood as the excess of discounted net income over normal profits.