Особливості й проблеми оцінки ефективності інвестиційних проєктів в сучасних умовах
Вантажиться...
Дата
2021
Автори
Пилипяк, О.В.
Сачинська, Л.В.
Pylypiak, O.
Sachynska, L.
Назва журналу
Номер ISSN
Назва тому
Видавець
Хмельницький національний університет
Анотація
Розглянуто сутність базових показників оцінки ефективності інвестиційних проєктів в сфері реального
інвестування. Висвітлено проблеми інтерпретації дисконтованого періоду окупності, чистої поточної вартості, внутрішньої норми доходності, дисконтованого індексу рентабельності в сучасних умовах та методологічні особливості розрахунку в розрізі кожного показника та в розрізі нестаціонарних грошових потоків. Показано переваги та недоліки показників оцінки ефективності інвестиційних проєктів. Окремо розглянуто модифіковані показники чистої поточної вартості та внутрішньої норми доходності. Показано умови їх застосування, а саме можливість отримувати додатковий дохід від повторного інвестування. Здійснено порівняння чистої поточної вартості та внутрішньої норми доходності, застосовуючи точки Фішера.
Запропоновано підхід до вибору критерію оцінки для заданих умов, який ґрунтується на сценарному підході.
The 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.
The 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.
Опис
Ключові слова
дисконтований період окупності, точка Фішера, інвестиційний проєкт, ефективність, дисконтований індекс рентабельності, чиста поточна вартість, внутрішня норма доходності, Fisher's point, investment project, efficiency, discounted payback period, net present value, internal rate of return, discounted profitability index
Бібліографічний опис
Пилипяк О. В Особливості й проблеми оцінки ефективності інвестиційних проєктів в сучасних умовах / О. В.Пилипяк, Л. В. Сачинська // Вісник Хмельницького національного університету. Економічні науки. – 2021. – № 6, т. 2. – С. 75-85.