DEVELOPMENT OF THE THEORY OF ASSESSMENT OF INVESTMENT PROJECTS EFFICIENCY

The article proposes a methodological approach to distinguishing the main time and semantic stages of development of the theory of investment projects efficiency in our country. The author reveals and describes the relations between development of the theory of efficiency and the theory of optimal planning in the conditions of socialist formation and during transition to a developed market economy. Particular attention is paid to the stage of combining the theory of efficiency and the theory of optimal planning of the national economy developed by economists and mathematicians in the 1960s of the last century. The impact of the research of outstanding scientists such as L. V. Kantorovich, A. L. Lurie, N. P. Fedorenko, D. S. Lvov and others on development of the theory of the capital investments efficiency is described. The contribution of the team of authors under the leadership of V. V. Kossov, V. N. Livshits, A. G. Shahnazarov, and P. L. Vilensky in development of the theory of investment projects efficiency is described. The results of research of this team were Methodological recommendations for assessing the investment projects effectiveness approved by the Ministry of economics of the Russian Federation, the Ministry of Finance of the Russian Federation, the State Committee for construction, architecture and housing policy in 2000, which took into account the features of existing non‑stationary transition economy in Russia, in particular, such as relatively high, time‑varying rates of price growth, the dynamics of exchange rates, the lack of established securities and the real estate markets, and others. The algorithms established in this document are compared with the standard procedures of project analysis adopted by the World Bank, UNESCO, as well as formulated in the works of foreign authors developing the methods of the Cost‑Benefit and Cost‑Effectiveness Analysis. The main provisions of the Methodical recommendations and the trends of their further adaptation to the conditions of the modern Russian economy are analyzed.

efficiency, efficiency criterion, costs, results, investments, normative efficiency coefficient, discounting, net present value, optimal planning, mathematical programming, absolute and comparative efficiency.

Mironova I. A., Tishchenko T. I., Frolova M. P. Development of the theory of assessment of investment projects efficiency. Business. Education. Law, 2019, no. 2, pp. 148–153. DOI: 10.25683/VOLBI.2019.47.272.