GENESIS OF THE THEORY OF REAL INVESTMENTS EFFICIENCY ESTIMATION
A.B. Kogan, A.V. Novikov
Novosibirsk State University of Economics and Management, Str. Kamenskaya, 56, Novosibirsk, 630099, Russia
Keywords: эффективность инвестиций, стоимость компании, оптимальный портфель инвестиций, efficiency of investments, company value, optimal investment portfolio
Abstract
The article shows the problem of the standard theory of real investment efficiency evaluation (TRIEE). The standard TRIEE does not describe the important economic fact and does not correspond to the principle of simplicity. It means TRIEE doesn’t able estimate and compare efficiency of investment with different parameters (sum of investment, its period, its NPV). The relationship between the TRIEE and the value based management theory (VBM) is shown. The solution of the TRIEE problem is described - a new method for assessing the effectiveness of various-parameter real investments. It is substantiated that the use of this method allows to maximize the company value. Other tasks that can be solved with the help of the new method are shown.
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