Features of assessing the investment attractiveness of high-tech projects

Objectives. The creation of high-tech projects is one of the main stages of the transition to an innovative economy. This can further be explained by the intensive development of globalization processes in the economic system of Russia. High-tech projects have lower profitability when compared to venture projects, but a higher probability of commercial success. In Russia, there are currently six areas of support programs for high-tech projects. Moreover, there are a large number of operators supporting high-tech projects actively working in the Russian market. The acceleration of the technological development requires an intensification of innovation policy and a revision of the portfolio of its acting instruments. In turn, this makes the matter of analyzing their significance and relevance for participants in innovation processes more pertinent. The purpose of this work is to identify features of the investment process in the Russian Federation, and determine criteria for selecting priority high-tech projects and methods of evaluating high-tech projects, in the aim of making informed investment decisions.
Methods. Models for assessing the investment attractiveness of high-tech projects were constructed using economic and mathematical modeling methods, in particular, nonlinear and dynamic programming methods.
Results. The general principles and approaches to methods of evaluating the efficiency were analyzed. A model of the priorities of high-tech projects was presented. Models which take into account cash flows after the expiration of the payback period were also considered (by means of the nonlinear programming of calculation of the discounted payback period of investment costs and the modernized discounted payback period of investment costs). An algorithm for assessing the investment attractiveness of high-tech projects was demonstrated.
Conclusions. To date, there has been no single algorithm for assessing the investment attractiveness of high-tech projects. However, the integrated application of the methods and models proposed in this work will allow investors to make informed investment decisions despite the complexity of project financing in innovative developments.

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