Justifi cation of economic effi ciency of state investments in capital construction facilities

Abstract

Modern investment and construction activities in the Russian Federation in the current paradigm of providing a comfortable environment for human life should provide continuous creation (improvement) of the infrastructure of the territory. Every year, at the state level, investment programs are created, refl ecting the priority areas of construction and financed from the state budget. But the problems existing because of worsening of the quality of the construction production, not always high level of qualification of executors and necessary construction and investment control on all stages of life cycle of the object of capital construction have led to necessity to create the system that stipulates setting limits of budget obligations to cover existing risks and fulfill investment project in due time. To solve the stated problem, the subject area of the study is defined. The subject of the research: the process of formation of the cost of the object of capital construction. The aim of the research: creation of the mechanism for determining the economic effi ciency of public investments, depending on the emerging risks in the process of implementation of the object of capital construction throughout the life cycle. Research objectives: to develop a methodical approach to justify the basic principles and concepts associated with the system of formation of budget limit and reserves of funds for contingencies and costs in determining the cost of construction; to develop proposals for improving Russian legislation. Research methods: analysis and synthesis, graphic modeling, comparative estimates. Research results: a mechanism for determining the economic effi ciency of public investments depending on the coeffi cient of budgetary obligation limits, taking into account the size of the reserve funds for contingency work and costs at the stages of the life cycle of the object of capital construction when implementing the investment project. Scope of application of the results: the introduction of the mechanism for determining the economic efficiency of public investment in the activities of the Ministry of Construction, Housing and Communal Services of the Russian Federation, at the territorial level — in the activities of the executive authorities to plan and provide investment programs.