Effectiveness assessment methodology financial processes in the digital economy

. In today's rapidly changing world, the application of the achievements of scientific and technological progress, the development and implementation of investment projects become a competitive advantage and the key to the successful development of regions, clusters, corporations. In some of the most dynamic industries, investing becomes a matter of not just efficient operation, but also determines the presence of companies in the market. Applied research, and even more so fundamental, requires significant investments, the return on which at the first stages of the development and implementation of investment projects is difficult to predict. The end result is also obviously not predictable, which makes investing one of the most risky areas of activity of modern companies. Therefore, today the development and improvement of investment efficiency are the most important tasks. The institutional and economic environment of developing countries may not be the positive effect expected from attracting enterprise investment. These ambiguous results regarding the impact of investment form the motivation and problem of dissertation research. Identifying and improving methodological and economic parameters for increasing investment efficiency in the electricity industry will always be one of the main tasks for owners of enterprises and managers, which determines the relevance of the study. The article developed a methodological approach to assessing the efficiency of investment projects in the electric power industry taking into account the risks taken into account in calculating the discount rate for each phase of the life cycle of the project, which allows you to more accurately calculate the main indicators of the efficiency of the investment project.


Introduction
Now, many problems of formation of investment process in modern conditions are caused by lack of accurately developed system of assessment of efficiency of investment policy. The system provides effective interaction of all levels of management, beginning from the enterprises and covering authorities of all levels [1]. It formulates these principles: principle of systemacity, principle of priority, principle of efficiency, principle of coherence and principle of control.
Main objective of formation of the portfolio of investments is implementation of the investment policy developed at the enterprise. At formation of the portfolio of investments the investor sets the following purposes: • achievement of necessary level of profitability -receiving income from investments with the predetermined frequency; • gain -is provided at investment of means which are characterized by increase in their cost in time; • minimization of investment risks -increase in reliability of investments; • ensuring sufficient liquidity of the invested means -fast address of investments into cash.
Assessment of main types of risks based on calculation of the general discount rate for all project is made for ensuring efficiency of the investment project [2].

Materials and methods
Currently, are used static, alternative and dynamic methods to assess the investment of enterprises.
The advantage of the statistical method is the simplicity of the calculation algorithm. The main disadvantage is the inability to estimate profitability after the payback period, as well as the inability to use it in calculating the efficiency of the project associated with the creation of the latest product.
The adjusted present value method allows you to divide the cash flow into several components, for which efficiency is estimated separately taking into account the cost of risk insurance, as well as subsidies and benefits allocated. This method is most effective for evaluating investment projects with multiple sources of financing.
The main disadvantage of the adjusted present value method is the need to study a significant amount of additional data. Calculated as NPV plus present value (PV) [4].
The value-added method allows you to estimate the profitability of investments that should exceed the weighted average value of capital. The main advantage of the method is the ability to determine the inefficient use of the funds of an investment project. The disadvantage is the inability to create a forecast for projects with complex cash flows with the need to take into account the time factor. It is calculated as the difference between the revenue from the sale of products and the cost of resources spent on production [5]. The real options method allows you to evaluate created or acquired investment objects over a long time. Calculated by formula (1): where C is the value of the real option; IC -invested capital; r -discount rate; t is the term of the option; PI is the expected value of the profitability index.
The main advantage of the method is the ability to evaluate the entire project. Dynamic methods are also called discounted, it follows that they are based on the theory of the time value of money [6].
The main indicators for assessing the effectiveness of investment projects dynamically are the net present value, the payback period of the project and the profitability index.
The criterion for evaluating the project is the net present value mark (NPV). If NPV > 0, the project is accepted if NPV < 0, the project is rejected [7].
Define the discount factor for the entire project. So, as a risk-free rate, we use a rate corresponding to the yield to maturity in 2018 of Russian Eurobonds. And as the values of risk premiums, we will take the expert estimates set out in the business plan of this project С = (Table 1). We will determine the cost-effectiveness indicators of the investment project under consideration at the calculated discount rate ( Table 2 -Table 4).

Results
Thus, as a result of the calculations, we obtain the value of IRR = 44.48%. Also, using the formula (4), we calculate the investment profitability index PI = 1.44. Let us present in general the calculated indicators of economic efficiency of this project ( Table 6). Thus, in order to justify the effectiveness of the author's methodology for evaluating this project taking into account the main types of risks, the following steps were taken to determine the feasibility of investing in the project and confirm the effectiveness of the proposed evaluation approach [8].
The inflows and outflows were structured according to the project under consideration, after which all the data are summarized in the general table 7.

Discussion
To carry out the third to fifth phase of the proposed approach to assessing the effectiveness of the investment project under consideration, calculated discount ratios were used and cash flows and outflows were converted to current value, as well as project performance indicators were calculated (Table 9 -Table 11). To calculate the IRR, take the average discount rate for the project, equal to 16.52%. Using the data of Table 10 and formula (16) we obtain IRR = 44.64% Let's calculate the investment profitability index PI = 1.98. Table 17 shows the calculation of the payback period of the investment project. We will present in general form the calculated indicators of economic efficiency of the evaluated investment project according to the proposed methodology of accounting for the main types of project risks (Table 12).

Conclusion
In order to identify the impact of the proposed approach to assessing the effectiveness of the investment project taking into account the main types of risks, we will carry out an analytical comparison of the calculated efficiency indicators according to the author's methodology with indicators of the project economic efficiency calculated according to the general methodology, and we will present quantitative and qualitative changes in Table 13. Thus, having conducted a comparative analysis of changes in the performance indicators of the analyzed project (quantitative and qualitative) presented in Table 13, it should be said that due to the application of the proposed approach to assessing the effectiveness of the investment project taking into account the main types of risks at the enterprise, it was possible to significantly increase the accuracy of calculations of the forecast values of the implemented project, namely, net discounted project income (NPV) increased by 126.75%.
When implementing the proposed approach to assessing the effectiveness of the investment project, UEMZ JSC will significantly increase the accuracy of forecast calculations [9]. This has contributed to more effective risk management, which will significantly reduce the uncertainty regarding the decision on whether to invest and the further implementation of the investment project, which is a clear argument for Investor in favour of choosing this approach to assess the effectiveness of the project in question [10]. Thus, risks are associated with postponing the implementation of the investment project over time, therefore, taking into account uncertainty should be an integral part of the assessment of the effectiveness of projects. When creating and implementing an investment project, it is necessary to take into account innovative, commercial, technical and technological, financial risks. Therefore, it is proposed to improve the methodology for assessing efficiency based on the risks taken into account in calculating the discount rate for each phase of the life cycle of the project [11].