The investment project can be implemented if. What is an investment project

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Kinds

Exist different kinds, which are divided depending on the scale, amount of funding, duration, direction of activity, risk level, etc.:

By duration (implementation time) : short-term (up to 3 years), medium-term and long-term (over 5 years) investment projects.
By funding : small, medium, large and mega projects.
By line of business : commercial (aimed at making a profit), social (aimed at improving the lives of the population, solving social problems, etc.), environmental (aimed at solving environmental problems), scientific and technical (allowing the introduction of scientific and technical developments), industrial ( aimed at the release of a certain type of product), etc.
By scale : local, large-scale and global.
Depending on the level of risk : reliable (with a high level of guarantee, for example, government) and risky (characterized by uncertainty, for example, the introduction of new technologies).

In 2016, several thousand investment projects in various fields are being implemented on the territory of the Russian Federation. For example, according to experts, the best Internet investment funds are OWY, ROSOPLATA, Questra Holdings Investment Company, UFS Invest Company, Telecomfin, etc.

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Structure and content

To assess the effectiveness and significance of an investment project, a special document is developed, which presents it - a business plan. It presents the main advantages of the proposed idea: compliance with current regulations, profitability and efficiency, resistance to various kinds of risks, differences from similar projects, etc.

Investment project business plan shows the rationale for its attractiveness for investors, long-term development prospects, possible difficulties and ways out of difficult situations.

All information contained in the presented document must be submitted for review clearly, logically, concisely, competently, reliably, structured. At the same time, it is not recommended to overload the text with technical details, to submit deliberately false or embellished information about the project. Instead of descriptive phrases, it is better to present numerical indicators, as well as to roll up and organize information in the form of tables and graphs.

Structure business plan is not regulated by regulatory documents and may vary depending on the complexity and volume of the investment project.

Approximately one can define the following content elements business plan:

How to create an investment project on the SIMEX platform is shown in this video:

Settlement part

financial model

This stage implies justification of the need for investments for the implementation of the project and covering the cost of borrowed and borrowed funds. All figures presented here are either with a minus sign, which means the company's expenses for the project, or with a plus sign, which shows the receipt of funds into the company's account.

Building a financial model includes the following steps:

determination of proceeds from the sale of products by year of the project;
determination of the amounts of operating costs for the years of the project;
calculation of profits and taxes for the years of the project;
cash flow calculation;
calculation of performance indicators using discounting methods;
drawing up a loan repayment schedule;
calculation of the debt recovery ratio by year.

Economic efficiency

When evaluating the effectiveness of the project under consideration, one should take into account the following indicators:

settlement period (the period of time for which the proposed plan is fully implemented);
net investment (the amount of costs required for the idea to be successfully implemented);
cash flow (this is the difference between the amounts of receipts and payments for the project, cash flow in real time);
liquidation value (represents the price for which the project can be sold on the market for a certain period, its maximum value).

ROI

The concept of an investment project means such use of funds in the implementation of the project, when the enterprise not only covers its financial costs, but also makes a profit.

Return on investment means investment performance indicator, which can be calculated by dividing net profit by the amount of investment. Sometimes ROI can be defined as a ratio to the amount of equity and long-term debt.

ROI = (Income from investments / volume of deposits) x 100%

Analysis and evaluation methods

There are various evaluation criteria: according to social significance, the level of involvement of labor resources, the volume of impact on the external environment, etc. However, first of all, economic efficiency indicators are subject to analysis.

The methods used are designed to answer the question: how profitable is it to invest in this proposal. The problem of such an assessment lies in the analysis of the ratio of investments in the project and the income received from its implementation.

The evaluation of an investment project, first of all, takes into account such factors as cash flows and their distribution over time, illustrating the size of the expected profit, the period of its receipt and possible risks.

Simple (static), not taking into account the time factor, and complicated (discounted) valuation methods are used, based on the theory of change in the value of money over time.

Simple Methods are based on the recognition of the equal importance of income and expenses in investment activities and do not take into account the time value of money. These include the calculation and calculation of the rate of return.

At the same time, it is necessary to understand that the investment project is long in time.

Between the investment of funds and the receipt of income, a period of one year or more can pass, while simple methods for determining efficiency ignore this feature. In addition, the evaluation of an investment project requires taking into account inflation rates.

Complicated Methods estimates involve comparing project costs with revenues reduced to their present value at the time the costs are incurred (taking into account the level of risk). Here we are talking about discounting income, taking into account the time factor.

In the calculations are used the following indicators:

payback period of the project;
net present value of income;
project profitability index;
internal rate of return;
modified rate of return;
financial management rate of return.

The analyst evaluates the effectiveness of the project based on the totality of the above indicators, as well as on the basis of their comparison.

Possible risks

Investing in any kind of projects is always associated with various risks. The degree of their influence on development is most often associated with the nature of the economic situation in the world, country and region, with changes in the investment market, and also depends on the type and form of investment in the project itself.

Investment project risk (or project risk) means the likelihood of adverse financial consequences in the form of loss or insufficiency of the expected investment income in a situation of uncertainty in the conditions for its implementation.

Level of project risk is in third place in terms of importance in the system of indicators of the effectiveness of such projects after the volume of investment costs and net cash flow.

The risk of an investment project is a rather complex concept, which may have such peculiarities as: integrated nature, objectivity of manifestation, high variability, lack of reliable indicators for its assessment, etc.

For the maximum possible reduction of costs from the onset of negative situations, the practice of risk management is used in investing, which is based on the assessment and analysis of existing risks and the selection of the most appropriate management methods in a given situation.

Among the methods used for risk management, the following methods can be distinguished:

risk avoidance, which consists in refusing to take certain actions;
risk prevention and control (reduction of the negative effect of the risk and control over it);
risk acceptance (willingness to cover losses from it);
risk redirection (redistribution of its level with other objects, which includes, for example, risk insurance).

An example of the presentation of an investment project, see the following video:

The main definitions regarding the concept of "Investment project" are given in the Federal Law "On investment activities in the Russian Federation, carried out in the form of capital investments" dated February 25, 1999 No. 39-FZ with subsequent additions and changes, and in cases where The law lacks the necessary definitions, based on its meaning. Consider the basic concepts that are given in the "Recommendations", and then we will analyze them in more detail from the point of view of an applied nature.

Project. This term can be understood in two senses:

as a set of documents containing the formulation of the goal of the forthcoming activity and the definition of a set of actions aimed at achieving it,

as this complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal,

those. as documentation and as activity. In the "Recommendations for evaluating the effectiveness of investment projects" in all cases, except where otherwise specified, the term "project" is used in the second sense, in the sense of activity.

Public significance (scale) of the project is determined by the impact of the results of its implementation on at least one of the (internal or external) markets: financial, products and services, labor, etc., as well as on the environmental and social situation.

Depending on the significance (scale), projects are divided into:

global, the implementation of which significantly affects the economic, social or environmental situation on Earth;

economic, the implementation of which significantly affects the economic, social or environmental situation in the country, and when assessing them, one can limit oneself to taking into account only this influence;

large-scale, the implementation of which significantly affects the economic, social or environmental situation in certain regions or sectors of the country, and when assessing them, it is possible not to take into account the impact of these projects on the situation in other regions or sectors;

local, the implementation of which does not have a significant impact on the economic, social and environmental situation in the region and does not change the level and structure of prices in commodity markets.

Investments- funds (cash, securities, other property, including property rights having a monetary value) invested in business and (or) other activities for the purpose of making a profit and (or) achieving another beneficial effect.

funds generated during the implementation of the project. They can be used as investments (in cases where investment continues after the funds are put into operation) and generally include profit and depreciation of production assets. The use of these tools is called self-financed project.

funds external to the project, which include:

facilities investors see below (including own funds of the operating enterprise - project participant), generators share capital project. These funds are non-refundable: the individuals and/or legal entities that provided them are co-owners of the created production assets and consumers of the funds received through their use. net income,

subsidies- funds provided on a gratuitous basis: appropriations from the budgets of various levels, entrepreneurship support funds, charitable and other contributions from organizations of all forms of ownership and individuals, including international organizations and financial institutions;

borrowed money(credits, loans) subject to return on predetermined conditions (repayment schedule, interest rate);

funds in the form of property provided for rent (leasing). The conditions for the return of these funds are determined by the lease (leasing) agreement.

Subsidies, borrowed funds, funds provided for rent (leasing) are not included in the share capital of the project and do not give the right to participate in the income of the project.

Capital investments- investments in fixed capital (fixed assets), including the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, tools, inventory, design and survey work (R&D) and other costs.

capital investment- investments consisting of capital investments, working capital, as well as other funds necessary for the project. In the Recommendations everywhere, except for Sect. A4.6 of Appendix 4, the word "investments" means "capital-forming investments".

Investment project (IP)- justification of the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical actions for the implementation of investments (business plan). An investment project is always generated by some project(understood in the sense of the second definition), the rationale for the expediency and characteristics of which it contains. In this regard, certain properties, characteristics and (or) parameters of IP (duration, implementation, cash flows, etc.) in the Recommendations mean the corresponding properties, characteristics and (or) parameters the project it generates.

Investment project efficiency- a category that reflects the compliance of the project that generates this IP with the goals and interests project participants(see below). To assess the effectiveness of an IP, it is necessary to consider the project that generates it for the entire period of the life cycle - from pre-project study to termination. Therefore, the term "investment project efficiency" ("IP efficiency") is understood in the Recommendations as "project efficiency". The same applies to performance indicators.

The financial feasibility of an investment project is the provision of such a structure of cash flows, in which at each calculation step there is a sufficient amount of money to implement the project that generates this IP. The terms "financial feasibility of an investment project" ("financial feasibility of an IP") and "financial feasibility of a project" in the Recommendations act as synonyms. Similarly, we can talk about "cash flows (inflows, outflows, payments and receipts) of the IP", meaning, respectively, the cash flows (inflows, outflows, payments and receipts) of the project associated with this IP.

Design materials- a document (system of documents) containing a description and justification of the project. This term covers both the documents that are mandatory in the design of capital construction facilities, and additional materials developed by the project participants during the examination, preparation for implementation and in the process of implementing projects. Project materials must contain the information necessary to assess the effectiveness of the IP (the composition of such information is disclosed in Section 3 and Appendix 2 of the "Recommendations"). It is assumed that the project materials contain all the necessary information about the technical, technological and organizational characteristics of the project.

Organizational and economic mechanism for project implementation- a form of interaction between project participants, recorded in project materials (and in some cases in statutory documents) in order to ensure the feasibility of the project and the possibility of measuring the costs and results of each participant associated with the implementation of the project.

The organizational and economic mechanism for the implementation of the project in the general case includes:

regulatory documents on the basis of which the interaction of participants is carried out;

obligations assumed by the participants in connection with their joint actions to implement the project, guarantees of such obligations and sanctions for their violation;

conditions for financing investments, in particular - the main conditions of loan agreements (terms of the loan, interest rate, frequency of interest payments, etc.);

special conditions for the turnover of products and resources between participants (for example, the use of barter exchange, preferential prices for mutual settlements, the provision of commodity loans, the transfer of fixed assets for permanent or temporary use, etc.);

a project implementation management system that ensures (with possible changes in the project implementation conditions) proper synchronization of the activities of individual participants, protection of the interests of each of them and timely adjustment of their subsequent actions in order to successfully complete the project;

measures for mutual financial, organizational and other support (provision of temporary financial assistance, loans, payment deferrals, etc.), including state support measures;

the main features of the accounting policy of each Russian participating enterprise, as well as foreign participating firms receiving income from participation in the project in the Russian territory.

The need to use information about the organizational and economic mechanism for the implementation of the project arises, first of all, when assessing its commercial effectiveness (for each project participant, the most important elements of this mechanism will be those that affect its costs and income

Separate elements of the organizational and economic mechanism at the stage of project implementation can be fixed and specified in the statutory documents and agreements between the participants.

Project participant- the subject of investment activity on this project. The project participants include the subjects of investment activity listed in the Federal Law on Investment Activities, as well as society as a whole.

Shareholder- an investor who owns shares of the enterprise (organization) implementing the project.

Creditor(lender) - an investor providing borrowed funds for the implementation of the project. The lender may simultaneously acquire rights to a certain share of the profits or output, for example, by acting as a shareholder in a new enterprise or borrowing company.

It is recommended to assess the feasibility and effectiveness of the project taking into account factors uncertainty And risk (Methods for such accounting are detailed in Section 10 and Appendix 9 of the Recommendations).

Uncertainty- incompleteness and/or inaccuracy of information about the conditions for the implementation of the project, the costs incurred and the results achieved.

Risk - uncertainty associated with the possibility of adverse situations and consequences during the implementation of the project. Unlike uncertainty, the concept of "risk" is more subjective - the consequences of the project implementation, which are unfavorable for one of the participants, may be favorable for the other.

The Recommendations consider the impact on the implementation of the IP of such elements of the economic environment as various manifestations of inflation, participation in the implementation of the IP of various currencies, interest rates, and the taxation system.

inflation (inflation) - an increase in the general (average) price level over time. It is characterized by a general inflation index - an index of changes in the general (average) price level in the country and price levels for certain types of goods, works and services, counted from the initial moment - the moment of development of project materials.

The essence of investment contains a combination of two aspects of investment activity: the cost of resources and the results obtained.

Investments are made in order to obtain a result - quantitative (income) or qualitative (for example, in the field of education - building a school and increasing the number of educated people), they are useless if they do not bring results.

For the case of decision-making at the enterprise level, costs can be attributed to investment if, as a result of the decision:

the structure, composition and volume of assets of an enterprise or a certain company change;

the payoff from the decision is mainly expected over a long period of time;

usually require significant costs.

The theory of investment is traditionally considered by Western economic science as a central problem, solved from both micro- and macroeconomic positions.

The microeconomic theory of investment puts at the forefront the process of making investment decisions at the enterprise level, providing entrepreneurs with specific evidence-based methods for forming an optimal investment policy.

The macroeconomic theory of investment, founded by D. Keynes, considers the problem of investment from the standpoint of the entire economy as a whole, focusing on government investment policy, income policy and employment.

To make a decision on a long-term investment of capital, it is necessary to have information confirming two main assumptions:

Firstly , invested funds will be fully reimbursed;

Secondly , the profit received from this operation will be large enough to compensate for the temporary suspension of the use of funds, as well as the risk arising from the uncertainty of the final result.

Thus, the problem of making an investment decision comes down to an analysis of the adequacy of the plan for the expected development of events and the likely consequences of its implementation to the expected result.

In the most general sense, investment project- is an investment of capital with the aim of subsequent income.

The methodological basis of project analysis is the systemic concept of "project".

Project is a holistic object, the essence of which is multifaceted:

firstly, from the moment the idea of the project is born to the stage of its materialization in real objects (whether industrial enterprises or social infrastructure facilities engaged in the production of products or services), a certain time is required, which is the life cycle of the project;

secondly, before investing money in a project, it is necessary to conduct its comprehensive examination in order to prove its feasibility and feasibility, as well as to evaluate its effectiveness in technical, commercial, social, institutional, environmental, financial and economic aspects.

We have already considered the basic concepts that are used in the "Methodological recommendations for evaluating the effectiveness of investment projects and their selection for financing" (hereinafter referred to as the Recommendations)

In the work of Shapiro V.D. ( Shapiro V.D. etc. Project management. - St. Petersburg: DvaTri, 1996.) a project is understood as a system of goals formulated within its framework, created or modernized for their implementation of physical objects, technological processes; technical and organizational documentation for them, material, financial, labor and other resources, as well as management decisions and measures for their implementation.

In another work (Investment design: a practical guide to the economic justification of investment projects / Under the scientific. ed. SI. Shumilin. - M.: Finstatinform, 1995.) an investment project is understood as a comprehensive plan of measures (including capital construction, acquisition of technologies, purchase of equipment, training, etc.) aimed at creating a new or modernizing (expanding) the existing production of goods and services in order to obtain economic benefits.

To a greater extent, the essence of the project analysis corresponds to the interpretation of the project as a set of interrelated activities designed to achieve the set goals within a limited period of time and with an established budget.

Any project is introduced into a real-life external environment: at the input, the project draws resources from it to create products or provide any services, and at the output, the environment accepts the results of project activities. For the success of the project, one cannot ignore its interaction with the external environment, which is carried out through a comprehensive examination of the project - a systematic, interconnected study of the internal and external environment of the project.

So, for its implementation, any project needs resources - financial, material, labor - for the implementation of both the production process and the management process.

At the very early stage of working with a project, it becomes necessary to collect the most complete information about the scope of the project, about the participants in this project, about the legal support for the normal course of the production process. At the stage of development of project documentation, this information is supplemented and becomes complex, which makes it possible to predict the progress of the implementation and operation of the project with a greater degree of validity.

In most specialized literature, investment projects are classified according to the degree of obligation, urgency and degree of connectedness:

According to the level of obligation :

Mandatory. These projects are required to comply with rules or regulations. They may be for critical asset upgrades, to keep existing assets running. This type includes contract projects, i.e. designed to ensure contractual obligations, for example, investment projects for environmental protection.

Optional. This may include any non-mandatory development projects, such as the replacement of failed equipment.

By urgency :

Urgent. These projects are either not available at all in the future, or they lose their attractiveness if, for example, various kinds of acquisitions are postponed.

Postponed. Along with urgent investments, there is a fairly large range of investments that can be postponed, while their attractiveness, although changing, is rather insignificant. An example is the reactivation of stopped wells.

According to the degree of connection :

Alternative. There are projects in connection with which the adoption of one project precludes the adoption of another. These projects are, as it were, competitors for the company's resources. The evaluation of these projects occurs simultaneously, but they cannot be carried out simultaneously. Examples are projects that completely exhaust the company's current resources: installing satellite communications in the company and drilling a new field.

Independent. Rejection or acceptance of one of these projects does not affect the decision on the other project, these projects can be carried out simultaneously, their evaluation is carried out independently. For example, the reconstruction of two unrelated divisions in the company.

interconnected. The acceptance of one project depends on the acceptance of the other. These projects are evaluated simultaneously with each other as a project, resulting in a single decision.

But such a simplified classification system cannot describe all the projects encountered in practice and cannot reflect the features of financing, their significance, the role of industry affiliation, etc.

There are many other approaches and signs of classification.

In the book Karavaev E.P. Industrial investment projects: theory And practice engineering ; "MISIS". 2001.-299 p. the following type of project classification is given:

Table 3.1.

Purpose	Goals	Means to achieve	Resources and	Result
		goals	wounds

Industrial	New markets	Construction	Limited	Sales of products
	New products	object, issue	material,	Payback
	Commercial	new product	financial,
	(usually)	tions. Implementation	labor. Same-	nested
		contemporary	hard times-
		technology,	nye framework
		equipment
Environmental	Decrease on-	Construction	Limited
	loads on the	object, protection	material,	social
	living environment.	nyh construction	financial,	and economic
	Non-commercial	ny. Complex	labor	problems
	(usually)	activities for
		restriction
		or exclusion
		harmful emissions

Search in-	Research and	Conducting ex-	Limited	Negative-
innovative	creation of new	periods	material,	ny or
	technologies and		financial,	positive
	equipment.		labor. Not-	with transition
	Commercial and		hard limits	to industrial
	non-commercial		you time	lazy pro-

search engines	Discovery and use	Travel and	Limited	Negative-
space-	following but-	expeditions	material,	ny or on-
	out areas in		financial,	positive
	space.		labor. Og-	with transition
	Non-commercial		injury during	to development
				new areas


Architectural	Aesthetic.	Construction		Negative-
construction	Development of new			ny or
	construction			positive
	technologies, ob-			with the introduction
	ore and ma-			in industrial
	materials. Com-			fief and
	mercantile and non-			other pro-
	commercial

Humanities	Establishment and	human	Financial.	Solution co-
	strengthening to-	contacts. Kul-	Implicit	social
	faith in society	tour exchanges	during
	ve. Non-commercial

Medical and	Health protection	Creation of new	material,	Solution me-
in the field of health	of people. Fighting	drugs, me-	financial,	dicin and \|
protection.	epidemics	methods, techno-	labor	social
	commercial	hye treatment. Or-
	(usually)	organizational
Social	Improvement	Privileges. Mero-	Legislator-	Solution co-
	catch of life.	acceptance. Subsi-	nye acts. Ma-	social
	Non-commercial		erial,
			financial

Publishing	Spreading	Print edition	material,	Solution co-
	knowledge, experience.	products	financial,
	Commercial and	or other but	labor	economic
	non-commercial			ski and technical
		information		nic


In the field of	aesthetic,	Creation of	material,
	moral and	knowledge of art	financial	social.
	spiritual upbringing	various		ethical.
	tanya and enlightenment			aesthetic
	schenie. Commercial			and social
	cal and non-			political
	merchandise			problems \|
In the area of	Perfection-	Creation of new	material,	Solution co-
education	system	methods and	financial,	social
	education. By-	gram of learning.	labor.
	raising qualifications	New training	Cyclic during
	fiction and re-	institutions. Pro-
	Preparation.	conducting seminars
	Commercial and	moat, symposium
	non-commercial	mov etc.

The following table presents the universal classification of investment projects

Table 3.2.

SIGNS OF CLASSIFICATION	TYPES OF INVESTMENT PROJECTS
Functional orientation	development; sanitation
Implementation period	Short-term; medium-term; long-term
Investment goals	Providing: increasing production volumes; expansion (updating) of the assortment; improving product quality; cost reduction; aimed at solving social, environmental and other problems
The amount of resources needed	Small; medium; large; megaprojects
Level of mutual influence	Alternative; independent; interdependent; complementary
Degree of urgency	urgent; deferred
obligatory	Mandatory; optional
Proposed funding scheme	Funded from domestic sources; financed by shareholding; financed by a loan; with mixed forms of financing
The degree of influence on the external environment	Global; large scale; regional scale; urban (intra-industry) scale
Field of activity	Social; economic; organizational; technical; mixed
Complexity	simple; complex; very difficult
Purpose	industrial purpose; innovative
	Internal; external
Type of expected income	Cost reduction; expansion income; entering new markets; expansion into new business; risk reduction; social effect
Cash flow type	Ordinary; extraordinary
Risk attitude	risky; risk-free
Parent organization level	International; federal; regional; corporate
Industry affiliation	Intra-industry; intersectoral
Availability of a prototype	Typical; using standard solutions; original

Classification of investment projects according to I.A. Blank:

By functional orientation

Investment development projects

Investment projects of rehabilitation

For investment purposes

Investment projects that provide an increase in the volume of production output

Investment projects that ensure the expansion (updating) of the product range

Investment projects that improve product quality

Investment projects that reduce the cost of production

Investment projects that ensure the solution of social, environmental and other problems

By implementation compatibility

Investment projects independent of the implementation of other projects

Investment projects dependent on the implementation of other projects

Investment projects excluding the implementation of other projects

By implementation time

Short-term investment projects with a period of implementation up to one year

Medium-term investment projects with a period of implementation from one to three years

Long-term investment projects with a period of implementation of more than three years

By the volume of necessary investment resources

Small investment projects (up to 100 thousand USD)

Medium investment projects (from 100 up to 1000 thousand USD)

Large investment projects (over 1000 thousand US dollars)

According to the proposed financing scheme

Investment projects financed from domestic sources

Investment projects financed by corporatization (initial or additional issue of shares)

Investment projects financed by a loan

Investment projects with mixed forms of financing

In the economic literature, there are other classification types of projects.

Thus, the complexity and size of projects and the impact of their results on the economic, social or environmental situation characterize significance projects.

Along with the specified features of investment projects, there are other signs by which they stand out. Thus, the two analyzed projects are called independent projects, if the decision to invest in one of them does not affect the decision to finance the other. For example, the decision to establish a center for new medical technologies should not affect the possibility of implementing a project to build an urban rehabilitation center. The effect of the simultaneous implementation of these projects will be equal to the sum of the effects of these projects.

If two or more analyzed projects cannot be implemented simultaneously, then such projects are called alternative or mutually exclusive. Typically, such projects include the construction of large enterprises, which include separate production facilities, united by technology and organization of production, as well as transport communications and power supply systems.

It must be said that in reality most investment projects are conflicting projects i.e., to projects in which different ways of achieving the same goal are assumed. Conflicting projects can also be recognized as projects with different purposes, but requiring approximately the same investment for their implementation. Therefore, an investment company always chooses from the analyzed options such a project, which, with all the restrictions on invested capital, will bring it the greatest benefit.

Investment projects can also differ in their organizational, operational and time series.

Organizational framework The project is characterized by the composition of its participants. In turn, the composition of participants is determined by a large number of factors: the level of specialization; the complexity of individual parts of the project; organizational structure for managing participants, project financing, etc.

Operating framework of the project are determined by the actions of its participants in accordance with the requirements of the project documentation and the adopted technology.

Time frame project are characterized by the period of project implementation. They are established on the basis of duration norms for objects financed by the state budget, or on the basis of the payback period for capital investments for projects implemented at the expense of private investors.

Investment projects can also be grouped according to the minimum threshold rate of return. The minimum rate of return can be adjusted depending on the level of return on securities, the lending rate, etc. At the same time, with an increase in investment risk, the threshold value of the rate of return increases, and the choice of a financing scheme becomes more complicated.

Along with investment projects for industrial purposes, be innovative projects, aimed at the development and creation of new effective materials, devices, equipment, machines, technologies or technological processes. The implementation of projects for industrial and innovative purposes are often closely related, since their effectiveness depends not only on a scientific idea, but also on its implementation.

For the implementation of the planned programs of the country's economic growth, investment projects aimed at the following sectors are promising:

military-industrial complex;

housing construction;

light industry;

mechanical engineering;

metallurgy;

oil refining and petrochemistry;

fuel and energy complex (FEC);

food complex;

transport, communication and telecommunications;

The scale of the project in terms of its complexity and costs of implementation, as well as the impact on the environment, determine the level of justification and the possibility of its implementation in a given period of time.

The decision to form an investment project is preceded by:

evaluation of the investment proposal, which substantiates the idea of the project, by the governing bodies;

preliminary approvals from federal, regional and local authorities, selection of an enterprise (organization) capable of implementing the project by the recipient.

availability of funds.

The information considered to make an investment decision should include the following:

project goals, its orientation and economic environment (taxes, state support, risk, etc.);

marketing information (marketability, competitive environment, prospective sales program and product range, pricing policy);

material costs (needs, availability of raw materials, prices and terms of supply of raw materials and components, auxiliary materials and energy carriers);

location, taking into account labor, climatic, social and other factors;

design and construction information (selection of planning and design solutions for buildings and structures, utilities) and design information (selection of industrial production technology, specifications of standard and non-standard equipment and conditions for its manufacture and delivery, design documentation, etc.);

information on the organization and management of production (structure of the enterprise, form of ownership, management system, marketing and distribution, etc.);

personnel (need, availability, need for training, payment terms and work schedule);

project implementation schedule (preparatory work, construction, installation and commissioning, operation period);

volumes of financing by periods of project implementation;

project performance evaluation

The results of the preliminary analysis and evaluation of the effectiveness of the investment project are used to prepare a preliminary feasibility study (PTES), and then the final feasibility study (FS).

If the company sees the feasibility of implementing a number of investment projects, distinguished by the direction of production or scale, then in these cases a preliminary assessment of the effectiveness of the project can be presented in the form of a feasibility report (TED) or a feasibility study (TER).

In conclusion, it should be noted that the above classifications do not exclude the possibility of the existence and development of other types of investment activities. For example, there is investment in production and economic activities, that is, the use of capital as working capital or for the acquisition of fixed assets. However, for all cases, descriptions of the project idea, method of analysis and evaluation of the effectiveness of the project are required.

The definition of an investment project is given in Federal Law No. 39-FZ, as well as in the "Methodological recommendations for assessing the effectiveness of investment projects" (No. VK 477, approved by the Ministry of Economy, the Ministry of Finance and Gosstroy of the Russian Federation on 21.06.99). It should be borne in mind that in the "Methodological recommendations ..." the concepts of "project" and "investment project" are introduced separately. Thus, the term "project" is understood in two senses:

A set of documents containing the formulation of the goal of the forthcoming activity and the definition of a set of actions aimed at achieving it;

The complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal; that is, as a documentation and as an activity. In the future, in all cases, except where otherwise specified, the term "project" will be used in the second sense.

An investment project (IP) in the "Guidelines..." is defined in the Law "On Investment Activity..." as a rationale for the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical steps for making investments (business plan).

In other words, according to this definition, an investment project is, first of all, a comprehensive plan of measures, including design, construction, acquisition of technologies and equipment, training of personnel, etc., aimed at creating a new or modernizing the existing production of goods (works, services ) for the purpose of obtaining economic benefits. An investment project is always generated by some project (in the sense of the second definition), the rationale for the expediency and characteristics of which it contains. In this regard, under certain properties, characteristics, parameters of the IP (duration, implementation, cash flows, etc.) in the "Methodological recommendations ..." refers to the corresponding properties, characteristics, parameters of the project that generates it.

The classification of investment projects can be carried out according to several criteria. So, depending on their mutual influence, investment projects (IP) can be divided into:

Independent, when the decision to accept one project does not affect the decision to accept another. In order for investment project A to be independent of project B, two conditions must be met:

There must be opportunities (technical, technological) to implement project A, regardless of whether project B is accepted or not;

The cash flows expected from project A should not be affected by the acceptance or rejection of project B.

Sometimes a firm cannot carry out two projects at the same time due to lack of funds. In such a situation, the acceptance of one project will entail the rejection of the second.

However, it would be wrong to call projects dependent only on the grounds that the investor does not have enough funds for their joint implementation.

If the decision to implement one project has an impact on another project, that is, the cash flows for project A change depending on whether project B is accepted or rejected, then the projects are considered dependent. Such projects can also be divided into the following types:

Alternative (mutually exclusive), when two or more analyzed projects cannot be implemented simultaneously, and the acceptance of one of them automatically means that the remaining projects cannot be implemented. For example, on an allotted plot of land, either a workshop, or a canteen, or a parking lot for cars can be built: the acceptance of one of these projects automatically makes the implementation of others impossible;

Complementary, when the implementation of several projects can only take place jointly. At the same time, complementary projects can be divided into:

Complementary, when the adoption of one investment project leads to an increase in income from other projects;

Substitution-related projects where the acceptance of a new project results in some reduction in revenue for one or more ongoing projects.

Identification of relations of complementarity and substitution implies the prioritization of investment projects not in isolation, but in combination, especially when the acceptance of the project according to the chosen main criterion is not obvious.

According to the timing of implementation (creation and operation), IP can be divided into:

Short-term (up to 3 years);

Medium-term (3-5 years);

Long-term (over 5 years).

When classifying projects according to their scale, it should be taken into account that the scale of the project characterizes its social significance, which is determined by the impact of the results of the project on at least one of the internal or external markets (financial, goods and services, resources), as well as on the environmental and social situation. From this point of view, it is recommended to subdivide projects by scale into:

Global, the implementation of which significantly affects the economic, social or environmental situation on Earth;

Economic, influencing the whole country as a whole or its large regions (Urals, Volga region); and when evaluating them, one can limit oneself to taking into account only this influence;

Large-scale, covering individual industries or large territorial entities (subject of the Federation, cities, districts); and when assessing them, it is possible not to take into account the impact of these projects on the situation in other regions or industries;

Local, the action of which is limited to the scope of a given enterprise implementing IP. Their implementation does not have a significant impact on the economic, social and environmental situation in the region and does not change the level and structure of prices in the commodity markets.

According to the main focus, projects can be divided into:

Commercial, the main purpose of which is to make a profit;

Social, focused on solving, for example, the problems of unemployment in the region or the social adaptation of former military personnel, etc.;

Ecological, the main focus of which is to improve the living environment for people, as well as flora and fauna.

Investment cycle

The period of time between the start of the project and its liquidation is commonly called the investment cycle. The investment cycle is usually divided into phases, each of which has its own goals and objectives:

Pre-investment - from preliminary research to the final decision on the adoption of an investment project;

Investment - including design, conclusion of an agreement or contract, contract for construction work, etc.;

Operational (production) - the stage of economic activity of the enterprise (object);

Liquidation - when the consequences of the IP implementation are eliminated.

The pre-investment phase includes several stages:

a) identification of investment opportunities;

b) analysis using special methods of alternative project options and project selection; c) conclusion on the project;

d) making a decision on investment.

Each stage of an investment project should help prevent surprises and possible risks at subsequent stages, help find the most economical ways to achieve the desired results, and develop it.

At the pre-investment phase, it is necessary to formulate an investment plan (identify the project). Ideas for the implementation of an investment project appear in connection with the unsatisfactory demand for goods and services, the availability of temporarily free funds, the desire to realize entrepreneurial abilities, etc. As a rule, several options for a business idea are considered and options that involve high cost, excessive risk, lack of reliable sources of financing are rejected.

The investment intention is reflected in the Declaration of Intent. The Declaration contains information about the investor, the location of the facility, the technical and technological characteristics of the investment project, the need for various resources (labor, raw materials, water, land, energy), sources of financing, the impact of the facility on the environment, marketing of finished products.

The next required document is the Justification of Investments. This document is developed taking into account the requirements of state bodies and must necessarily pass an examination. The Investment Justification reflects the general characteristics of the industry and the enterprise, the goals and objectives of the project, the characteristics of facilities and structures, the provision of resources, the current state and forecast of the product market, the project management structure and the assessment of the effectiveness of the investment project.

This document serves as the basis for issuing, if necessary, an act of choosing a land plot. As part of the investment justification, the question of the viability of the project is considered. The viability of the project is evaluated in terms of cost, implementation time and profitability. Evaluation allows you to identify the reliability, payback and effectiveness of the project. The viability of a project means its ability to generate cash flows not only to compensate for the invested funds and risk, but also to make a profit. As a rule, the evaluation is carried out using methods for analyzing the effectiveness of projects.

When making a decision on investing money in a project, project expertise plays an important role. Examination is an assessment of the project in order to prevent the creation of objects, the use of which violates the interests of the state, the rights of individuals and legal entities, or does not meet the established requirements of standards, as well as to determine the effectiveness of ongoing investments. Investment projects that are carried out at the expense or with the participation of the budget of various levels, which require state support or guarantees, are subject to state comprehensive examination.

Expert subdivisions of ministries and departments carry out an examination of projects on the feasibility of the project, on its compliance with urban planning, sanitary, environmental, social requirements. The work on the examination is carried out by a group of experts, which prepares an opinion, which contains the final conclusions on the feasibility of the project, as well as an assessment of the technical, financial, economic, environmental and social aspects of the project.

The final stage of pre-investment studies is the development of a feasibility study (FS). A feasibility study is a set of calculation and analytical documents that reflect the initial data on the project, the main technical, technological, calculation and estimate, estimated, design, environmental solutions, on the basis of which it is possible to determine the effectiveness and social consequences of the project.

A feasibility study is a mandatory document when financing capital investments from the state budget (in full or on an equity basis), centralized funds of ministries and departments, and own resources of state enterprises. The development of a feasibility study is carried out by legal entities and individuals who have received a license to perform the relevant types of design work.

In practice, there is no single, universal model of feasibility study. But foreign and domestic experience allows us to give an approximate structure of the sections of the feasibility study:

1. Background and main idea of the project.

2. Market analysis and marketing strategy.

3. Provision of resources.

4. Location of the investment object and the environment.

5. Design and technology.

6. Organizational chart and enterprise management. Investment management in the field of real investments.

7. Labor resources.

8. Project implementation.

9. Financial analysis and investment evaluation.

10. Summary.

The investment phase consists in making strategic planning decisions that should allow investors to determine the volume and timing of investment, as well as draw up the most optimal project financing plan. As part of this phase, contracts and work contracts are concluded, capital investments, construction of facilities, commissioning, etc. are carried out.

The operational (production) phase of the investment project consists in the current activities of the project: the purchase of raw materials, production and marketing of products, marketing activities, etc. At this stage, direct production operations are carried out related to mutual settlements with counterparties (suppliers, contractors, buyers, intermediaries), which form cash flows, the analysis of which allows us to evaluate the economic efficiency of this investment project.

The liquidation phase is associated with the stage of completion of the investment project, when it has fulfilled its goals or exhausted its capabilities. At this stage, investors and users of capital investment objects determine the residual value of fixed assets, taking into account depreciation, evaluate their possible market value, sell or conserve retired equipment, and, if necessary, eliminate the consequences of the implementation of IP.

The liquidation phase can also occur in the event of a premature closure of the project, regardless of the degree to which the goals have been achieved. Such a decision may be caused by a change in the investor's plans, lack of funds for the implementation of the project, errors in calculations, the emergence of alternative projects, etc. If there is a potential possibility of resuming the project, the closure process should include preparation for the future restoration of the organizational structure of the project and the possibility of resuming work. When a project has come to a normal or premature end, the problem of its closure should be treated as a special project, a one-time unique task with specific resource constraints.

Source - Maksimova V.F. Investment management: Educational and practical guide. – M.: Ed. EAOI center. 2007. - M., 2007. - 214 p.

Investment project, concept and purpose

An investment project (IP) is a rationale for the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical action to implement investment(business plan).

An investment project is a plan or program of measures related to the implementation of capital investments and their subsequent reimbursement and receipt arrived.The term "investment project" can be understood in two senses:

as a set of documents containing the formulation of the goal of the forthcoming activity and the definition of a set of actions aimed at achieving it;

as this complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the formulated goals.

A correctly drawn up investment project ultimately answers the question: is it worth investing at all? money in this case and whether it will bring income that will pay off all the costs of effort and money? It is very important to draw up an investment project on paper in accordance with certain requirements and carry out special calculations - this helps to see future problems in advance and understand whether they can be overcome and where you need to insure yourself in advance.

The purpose of the investment project is to help entrepreneurs and economists to solve four main tasks:

explore capacity and future prospects market sales;

estimate the costs that will be necessary for the manufacture and sale of the products needed by this market, and commensurate them with those prices for which you can sell your goods to determine the potential profitability of the planned business;

discover all possible "pitfalls" that lie in wait for a new business;

determine those signals and those indicators, on the basis of which it will be possible to regularly evaluate the activity of the enterprise.

Classification of investment projects When deciding on investment, it is advisable to determine where it is more profitable to invest capital: in production, securities, the purchase of goods for resale, real estate or currency. Therefore, when investing, it is recommended to take into account the following main points, for example, capital investments with long payback periods must be financed with long-term borrowed funds. Investments with a significant degree of risk are recommended to be financed from own funds (net profit and depreciation). It is necessary to choose such investments that provide the investor with the achievement of the maximum (marginal) profitability. The return on investment should always be above the inflation index. Methodological recommendations also involve the use of a number of important principles in the development, analysis and examination of investment projects, the main of which are the use of the principle of alternativeness; development and examination of the project in a number of mandatory sections or aspects, such as technical commercial, institutional, environmental, social, financial (micro level) and economic (macro level); the use of internationally accepted criteria for evaluating the effectiveness of projects based on determining the effect by comparing the upcoming integral results and costs with a focus on achieving the required rate of return on capital and other indicators, while bringing future costs and incomes to the conditions of their commensurability, taking into account the theory of the value of money in time; taking into account the uncertainty and risks associated with the implementation of the project, etc. There are various classifications of investment projects. Depending on the features underlying the classification, the following types of investment projects can be distinguished: I In relation to each other: · independent allowing simultaneous and separate implementation, and the characteristics of their implementation do not affect each other; Mutually exclusive i.e. not allowing simultaneous implementation. In practice, such projects often perform the same function. Of the totality of alternative projects, only one can be implemented; Complementary, the implementation of which can only occur jointly. II By implementation time (creation and operation):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

Short-term projects imply short deadlines for implementation. The cost of a short-term project may increase in the course of its implementation. The customer goes to increase the cost of the project in order to gain time to maintain priority in the competition in the sales market. Short-term (high-speed) projects, as a rule, are characteristic of enterprises with a rapidly updating product range, in restoration work, in the creation of pilot plants, etc. Long-term projects are usually those that implement capital-intensive investments (for example, investing in the construction and reconstruction of real estate). III By scale (most often the scale of the project is determined by the size of the investment): · small projects, the action of which is limited to the framework of one small firm implementing the project. Basically, they are plans to expand production and increase the range of products. They are distinguished by relatively short implementation times. Small projects usually do not require much elaboration of the feasibility study and related issues. At the same time, mistakes made during the formation of projects can seriously affect their effectiveness. Small projects also include the creation of social and cultural facilities. · medium projects- these are, most often, projects for the reconstruction and technical re-equipment of existing production facilities. They are implemented in stages, for individual industries, in strict accordance with pre-designed schedules for the receipt of all types of resources, including financial ones; · major projects- projects of large enterprises, which are based on a progressively “new idea” for the production of products necessary to meet demand in the domestic and foreign markets; · megaprojects- these are targeted investment programs containing many interconnected final projects. Such programs can be international, state and regional. Megaprojects have the following distinctive features - they have a high cost - from $1 billion; funds for the implementation of such projects usually exceed financial reserves, additional sources of financing are needed, for example, bank loans, export credits, mixed lending. Megaprojects require a large total amount of work in man-hours: 2 million man-hours for design, 15 million man-hours - for the construction of facilities; and the implementation period is 5-7 years or more. Megaprojects have an impact on the social and economic spheres of the region and even the country where it is being implemented. To classify a project as a small, medium or mega-project, the following indicators are used: • volume of capital investments; labor costs; the duration of the implementation; the complexity of the management system; attraction of foreign participants; · impact on the socio-economic environment of the region, etc. IV By main directions:

commercial projects whose main purpose is to make a profit;

social projects , focused, for example, on solving the problems of unemployment in the region, reducing the level of crime, etc.;

environmental projects , the basis of which is the improvement of the environment;

other

V Depending on the degree of influence of the results of the implementation of the investment project on internal or external markets for financial, material products and services, labor, as well as the environmental and social environment :

global projects , the implementation of which significantly affects the economic, social or environmental situation on Earth;

national economic projects , the implementation of which significantly affects the economic, social or environmental situation in the country, and when assessing them, one can limit oneself to taking into account only this impact;

large scale projects , the implementation of which significantly affects the economic, social or environmental situation in a particular country;

local projects , the implementation of which does not have a significant impact on the economic, social or environmental situation in certain regions and (or) cities, on the level and structure of prices in commodity markets.

VI A feature of the investment process is its association with uncertainty, the degree of which can vary significantly, therefore, depending on the magnitude of the risk, investment projects are divided as follows:

reliable projects , characterized by a high probability of obtaining guaranteed results (for example, projects carried out under the state order);

risky projects , which are characterized by a high degree of uncertainty of both costs and results (for example, projects related to the creation of new industries and technologies).

VII From the point of view of the project participants, the most significant is the consideration of the following participants: state enterprises; joint ventures; foreign investors. In practice, this classification is not exhaustive and allows further detailing. 1.3

1.2. Static methods for evaluating the effectiveness of investment projects. Simple, static criteria for the effectiveness of investment projects include the payback period and the simple rate of return. The payback period of an investment refers to the expected period of recovery of the initial investment from net receipts (cash receipts minus expenses). The economic meaning of the indicator is to determine the period for which the investor can return the invested capital. If the income stream is uneven, the calculation of the indicator involves determining the amount of cash receipts from the implementation of the project on an accrual basis, i.e. as a cumulative value (step-by-step summation of the annual amounts of cash receipts until the investment amount is reached). The advantage of the method lies in the ease of its calculation, sufficient simplicity for understanding and acceptability as a subjective criterion in assessing project risk (with a long payback period, we can talk about a significant degree of uncertainty in obtaining the expected investment results). The disadvantage is that it does not take into account the time value of money, ignores cash flows beyond the payback period, can be used only if the compared projects are of equal duration and the initial investment is one-time. A simple rate of return (accounting return on investment, investment efficiency ratio, estimated rate of return) is the ratio of the average income of an enterprise according to financial statements to the average investment. The average investment value is found by dividing the initial investment amount by 2, provided that at the end of the project implementation period, all costs will be written off. If residual or salvage value is allowed, its value is excluded. The application of the indicator is based on a comparison of its calculated level with the standard levels of profitability for the organization. Only those projects that increase the level of efficiency of production and economic activity previously achieved at the enterprise are subject to approval. The main advantage of the criterion lies in the ease of calculation and ease of use, and the disadvantage is that it does not take into account the time value of money, and accounting profit is used to determine it, while in the process of long-term investment, decisions made on the basis of monetary value are more reasonable. -stream analysis.

1.4. Dynamic methods for evaluating the effectiveness of investment projects. Criteria based on the technique of calculating the time value of money are called discounted criteria. In world practice, the following are most often used: 1. Net present value NPV (net present value) is a discounted indicator of the value of the project, defined as the sum of the discounted values of income minus costs received in each year during the life of the project. PV is the current value of the project cash flows, I is the initial investment costs, CF (1,n) is the net cash flow in period t, n is the planned investment project implementation period, r is the project discount rate. To recognize the project as effective from the point of view of the investor, it is necessary that its NPV be positive; when comparing alternative projects, preference is given to a project with a large NPV value (provided that it is > 0). 2. Profitability index PI characterizes the return of the project on the funds invested in it. This is the ratio of the sum of cash flow elements from operating activities to the absolute value of the discounted sum of cash flow elements from investing activities. The criterion is very convenient when choosing one project from a number of alternative ones with approximately the same NPV values (if two projects have an equal NPV, but different volumes of required investments, then the one that provides greater investment efficiency is more profitable), or when completing an investment portfolio in order to maximize the total NPV values. H. The discounted payback period is equal to the duration of the shortest period after which the net present value becomes and continues to be non-negative. 4. Internal rate of return IRR - represents the interest rate r, which makes the present value of the project cash flows equal to the initial investment costs, i.e. r = IRR if NPV = 0. This is the discount rate at which the project breaks even. There are four ways to find IRR: - by trial and error; - using a simplified formula; - using a financial calculator; - applying the standard values of the present value of the annuity at a constant value of the net cash flow. The practical application of this method is reduced to sequential iteration, with the help of which a discount factor is found that ensures the equality NPV=0. Focusing on the interest rates on loan capital existing at the time of analysis, two values of the discount coefficient are selected< таким образом, чтобы в интервале от до функция NPV меняла свое значение с + на - или наоборот. Далее используют формулу: Точность вычислений обратна длине интервала, поэтому наилучшая апроксимация достигается в случае, когда длина интервала принимается минимальной (1%). Преимущества использования IRR, заключаются в следующем: прост в понимании менеджера, учитывает временную ценность денежных вложений, показывает рисковый край (предельные значения процентной ставки и срок окупаемости), для его расчета не требуется предварительно определять величину проектной дисконтной ставки. Недостатки связаны с неоднозначностью математического определения IRR в случае нетрадиционных денежных потоков и некорректной оценкой взаимоисключающих проектов с разными масштабами капиталовложений. Критерии IRR, NPV и PI являются фактически разными версиями одной и той же концепции, поэтому их результаты связаны друг с другом. Таким образом, можно ожидать выполнения следующих математических отношений для одного проекта: если NPV >0, then PI >1, IRR > r; if NPV< 0, то PI <1, IRR< r; если NPV = 0, то PI =1, IRR = r. Для того, чтобы проект мог быть признан эффективным, необходимо и достаточно выполнение одного из следующих условий: 1. NPV >= 0. 2. IRR >= r 3. PI >=1. 4. RVD< Т.