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CONCLUSION

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Development, authorization and selection of concrete options of capital investments are reasonably put in one row with the most important and complex problems which studying is carried out within the financial management (FM). As the proof it is served by the standard division of applied problems of FM on organizational and methodical development and technology of implementation of investment and financial decisions. At the heart of process of acceptance of optimum solutions in the field of long-term investment the analysis, an assessment and comparison of volume of planned capital investments and expected results lie. Optimization of investment decisions — is process of research of a set of the factors influencing on expected results during which managers on the basis of earlier established criteria of optimization carry out a conscious (rational) choice of the most effective option of capital investments. Quantitative indices of productivity of long-term investment projects will act as criterion of optimization in a comparative assessment of various investments.

In modern scientific literature a lot of attention is paid to research of this problem. Methodical recommendations of the foreign organizations (for example, YuNIDO), development of domestic scientists and government bodies of the Russian Federation are aimed at a need of uniform approach to an assessment of various investment projects taking into account the saved up in recent years domestic and foreign experience. However at all variety of the techniques of the investment analysis extended now, insufficiently studied there is a problem of an integrated approach in an assessment of multi-purpose commercial and noncommercial installations of long-term investment. Separate positive and negative sides of each indicator, specific conditions and features of its application in practice are indistinctly presented.

It is possible to allocate the following seven key questions (the list of decisions which the financial manager has to accept), the answer on which can be received during use of basic provisions of the complex analysis of long-term investments (CALTI):

by what criterion to estimate the investment project (IP);

to accept or not to take part in SP on offered by an investors (commercial bank, investment fund and so forth) conditions financings;

to invest or not to invest the capital in the specific project;

what of several alternative (mutually exclusive) projects to prefer;

 

to replace or repair fixed assets (equipment);

into what period to curtail (to liquidate) investments;

what projects to select in a portfolio of investments.

Justification of above-mentioned decisions can't be executed only with use of one results of an assessment of efficiency of SP. The integrated approach to studying of difficult economic events assumes research of interrelations and interdependence with other sections QADIS. In other words, adoption of the rational administrative decision has to be based on certain criteria of an assessment, however in addition in the course of adoption of optimum investment decisions it is necessary to consider results of the analysis of risk, impact of inflation, calculations of the price and capital structure and so forth.

The fundamental principles of an assessment of efficiency of long-term investments are: modeling of streams of production, resources and money on the periods of realization of SP; complex accounting of external and internal factors of realization of SP; effect definition by means of comparison of expected investment results and expenses; the accounting of temporary value of monetary investments and demanded rate of profitability on invested. During an assessment of SP classical methods of the analysis (comparison, balance, eliminations, the correlation and regression analysis, graphic, simple and difficult percent, discounting and so forth), and also such widespread concrete and analytical receptions of research, as calculation of absolute, relative and average sizes, specification of indicators on its components, reports and groups are widely used.

For adoption of optimum investment decisions managers need to study in a complex the corresponding indicators of economic effect and efficiency. In the first case absolute productive measures of investment activity are defined. In turn, efficiency of long-term investments is characterized by system of the relative indicators commensuration gained effect with expenses of the capital invested in the project. In practice it is accepted to distinguish indicators commercial (an assessment of financial consequences of implementation of capital investments for direct participants of process of long-term investment), budgetary (an assessment of financial consequences of realization of SP for budgets of various levels) and economic efficiency of long-term investments.

At the heart of classification of indicators of a design assessment their division on three main groups lies: discount, complex and indicators at which calculation time factor isn't considered. Paying attention to starting positions of the analysis of economic feasibility of capital investments, it is easy to notice that the principle of the accounting of temporary value of monetary investments and a demanded rate of profitability generally is realized in the first group of indicators which treat net current value, internal standard of the profitability, the discounted payback period, an index of profitability of investments and so forth. Accuracy of calculation of these indicators substantially depends on reliability and objectivity of an assessment of the corresponding cash flows and a design discount rate. However, as the practice shows, many companies still prefer to use rather simple alternative indicators in the investment analysis. Neglecting recommendations of scientists of rather theoretical validity of discount indicators, financial managers for an assessment of SP count a maximum of design profit, a payback period, registration standard of profitability and so forth.

Not all projects can have accurately expressed cost results of realization, for example, investments into the social sphere, ecology and safety of work. If managers manage to estimate subjectively advantages which the firm will get during implementation of these capital investments (as a rule, the exact cost assessment of volume of investment expenses comes easy for registration financial officers), for justification of administrative decisions traditional quantitative indices which it was mentioned earlier can be used. More difficult procedure is the assessment of long-term investments in non-profit organizations (in the budgetary healthcare institutions, educations, etc.). In this case so-called SVA-approach (cost-benefit analysis) is applied. In its basis comparison of quantitatively measurable expenses to a many of straight lines and indirect advantages (benefits) lies. The last are complex indicators also have to consider the relative value of expected results, both for the organization, and for separate public groups with various levels of the income. By application in practice of SVA-approach it is interfaced to considerable expenses at a development stage of alternative options of capital investments. It is connected with need of collecting and processing of extensive volume of a statistical material, sociological researches, use of the highly skilled personnel.

From the theoretical point of view the most correct among the formalized indicators is the net current value of design cash flows. This indicator represents a difference between the initial size of investment expenses (iQ) and total amount of the discounted pure cash flows for the entire periods of time during planned term of implementation of the project. High are scientific validity of made investment decisions on the basis of an indicator of NPV is connected not only taking into account a factor of temporary value of the monetary receipts generated by SP in the different periods of time. Successful implementation of the project with positive net current value actually provides increase of market price of common stocks of firm. Then, as it is known from the theory of corporate finance that the most important purpose of functioning of the company in most cases is maximizing welfare of her owners (SWM). On the example of open joint stock company it is shown, in what degree the investment decisions accepted on the basis of NPV criterion, answer this corporate purpose.

Assuming as a basis the precondition that investments from positive NPV will increase welfare of owners of the company, and from negative NPV — to lower it, it is possible to formulate the following rules of adoption of investment decisions:

if result of NPV positive, it is possible to carry out capital investments if it negative, they have to be rejected;

if the presented projects are alternative.

 


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