Scientific Research and Development. Economics Scientific Research and Development. Economics Научные исследования и разработки. Экономика 2587-9111 52491 10.12737/2587-9111-2022-10-4-60-63 Финансы Finance Финансы Evaluation of the Effectiveness of Investment Projects that Generate Con-tinuous Cash Flows Оценка эффективности инвестиционных проектов, генерирующих непрерывные денежные потоки Басовский Л. Е. Basovskiy Leonid Efimovich basovskiy@mail.ru

доктор технических наук;

doctor of technical sciences;

 Басовская Е. Н. Basovskaya Elena Nikolaevna basovskaya.elena@mail.ru

кандидат экономических наук;

candidate of economic sciences;

 Тульский государственный педагогический университет им. Л.Н. Толстого Leo Tolstoy Tula State Pedagogical University 29 08 2022 29 08 2022 10 4 60 63 19 08 2022 https://zh-szf.ru/en/nauka/article/52491/view

Разработана и обоснована методика оценки эффективности инвестиционных проектов, генерирующих непрерывные денежные потоки, которые характерны для сферы услуг и розничной торговли. Получены и представлены модели дисконтированного денежного потока (Discounted Cash Flow – DCF) проектов, генерирующих непрерывные денежные потоки. Использование моделей иллюстрируется конкретным примером. Показано, что в краткосрочных проектах, при высокой стоимости капитала и, соответственно, высокой ставке дисконтирования, чистая приведённая стоимость дисконтированного непрерывного денежного потока существенно выше чистой приведённой стоимости денежного потока, полученной в предположении дискретности потока. В некоторых случаях это может приводить к ошибкам в оценке эффективности инвестиционных проектов и к ошибкам при выборе проектов, поскольку их реализация приводит к получению денежных потоков, которые не относятся к концу каждого из периода, как это предполагается в известных методиках, а распределены в течении периодов.

A methodology for evaluating the effectiveness of investment projects that gen-erate continuous cash flows, which are typical for the service sector and retail trade, has been developed and substantiated. Models of discounted cash flow (DCF) for projects that generate continuous cash flows are obtained and presented. The use of models illus-trated with a concrete example are given. It is shown that in short-term projects, with a high cost of capital and, accordingly, a high discount rate, the net present value of the discounted continuous cash flow is significantly higher than the net present value of the cash flow obtained under the assumption of a discrete flow. In some cases, this may lead to errors in assessing the effectiveness of investment projects and errors in the se-lection of projects, since their implementation leads to cash flows that do not belong to the end of each period, as is assumed in well-known methods, but are distributed in the course of periods.

 непрерывный денежный поток приведённая стоимость оценка и выбор инвестиционных проектов continuous cash flow present value evaluation and selection of investment projects

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