ASSESSMENT OF INVESTMENT ATTRACTIVENESS OF PROJECTS IN AGRO-INDUSTRIAL COMPLEX: FEATURES AND SPECIFICS
DOI 10.32651/191-46
Issue № 1, 2019, article № 8, pages 46-54
Section: Problems of agroeconomic researches
Language: Russian
Original language title: ОЦЕНКА ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ ПРОЕКТОВ В АГРОПРОМЫШЛЕННОМ КОМПЛЕКСЕ: ОСОБЕННОСТИ И СПЕЦИФИКА
Keywords: ECONOMIC EFFECT, EFFICIENCY, MATHEMATICAL PROGRAMMING, NET PRESENT VALUE, REAL OPTIONS, INVESTMENT PROJECTS, AGRO-INDUSTRIAL COMPLEX
Abstract: Any investment requires a commensurate return, so assessing the investment attractiveness of projects should provide objective and relevant analytical and forecasting results. The article considers various approaches to the evaluation of investment projects implemented in the agro-industrial sector, taking into account the influence of the most important factors for the agricultural sector (natural and climatic conditions, territorial dispersion of production, seasonality, limited diversification of agricultural products). Using various methodological approaches (traditional investment analysis / technical and economic evaluation of the project, real options, mathematical programming), the authors have shown that the justification of the effectiveness of projects implemented in the agro industrial complex can include all the above mentioned valuation techniques, or separate econometric tools. The choice of the methodology for justifying the effectiveness will depend on the following basic conditions: the scale of the project and its intended purpose; availability of government funding; the main beneficiaries and science intensity of the project; technical and technological features of the practical implementation of the project; the choice between alternative projects of the most effective (ensuring the maximum return on invested funds at the accepted or given level of risk). The results and conclusions obtained in the article can be used by credit organizations, executive authorities and other institutions to develop methodological recommendations for assessing the investment attractiveness of projects implemented in the agro-industrial complex.
Authors: TSvetkov Valerii Anatolevich, Dudin Mikhail Nikolaevich, Liasnikov Nikolai Vasilevich