Development of Methods for Analysis and Assessment of the Efficiency of Regional Investment Projects Seeking State Support

Abstract

Placing the economy of federal subjects of the Russian Federation in the trajectory of sustainable development, increasing its competitiveness are associated with the expansion and increase of effectiveness of investment activity in the regions. With present-day conditions in mind for improving the efficiency of functioning of regional economy one needs new tools and methods of management of regional investment projects based on the latest achievements of science and synthesis of international best experience. The article shows that the main aspect of management of regional investment projects is the analysis and estimation of their efficiency. It influences the pace of development, as well as solving regional socio-economic problems. The paper substantiates the necessity to complement the evaluation algorithm of regional investment projects with functional units of analysis of social, innovative, environmental consequences of projects. Basing on the systematization of the existing estimated figures, we propose the integrating efficiency indicator of assessment of regional investment projects efficiency. The article identifies the main methodological shortcomings in the regional practice of investment planning. Taking into account these shortcomings in the activities of regional authorities will create conditions for increasing the efficiency of administrative decisions in this field and on this basis will provide the dynamic development of a particular area. The authors develop a method of multi-criteria assessment of regional investment projects efficiency, which provides for the calculation of economic, social, innovative and environmental efficiency indicators, the application of the Pareto principle, the construction of vector diagrams enabling executive authorities to determine reasonably the priority directions of socio-economic policy. The results of the research have practical implications and can be used by local authorities in the selection of priority investment projects supported by public funding and guarantees, as well as in the preparation of regional special programs of socio-economic development.

DOI: 10.5901/mjss.2015.v6n5s2p362