scholarly journals Features of the methodology for assessing budget efficiency investment pro-jects

2021 ◽  
Vol 23 (98) ◽  
pp. 40-44
Author(s):  
R. M. Myniv ◽  
V. О. Ivashkiv ◽  
Н. M. Mokrytska
Keyword(s):  
Return On Investment ◽  
Financial Support ◽  
Investment Project ◽  
Payback Period ◽  
Bank Loans ◽  
State Budget ◽  
Investment Projects ◽  
Main Indicator ◽  
The Difference ◽  
Definition Of

The analysis of current regulations shows that only a few indicators (budgetary effect) are used to assess the budget efficiency of investment projects in Ukraine, and the decision on financing is not made from it. As a result, it is necessary to raise the issue of introducing an additional system of indicators for assessing the effectiveness of investment projects, which characterize the return on investment of budget funds. Thus, the purpose of this study is to develop proposals for improving the methodology for assessing the budget effectiveness of investment projects. The main indicator for assessing the effectiveness of projects that provide state or regional financial support is the budgetary effect. Budget effect is the main indicator of budget efficiency used to justify the decision to finance the project, which is often defined as the difference between inflows and outflows of budget funds, taking into account discounting. The paper proposes to introduce additional indicators to assess the budget efficiency of the investment project, in addition to the payback period of state support. Absolute budget effect. which will be calculated in the form of two indicators: taking into account and without taking into account loans to banks under government guarantees. This calculation is justified, as the budget effect may be understated by including bank loans in the definition of this indicator, while the state budget may not incur costs under its guarantee obligations. Absolute budgetary effect, which characterizes the total amount of funds that the country's budget will receive as a result of the project. Relative budget effect, which characterizes the ratio of budget investments to the investment project and additional revenues to the budget. Budget profitability – shows how many monetary units the project implementation brings per unit of budget funds spent. Due to the fact that this indicator is based on the indicator of the absolute budgetary effect, the calculation of this indicator will be calculated taking into account and without taking into account bank loans issued under government guarantees. The authors have developed some modifications to the calculations for assessing the budget efficiency of investment projects, as well as the calculation of indicators of budget efficiency of projects that characterize the return on investment: absolute budget effect, relative budget effect (indirect and direct), budget profitability.

scholarly journals Safety in construction in the field of investment in urban infrastructure

2019 ◽  
Vol 97 ◽  
pp. 06034 ◽  
Author(s):  
Elena Lyapuntsova ◽  
Iulia Belozerova ◽  
Ilona Drozdova ◽  
Oleg Korol
Keyword(s):  
Urban Landscape ◽  
Investment Project ◽  
Urban Infrastructure ◽  
Integrated Approach ◽  
Positive Influence ◽  
Risk Tolerance ◽  
State Budget ◽  
Internal Markets ◽  
Investment Projects ◽  
The Impact

The purpose of the article is to review the theoretical foundations and practical examples of investor assessment with an integrated approach to the development of urban infrastructure. The article analyzes the conditions for reducing the investment costs of projects. For this purpose, methods of clarifying the conceptual apparatus, classification, systematization and an integrated approach are used. The significance of an investment project depends on its positive influence on at least one of the external or internal markets: material and financial products, services and labor, on the social environment and the environment. Examples are provided of the impact on urban planning and the ecology of the urban landscape of investment projects in the field of tourism in recent years, implemented at the expense of the Federal Target Program “Development of domestic and inbound tourism in the Russia for 2011-2018.” in Sarapul, Barnaul and Cherepovets. The authors conclude that in the examples cited there is a relationship between the risk tolerance of the project and the complexity of the approach to its implementation, and as a result, the amount of investment. Large projects are designed not only to solve specific problems of the investor, regions, economy, state and society, but also ensure the profitability of the state budget at various levels, create new jobs, ensure GDP growth in the country and investment in various sectors, create conditions for the development of the country’s regions. The narrowly focused investment projects are fraught with great risks for the investor due to the selectivity and limited scope of the manifestation of effects.

scholarly journals Estimating the Payback Period of an Investment Project in the Framework of a Fuzzy Set Statement of the Problem

2020 ◽  
Vol 10 (513) ◽  
pp. 173-179
Author(s):  
O. S. Kotsyuba ◽  
Keyword(s):  
Cash Flow ◽  
Fuzzy Set ◽  
Investment Project ◽  
Payback Period ◽  
Original Version ◽  
Discounted Cash Flow ◽  
Minimum Period ◽  
Investment Projects ◽  
Proposed Modification ◽  
Real Investment

The article is concerned with the problem of fuzzy-set-based evaluation of the payback period of real investment projects. Initially, the most general features of the approach, which is implemented to find a discounted payback period for an investment project in the form of a fuzzy value (number), were highlighted. After that, the approach to modeling the latter with the help of payback function was thoroughly considered. It is identified that, along with the obvious advantages of this instrument, its significant disadvantage, in terms of the original version, is that the scope of the payback function is limited to the investment projects, for which, after a minimum period of time, when there may be a payback scenario among other scenarios, the sequence of fuzzy estimates of the indicator of accumulated discounted cash flow is non-decreasing. The publication formulates a generalized version of the payback function of the investment project, free from this disadvantage. Using conditional data, the proposed modification was tested, which demonstrated its viability. Particular attention is paid to the formulation and approbation of the indicators that can be obtained on the basis of the payback function and which reflect certain, significant in terms of analytical needs aspects of the payback of the investment project in time.

scholarly journals NSR and NSTC projects: environmental and economic efficiency assessment of the goods’ overseas transportation

2021 ◽  
Vol 112 ◽  
pp. 00025
Author(s):  
Sergey Nikonorov ◽  
Alexander Krivichev ◽  
Vladimir Sidorenko
Keyword(s):  
Economic Efficiency ◽  
Investment Project ◽  
Payback Period ◽  
Fuel Oil ◽  
Environmental Damage ◽  
Investment Projects ◽  
Efficiency Assessment ◽  
Digital Format ◽  
State Corporation ◽  
Cargo Transportation

The authors attempt to assess the environmental and economic efficiency of investment projects for the goods transportation by the northern seas of Russia taking into account the relevance of the topic of cargo transportation by means of the “Northern Sea Route” (NSR) and new concept of the digital format of the “Northern Sea Transit Corridor” (NSTC) implemented by the “Rosatom” State Corporation. The structure of import-export and transit traffic by the NSR in 2020 is considered. The goal of the article is to evaluate the efficiency of investment project for the goods transportation forwards and backwards by the NSR from Murmansk city to PetropavlovskKamchatsky city using the example of the “Andrey Osipov” shipping facility. Some indicators were assessed: planned revenue, payback period; NPV, environmental damage. The following results are obtained: the payback period is 10 years; by using the naval fuel oil over a ten-year period, 1101.6 tons of SOx, 143.1 tons of CO2, 288.9 tons of NOx will be emitted. In addition, the authors propose an innovative approach to creation of ships from new materials and technologies based on the modern paradigm of “Accelerated Digital Certification”.

scholarly journals Public-Private Partnership as an Instrument for Developing Reclamation Parks

2019 ◽  
pp. 135-145
Author(s):  
Lidiya Voyevodina ◽  
Lyudmila Medvedeva
Keyword(s):  
Payback Period ◽  
Agent Based ◽  
Bureau Of Reclamation ◽  
Public Investments ◽  
The Us ◽  
Federal Districts ◽  
Reclamation Project ◽  
The Difference ◽  
Definition Of ◽  
Far Eastern

The aim of the paper is to study the prerequisites for creating reclamation parks taking into account Russian and foreign experience in developing park structures, to identify the difference of reclamation parks from the existing forms of infrastructural entities and to suggest the mechanism of budgetary investment refunding with the use of the agent-based modeling method. The paper studies the main provisions of the concept of creating reclamation parks. They are considered as a new form of the interaction between farmers on reclaimed lands which is designed to increase the area of reclaimed lands and to ensure higher productivity of the crops grown on these lands and sustainability of agriculture on the basis of soil fertility preservation and increase. The article proposes a new definition of “reclamation water park” term. The paper analyzes the types of reclamation parks taking into account the specificity of the Siberian and Far Eastern Federal Districts. The authors propose variants of budgetary investment refunding using the experience of the US Bureau of Reclamation in budgetary refund of water supply projects implemented by this organization. According to the developed conception of reclamation parks there may be several options for refunding public investments. Using the assumptions made in the paper, the payback period for a water reclamation project at different levels of budget investment refunding was calculated. The payback period without deferral of refunds at the discount rate of 8 % was as follows. It was the longer than 50 years at 10 % profit per year; 14 years at 15 % profit per year; 9 years at 20 % profit per year, and 6 years at 30 % profit per year. When the period of the deferral of refunds was 5 years, the payback period was longer than 50 years, 48, 22, and 14 years respectively for every case.

scholarly journals Current Issues in Assessment of Risks Related to Investment Projects

2018 ◽  
Vol 7 (3.15) ◽  
pp. 336 ◽  
Author(s):  
Alexander Sergeevich Voronov ◽  
Mikhail Vladimirovich Karmanov ◽  
Irina Anatolievna Kiseleva ◽  
Vladimir Ivanovich Kuznetsov ◽  
Lidia Sergeevna Leontieva
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Investment Project ◽  
Investment Projects ◽  
Project Valuation ◽  
Analysis Methods ◽  
Project Risks ◽  
Capm Model ◽  
Definition Of

The definition of the essence of an object of management in economics is an indispensable component of professional risk management. Since the national risk management theory is just being formed, the need to find a clear and comprehensive definition for the notion "risks" is especially topical. Capital valuation is one of the most important issues, which needs to be solved by companies during ROI studies. This article makes an attempt to study the role of risk management in the implementation of investment projects. The main purpose of this article is to identify the main regularities which determine the peculiarities of risk assessment in business, being the key element facilitating the organization of investment projects. The objectives have been as follows: to review the basic concepts of risk management; to study its components in business; to reflect the system and risk management principles, and to carry out risk assessment; to consider the main kinds of risks in the business area.The article describes various types of investment and project risks, risk analysis methods for investment projects, as well as efficiency indicators of investment projects, and provides an analysis of risk factors and uncertainties during the development of investment projects. The peculiarities of the practical use of project risks’ analysis methods have been studied. Risk assessment methods for an investment project help evaluate its feasibility, the time within which it will start being profitable, as well as the probabilistic volume of its future profits. Investment project valuation models have been analyzed, in particular, the CAPM model for emerging capital markets. The DCF method has been studied, being the base for assessing the attractiveness of business in general and a company's investment project in particular.  

Economic assessment of the effectiveness of implementing an intelligent system for educational organizations

2020 ◽  
pp. 221-225
Author(s):  
С.А. Кручинина
Keyword(s):  
Decision Support ◽  
Economic Efficiency ◽  
Return On Investment ◽  
Management System ◽  
Intelligent System ◽  
Investment Project ◽  
Economic Assessment ◽  
Payback Period ◽  
Educational Organizations

Статья посвящена вопросу экономической эффективности внедрения проблемно-ориентированной интеллектуальной системы управления и поддержки принятия решений для образовательных организаций. В частности приведены результаты расчетов, в основе которых лежит методология ROI – оценка возврата инвестиций, позволяющая, в том числе, определить сроки окупаемости инвестиционного проекта. The article is devoted to the economic efficiency of implementing a problem-oriented intellectual management system and decision support for educational organizations. In particular, the results of calculations based on the ROI methodology – an assessment of the return on investment, which allows, among other things, to determine the payback period of an investment project.

scholarly journals INVESTMENT DESIGN AS A BASIS FOR THE FORMATION OF INVESTMENT ATTRACTIVENESS OF AN INDUSTRIAL ENTERPRISE

2021 ◽  
pp. 36-40
Author(s):  
Ірина Федоренко ◽  
Євгенія Шкарупа ◽  
Катерина Шляпцева
Keyword(s):  
Economic Efficiency ◽  
Investment Decision ◽  
Market Competition ◽  
Investment Project ◽  
Business Plan ◽  
Industrial Enterprise ◽  
Investment Projects ◽  
Industrial Enterprises ◽  
Project Analysis ◽  
Definition Of

The article investigates the financial and economic essence of investment design and proves that having the diversity and abundance of sources of financing of various projects and programs in industrial enterprises there is an urgent need to form their investm ent attractiveness, which should be embodied in the form of an investment project. The main approaches to the definition of the concept of investment project are analyzed and the author's definition of this concept is given. The groups of methods for assessing the economic efficiency of investment projects, which allow to assess its economic efficiency, which increases the investment attractiveness of prospective domestic and foreign investors. Typical errors that may occur in the calculation of performance indicators of the investment project and adversely affect the investment attractiveness of an industrial enterprise are highlighted. It is proved that one of the most important and defining stages of the project cycle of investment design is project analysis, which is a set of methodological measures and techniques used for the preparation and justification of investment decisions. The main types of analysis that should be included in the project analysis of the investment project ar e defined. It is concluded that after all the studies preceding the investment decision, it is necessary to draw up a certa in final document that will allow the investor and the entrepreneur not only to accept, but also to fix, and when to be done to justify the hopes for the effective ness of the investment project. For this purpose, a standard document is drawn up, in which the concept of a real investment project – a business plan-is substantiated in detail. The business plan developed in the article makes it possible to find out the viability of the project in the conditio ns of market competition, contains guidelines for the further development of the enterprise, and is the main condition for the formation of investment attractiveness of an industrial enterprise in the modern investment climate of Ukraine.

scholarly journals Managing of the Arctic Development: Financial Support  of the Region and the Criteria Choice for Evaluating  the Effectiveness of Investment Projects

2019 ◽  
Vol 9 (2) ◽  
pp. 62-77
Author(s):  
V.  A. Tsvetkov ◽  
M.  N. Dudin ◽  
D. A. Еrmilina
Keyword(s):  
Financial Support ◽  
Optimal Allocation ◽  
Technological Development ◽  
Arctic Region ◽  
The Arctic ◽  
Executive Power ◽  
Investment Projects ◽  
Russian Economy ◽  
Definition Of ◽  
The Arctic Region

The article highlights the current problems of financial support for investment projects for the development of the Arctic. There is one of the most important factors in the implementation of such projects significant for the national economy should be a focus on the systematic development of the Arctic territories and the optimal development of its scientific and industrial potential. The full-scale implementation of such projects will provide a cargo flow increase across the Northern Sea route, that will affect positively on strategic positions of the russian economy, have being possessed one more perspective transit transport corridor. A research purpose is comprehensive study of the existing and perspective investment projects of the Arctic region development, to working-out on recommendations about the priority projects selection and assessment of their efficiency. The analysis of various federal programs and initiatives of the executive power of the Arctic shows the efficiency evaluation of investment projects of the region development and their selection should be based on indicators as commercial and budgetary, as well as the socio-economic efficiency of each project. Evaluation of each type of efficiency involves the use of a number of indicators from which the authors single out the most significant. Besides, the selection of the development investment projects of the Arctic region should consider the following criteria: coordination of project parameters, their consistency with the priorities of the Arctic state policy; specification of deadlines, amounts of funding, resources support and the presence of targeting in each project; definition of the target results of the project providing for the special (basic) zones formation in the Arctic development. Such approach provides a comprehensive assessment of each project from the point of feasibility view of implementing and obtaining the required results, which is going to be expressed in the sustainable scientific, industrial, economic and technological development of the russian Arctic. It is revealed that the assessment of the effectiveness of projects for the development of the Arctic region should be based on a set of indicators of commercial, socio-economic and budgetary efficiency. regulatory base assessment: methodological documents approved by the federal executive authorities, taking into account the peculiarities of the implementation of infrastructure projects based on various forms of public-private partnership. The stated above application assessment criteria for each individual Arctic project will allow optimal allocation of budget funding in the context of a shortage of public finances.

scholarly journals BUDGET INVESTMENT AT THE LOCAL LEVEL

2021 ◽  
Author(s):  
Natalya Yaroshevych ◽  
Andriy Yakymiv ◽  
Olha Chubka
Keyword(s):  
Economic Development ◽  
Regional Development ◽  
Financial Support ◽  
Local Level ◽  
The State ◽  
Capital Expenditures ◽  
Capital Investments ◽  
State Budget ◽  
Investment Projects ◽  
Socio Economic Development

The article investigates the structure and dynamics of capital expenditures and capital investments at the expense of local budgets during 2010-2019. It has been established that since 2015 in Ukraine there has been an increase in capital expenditures of local budgets, both in the total amount of expenditures of local budgets, and in GDP as well. This is due to the growth of the local budgets resource base in connection with the decentralization reform. Also, a positive trend of growth in the percentage of capital expenditures of local budgets is revealed. This fact reflects the budgetary investment intensification at the local level. It was found that the growth of capital expenditures from local budgets occurs in the direction of the growth of capital transfers to enterprises (up to 40% in the total amount of capital expenditures). This may be due to the replenishment of the registered capital of utilities, a significant part of which is formed because of a medical reform. Major maintenance, reconstruction and restoration traditionally remain at a high level in the structure of local budgets capital expenditures. The significance for local budgets and procedures for obtaining various types of financial support for regional development from the state budget is also studied. It has been established that the investment potential of local budgets is formed by their own revenues to the development budget, as well as by funding from the state budget in the form of subventions to local budgets for the formation of the united territorial communities infrastructure (0.3-0.4% in the revenues of local budgets); subventions for the implementation of measures for the certain territories socio-economic development (0.2-1.2%) and financing of investment projects at the expense of the State Fund for Regional Development (0.7-1.03%). It was found that the growth of capital investments from local budgets to a small extent depends on financial support from the state budget. It was also clarified that the use of funds for the regional development financial support at the expense of the state budget does not quite correspond to the goals defined by legal acts. The problems of the efficiency of financing investment projects at the expense of the SFRD funds and subventions of socio-economic development have been identified. Recommendations are given for eliminating the identified problems of the effectiveness of financing investment projects for regional development.

scholarly journals Economic security in investment projects management: convergence of accounting mechanisms

2017 ◽  
Vol 14 (3) ◽  
pp. 353-360 ◽  
Author(s):  
Nataliia Ostapiuk ◽  
Oleksandra Karmaza ◽  
Mykola Kurylo ◽  
Gennady Timchenko
Keyword(s):  
Business Processes ◽  
Safety Management ◽  
Investment Project ◽  
Economic Security ◽  
Management Approach ◽  
Accounting System ◽  
Project Implementation ◽  
Investment Projects ◽  
Definition Of ◽  
And Control

Implementation of business processes in Ukraine has become more structured in recent years. If previously the only goal was to get the most profitable investment and pay-off in the short term, and the attention to drawbacks and considerable riskiness of these projects was given already in case of their occurrence, now there is another management approach. Thus, the decision to attract additional funds involves a detailed analysis of the potential and existing risks of the project. The management focuses on continuous monitoring of the project implementation. Accordingly, it is necessary to develop an effective mechanism to evaluate an investment project, the effectiveness of its implementation, but from the perspective of the company’s economic security aimed at identifying and diversifying risks. As such, the accounting system of the enterprise’s economic safety management is presented as to the investment projects execution based on the convergence of budgeting, management, financial accounting and elements of the economic analysis and control. The proposed system of investment project management is based on the definition of responsibility centers during the investment project implementation. The developed plan of actions and methods is aimed at creating effective tools for identifying risk factors and monitoring the investment projects effectiveness. Such a system provides an opportunity to operate an investment project promptly and flexibly, following clearly defined management tasks within the chosen strategy of enterprise’s economic security. System management of investment project, which is a part of the overall business management, contributes to the achievement of goals set by the company at a given level of risks and financial performance.

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