Economic bases of innovative activity in public health services (стр. 2 из 8)

The disputes arising at realisation of innovative activity, are considered in an order established by the legislation of the Russian Federation and the legislation of subjects of the Russian Federation [62]. Public authorities in an order established by the legislation of the Russian Federation and the legislation of subjects of the Russian Federation, can stop or suspend innovative activity in cases of spontaneous and other disasters, introductions of state of emergency in territory of the Russian Federation, and also if continuation of innovative activity can lead to infringement established by the legislation of the Russian Federation and the legislation of subjects of the Russian Federation of ecological, sanitary-and-epidemiologic and other norms and rules, the rights and interests legal and physical persons [62].

1.3 Working out and the analysis of the innovative project

By means of the innovative project the important problem on finding-out and a substantiation of technical possibility and economic feasibility of innovative activity dares. Despite a variety of projects, their analysis usually follows some general scheme which includes the special sections estimating commercial, technical, financial, economic and институциональную feasibility of the project. [49]. Essentially the essence of the analysis of the innovative project consists in the answer to two simple questions [52:

1]) whether we Can sell a product which is growing out of realisation of the project?

2) whether we from it can receive sufficient volume of the profit justifying the investment project? The analysis of efficiency of the innovative project conditionally breaks on [52]: the market analysis, the analysis of the competitive environment, working out of the marketing plan of a product, maintenance of reliability of the information used for the previous sections. As innovative projects are carried out at already existing markets, in the project their characteristic should be resulted. The marketing analysis should include the analysis of consumers and competitors also. The analysis of consumers should define consumer inquiries, potential segments of the market and character of process of purchase. For this purpose the developer of the project should carry out detailed research of the market. Besides, it is necessary to carry out the analysis of the basic competitors within the limits of market structure and restrictions, on it influencing [29]. In drawing 1.1 the general sequence of the analysis of the innovative project is presented. It is necessary to notice, what the resolution used on the scheme? The project deviates? Has conditional character. The project should be really rejected in the initial kind. At the same time the project can be altered because of, for example, its technical impracticability and the analysis of the modified project should begin from the very beginning.

Let's describe high lights of the analysis of efficiency of the innovative project [37]. The technical analysis [37] Problem of the technical analysis of the innovative project is:? Definition of the technologies most suitable from the point of view of the purposes of the project? The analysis of local conditions, including availability and cost of raw materials, energy, a labour? Stock-taking of potential possibilities of planning and project realisation. The technical analysis is usually made by group of own experts of the enterprise with possible attraction of narrow experts. Standard procedure of the technical analysis begins with the analysis of own existing technologies [51]. The rule of a choice of technology provides the complex analysis of some alternative technologies and a choice of the best variant on the basis of any aggregated criterion [56]. The financial analysis of [37] investment projects Given section is the most volume and labour-consuming. The general scheme of financial section of the innovative project follows simple sequence [37]. 1) the Analysis of a financial condition of the enterprise in preparation of the innovative project. 2) the analysis of break-even of manufacture of principal views of production. 3) the forecast of profits and monetary streams in the course of realisation of the innovative project. 4) an estimation of efficiency of the innovative project. We will stop short on key questions of financial section of the innovative project. The financial analysis of the previous work of the enterprise and its current position usually is reduced to calculation and interpretation of the basic financial factors reflecting liquidity, credit status, profitableness of the enterprise and efficiency of its management. Usually it does not cause difficulty. It is important to present also in financial section the basic financial reporting of the enterprise for a number of previous years and to compare the basic indicators on years [51]. The break-even analysis includes regular work under the analysis of structure of the cost price of manufacturing and sale of principal views of production and division of all costs into variables (which change with change of a volume of output and sales) and constants (which remain invariable at change of a volume of output). The Main objective of the analysis of break-even? To define a break-even point, i.e. a sales volume of the goods which corresponds to zero value of profit. Importance of the analysis of break-even consists in comparison of a real or planned gain in the course of realisation of the investment project with a point of break-even and the subsequent estimation of reliability of profitable activity of the enterprise [27]. The Most responsible part of financial section of the innovative project is actually its investment part which includes [37]:? Definition of investment requirements of the enterprise for the project? Establishment (and the subsequent search) sources of financing of investment requirements? Estimation of cost of the capital involved for realisation of the investment project? The forecast of profits and monetary streams at the expense of project realisation? An estimation of indicators of efficiency of the project. The most difficult is the question of an estimation of a recoupment of the project during its term of realisation [5]. The volume of monetary streams which turn out as a result of project realisation should cover size of the total investment taking into account a principle? Costs of money in time?. Each new stream of money received in a year has the smaller importance, than equal to it on size the monetary stream received year earlier. As the characteristic measuring the time importance of monetary streams, the norm of profitableness from investment received acts during realisation of the investment project of monetary streams [5]. The economic analysis [37] be integrated procedure of an estimation of economic efficiency can it is presented in the form of the following sequence [37: 1]) to Present results of the financial analysis. 2) to make new classification of expenses and incomes from the point of view of the economic analysis. 3) to translate financial values in economic (they do not coincide because of discrepancy of the prices and expenses for external and home market). 4) to Estimate cost of other possibilities for use of resources and reception of the same product. 5) to exclude all calculations on internal payments (as they do not change the general riches of the country). 6) to Compare annual economic streams of means with initial volume of the investment (it will be a final analysis). The institutsionalnyj analysis of [37] Institutsionalnyj the analysis estimates possibility of successful performance of the investment project taking into account organizational, legal, political and administrative conditions. This section of the investment project is not quantitative and not financial. Its main task? To estimate set of the internal and external factors accompanying the investment project [37]. The estimation of internal factors is usually made under the following scheme. 1) the analysis of possibilities of industrial management. Well-known that bad management in a condition to fill up any, even over the good project. Analyzing industrial management of the enterprise, it is necessary to be focused on following questions [37]:? Experience and qualification of managers of the enterprise? Their motivation within the limits of the project (for example, in the form of a share from profit)?

Compatibility of managers with the purposes of the project and the cores ethical and project cultural values. The analysis of a manpower. A manpower with which it is planned to involve for project realisation should correspond to level of technologies used in the project [42]. The analysis of organizational structure. The organizational structure accepted at the enterprise should not brake project development. It is necessary to analyse, as there is at the enterprise a decision-making process and as distribution of responsibility for their performance is carried out. It is not excluded that it is necessary to allocate management of realisation of the developed investment project in separate administrative structure, having passed from hierarchical to matrix structure of management as a whole on the enterprise [51]. The basic priorities in respect of the analysis of external factors are mainly caused by a policy of the state in whom following positions [37] are allocated for the detailed analysis:? Conditions of import and export of raw materials and the goods? Possibility for foreign investors to put means and to export the goods? Laws on work? Substantive provisions of financial and bank regulation. This points in question are most important for those projects which assume attraction of the western strategic investor [37]. The analysis of risk [37]. The essence of the analysis of risk consists in the following. Without dependence from quality of assumptions, the future always bears in itself an uncertainty element. The most part of the data necessary, for example, for the financial analysis (elements of expenses, the prices, production sales volume, etc.) Are uncertain. In the future forecast changes as to the worst (profit decrease), and in the best are possible. The risk analysis offers the account of all changes, both towards deterioration, and towards improvement [48]. In the course of project realisation following elements are subject to change: cost of raw materials and accessories, cost of capital expenses, service cost, cost of sales, the prices and so on. As a result of target parametre, for example profit, will be casual. The risk uses concept of likelihood distribution and probability. For example, the risk is equal to probability to get negative profit, that is the loss. The wider range of change of factors of the project, the большему is subject to risk the project [57]. As a rule, definitively innovative project is made out in the form of the business plan. In this business plan all questions listed above, as a rule, are reflected. The business plan of the innovative project, first of all, should meet requirements of that subject of innovative activity on which decision the further destiny of the project [36] depends. So, in chapter 1 of degree work theoretical bases of innovative activity in public health services have been considered, and, the basic terminology is entered, the economic reasons of innovations and legal maintenance of innovative activity are described. From chapter 1 it is possible to draw a conclusion, what a principal cause causing innovative activity in economy in general and in public health services in particular? The new market relations compelling each concrete enterprise to search additional sources of financing. These economic bases in turn generate the legislative base providing a legal field of innovative activity.

2. The technique of the estimation of efficiency of the innovative project

2.1 Existing technique of an estimation of the investment project

Existing (standard, classical) the technique of an estimation of efficiency of the innovative project includes [35:

1]) calculation of factor of the pure resulted cost (NPV);

2) calculation of an index of profitability of investments (PI);

3) calculation of internal rate of return or norm of profitability of the investment (IRR);

4) decision-making on project realisation. We will describe each step of this technique.

At the heart of process of acceptance of administrative decisions of investment character the estimation and comparison of volume of prospective investments and the future monetary receipts lie. As compared indicators concern the various moments of time, a key problem here is the problem of their comparability. To concern it it is possible differently depending on existing objective and subjective conditions: rate of inflation, the size of investments and generated receipts, horizon of forecasting, a skill level of analysts etc. The international practice of an estimation of efficiency of investments essentially is based on the concept of time cost of money and is based on following principles.

1) the estimation of efficiency of use of the invested capital is made by comparison of a monetary stream (cash flow) which is formed in the course of realisation of the investment project and the initial investment. The project admits effective if return of the initial sum of investments and demanded profitableness for the investors who have given the capital is provided.

2) the invested capital no less than a monetary stream is resulted by this time or by certain settlement year (which as a rule precedes the beginning of realisation of the project).

3) Process of discounting of capital investments and monetary streams is made under various rates of discount which are defined depending on features of investment projects. At definition of the rate of discount the structure of investments and cost of separate components of the capital are considered. The essence of all methods of an estimation is based on the following simple scheme: Initial investments at realisation of any project generate monetary stream CF1, CF2..., CFn. Investments admit effective if this stream is sufficient for? Return of the initial sum of capital investments and? Maintenance of demanded return on the invested capital. 1) calculation of factor of the pure resulted cost (NPV) [29] Calculation of this factor is based on comparison of size of the initial investment (IC) with a total sum of the discounted pure monetary receipts generated by it during predicted term. As inflow of money resources is distributed in time, it is discounted by means of factor r, established by the investor independently, proceeding from annual percent of return which he wants or can have on the capital invested by it. Let's admit, the forecast becomes that the investment (IC) will generate during n years, revenues at a rate of CF1, CF2, CF.... The general saved up size of the discounted incomes (PV) (Present Value) and the pure resulted cost (NPV) (Net Present Value) Pays off.

Where n? Quantity of the periods of time on which the investment, r is made? Norm of profitableness (profitableness) from an investment. It is obvious that if: NPV> 0 the project should be accepted; NPV <0 the project should be rejected; NPV = 0 the project not profitable and not the unprofitable Project with NPV = 0 has nevertheless additional argument to own advantage: though well-being of owners of the company in case of project realisation will not change, the volume of output will increase, i.e. the company will increase. At forecasting of incomes on years it is necessary to consider all kinds of receipts, both industrial character, and non-productive which can be with the given investment project.

It is necessary to notice that indicator NPV reflects a look-ahead estimation of change of economic potential of the enterprise in case of acceptance of the considered project. This indicator is additive in time, i.e. NPV various projects it is possible to summarise. This very important property allocating this criterion from others and allowing to use it as the core at the analysis of an optimality of the investment project. At comparison of two or several investment projects, obviously, it is necessary to choose that project which has higher value NPV [39]. 2) Calculation of an index of profitability of investments (PI) [39] Pays off a profitability index (Profitability Index) (PI) under the formula:

PI = ∑k [Pk / (1 + r)k] / IC,

Where IC? Sizes of the initial investment; Pk? The prospective cumulative income; r? Norm of profitableness (profitableness) from an investment; k? Quantity of the periods of time (years). It is obvious that if: PI> 1 the project should be accepted; PI <1 the project should be rejected; PI = 1, the project neither profitable, nor unprofitable. Unlike the pure resulted cost the profitability index is a relative indicator, it characterises level of incomes on a unit of cost, i.e. efficiency of investments? The more value of this indicator, the above return of each rouble invested in the given project. Thanks to it criterion PI is very convenient at a choice of one project from a number alternative, having about identical values NPV, in particular, if two projects have identical values NPV, but different volumes of demanded investments, that, it is obvious that that from projects which provides the big efficiency of investments, or at acquisition of a portfolio of investments with the maximum total value NPV [26] is more favourable. 3) Calculation of internal rate of return or norm of profitability of the investment (IRR) [31] (Internal Rate of Return) (IRR) understand value of factor of discounting As internal rate of return or norm of profitability of the investment r at which NPV the project it is equal to zero: IRR = r, at which NPV = f (r) = 0.