Investments. System of indicators for assessing the effectiveness of investment projects (the most important)

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Investments. System of indicators for assessing the effectiveness of investment projects (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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SYSTEM OF INDICATORS FOR ASSESSING THE EFFICIENCY OF INVESTMENT PROJECTS

1. Indicators of commercial (financial) efficiency.

When calculating commercial efficiency the effect is a flow of real money. When implementing an investment project, three types of activities are distinguished: investment, operational and financial, within each of which there is an inflow of Pi(t) and an outflow of Oi(t) funds. Real money flow (q(t)) - the difference between the inflow and outflow of funds from investment and operating activities in each period of the project:

q(t) = [P1(t) - O1(t) + P1(t) - O2(t)] = q1(t) + q2(t).

Real money balance - the difference between the inflow and outflow of funds from all three types of activities also at each calculation step:

2. Budget performance indicatorsreflecting the consequences of the implementation of the investment project on the federal, regional and local budgets. The main indicator of budgetary efficiency is the budgetary effect, which reflects only that part of the effect that goes to the budget:

Bt \uXNUMXd Dt - Pt.

Integral budget effect - the sum of discounted annual budget effects for the entire period of implementation of the investment project or as an excess of integral budget revenues over integral budget expenditures.

3. Economic efficiency indicatorsreflecting the costs and results of the project and taking into account both the interests of its participants and the interests of the country, region or city.

Choice of various projects, in the implementation of which the state (region) participates, is carried out according to the highest value of the indicator of the integral national economic effect.

When evaluating several investment projects and selecting them, it is advisable to introduce an additional summary performance indicator, which includes a combination of all three of the above indicators:

K1,2,3 - coefficients of increase (decrease) in the significance of the indicator.

When evaluating the effectiveness of an investment project, the comparison of multi-temporal indicators is carried out by bringing them to the initial time of the project implementation. For this, the discount rate (E) is used, which is equal to the rate of return on capital acceptable to the investor.

Reduction to the initial (basic) moment of time of costs, results and effects that take place at the 1st calculation step is conveniently carried out by multiplying them by the discount factor (Kd), determined by the formula:

Author: Kuznetsova S.A.

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