Yu. V. Kirillov,
Candidate of Technical Sciences, Associate Professor, Associate Professor
of the Department of economic Informatics, Novosibirsk State Technical University,
20 Marx Ave., Novosibirsk, 630092, Russian Federation
E. V. Dragunova,
Candidate of Economic Sciences, Associate Professor, Associate Professor
of the Department of economic Informatics, Novosibirsk State Technical University,
20 Marx Ave., Novosibirsk, 630092, Russian Federation
A. V. Kravchenko, Candidate of Technical Sciences, Associate Professor, Associate Professor of the Department of economic Informatics, Novosibirsk State Technical University,
20 Marx Ave., Novosibirsk, 630092, Russian Federation
METHODOLOGICAL FEATURES OF THE ASSESSMENT OF THE EFFICIENCY OF INVESTMENTS IN THE ENTERPRISE OF HIGH-TECH INDUSTRIES
Introduction. Studies on the issue of evaluating the effectiveness of investments have been conduct- ed for a long time, but they have acquired particular urgency now, when the Russian economy is fundamen- tally turning towards innovative development. Such a turnaround under the conditions of well-known for- eign economic restrictions implies an active growth of investment projects, especially in high-tech indus- tries. The aim of the article is to develop a methodological framework for analyzing the effectiveness of investments based on an economic-mathematical model in the form of an optimization problem.
Materials and methods. The study is conducted on the basis of a systematic approach to the analysis of the process of evaluating the effectiveness of investments, which allowed us to formulate the author’s methodol- ogy for solving this problem based on the formulation of the inverse problem of investment analysis in the form of an optimization problem. A system analysis of investment performance indicators allowed us to obtain an analytical expression of the payback period as a function of investment and income payments, which made it possible to reduce the multi-criteria optimization model to a task with one criterion, and use the value of the dis- counted profitability index of the project given by the investor as restrictions. Solving such a task will allow to obtain the optimal size of investment and income payments, under which the project performance indicators will satisfy the investor’s requirements. In addition, the proposed method allows to modify its use in terms of infla- tion and risk, as well as taking into account the different structure of investment capital.
Results. The formation of an innovative methodology for evaluating the effectiveness of investment projects and using it in practice gave the authors the opportunity to conclude that it is effective in various
implementation conditions, since the use of rigorous mathematical methods for solving optimization prob- lems allows us to obtain an objectively optimal result under given conditions, and the use of modern infor- mation technologies allows increase the efficiency of making the necessary management decisions.
Conclusions. The authors came to the conclusion that the use of economic and mathematical models in the form of optimization problems is objectively the best way to create the information base necessary for the operational decision-making of optimal management decisions in difficult conditions of modern business in general and in solving problems of investment performance, in particular.
Keywords: investments, indicators of investment efficiency, economic and mathematical model, op- timization problem, inflation, risk, capital structure.
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