Іmperfection of the scientific methodproviding an assessment of the efficiency of investments
Keywords:
investment activity, tools for evaluating the effectiveness of investment projects, shortcomings of existing indicators for evaluating the effectiveness of investment projects, fuzzy multicriteria optimization, measure of satisfaction of investors' goalsAbstract
The article is devoted to issues related to the imperfection of the scientific and methodological tools and the shortcomings of the objective assessment of the economic efficiency of investment projects in the conditions of an acute shortage of investments and a decrease in the efficiency of investment activities observed recently. One of the main conditions for the acceleration of economic growth is the improvement of the system for selecting investment projects for implementation, which is carried out by evaluating the effectiveness of investment activities using a number of indicators that influence investment decisions.
It is indicated that when evaluating the efficiency of complex processes, which includes the investment process, it is generally impossible to unequivocally state the priority of one or another indicator, and it is better to use a system of performance evaluation indicators. Examples are given from the practice of justifications for investment performance evaluation, the analysis of the results of which indicates the imperfection and shortcomings of individual performance indicators and helps to identify new problematic issues of investment evaluation. The essence of individual indicators is revealed and the role of each of them is analyzed, their influence on the correctness of the final decision is substantiated. The research proposes methods of harmonizing intermediate indicators of the net present value using a weighted average generalizing indicator and methods of fuzzy multi-criteria optimization. Although the significant advantage of the last methodical approach, which is manifested by the higher values of its weighting factor when summarizing the partial indicators of NRV, and increases the differences in the advantages of one or another project, but "soft calculations" allow to justify the minimum economic effect that capital investment should provide. Also, a vaguely multiple approach makes it possible to justify the degree of satisfaction of investors' goals in the case of receiving just such a reduced cash flow, instead of the one provided for in the project. Decisions made taking into account the tools for evaluating the effectiveness of investment projects will contribute to the acceleration of the economic growth of our country.
References
Азарова А.О. Математичні моделі та методи оцінювання інвестицій підприємства: монографія. Вінниця: ВНТУ, 2016. 172 с.
Бланк И. А. Управлениеинвeстициямипредприятия. К.: Ника-Центр, Эльга, 2003. 480 с.
Гойко А. Ф. Методи оцінки ефективності інвестицій та пріоритетні напрями їх реалізації. Київ: ВІРА-Р, 1999. 320 с.
Коваленко Є.С. Механізм облігаційного фінансування підрядних підприємств: передумови та ефективність використання. Будівельне виробництво. 2014. Випуск № 56. С. 61–66.
Майорова Т.В. Інвестиційна діяльність: підручник. К.: Центр учбової літератури, 2021. 472 с.
Норткотт Д. Принятие инвестиционных решений / Д. Норткотт; пер. с англ. М.: ЮНИТИ, 2020. 247 с.
Орловский С.А. Проблемы принятия решений при нечеткой исходной информации. М.: Наука. Главная редакция физико-математической литературы, 1981. 208 с.
Пересада А.А., Майорова Т.В., Ляхова О.О. Проектне фінансування: підручник. К.: КНЕУ, 2015. 736 с.
Ротштейн А.П. Интеллектуальные технологии идентификации: [електронний ресурс]. Режим доступу: http://matlab.exponenta.ru/fuzzylogic/book5/7_3.php
Шевчук В.Я., Рогожин П.С. Основи інвестиційної діяльності. К.: Генеза, 2019. 384 с.
Штовба С.Д. Проектирование нечетких систем средствами МАТLАВ. М.: Горячая линия – Телеком, 2007. 288 с.
Ястремська О.М. Інвестиційна діяльність промислових підприємств: методологічні та методичні засади. Х.: ВД «ІНЖЕК», 2021. 488 с.
Robert M. Torok, Patrick J. Cordon. Operational Profitabilly. Conduckting Audits – John Wiley&Sonsinc, New Jork. P.28-55.
Stetsenko S., Bolila N., Sorokina L., Tsyfra T., Molodid O. Monitoring mechanism of resilience of the anti-crisis potential system of the construction enterprise in the long-term period. Economics, finance and management review. 2020. №3, 31-42.
.Gunter Winrich, Ulrich Hoffmann, Investions-analise, Munchen; Wien; Hauser, 1989.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 А.Ф. Гойко, Л.В. Сорокіна
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
