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1.1. Obshchemetodologichesky questions of an estimation of efficiency of the investment project

By definition of the Federal law the investment project are a substantiation of economic feasibility, volume and terms of realisation of capital investments, including the necessary designing estimates developed according to the legislation of the Russian Federation and confirmed under established standards (to norms and rules), and also the description of practical actions on realisation of investments in shape business-plana7.
In Methodical recommendations concept «the investment project» is considered in two смыслах8: The investment project is a business, activity, action, realisation of a complex of any actions supplying achievement of definite purposes (reception of certain results); The investment project is a system of the organizational-legal and settlement-financial documents necessary for realisation of any actions, or the description of these actions. In the present work we understand a complex of actions for realisation of investments as the investment project for the purpose of profit taking in the future. The investment project is divided into three stages: preinvestment, investment, operational. 7 Federal law on investment activity in the Russian Federation which is carried out in the form of capital investments, от25.02.99 № 39-FZ 8 «Methodical recommendations according to efficiency of investment projects and to their selection for financing», confirmed by the Ministry of Economics of the Russian Federation, Treasury of the Russian Federation, the State committee of the Russian Federation on the building, architectural and housing policy № BK 477 from 21.06.99 At the first stage the project and its feasibility report is developed, the financial and economic estimation as a part of the business plan is executed. At this stage expect economic efficiency of the project and evaluate financial circumstances of the enterprise realising the investment project. Thus the estimation of efficiency of the investment project should be made by comparison of situations not «to the project» and «after the project», and «without the project» and «with the project». At the second stage direct investments are carried out, i.e. building is conducted, the equipment is purchased, production preparation is conducted. At the third stage the prepared capacities instal and manufacture production (render service). The general duration of realisation of the project is usually connected with its life cycle. During life cycle the object should not only pay back itself, but also make profit. It is not necessary to identify concept of life cycle with moral or wear and tear. The asset life of permanent assets and the non-material assets, used in book keeping, not always reflects real term of a life of investments. Life cycle of investments comes to an end, as soon as the product or service (result of realisation of the investment project) ceases to be in demand in the market. Despite it, in the absence of more exact data about life cycle of investments it is possible to be guided by the amortisation period. For example, considering the investment project «gas station Building», it is impossible to evaluate life cycle of the investment from the point of view of demand in the market (since Demand for fuel, whether it be petrol or gas, hardly will disappear absolutely), therefore in this case as life cycle of investments the period of amortisation of Broadcasting Company (fuel-distributing of columns) can act.
It in case of an estimation of economic efficiency of the project «gas station Building». And in case of an estimation of ekologo-economic efficiency of this project as life cycle of investments service life of treatment facilities acts. In the course of designing and research of investment processes term of existence of the project throughout all its life cycle - from realisation of preinvestment researches before the project termination, name a settlement period. The settlement period breaks into steps-intervals of time, in which limits aggregation (grouping and account) the data used for an estimation of financial indexations is made. Duration of different steps can be various. According to Methodical recommendations at splitting of a settlement period into steps it is necessary to consider: • The account purpose (an estimation of efficiency, a realizability, monitoring of the project for the purpose of finance administration realisation etc.); • Duration of various phases of life cycle of the project. In particular, it is expedient, that the moments of end of building of objects or the basic stages of such building, the moments of end of development of entered capacities, the moments of the beginning of production of principal views of production, the moments of replacement of permanent assets, etc. coincided with the ends of corresponding steps that will allow to check up a financial realizability of the project at separate stages of its realisation; • Non-uniformity of receipts and expenses (including seasonal prevalence of production); • Periodicity of financing of the project. The account step is recommended to be chosen such that reception and return of credits, and also interest payments fell to its beginning and the end; • Degree estimation neopredelennostej and risk, their influence; • Terms of financing (a gearing ratio, size and periodicity of paying interest for the credit and leasing). In particular, the moments of reception of different tranches of the credit, payments of the basic debt and percent on it are desirable for combining with the ends of steps; • "obozrimost" target tables, convenience of an estimation the person of the target information; • Change of the prices during a step owing to inflation and other reasons. It is desirable, that during a step of account of the price were changed no more, than to 5-10 %., Intervals of time where high rates of inflation are predicted, it is recommended to break into smaller шаги9. Investment processes are the important object of application of the analysis of financial transactions. They require careful studying on the basis of exact data. The basic sources of the information of the investment analysis are accounting figureses and the reporting, the form №1 "Balance sheet", the form №2 «the Report on profits and losses», the form №4 "Cash flow statement", the form №5 «the Appendix to the balance sheet», and also data of the statistical reporting: the form № П-2 «Data on investments», № П-3 «Data on organisation financial circumstances», data of intrafirm planning and forecasting. Investment process is accompanied by cash flows. The cash flow of the investment project is a dependence on time of receipts and payments at realisation of the project generating it, defined for all settlement period. 9 «Methodical recommendations according to efficiency of investment projects and to their selection for financing», confirmed by the Ministry of Economics of the Russian Federation, Treasury of the Russian Federation, the State committee of the Russian Federation on the building, architectural and housing policy № BK 477 from 21.06.99 Receipts of money resources on organisation accounts name inflow, or a positive cash flow. Payments of money resources name outflow, or a negative stream. At accounts of indicators of efficiency of sharing of the enterprise in the project starts, that cash drawdown possibilities do not depend that these means themselves represent (own, extra, profit etc.). In these accounts cash flows from everything, activity kinds - operational, investment and financial are considered. Extra means are considered as monetary inflows, payments under loans-outflows. Payments of dividends to shareholders are not considered as outflow of real money. The difference between inflow and a cash outflow for the certain period forms balance. The balance (the favourable balance, effect) is considered as positive result from project realisation, it name a pure stream. For a cash flow from operational activity to inflows operational and non-trade incomes concern a gain from realisation, and also; to outflows - industrial costs, taxes. For a cash flow from investment activity to inflows concern asset sale during and upon termination of the project; to outflows-capital investments, expenses for starting-up and adjustment works, liquidating expenses in the end of the project. For a cash flow from financing activities to inflows investments of an ownership capital and borrowed funds concern; to outflows - expenses for return and service of loans. Cash flows can be expressed in flowing, prognoznyh or deflirovannyh the prices depending on in what prices their inflows and outflows are expressed on each step. Current (basic) - the prices mortgaged in the project disregarding of inflation. prognoznye - the prices expected (after allowing for inflation) on the future steps account. Deflirovannye (settlement) - prognoznye the prices led to a price level of the fixed moment of time by division into the general basic index of inflation. To the cash flows expressed in flowing or deflirovannyh the prices and in the common currency, discounting, that is reduction of their non-simultaneous significances to their value for the certain moment of time is applied. In a more comprehensive sense the term "Discounting" is used as means of reduction of any cost size concerning the future, by some earlier moment of time. In long-term financial transactions apply discounting multiplier (discounting factor) which allows to define modern cost (a financial equivalent) the future sum of money, that is to reduce it by the income accruing for certain term. Discounting factor define proceeding from the so-called safe or guaranteed level of profitability of financial investments which is supplied, for example, a national bank under contributions. It can be equal to the relative income, which investor plans to receive for the capital invested by it. The regular analysis. Efficiency of the investment project at the stage of its realisation is called as economic monitoring. In the general understanding efficiency name degree of achievement of the best results at the least expenses. Efficiency of the investment project is the category reflecting conformity of the investment project to the purposes and interests of its participants. At various stages of working out and project realisation its efficiency is defined anew, with various depth of study. At the first evaluation stage of efficiency of the project indicators of efficiency of the project as a whole settle up. The purpose of this stage the-aggregated economic estimation of design decisions and creation of necessary conditions for search of investors. And if efficiency of the project appears comprehensible, it is possible to pass to the second evaluation stage to-account of indicators of efficiency of sharing in the project. Indicators of efficiency of sharing in the project are defined as technical, technological and organizational decisions of the project, and the scheme of its financing. The analysis of efficiency of investment projects bases on the following main principles applied to any types of projects irrespective of their technical, technological, financial or regional особенностей10: • Research of the project during all life cycle of a-settlement period from realisation of preinvestment researches before the project termination; • Modelling of streams of production, resources, money resources; • Reduction of non-simultaneous incomes and costs to conditions of an economic commensurability in an initial stage; • Comparison of expected cumulative results and - expenses to orientation to achievement of required norm of yield to the capital; • use flowing, prognoznyh and deflirovannyh the prices. For an estimation of efficiency of the investment project the following показатели11 is recommended. /. The indicators which are not requiring discounting The net profit represents balance of a cash flow from operational and investment activity for a settlement period. Chernov V. A. The strategic analysis of investments//Audit and the financial analysis. - 2002. - №4. A-electronic variant. 11 «Methodical recommendations according to efficiency of investment projects and to their selection for financing», confirmed by the Ministry of Economics of the Russian Federation, Treasury of the Russian Federation, the State committee of the Russian Federation on the building, architectural and housing policy № BK 477 from 21.06.99. Payback time — duration of the period from the initial moment till the moment of a recoupment of the project. The initial moment is underlined in the design assignment (as a rule, this beginning of operational activity). As the recoupment moment is called that earliest moment of time in a settlement period after which the net profit accepts positive significance. According to the federal law as payback time of the investment project is called term from the date of the beginning of financing of the investment project about one day when the difference between the accumulated sum of net profit with depreciation charges and volume of investment expenses acquires positive значение12. Index of yield of expenses - the relation of the sum of monetary inflows (the accumulated receipts from operational and investment activity) to corresponding sum of monetary outflows. Index of yield of investments — the relation of the algebraic sum of the elements reflecting operational activity, to absolute value of elements of a cash flow from investment activity. Financial realizability of the project - an indicator (accepting two significance — "yes" or "is not present"), characterising availability of financial possibilities of realisation of the project. A financial realizability is checked for the cumulative capital of all participants. The cash flows acting from each participant in the project, are inflows, and the cash flows acting to each participant from the project,-? Outflows. Besides it the cash flow of the project is considered. The project is financially realised if on each step of account the algebraic sum of inflows and outflows of all participants and a project cash flow is non-negative. The federal law on investment activity in the Russian Federation which is carried out in the form of capital investments, from 25.02.99 № 39-FZ The requirement for additional financing represents the maximum significance of absolute value of the balance of a total cash flow accumulated by an accruing result from operational and investment activity and shows minimum volume of external financing of the project, necessary for maintenance of its financial realizability (therefore this indicator name the risk capital). Besides set forth above, to the given group the indicators characterising financial circumstances of the enterprise-participant of the project concern. 2. The discounted indicators of efficiency of investment projects The pure discounted income settles up as a difference between discounted on one moment of time indicators of the income and investments. The internal norm of yield represents positive significance of norm of discount (discounting mnozhitelja) at which the pure discounted income is equal to zero, at all great values the pure discounted income is negative, at all smaller significances - is positive. Payback time with allowance for discounting is a duration of time from the initial moment till the moment of a recoupment calculated with allowance for of discounting. As the recoupment moment with allowance for discounting is called that earliest moment of time in a settlement period after which the pure discounted income becomes positive. Index of yield of the discounted expenses - the relation of the discounted monetary inflows from operational and investment activity to the sum of the discounted monetary outflows. The index of yield of the discounted investments characterises intensity of return from unit of investments and settles up as the relation of the sum of the discounted elements of a cash flow from operational activity to absolute value of the discounted sum of elements of a cash flow from investment activity. Account of these indicators is necessary not so much for a choice of most effective of alternative projects, how many for its analysis: if one or several of the above-stated indicators accept significances, Testifying to instability of the project or overstepping the bounds acceptabilities it is necessary to understand and explain in design materials of the reason of these deviations or to correct the initial information. Abroad there is no uniform methodology of an estimation of efficiency of investments. Each corporation, being guided by the accumulated experience, availability of financial resources, the purposes, etc., develops the approaches and techniques. However basically these approaches base on the mentioned characteristics, their combination and updatings. In the given work for a complex estimation of ekologo-economic efficiency of the project most widespread of the discounted indicators of efficiency of the project - the pure discounted income, an index of yield of the discounted investments, internal norm of yield and the discounted payback time are used.
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A source: Markosova Elena Arshavirovna. Perfection of a technique of an estimation of ekologo-economic efficiency of the industrial investment project. 2006

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  2. 1.3. System engineering of indicators of a complex estimation of ekologo-economic efficiency of the investment project
  3. 2.3. A technique of a complex estimation of ekologo-economic efficiency of the industrial investment project
  4. 1. Theoretical bases of an estimation of ekologo-economic efficiency of the investment project
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