Malysh I. Mechanism of estimation of investments in innovation on enterprises of building industry

The thesis is devoted to development of estimation mechanism, methodical and practical recommendations connecting the choice of variant of investments in innovation on the enterprises of building industry. Influence of innovations on the competitiveness of enterprises is determined and variants of development of enterprises' strategy are considered depending on a level and dynamics of production competitive edges and tendency of the market. Characteristics of innovations are separated: long-term period of realization, high risk level and double character of depreciation (moral and physical). That is taken into account while forming of cash flow in a prognosis period and determining of a discount rate. On the base of equivalent cash flow an approach to the estimation of indexes of investments efficiency on the stage of decision-making about their realization is developed. On the base of equivalent cash flow method it is suggested to determine the indexes of investments efficiency (NPV, payback period) before planning of prognosis cash flow which provides the set return on investment. A cash flow that characterizes realization of investments in time is offered to decompose on primary and secondary. The primary includes building costs and determines the efficiency indexes. The secondary is stipulated by interest charges, sums of imputed costs, sums of reserve and insurance funds. The secondary cash flows create funds, necessary for adjustment of primary flow, if there are rejections while realization. The method of alternative variants of investments in innovation estimation, which have different indexes of efficiency and duration of life cycle, is developed, on the base of method of artificial increase of period due to dividend receipts from the recovered sum of the invested capital. Reliable period of prognosis of results achievement - 3-4 years - is determined.