MULTIPLE CRITERIA MODEL FOR PROVING INVESTMENT AND CONSTRUCTION PROJECT EFFICIENCY

Abstract

INTRODUCTION The work is based on the research of leading scientists in the field of investment science and construction economics, presented in the monographs and articles by A. Gojko, L. Sorokina, V. Fedorenko, P. Kulikov, G. Rizhakova, I. Ivahnenko, O. Tugaj, T. Vlasenko, O. Bielienkova, K. Izmajlova та ін. The analysis of literature sources reveals that the individual means of project economic evaluation while building construction investment portfolio do not take into account complex investment risks, differentiated by their individual types, as well the liquidity of developer’s future assets, which significantly limits the ability to make informed decisions. It is revealed that the concept of «liquidity» in the investment process is synthetic and requires a double reflection on different objects: • in relation to investment objects, liquidity should be linked to the need to assess construction investment assets for their compliance with the planned values at all stages of the construction investment project implementation – from unfinished construction to finished construction products – and, further, to the object of profitable commercial use or social purpose 1 ; • the second important aspect of the concept of «liquidity» is related to the need to evaluate the reliability of the investor as a leading subject of the investment and construction process as for the ability to achieve real investment goals by providing the appropriate level of liquidity balance and solvency of the organization in terms of 4 group indicators 2 . This interpretation of the category of «liquidity» and the analysis of literature in several groups allowed us to formulate a scientific hypothesis of this work, which is as follows: “A leading requirement in providing a business process of real investment is a high level of liquidity of