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CNAA / Theses / 2016 / June /

Improvement of methods for estimation of the construction investment projects efficiency

Author: Polcanova Alina
Degree:doctor of economics
Speciality: 08.00.05 - Economy and Management (in branch)
Scientific adviser: Ludmila Novicov
doctor, associate professor (docent)
Institution: Technical University of Moldova


The thesis was presented on the 20 June, 2016
Approved by NCAA on the 15 November, 2016


Adobe PDF document1.41 Mb / in romanian


CZU 330.322.54:338.45:69

Adobe PDF document 11.00 Mb / in russian
202 pages


investments, investment project, project cycle, economic efficiency, financial feasibility, operating leverage, investment risk, cash flows, discounting, discount rate, foresight


Thesis structure: introduction, three chapters, conclusions and recommendations, bibliography (177 titles), 143 basic text pages, 6 tables, 38 figures and 18 annexes. Research results are published in 29 scientific papers.

Aim of the research: Development of methodical recommendations and practical measures needed to improve the assessment of investment projects in Moldova.

Objectives: To examine and establish the range of applicability of methodological approaches to the definition, essence and classification of investment projects, conceptual models of investment efficiency; to systematize the problems of investment activity in the Republic of Moldova; to substantiate a system of initial parameters for the evaluation of investment projects; to specify methods for calculating the assessment indicators of the effectiveness of investment and construction projects; to substantiate the methods of accounting the risk factors; offer the option of forming an aggregated model of financial planning; optimize methods of strategic investment planning.

Scientific novelty and originality: the priority role of the financial evaluation in the framework of pre- investment studies has been proven; the modified approaches to the formation of the IP cash flows were proposed; the improved methodological approaches to the IP financial plan modeling were formed; the applicability range of the static and dynamic methods for evaluating of various types of real IP was presented; classification of the IP risk factors has been expanded; it was argued the appropriateness of the foresight methods as a tool for strategic investment planning.

The importance of the scientific problem, solved in the framework of the research is to develop methods to assess the modified system of the investment project, adapted to the conditions of the transition economy of Moldova.

Theoretical significance and applicative value of the thesis is to improve the methodology for assessing the efficiency of real investment projects implemented at the level of the enterprise in the conditions of uncertainty and risk. Adapted methodical approaches and recommendations expand the scientific basis and practical implementation of the evaluation and ranking of investment projects, as well as identify ways to improve their efficiency.

Implementation of the scientific results are performed by applying the developed methodology to the evaluation of investment projects implemented a number of enterprises of Moldova. The results, conclusions and recommendations were used in the development of the official building regulations "Regulations on the justification of investment and construction projects." The authorship of the research results is confirmed by two certificates of registration of copyrights (Certificat de înregistrare a obiectelor ocrotite de dreptul de autor şi drepturile conexe).