The existing methods of selecting investment projects are mainly focused on achieving a financial result, when the project that will give the maximum economic effect is selected. at the same time, the public, social, budgetary and other effects of the project are not always taken into account. Thus, the introduction of automatic lines, robots, processing centers and other advanced equipment allows to multiply the output of products, but their use leads to the release of labor, which will affect the unemployment rate, a decrease in purchasing power, and an increase in social tension is possible. Due to these negative effects, it is necessary to implement another project that would create jobs in the region. It can be argued that it is almost impossible to find such a project that would give positive effects in all areas, and therefore, the problem of selecting projects in such a portfolio that would ensure the uniform and sustainable development of the economic system becomes urgent.
Materials and Methods
When making a decision, the investor uses tools based on discounting cash flows, which allow you to correctly compare several projects, the volume of investments and the return of funds in which does not coincide in time. Based on the obtained value of the net present value of the project (NPV), the derivatives NPV are analyzed — the internal rate of return of the project (IRR); the profitability index — (Profitability Index); the payback period of the project, etc. [1, 7, 11] These methods are widely used in industrialized countries with market economies, due to their ease of use for evaluating economic efficiency and selecting commercial projects, where the financial result is the determining indicator. Using these tools in countries with a developing economic system characterized by its instability and high risks, these methods led to unexpected conclusions. Calculations based on these methods showed that it is unprofitable to conduct research and development on the basis of domestic research organizations, it is much more efficient to get technological licenses or finished products abroad than to go through the entire innovation cycle independently [2, 12]. As a result, in the early 90s, the development of its own software was stopped in Russia and the country completely switched to foreign software, projects in the aviation, machine-tool industry, instrument-making and other knowledge-intensive economic activities were frozen. Local markets of high-tech products and services in a short time came under the influence of foreign corporations, and the economic sanctions that followed, due to the complication of the international situation, damaged the innovative development of the country .
The paper proposes, on the basis of mathematical modeling methods, to develop a mechanism for selecting projects in the portfolio that ensures the achievement of not only the commercial goals of the investor, but also the solution of social, environmental and other tasks of society.
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