Investicinių projektų ekonominio efektyvumo vertinimo ypatumai Lietuvoje ir užsienio šalyse
LTStraipsnyje pagrindžiama investicinių projektų ekonominio efektyvumo vertinimo reikšmė, nagrinėjami investicinių projektų ekonominio efektyvumo vertinimo metodų ypatumai – jų ekonominė prasmė, privalumai ir trūkumai. Straipsnyje pristatoma Lietuvoje ir užsienio šalyse atliktų investicinių projektų ekonominio efektyvumo vertinimo ypatumų tyrimų lyginamoji analizė. Atkleidžiamas investicinių projektų ekonominio efektyvumo vertinimo metodų paplitimas ir pagrindiniai veiksniai, lemiantys metodo pasirinkimą vertinant investicinius projektus.
ENCorporate finance theory and practice reflects that the fundamental investment objectives are commercial – oriented to the operating profit, creation of value, development, business continuity assurance and increase of competition. A successful implementation of an investment project can lead to the growth of company's performance and an unsuccessful project can not only have a negative impact on the company's results, but also pose a risk to continuity of the business. In the context of global economic trends and current business conditions in Lithuania it is seen that a quality assessment of an investment project increases the likelihood of successful implementation of the project and protects the company from investments without prospects. Despite the investment projects' economic efficiency evaluation values, the literature emphasizes that for the assessment of investment projects, companies often choose simple, quickly applied, clear and universally comprehensible valuation metrics. The scientific problem relevance of the investment project evaluation is also revealed by the fact that, in practice, this area is under-explored. The paper presents a comparative analysis of the research, examines the researches on Lithuania's and foreign countries' investment projects' economic efficiency evaluation features, that reveal the investment projects' economic efficiency evaluation methods' prevalence and the main factors influencing the choice of the method. Scientific research analysis reveals that around the world for the economic efficiency evaluation of the investment projects, net present value and internal rate of return methods are often used.Despite the discounted payback period method advantages, in respect of the payback period method advantages, the carried out scientific assessments of investment projects around the world confirm, that the companies widely use the payback period method for the evaluation of the investment projects. The paper aims to identify the relationship between investment project evaluation methods used and various factors (the size of the company, the sector in which the company operates, dividend policy, management education, age, duration of employment, leverage and other forms of management). However, at this time, on the basis of Lithuania and the world-renowned research analysis findings, the investment project evaluation methods choice affecting factors cannot be held as certain. The formulated basic statements that are found in the scientific literature contradict each other, thus the topic requires additional practical research.
