UDC 330.322; 69.003
DOI: 10.36871/ek.up.p.r.2022.02.01.008
Authors
Lyudmila A. Shutova
National Research Moscow State University of Civil Engineering,
Moscow, Russia
Abstract
In the modern conditions of the development of the world economy, a significant problem is being
formed regarding the effectiveness of assessing the market value of construction projects from the point of view
of institutional and private investors. This problem is caused by the instability and uncertainty of the development
of the world economy, on the one hand, as well as the imperfection and lack of modernity of traditional methods of
assessing the market value of construction projects, on the other.
Within the framework of the current development of the situation in the global economy, the implementation of
construction projects is associated with significant risks, which creates significant threats in the field of investment
efficiency. This issue requires improving the process of assessing the market value of construction projects from
the point of view of an institutional investor.
The existing models of evaluation of construction projects are focused mainly on the profitability indicator and
do not take into account two key factors: the dynamics of potential growth in the market value of the project and the
interests of stakeholders as key persons able to influence the cost of the construction project.
The model proposed in the framework of this study includes two key advantages in its structure, it allows you
to calculate the growth potential of the market value of a construction project in an unstable economic situation. In
addition, this model takes into account the interests of key groups of stakeholders, which makes it possible to determine
that this model of estimating the market value of a construction project takes into account both quantitative
and qualitative factors affecting the cost of the project.
The model is based on the paradigm of comparative evaluation of construction projects from the point of view
of an institutional investor, the calculation of the final results of the effectiveness of individual construction projects,
according to this model, allows you to identify the most priority and effective from the point of view of a potential
investor. This model makes it possible to assess the growth potential of the market value of a construction project
both at the pre-investment stage and at the stage of direct investment.
This model fully corresponds to modern trends in the field of investor orientation mainly on the potential growth
rates of the market value of a construction project.
Keywords
construction project, valuation, investor, stakeholders' interests, market value, growth potential.
