{"id":10602,"date":"2022-01-25T20:17:50","date_gmt":"2022-01-25T18:17:50","guid":{"rendered":"http:\/\/journals.khnu.km.ua\/vestnik\/?p=10602"},"modified":"2022-03-07T15:24:41","modified_gmt":"2022-03-07T13:24:41","slug":"osoblyvosti-j-problemy-oczinky-efektyvnosti-investyczijnyh-proektiv-v-suchasnyh-umovah","status":"publish","type":"post","link":"https:\/\/journals.khnu.km.ua\/vestnik\/?p=10602","title":{"rendered":"\u041e\u0441\u043e\u0431\u043b\u0438\u0432\u043e\u0441\u0442\u0456 \u0439 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u0438 \u043e\u0446\u0456\u043d\u043a\u0438 \u0435\u0444\u0435\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0456 \u0456\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043d\u0438\u0445 \u043f\u0440\u043e\u0435\u043a\u0442\u0456\u0432 \u0432 \u0441\u0443\u0447\u0430\u0441\u043d\u0438\u0445 \u0443\u043c\u043e\u0432\u0430\u0445"},"content":{"rendered":"

<\/p>\n

\u041e\u0421\u041e\u0411\u041b\u0418\u0412\u041e\u0421\u0422\u0406 \u0419 \u041f\u0420\u041e\u0411\u041b\u0415\u041c\u0418 \u041e\u0426\u0406\u041d\u041a\u0418 \u0415\u0424\u0415\u041a\u0422\u0418\u0412\u041d\u041e\u0421\u0422\u0406 \u0406\u041d\u0412\u0415\u0421\u0422\u0418\u0426\u0406\u0419\u041d\u0418\u0425 \u041f\u0420\u041e\u0415\u041a\u0422\u0406\u0412 \u0412 \u0421\u0423\u0427\u0410\u0421\u041d\u0418\u0425 \u0423\u041c\u041e\u0412\u0410\u0425<\/p>\n

SPECIFICS AND PROBLEMS OF EVALUATION OF EFFICIENCY OF INVESTMENT PROJECTS IN MODERN CONDITIONS SPECIFICS<\/p>\n

\"\"<\/a> \u0421\u0442\u043e\u0440\u0456\u043d\u043a\u0438: 75-85. \u041d\u043e\u043c\u0435\u0440: \u2116<\/strong>6, \u0422\u043e\u043c 2, 202<\/strong>1 (<\/strong>300)<\/strong><\/p>\n

\u0410\u0432\u0442\u043e\u0440\u0438:<\/strong>
\n\u041f\u0438\u043b\u0438\u043f\u044f\u043a \u041e. \u0412.
\nORCID ID: 0000-0002-3246-3590
\ne-mail: raine2003@ukr.net
\n\u0421\u0430\u0447\u0438\u043d\u0441\u044c\u043a\u0430 \u041b. \u0412.
\nORCID ID: 0000-0002-1118-1455
\ne-mail: sachinska_lv@ukr.net
\n\u0425\u043c\u0435\u043b\u044c\u043d\u0438\u0446\u044c\u043a\u0438\u0439 \u043d\u0430\u0446\u0456\u043e\u043d\u0430\u043b\u044c\u043d\u0438\u0439 \u0443\u043d\u0456\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442<\/p>\n

Oleksandr Pylypiak, Liudmyla Sachynska
\nKhmelnytskyi National University<\/p>\n

DOI<\/strong>:<\/strong>\u00a0https:\/\/www.doi.org\/10.31891\/2307-5740-2021-300-6\/2-12<\/a>
\n\u041d\u0430\u0434\u0456\u0439\u0448\u043b\u0430 \/ Paper received :<\/strong> 19.11.2021
\n\u041d\u0430\u0434\u0440\u0443\u043a\u043e\u0432\u0430\u043d\u0430 \/ Paper Printed :<\/strong> 30.12.2021<\/p>\n

\u0410\u043d\u043e\u0442\u0430\u0446\u0456\u044f \u043c\u043e\u0432\u043e\u044e \u043e\u0440\u0438\u0433\u0456\u043d\u0430\u043b\u0443<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0\u0420\u043e\u0437\u0433\u043b\u044f\u043d\u0443\u0442\u043e \u0441\u0443\u0442\u043d\u0456\u0441\u0442\u044c \u0431\u0430\u0437\u043e\u0432\u0438\u0445 \u043f\u043e\u043a\u0430\u0437\u043d\u0438\u043a\u0456\u0432 \u043e\u0446\u0456\u043d\u043a\u0438 \u0435\u0444\u0435\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0456 \u0456\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043d\u0438\u0445 \u043f\u0440\u043e\u0435\u043a\u0442\u0456\u0432 \u0432 \u0441\u0444\u0435\u0440\u0456 \u0440\u0435\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0456\u043d\u0432\u0435\u0441\u0442\u0443\u0432\u0430\u043d\u043d\u044f. \u0412\u0438\u0441\u0432\u0456\u0442\u043b\u0435\u043d\u043e \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u0438 \u0456\u043d\u0442\u0435\u0440\u043f\u0440\u0435\u0442\u0430\u0446\u0456\u0457 \u0434\u0438\u0441\u043a\u043e\u043d\u0442\u043e\u0432\u0430\u043d\u043e\u0433\u043e \u043f\u0435\u0440\u0456\u043e\u0434\u0443 \u043e\u043a\u0443\u043f\u043d\u043e\u0441\u0442\u0456, \u0447\u0438\u0441\u0442\u043e\u0457 \u043f\u043e\u0442\u043e\u0447\u043d\u043e\u0457 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456, \u0432\u043d\u0443\u0442\u0440\u0456\u0448\u043d\u044c\u043e\u0457 \u043d\u043e\u0440\u043c\u0438 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0456, \u0434\u0438\u0441\u043a\u043e\u043d\u0442\u043e\u0432\u0430\u043d\u043e\u0433\u043e \u0456\u043d\u0434\u0435\u043a\u0441\u0443 \u0440\u0435\u043d\u0442\u0430\u0431\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0456 \u0432 \u0441\u0443\u0447\u0430\u0441\u043d\u0438\u0445 \u0443\u043c\u043e\u0432\u0430\u0445 \u0442\u0430 \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0456\u0447\u043d\u0456 \u043e\u0441\u043e\u0431\u043b\u0438\u0432\u043e\u0441\u0442\u0456 \u0440\u043e\u0437\u0440\u0430\u0445\u0443\u043d\u043a\u0443 \u0432 \u0440\u043e\u0437\u0440\u0456\u0437\u0456 \u043a\u043e\u0436\u043d\u043e\u0433\u043e \u043f\u043e\u043a\u0430\u0437\u043d\u0438\u043a\u0430 \u0442\u0430 \u0432 \u0440\u043e\u0437\u0440\u0456\u0437\u0456 \u043d\u0435\u0441\u0442\u0430\u0446\u0456\u043e\u043d\u0430\u0440\u043d\u0438\u0445 \u0433\u0440\u043e\u0448\u043e\u0432\u0438\u0445 \u043f\u043e\u0442\u043e\u043a\u0456\u0432. \u041f\u043e\u043a\u0430\u0437\u0430\u043d\u043e \u043f\u0435\u0440\u0435\u0432\u0430\u0433\u0438 \u0442\u0430 \u043d\u0435\u0434\u043e\u043b\u0456\u043a\u0438 \u043f\u043e\u043a\u0430\u0437\u043d\u0438\u043a\u0456\u0432 \u043e\u0446\u0456\u043d\u043a\u0438 \u0435\u0444\u0435\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0456 \u0456\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043d\u0438\u0445 \u043f\u0440\u043e\u0435\u043a\u0442\u0456\u0432. \u041e\u043a\u0440\u0435\u043c\u043e \u0440\u043e\u0437\u0433\u043b\u044f\u043d\u0443\u0442\u043e \u043c\u043e\u0434\u0438\u0444\u0456\u043a\u043e\u0432\u0430\u043d\u0456 \u043f\u043e\u043a\u0430\u0437\u043d\u0438\u043a\u0438 \u0447\u0438\u0441\u0442\u043e\u0457 \u043f\u043e\u0442\u043e\u0447\u043d\u043e\u0457 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 \u0442\u0430 \u0432\u043d\u0443\u0442\u0440\u0456\u0448\u043d\u044c\u043e\u0457 \u043d\u043e\u0440\u043c\u0438 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0456. \u041f\u043e\u043a\u0430\u0437\u0430\u043d\u043e \u0443\u043c\u043e\u0432\u0438 \u0457\u0445 \u0437\u0430\u0441\u0442\u043e\u0441\u0443\u0432\u0430\u043d\u043d\u044f, \u0430 \u0441\u0430\u043c\u0435 \u043c\u043e\u0436\u043b\u0438\u0432\u0456\u0441\u0442\u044c \u043e\u0442\u0440\u0438\u043c\u0443\u0432\u0430\u0442\u0438 \u0434\u043e\u0434\u0430\u0442\u043a\u043e\u0432\u0438\u0439 \u0434\u043e\u0445\u0456\u0434 \u0432\u0456\u0434 \u043f\u043e\u0432\u0442\u043e\u0440\u043d\u043e\u0433\u043e \u0456\u043d\u0432\u0435\u0441\u0442\u0443\u0432\u0430\u043d\u043d\u044f. \u0417\u0434\u0456\u0439\u0441\u043d\u0435\u043d\u043e \u043f\u043e\u0440\u0456\u0432\u043d\u044f\u043d\u043d\u044f \u0447\u0438\u0441\u0442\u043e\u0457 \u043f\u043e\u0442\u043e\u0447\u043d\u043e\u0457 \u0432\u0430\u0440\u0442\u043e\u0441\u0442\u0456 \u0442\u0430 \u0432\u043d\u0443\u0442\u0440\u0456\u0448\u043d\u044c\u043e\u0457 \u043d\u043e\u0440\u043c\u0438 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0456, \u0437\u0430\u0441\u0442\u043e\u0441\u043e\u0432\u0443\u044e\u0447\u0438 \u0442\u043e\u0447\u043a\u0438 \u0424\u0456\u0448\u0435\u0440\u0430. \u0417\u0430\u043f\u0440\u043e\u043f\u043e\u043d\u043e\u0432\u0430\u043d\u043e \u043f\u0456\u0434\u0445\u0456\u0434 \u0434\u043e \u0432\u0438\u0431\u043e\u0440\u0443 \u043a\u0440\u0438\u0442\u0435\u0440\u0456\u044e \u043e\u0446\u0456\u043d\u043a\u0438 \u0434\u043b\u044f \u0437\u0430\u0434\u0430\u043d\u0438\u0445 \u0443\u043c\u043e\u0432, \u044f\u043a\u0438\u0439 \u0491\u0440\u0443\u043d\u0442\u0443\u0454\u0442\u044c\u0441\u044f \u043d\u0430 \u0441\u0446\u0435\u043d\u0430\u0440\u043d\u043e\u043c\u0443 \u043f\u0456\u0434\u0445\u043e\u0434\u0456.<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0\u041a\u043b\u044e\u0447\u043e\u0432\u0456 \u0441\u043b\u043e\u0432\u0430:<\/strong> \u0456\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043d\u0438\u0439 \u043f\u0440\u043e\u0435\u043a\u0442, \u0435\u0444\u0435\u043a\u0442\u0438\u0432\u043d\u0456\u0441\u0442\u044c, \u0434\u0438\u0441\u043a\u043e\u043d\u0442\u043e\u0432\u0430\u043d\u0438\u0439 \u043f\u0435\u0440\u0456\u043e\u0434 \u043e\u043a\u0443\u043f\u043d\u043e\u0441\u0442\u0456, \u0447\u0438\u0441\u0442\u0430 \u043f\u043e\u0442\u043e\u0447\u043d\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044c, \u0432\u043d\u0443\u0442\u0440\u0456\u0448\u043d\u044f \u043d\u043e\u0440\u043c\u0430 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0456, \u0434\u0438\u0441\u043a\u043e\u043d\u0442\u043e\u0432\u0430\u043d\u0438\u0439 \u0456\u043d\u0434\u0435\u043a\u0441 \u0440\u0435\u043d\u0442\u0430\u0431\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0456, \u0442\u043e\u0447\u043a\u0430 \u0424\u0456\u0448\u0435\u0440\u0430.<\/p>\n

\u0420\u043e\u0437\u0448\u0438\u0440\u0435\u043d\u0430 \u0430\u043d\u043e\u0442\u0430\u0446\u0456\u044f \u0430\u043d\u0433\u043b\u0456\u0439\u0441\u044c\u043a\u043e\u044e \u043c\u043e\u0432\u043e\u044e<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0The essence of basic indicators for assessing the effectiveness of investment projects in the field of real investment is considered. The basic indicator of the efficiency evaluation system, the discounted payback period, is characterized. The problems of its calculation and limitations of its interpretation are shown. It is shown that this criterion should be used only for the preliminary evaluation of projects with the same life cycle. The basic indicator of the system of efficiency assessment of net present value is characterized. The problems of its calculation and the limitations of its application due to the dependence on the discount rate, which will be different for projects with different levels of risk, are shown. The basic indicator of the system of efficiency evaluation of the internal rate of return is characterized. The problems of its calculation and the limitations imposed on this indicator are shown, especially from the point of view of interpretation. The internal rate of return cannot be used as a full and independent indicator of efficiency. The problems of interpretation of the discounted payback period, net present value, internal rate of return, discounted profitability index in modern conditions and methodological features of the calculation in terms of each indicator and in terms of non-stationary cash flows are highlighted. The advantages and disadvantages of indicators for evaluating the effectiveness of investment projects are shown. Modified indicators of net present value and internal rate of return, which take into account an extremely important factor of reinvestment, are considered separately. The conditions of their application are shown, namely the possibility to receive additional income from reinvestment. In today’s development, this factor is difficult to overestimate. A comparison of net present value and internal rate of return is made using Fisher’s points. Possibilities of their application are shown. The approach to the choice of the criterion for evaluating the effectiveness of investment projects in the field of real investment for given conditions, which is based on the scenario approach, is proposed.<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0Key words:<\/strong> investment project, efficiency, discounted payback period, net present value, internal rate of return, discounted profitability index, Fisher’s point.<\/p>\n

\u041b\u0456\u0442\u0435\u0440\u0430\u0442\u0443\u0440\u0430<\/strong><\/p>\n

    \n
  1. Bayguzina, L. Z., Galimova, G. A., & Sukiasyan, A. A. (2020, March). Tools for Estimating the Risk Effect on the Investment Project Efficiency. In\u00a0Proceedings of the International Scientific Conference \u201cFar East Con\u201d(ISCFEC 2020)(Atlantis Press, 2020)\u00a0(pp. 529-536).<\/li>\n
  2. Tao, M., Li, H., & Xu, H. (2011, September). Influencing factor analysis of the investment efficiency of the environmental governance. In Proceedings of 2011 IEEE International Conference on Grey Systems and Intelligent Services (pp. 414-418). IEEE.<\/li>\n
  3. Belous, P. P. (2012). Compound indicators of investment project efficiency. Actual Probs. Econ. & L., 18.<\/li>\n
  4. Malakhova, T. N., Kolotyrin, K. P., & Yakunin, V. A. (2015). Improving the assessment of the environmental indicators of investment projects based on the public-private partnership. Baltic Journal of Real Estate Economics and Construction Management, 3(1), 81-90.<\/li>\n
  5. Benaija, K., & Kjiri, L. (2015). Project portfolio selection: Multi-criteria analysis and interactions between projects. arXiv preprint arXiv:1503.05366.<\/li>\n
  6. Griner, E. H., & Stark, A. W. (1991). On the properties of measurement error in cash-recovery-rate-based estimates of economic performance. Journal of Accounting and Public Policy, 10(3), 207-223.<\/li>\n
  7. Kierulff, H. (2008). MIRR: A better measure. Business Horizons, 51(4), 321-329.<\/li>\n
  8. Zhang, L. (2021, December). The Review for the Development of IRR\u2019s Implication. In 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) (pp. 1770-1774). Atlantis Press.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"_links":{"self":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/10602"}],"collection":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10602"}],"version-history":[{"count":6,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/10602\/revisions"}],"predecessor-version":[{"id":11027,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=\/wp\/v2\/posts\/10602\/revisions\/11027"}],"wp:attachment":[{"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.khnu.km.ua\/vestnik\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}