
M.Y. Shalagin The efficiency indicators of investment projects in conditions of the nonstationary economy. 

Abstract. In the article the efficiency indicators NPV/NFV and RNPV/RNFV are analyzed for projects with debt financing, the method of calculating the discount rate in relation to the debt volume is explained and proved. In addition an example of this method considering specificity of Russian economy is given. Keywords: NPV, NFV, IRR, RNPV, RNFV, FMRR, CAPM, Investment project, Investor, Efficiency indicators. PP. 107116. DOI: 10.14357/20790279180311 References 1. Shalagin M.Y., Vilenskiy P.L., Analysis of the main methods of evaluation of investment projects in Russia, Audit and Financial Analysis, 2015’4 – p. 270286. 2. Brealey R., Myers S. Priciples of Corporate Finance, 2008, 978 p. 3. Vilenskiy P.L., Livshits V.N., Smolyak S.A., Otsenka effektivnosti investitsionnikh proektov: teoriya I praktika/ Echebnoe posobie. [Assessment of efficiency of investment projects: theory and practice. Study guide]. Fourth Edition, Moscow.:, DELO, 2008, 1103 p. 4. Livshits V.N., Livshits S.V. Ob odnom podhode k otsenke effektivnosti proizvodstvennikh investitsiy v Rossii [One approach to assessing the efficiency of productive investment in Russia].//Otsenka effektivnosti investitsii. Sb. trudov. – Moscow: CEMI RAS, 2000. 5. Vilenskiy P.L., Livshits V.N. Investitsionniy analis [Investment analysis]. Study guide for MBAprogram students, Moscow: Business Eliment, 2010. 6. Metodicheskie rekomendatsii po otsenke effektivnosti invstitsionnikh proektov. [Guidelines on the assessment of efficiency of investment projects]. Moscow. Ekonomika. 2000, 423 p. 7. Orlova E.R. Investitsii: kurs lektsiy [Investments: lectures]. – Moscow: IKF OmegaL, 2003. 8. Shalagin M.Y., The efficiency indicators of investment projects in conditions of the nonstationary economy, Audit and Financial Analysis 2017’4.
