OBJECTIVE SYSTEM FOR ASSESSING THE RESULTS OF INVESTMENT ACTIVITIES OF ENTERPRISES BY PROJECT LIFE CYCLE STAGES

Abstract

The article defines the object of assessment of the results of investment activity and proposes a system of indicators for assessment of the results of investment activity at various stages of the life cycle of projects.

It was established that the object of investment activity is all advanced investments in fixed and working capital.

It is emphasized that since the management of investment activity covers a wide time horizon, it is carried out at all stages of the life cycle of an investment project, from the conception of the project idea to its liquidation. Based on the characteristics of the goals and tasks of each stage, it is proposed to choose the appropriate indicators that will be the most informative for conclusions and management decisions on further areas of investment activity and assessment of development opportunities of enterprises in the real sector of the economy. During the evaluation of investment projects, in addition to the generally accepted indicators, specific ones inherent in the evaluation of investments are used. The following indicators are most often used: net cash flow; investment payback period, net (net) present value; internal rate (norm) of income; profitability index.

 Indicators of the efficiency of investment activity at various stages of the project life cycle are highlighted. The pre-investment stage of the project includes forecast indicators such as: net present value, internal rate of return, investment payback period, profitability index, return on investment. The investment stage of the project includes the planned indicators, in particular the assessment of compliance with the planned project implementation budget. The operational stage of the project includes actual indicators: the dynamics of the capital structure (structural shifts), the dynamics of the asset structure (structural shifts), the dynamics of income (revenues from the sale of products), the dynamics of the cost price, the dynamics of net profit, profitability indicators, liquidity indicators, solvency indicators, financial indicators stability The assessment of the results of investment activity is based not only on estimates of cash flows, but also on assessments of the results of their occurrence and movement. Therefore, the evaluation system is built from a set of predictive and retrospective static and dynamic indicators of the implementation of investment projects.