Інвестиційні рішення: сутність, методи обґрунтування та правила прийняття

Abstract

Гуторов О.І., Гуторова О.О. Інвестиційні рішення: сутність, методи обґрунтування та правила прийняття. Розкрито сутність, методи, основні принципи та правила прийняття інвестиційних рішень, дотримання яких дасть змогу забезпечувати економічну обґрунтованість проєктів та спрощення процедури їх оцінювання, раціональність поведінки суб'єктів господарювання під час їх реалізації. Визначено черговість формування компонентів системного підходу до ухвалення інвестиційних рішень.

Гуторов А.И., Гуторова Е.А. Инвестиционные решения: сущность, методы обоснования и правила принятия. Раскрыта сущность, методы, основные принципы и правила принятия инвестиционных решений, соблюдение которых даёт возможность обеспечивать экономическую обоснованность проектов и упрощение процедуры их оценивания, рациональность поведения субъектов хозяйствования во время их реализации. Определена очерёдность формирования компонент системного подхода к утверждению инвестиционных решений.

Gutorov O.I., Gutorova O.O. Investment decisions: essence, methods of substantiation and rules of acceptance. The process of development and adoption of management decisions includes a significant list of procedures for identifying the problems and formulating the goals, objectives, their ranking, search and processing of information, identifying opportunities for resource provision, registration of necessary documents, etc. The main requirements for the process of developing a management decision are its high quality at a minimum cost and duration, as well as compliance with the principles of proportionality, self-regulating character, rhythm and specialization. Investment decisions are decisions related to cash investing in assets in a certain period of time in order to obtain a profit in the future. Investment decisions are always associated with a certain risk or uncertainty of achieving the result. The problems that are expected to be solved in the process of implementing an investment decision may have different levels of complexity, scale and duration of overcoming. Therefore, considering the degree of various risks influences on this process and the development of measures to reduce them is an integral part of an effective management decision. Despite the significant differences between the types of projects and the diversity of conditions for their implementation, the assessment of decisions efficiency and examination of projects must be carried out according to uniform rules, based on common substantiated principles. The main principle of assessing the efficiency of investment projects is to compare the amount of incomes and expenses that provided them. To assess the economic efficiency of investment projects with relatively small amounts of investments and implementation time, it is advisable to use static methods; in other case it is expediently to use the dynamic ones. The static methods for assessing the economic efficiency of investment projects include: the method of determining the average rate of return ARR (average rate of return); the method of determining the payback period PP (payback period); the method of determining the return on investment ROI (return on investment); the method of determining the accounting rate of return AROR (accounting rate of return); the method of determining the ratio of income and expenses. The indices of financial feasibility of projects are: the ratio of long-term borrowed funds and share capital; coverage ratios, absolute liquidity, coverage of long-term liabilities, and the ratio between debit and credit indebtedness. The examined methods of assessment the economic efficiency of investment projects allow a meaningful and systematic approach to the analysis of problems related to the investment, and to increase the substantiation of management investment decisions.