Abstract
In the context of globalization and fierce competition in world markets, the high level of investment activity in the country is a key to economic and innovative development. The high level of wear and tear of fixed assets in developing countries gives special relevance to solving the problem of attracting investments for production development. Hence, for the investment management system choosing an optimal variant among several available investment projects is one of the most responsible stages of ensuring the stable operation and sustainable development of an enterprise. In this regard, the aim of the article is to develop a comprehensive multi-criteria approach to choose the best investment option. The article analyzes the existing methodological approaches to assess the economic efficiency of the investment projects, identifies their advantages and disadvantages. A multi-criteria method of investment project evaluation is proposed, which is characterized by the absence of restrictions on the number of individual evaluation indicators and the possibility for the investor to determine the significance of every indicator using weights independently. The use of the proposed methodology by enterprises will improve the quality of management decisions at the stage of choosing the optimal investment option.
Highlights
High level of investment activity is one of the factors of economic and innovative development of any country in the world, owing to the fact that without the influx of investments economic life and social development of industries, regions, countries fades, declining production, providing unemployment and social tension in society
The analysis significantly reduced the uncertainty in making an investment decision and showed that the most effective one of the proposed hypothetical investment projects is X3
As a result of the study, it was found that providing a high level of investment activity is the basis of the growth of business activity, which is a guarantee of quantitative and qualitative growth of production processes
Summary
High level of investment activity is one of the factors of economic and innovative development of any country in the world, owing to the fact that without the influx of investments economic life and social development of industries, regions, countries fades, declining production, providing unemployment and social tension in society. The problem of investment inflow is foregrounded by the high level of wear and tear of fixed assets of many industrial enterprises in developing countries. It is possible to prevent the negative consequences of depreciation of enterprise assets with significant increase in the level of investment activity. The period of return on capital investments, options for its alternative use and the generated income flow of the enterprise in the future period depend on how objectively and comprehensively the investment projects are evaluated. In this regard, the development of optimal methods for evaluating the economic efficiency of investment projects becomes especially important
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