Effectiveness Of Investment Projects Research Articles

Methodological provision of analysis of the efficiency of investment activities of enterprises

The paper is devoted to the disclosure of the main provisions of methodological support for the analysis of the investment activity of enterprises and practical recommendations on the use of methods for evaluating the effectiveness of the implementation of investment projects for decision-making. Making investment decisions is based on the use of various formalized and informal methods and models, taking into account the following factors: changes in the value of money over time; alternative value of resources; cash flows generated by the project; uncertainty and risk; inflation, price changes and currency exchange rate fluctuations; investment goals and investor psychology; possible changes in project parameters; synergies between investment projects of the enterprise. When forming the list of monitoring indicators, those aspects of the business entity's investment activity that are most important for owners, investors and management organizers were highlighted. It is proposed to form a system of performance indicators of the enterprise's investment activity in accordance with the sphere of investment: production, marketing, technology, organization. The principles of investment activity analysis and recommendations on the procedures for analyzing the effectiveness of project implementation have been formed, the choice of which depends on the management goals aimed at achieving a stable cash flow and ensuring the financial stability of the enterprise. The essential characteristics, advantages and disadvantages of the existing approaches to evaluating the effectiveness of investment projects are revealed. A system of indicators and criteria for the analysis of the effectiveness of investment activities of indicators characterizing the effectiveness of investments depending on the sphere of investment of funds: production, marketing, technology, organization are proposed. Recommendations for choosing a specific method for evaluating the effectiveness of investment projects in the context of achieving the priority goal - maximizing project profitability, risk acceptability and investors' interests are substantiated.

Scientific and methodological aspects of the choice of discount rate in the evaluation of investment projects

The article is devoted to the issues of evaluating the efficiency of investment projects, taking into account the justified and objective choice of the discount rate, which significantly affects the accuracy of the indicators of the economic efficiency of the evaluated investment project. In the conditions of an acute shortage of investment resources, the desire to increase the accuracy of the predictive assessment of the effectiveness of investment projects necessitates the search for new scientific and methodological approaches to the justified choice of the discount rate. In each specific situation, this choice depends on a large number of different factors, which are conditionally divided into two groups - internal and external. Unfortunately, in investment projects developed by Ukrainian enterprises, insufficient attention is paid to justifying the discount rate. The article provides an analysis of the main methods of determining the value of the discount rate when evaluating investment projects and scientific and methodological approaches to the selection of the discount rate in order to increase the objectivity of the predictive assessment of the feasibility of implementing an investment project. The essence of the advantages and disadvantages of such "traditional" methods of determining the discount rate of investment projects, such as the SARM model, the cumulative construction model, and the WASS model, are revealed. The effect of the intensity of exogenous factors in the form of the cost of credit resources, tax rates, inflation rates on the result of the assessment of the efficiency of the investment project has been specified. The main problems of justifying the economic efficiency of investment projects in the post-war recovery of the national economy are formulated. The author's rationale for the cumulative premium to the discount rate is given, due to the risk of speculative growth in the cost of construction caused by excess demand for construction work. The indicator of the expected duration of the portfolio of all orders of the construction enterprise, expressed in months, is proposed for use. On the basis of a cluster analysis of retrospective data, the linguistic terms of this meaning "deficit of orders", "partial..." and "sufficient security of the medium-term portfolio of orders" and their corresponding Gaussian membership functions are substantiated. An artificial intelligence system has been developed for forecasting the most likely percentage of speculative overestimation of the cost of construction works performed by the contractor, and the feasibility of using the output of this system as a cumulative premium to the discount rate has been proven.

Analysis and evaluation of innovation activity in agricultural organizations based on the use of the fuzzy sets method

The article considers the issue of analyzing and evaluating innovative activities in organizations of the agro-industrial complex (agro-industrial complex) using the method of fuzzy sets. The relevance of this topic is justified in connection with the need for constant development and modernization of the agro-industrial complex organization to improve its competitiveness, standard methods for analyzing innovative activities are analyzed. The author’s model for analyzing the innovative activities of APK organizations was developed, and the calculation of the effectiveness of investment projects and their costs by the method of fuzzy sets for APK organizations was presented.

CRITERIA FOR THE FEASIBILITY OF INVESTING IN THE PRODUCTION OF NEW GOODS FOR THE PERSPECTIVE OF MODERNIZATION OF THE ECONOMY

The article substantiates the expediency of using key indicators for assessing the effectiveness of investment projects for the production of new products, their sequence and interrelationship. In the main part of the research, it is proved that the appli

Development and justification of the system methodological approach to assessing the investment business project implementation efficiency under conditions of the external market environment factors impact

Evaluating the effectiveness of the implementation of an investment project is a key issue when making management decisions both at the stage of setting up a startup and for expanding an existing business. This paper reports a systematic approach to building a mathematical model to solve the task of forecasting the effectiveness of business projects, taking into account the influence of factors of the external economic environment. Proposed factors include the impact of supply and demand on the price of goods, political and industry risks, the volume of commodity supply and sales. In view of this, a method for calculating the political component of the discount coefficient using the Fourier series has been proposed. Using the theory of differential equations, correlation and regression analysis, a mathematical model for forecasting indicators of efficiency of business project implementation taking into account the influence of factors of the external economic environment has been constructed. Based on it, a generalized algorithm for applying a mathematical model to predict the effectiveness of investment projects in various business sectors has been developed. The results from applying differential equations and variable discount coefficient showed a decrease in NPV by 14 %, and PI by 5.1 %, due to more accurate consideration of the political component in calculating the discount factor. Also, with the influence of supply and demand on the price of goods and nonlinear cash flows, it was found that the payback period does not clearly indicate the effectiveness of the implementation of an investment business project. Determining these factors provides more accurate information to the investor or business owner when forecasting the stability of a business project for making management decisions on its implementation

EFFICIENCY OF INVESTMENT PROJECTS OF URBAN CAPITAL CONSTRUCTION OF REAL ESTATE IN MODERN ECONOMIC CONDITIONS

The main methods for assessing the effectiveness of investment projects of urban capital construction of real estate in modern economic conditions in the presence of inflationary processes are discussed. It shows a fundamental change in approaches to assessing the effectiveness of real estate of state property, which is associated with the cost of designing, construction, maintenance and operation of facilities, including their disposal, as well as received benefits or income, taking into account inflationary processes that exist in the modern Ukrainian economy. The analysis of the cost and expenses of the real estate object was carried out in the framework of its life cycle concept. The basic informational and methodical problems are shown and the ways of their solution concerning the introduction in Ukraine of the reasonable scientific method of the life cycle cost estimation when creating and operating the real estate objects of city capital construction which are in the state property are offered.

System analysis of tools and software products for evaluating the effectiveness of investment projects

The subject of this study are investment design management tools that allow evaluating the effectiveness of investment project options. The object of the study is digital products (software solutions) designed for automated efficiency assessment and selection of attractive projects for investment. The author has determined that the choice of the most profitable project for investment is the key task of the pre-investment stage of the investment process, while the presence of a large amount of information, the influence of external and internal weakly controlled factors, the state of uncertainty accompanying the investment process actualize the use of software products. Particular attention is paid to identifying and formalizing requirements for software products for risk analysis and evaluation of the effectiveness of investment projects, which will save time and financial resources and eliminate the influence of the human factor on the choice of a project for investment. The research methodology includes the use of a systematic approach to identifying tools and indicators for evaluating the effectiveness of investment decisions. The author conducted a comparative analysis of software products that act as tools for assessing the attractiveness of investment projects when choosing the most acceptable for the development of commercial activities of industrial enterprises. The results of the comparative analysis of domestic and foreign investment project management software solutions presented on the technology market made it possible to systematize programs, identify their strengths and weaknesses and formulate requirements for an optimal software package for analyzing and evaluating the effectiveness of investment projects of an industrial enterprise. The digital solution developed by the author for risk analysis and evaluation of the effectiveness of investment projects should have the following characteristics: functionality, reliability and stability, interface and usability, compatibility, price and licensing conditions, technical support. Based on the results of the study, the scope of application of the results of the comparative analysis of software products is determined – the further development of digital solutions for evaluating the effectiveness of investment projects, ensuring the effectiveness of the management process of investment design of enterprises.

The discount rate in calculating the budgetary efficiency of investment projects: approaches and methods

The question of discounting (and justifying the discount rate) in relation to the effects on the budget of a country or region arises not only in connection with "classic" investment projects implemented by businesses in a certain territory, but also in connection with any management decisions requiring budget expenditures and/or implying an analysis of alternative solutions. The purpose of the work is to analyze and systematize normative and/or author's scientifically based methodological approaches to the selection and justification of the discount rate for evaluating the budgetary effectiveness of investment projects (and other management decisions). The subject of the study is the selection and justification of the discount rate for the purpose of evaluating deferred effects in calculating the budgetary efficiency of investment projects, taking into account the time value of money. Based on the analysis and systematization of available approaches and methods for constructing the discount rate in assessing deferred effects of budget efficiency based on domestic and foreign materials of normative, methodological and scientific literature, an algorithm for constructing and justifying the discount rate is proposed. The analysis of normative, methodological and normative literature has shown that today all the main approaches to the construction and justification of the discount rate when assessing deferred effects in calculating budget efficiency can be grouped by areas of application and the following can be distinguished: assessment of the effectiveness of investment projects with state participation (budget financing); assessment of the effectiveness of public-private partnership projects and municipal-private partnerships (including special economic zones); assessment of the effectiveness of tax benefits/ tax expenditures (and other changes in tax legislation); assessment of the effectiveness of various non-tax measures and measures to support and stimulate the development of certain industries and categories of economic entities; assessment of the effectiveness of projects in the public sector of the economy (provision of public goods, including regulatory impact assessment (when adopting and subsequent analysis of government regulatory measures), assessment of measures and technologies for managing risks to life and health of the population. The proposed algorithm for selecting and justifying the discount rate for calculating the budgetary efficiency of investment projects will allow taking into account the industry' specifics of projects.

Preparation for Entering a Higher Educational Institution as an Investment Project

The purpose of the study is to develop an algorithm for managing investments in preparation for entering a higher educational institution as an investment project.Materials and methods. The study includes a review of bibliographic sources on the existing methods and approaches to determining the economic efficiency of preparing for admission to a higher educational institution, as well as methods for assessing the effectiveness of investment projects. It also includes the collection and analysis of a statistical set of data and the development of a mechanism for choosing a training method with the available data about the applicant through neural network modeling.Results. A number of factors influencing the effectiveness of preparing an applicant for admission are considered. The effectiveness of the main trajectories of preparation for admission is evaluated by modeling the results of the collected statistical population, in particular: school preparation, tutoring, additional courses. Neural network models are created to determine the relationship between the factors influencing the result of preparation for admission and to make a choice to determine the significance of the applicant’s input parameters for various training trajectories. In accordance with the selected data, a neural network model is being developed to select the optimal trajectory for preparing for admission to a higher educational institution. As a result of creating a neural network model, a mathematical model is designed to determine the most optimal training method. Preparation for admission is considered as an investment project. By applying the method of evaluating the effectiveness of an investment project and the approach to managing it, based on the created model, an algorithm is described for choosing the best trajectory for preparing for admission to a higher educational institution, which allows applicants to independently evaluate investments in training as an investment project and choose the most cost-effective way of training. By adapting the method of assessing the economic efficiency of investments by discounting cash flows used in the business environment, a methodology was formulated for choosing the most optimal training trajectory.Conclusion. It can be argued that it makes sense to consider investments in additional preparation for a high school student to enter a higher educational institution as an investment project in which the parent acts as an investor, and the goal of the project is to enter a higher educational institution. To assess the effectiveness of investments in training and competent management of them, an algorithm has been developed for choosing the most cost-effective trajectory of preparation for entering a higher educational institution, using the example of admission to the Perm State National Research University. The algorithm is based on a neural network model that takes into account the input parameters of students: the duration of training, the frequency of additional classes, the level of motivation and average performance as factors influencing the probability of entering a higher educational institution. The algorithm is designed and can be used to manage investments in additional education of the child by determining the most cost-effective way to use financial resources. It is expedient to use the developed algorithm in those cases when the final goal involves the admission of a child to an educational institution. In this case, the use of the model will offer the best training path from an economic point of view for a particular applicant, taking into account the input parameters.

Classes of task problems for determining the effectiveness of investment projects, taking into account the uncertainty of the external environment and multi-criteria

The article is devoted to the classification of decision-making tasks when choosing investment projects in conditions when uncontrollable factors act in these tasks that affect the efficiency of the compared projects, and the projects themselves must be evaluated by a set of criteria. In modern scientific literature, the issues of assessing the effectiveness of investments are often considered in isolation from issues related to the methodology for making optimal decisions in the economy. This can lead to an incorrect choice of investment projects when they are selected for financing, especially when it comes to innovative or socially significant projects. The article attempts to analyze the problems of multi-criteria and uncertainty of decisions in relation to the evaluation of investment projects. In particular, the question of classification is raised. All tasks for assessing the comparative effectiveness of projects are divided into five classes. The classification is based on three features: the number of project efficiency criteria taken into account, the number of optimality principles used under uncertainty, and the number of multi-criteria optimization principles used. As criteria for the effectiveness of investment projects are considered: net present value, yield index, payback period, internal rate of return. As the principles of optimality under uncertainty, the following principles are considered: optimism, pessimism, guaranteed result, Savage and guaranteed losses. The principles of taking into account the problem of multi-criteria are: the principle of dominance, the Pareto principle, the principle of the formation of complex indicators, the principle of highlighting the main indicator with the transfer of the rest to the category of restrictions. The tasks of each class are illustrated with examples, quantitative calculations for these examples are carried out.

Методические аспекты оценки эффективности инвестиционных проектов с государственным участием

The subject of the study is the evaluation of the effectiveness of an investment project when making a decision on investing in it. The relevance of the work lies in the fact that in the conditions of sanctions pressure on Russia, the importance of state support for the investment activity of counterparties increases significantly. However, there are difficulties with an objective assessment of the effectiveness of investment projects when deciding whether to finance them. In the Russian Federation, there is a fairly broad practice of supporting projects at various levels, which has led to the emergence of a large number of regulatory documents that are sometimes not harmonized with each other and contain incomplete criteria for their evaluation, which ultimately leads to a decrease in entrepreneurial activity. The objectives of the work are a critical analysis of regulatory and methodological documents used to evaluate investment projects with state support and to develop proposals for improving the criteria for evaluating projects taking into account industry specifics (for example, the real estate sector). The scientific novelty of the research consists in the development of a rating methodology for evaluating an investment project in real estate, which allows for a point assessment of the effectiveness of the project as a whole, taking into account the business reputation and financial condition of the initiator of the project. Approaches to the evaluation of investment projects with the participation of the state are classified. Criteria have been developed for evaluating real estate projects, which can be used as the basis of a rating methodology for evaluating the effectiveness of investment projects. It is concluded that the methodology developed by the author makes it possible to evaluate the effectiveness of the project taking into account its economic, social and environmental significance.

РЕСТРУКТУРИЗАЦИЯ ИНВЕСТИЦИОННОГО КАПИТАЛА В УПРАВЛЕНИИ РИСКОМ ФИНАНСОВОГО ЛЕВЕРИДЖА ПРЕДПРИНИМАТЕЛЬСКИХ СТРУКТУР

Carrying out investment activities in the context of modern macroeconomic and geopolitical uncertainty is associated with many different financial and economic risks. They can not only reduce the effectiveness of investment processes, but also lead to the financial insolvency of the entity as a whole. A striking example of such a critical threat is the risk of financial leverage. It is based on the irrational use of equity and borrowed capital. Approaches to leveling out this problem involve, on the one hand, the provision of specialized regulatory influence at the state level on the parameters of attracted capital. On the other hand, practical local decisions of management personnel are formed on restructuring the sources of financing investment projects. At the same time, the first group of methods is actively and specifically applied by the Government of the Russian Federation according to the end of 2023, but the second group is actually “at the mercy” of the professionalism of risk managers. The purpose: the formation of scientific and practical recommendations for the restructuring capital of business structures in order to maximize the effectiveness of investment projects in the conditions of stabilization (preservation) of financial stability. Methodology: based on an assessment of the risks of using capital for a specific research object of the research object, practical recommendations for leveling the risks of financial leverage are formulated. As a result, when implementing an investment project, in order to stabilize the financial stability of the company, the use of five promising areas of capital restructuring is justified. Among them, a certain variability between scenarios can be noted. Firstly, to increase equity and simultaneously reduce borrowed capital. Secondly, to exclusively reduce the company's liabilities and reduce the value of its property. And thirdly, to expand the property complex by attracting new co-investors (attracting new equity capital without the possibility of management). In this case, the direct selection of the optimal and most effective approach should be made not only on the basis of the selected particular features, but only after calculating all costs, as well as after analyzing all updated profitability parameters.

SPECIFICATIONS OF INTERNATIONAL LEASING

The purpose of the publication is to analyze the specifics of international leasing through the study of the sectoral and sectoral specifics of leasing operations. This issue is especially relevant in the conditions of the current economic crisis caused by the full-scale war on the territory of Ukraine. To achieve the goal, general scientific methods were used: statistical and calculation-mathematical ‒ with the help of which all the necessary initial information for the analysis of the specifics of leasing operations was formed; analysis ‒ to assess its effectiveness using investment project effectiveness assessment indicators. Using the method of scientific generalization, the relevance of the topic in the conditions of the economic crisis was revealed. To form the basis of the research, first of all, the dynamics of the development of leasing in different countries was analyzed. The main results of the research, representing a scientific novelty, were: the developed mechanism for concluding and implementing a leasing agreement, analyzed the features of the state regulation of the leasing market of some leading countries of the world. Each country has its own national characteristics and differences in the implementation of leasing operations. International leasing relations at the same time include important elements of credit transactions, investment, rental and commercial activities, which are closely combined and interpenetrate with each other, forming a new organizational and legal form of business. International leasing can be considered a form of export-import of capital, since the reasons for capital migration are the reasons for the export and import of the leasing transaction. The practical significance of the obtained results is that the developed mechanism for concluding and implementing a leasing agreement can be used by both private enterprises and state institutions that conclude leasing agreements. In order to ensure the development of international leasing in Ukraine, it is necessary at the state level to support the development of leasing in general, to improve the current legislation in accordance with international leasing norms, to introduce investment tax benefits for the import of high-tech equipment.

Economic efficiency of gas industry investment projects in Russia on the example of export gas pipelines

The efficiency of domestic and export supplies of natural gas largely determines the sustainable development of the Russian economy and national security. At present, in the context of sanction restrictions and increasing uncertainty in the global energy market, the theoretical and practical aspects of the economic efficiency of investment projects in the gas industry are of fundamental importance and require further development. The article discusses the theoretical foundations of the category “economic efficiency” and methodological approaches to its assessment on the example of investment projects in the gas industry. A comparative analysis of the standard methodology for determining economic efficiency of capital investments and the methodological recommendations for evaluating the effectiveness of investment projects in the planned and market economics has been performed based on the criteria specified by the authors. A review of published studies on methods for assessing economic efficiency of investment projects in the oil and gas sector has been performed. It is concluded that to assess the efficiency of investments is proposed to use the discounted cash flow method as the main approach, as well as the alternative methods in the papers of Russian authors. Two large-scale projects of the Russian gas industry have been considered, a review of published studies on the efficiency assessment has been performed with emphasis on the external effects due to implementation of the projects under consideration. According to the study results, the uniqueness of the implementation conditions of each gas transportation project, fundamental importance of the influence of non-economic factors on the project implementation and the need to develop assessment methods for the economic efficiency of investment projects were noted with due regard to the uncertainty and risk impact.

Distributed Energy as a Megatrend of Audit of Investment Processes of the Energy Complex

The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads to an increase in the heterogeneity of investment decisions. There is an urgent need to control the movement of investments, budget funds, as well as their development in the process of implementing investment programs of energy companies. The control of the movement of investments is the most promising direction of studying the subject of finance and audit. The increasing volume of public and private targeted investments in the energy sector and the lack of control over the effectiveness of investment projects (since each program contains several thousand lists of projects) necessitated the introduction of additional regulation of budget spending. The development of a mathematical apparatus for such regulation led to the creation in the Russian Federation of an institute of an independent public technological and price audit (TPA). The TPA is seen as a mechanism to ensure an effective project evaluation and selection process. This article describes methodological improvements using power system optimization models. The Integrated MARKAL-EFOM System (TIMES) was developed as part of the Energy Technology Systems Analysis Program of the IEA-ETSAP, an international community that uses long-term energy scenarios to conduct in-depth energy and environmental analyzes. This approach includes two different but complementary systematic approaches to energy modeling: an engineering approach and an economic approach. The same approach is used when conducting a TSA, when an investment object is evaluated as a set of technological and price parameters. The article considers a model of resource allocation in the energy sector and a mechanism for using TPA for investment projects with state participation in a natural monopoly. An approach to the financial and long-term distribution of investments of electric power companies based on the search for a balance of interests of the supplier and consumer and available energy sources is proposed. A model has been developed to find the optimal plan of technical solutions, taking into account the balance of the possibilities of the electric power industry and the needs of the economy. The relevance of the article is due to the requirements of investment efficiency, since the prevailing share in the costs is occupied by the costs of equipment and the construction of power plants.

Efficiency of aviation companies' financing and formation of its investment attractiveness

The article discusses the concept and the choice of sources of financing for the investment activities of aviation companies. The choice of financing instruments for aviation companies, as well as the optimal capital structure, is an important and necessary stage for conducting effective activities aimed at achieving the financial stability of the airline company. Especially the problem of choosing sources of financing becomes relevant in the context of the spread of COVID-19. The object of the article is to study the modeling of investment attractiveness on the example of airlines. Based on the research of investment attractiveness in airlines, recommendations were formulated in the field of investment project evaluation. Scientific and practical significance of the work is that Aviation is one of the fastest growing sectors in the world, combining technology, innovation, entrepreneurship, economic development, infrastructure support, demographic growth, and contribution to globalization. Progress in this sector is impressive in its speed and diversity in nature. Based on the analysis of the investment activity of the Kazakh company, it was revealed that outdated methods of evaluating the effectiveness of investment projects are used and it was proposed to use quantitative risk analysis and break-even assessment of the airline's investment projects for this purpose. In accordance with the research subject, the methods of scientific knowledge, induction, deduction, comparison, statistics, comparability, financial analysis, mathematical modeling, analysis and forecasting were used. Keywords: aviation company, investment, financing, investment company, sources of financing.

Strategic prospects for implementing ESG principles into the practice of management of the Russian industry with the consideration of the tasks of healthcare development

The article contains analysis of the relationship between ESG ideology and the tasks of the industry and the healthcare sector. The study is aimed at formation of the principle of strategizing of the development of the Russian healthcare industry, on the one hand; and, on the other hand, at updating approaches to the implementation of ESG principles into the practice of management in Russia. On the basis of identification and clarification of cross-country patterns of mutual influence of per capita energy consumption, ecological situation and the expected lifetime (the value of which reflects the integral performance of the healthcare system) the authors discover that the latter indicator is the most relevant for Russia as the strategic indicator for evaluating the effectiveness of the action taken on the development of the economics. The authors consider it advisable to update the ESG-ideology and directly include the assessment of the influence of the economic entity on the quality of life of the employees, customers, partners and the whole society. In addition to the activities of medical and preventive organizations, production of medicines and equipment for treatment and health promotion the healthcare industry may indirectly involve a wide range of economic activities. Moreover, global healthcare is one of the most significant and profitable economic industries. Addition of the evident component of Health to the investment criteria of Ecology, Social politics, and Government (ESG) and development of the ESG+H initiative may become a catalyzer for including the Health criteria in the basic methods of business management and investment objectives of financial entities. The measurements carried out in the study indicate that the effectiveness of investment projects for healthcare in the Russian practice of the ESGideology implementation should be regarded as the key parameter with the consideration of the relevance and timeliness of establishing the National Development Goals.

Digitalization of railway station complexes

Background: Digital railway is the most important global trend in the development of railway transport. Smart station is part of the digital railway concept. Currently, there is no unambiguous solution to the problem of how to introduce advanced information technologies to improve the efficiency and level of service of the railway transport system in the station complexes. The construction of new and reconstruction of existing station complexes in accordance with the concept of smart station is also relevant for Russian railways.
 Aim: identify priority areas for the development of station complexes; to characterize the main measures for the digitalization of the management system of railway stations of Russian Railways.
 Materials and Methods: in the course of the study, a systematic approach, analysis, synthesis, methods and tools for statistical data processing were used: tabular method, methods for calculating average and relative values, methods for analyzing dynamics. Activities for the digitalization of station management systems were evaluated on the basis of methods for evaluating the effectiveness of investment projects in the field of railway transport. The information base consists of the works of domestic and foreign scientists in the field of digitalization of railways, the development of railway stations, as well as strategic documents of Russian Railways: Long-term program for the development of railway stations of the Directorate of Railway Stations a branch of Russian Railways for the period up to 2025; The concept of efficient use and development of railway stations for the period up to 2030; Development strategy of the Russian Railways holding for the period up to 2030; Long-term development program of Russian Railways until 2025.
 Results: the world trends in the development of station complexes are considered; clarified the essence of the category smart station; the characteristics of the main directions of digitalization of the station complexes of Russian Railways are given.
 Conclusion: the concept of smart station is the basis for changes in the organization of the activities of station complexes being implemented in modern conditions. The introduction of digitalization contributes to an increase in the efficiency of all types of activities of the station complexes of Russian Railways.

Features of the assessment of socio-economic effects arising from the construction of lines of freight maglev transport

Background: Transport is a sector of the economy that is subject to general economic laws, including with regard to issues related to investing in real assets, developing means of production, and ensuring expanded reproduction. Along with this, transport is a strategic sector at the state level, ensuring the functioning of the economy as a whole. In this regard, there are certain contradictions associated with the assessment of the effectiveness of investments in transport infrastructure. In most cases, investments in transport infrastructure are valued similarly to investments in a business project. After the issuance of Decree of the Government of the Russian Federation No. 1512 dated November 26, 2019, the approach to evaluating the effectiveness of investments with state participation has expanded, but it does not fully cover the issues of project effectiveness for the state. Along with this, the classical methods for evaluating the effectiveness of investment projects are subject to great subjectivity in relation to the calculation of social effects, as a result of which their applicability to projects at the national economic level is ineffective.
 Aim: to consider the list of effects arising from the construction of transport infrastructure and determine the methodology for calculating the effects for the state.
 Materials and methods: the research methodology is based on the analysis of methods for financial and economic evaluation of investment projects, as well as macroeconomic methods. The information base of the study is based on the official legal and methodological information of the authorities of the Russian Federation.
 Results: as a result of the study, a list of effects for the state arising from the implementation of transport infrastructure development projects was determined, and the procedure for their calculation was substantiated.
 Conclusion: the study confirms that the currently used methods for evaluating the effectiveness of investments in infrastructure projects for the state do not fully and objectively reflect economic realities. The proposed approach to the assessment will make it possible to carry out a comprehensive assessment of the socio-economic effects from the construction of cargo maglev transport lines and improve the quality of management decisions in the transport sector.

SECURITY OF THE GAS MARKET OF UKRAINE AND FEATURES OF ITS IMPLEMENTATION


 The ways of implementing the main principles of functioning of the gas market in Ukraine according to the European scenario are outlined. It was determined that Ukraine currently applies the following systems of cooperation with the European Association of Gas Transmission System Operators of the EU – ENTSO–G, as well as the European Association of Electric Network Operators of the EU – ENTSO–S. The challenges facing the gas industry have been clarified, including: gas distribution and gas supply companies have mainly carried out a formal separation of spheres of activity, remaining in fact the property of the same shareholders and vertically integrated enterprises; preferential pricing of natural gas for specific categories of consumers (population, heat supply companies, religious organizations) in combination with a special regime of guaranteed supply creates prerequisites for the accumulation of debts and manipulations at the level of gas distribution and gas supply companies; the incompleteness of the process of establishing gas accounting systems and the existence of regulatory volumes of consumption leaves opportunities for manipulations and abuses and the formation of debts between market participants, primarily gas distribution companies to the operator; the global drop in natural gas prices is one of the reasons that stand in the way of increasing domestic production and, accordingly, reducing dependence on imports; there is still a threat of stopping the transit of Russian gas through the territory of Ukraine after the expiration of the current five-year contract between Russia's Gazprom and Naftogaz of Ukraine, which will bring significant changes to the operation of the gas transportation system. The structure of the gas sector, which covers the management of the corporation Naftogaz of Ukraine, is structurally combined with the state gas production company JSC "Ukrgazvydobuvannya" and the operator of gas storage facilities, has been studied. Several criteria have been identified that will contribute to ensuring the appropriate level of security of the natural gas market in Ukraine, among which we can highlight the following: the low purchasing power of consumers. Unfortunately, the war caused several crises, which were consequently accompanied by the growth rate of prices and tariffs for energy resources. The decline in the general well-being of citizens generates enormous social consequences for Ukraine; the direction of increasing own production of natural gas in Ukraine is provided for in the Energy Strategy of Ukraine for the period up to 2030. The basis in this direction should be an exploration for finding and extracting shale gas deposits. It should be noted that the oil and gas industry is characterized by several differences, primarily in the analysis and evaluation of the effectiveness of investment projects. The systematic use of the energy security criteria of the oil and gas segment will provide an opportunity for the subjects of these market structures to dynamize the relevant components to obtain an energy effect, with the subsequent activation of mechanisms for adapting the entire system to new operating conditions. In summary, it should be noted that a plan is understood as a certain number of interconnected elements that interact with each other and form the integrity and practicality of their existence in terms of synergy. The application of systematicity allows solving the problem of long-term strategy and sustainability of energy security with the possibility of consistency of goals, balanced energy policy, and institutional transformation of the system. The synergy of the system will take place under the condition of adequate assessment of the main components for their functional purpose. The use of the systemic method involves a description of possible changes in the structure of the energy sector system of Ukraine, namely: a gradual change in the ownership of energy sector assets, an increase in the share of the private sector in the functioning of the country's energy sector.