IRRI CRITERIUM AS AN ALTERNATIVE FOR THE CLASSICAL APPROACH OF RISK ASSESSMENT OF INVESTMENT PROJECTS

The efficiency assessment of investment separate financial instruments, as well as real investments is even not national problem. But “... before we build something new, the authority of already existing has to be shaken” [7]. The comparative analysis of indicators of investments efficiency allows to note that the most widely applied methods: (the NPV method ? Net Present Value and the IRR method - Internal Rate of Return), being basic indicators of the classical concept of temporary money cost, were insolvent in the assessment of risks of cash flows of investment projects. It allowed coming the conclusion to refuse their use and to offer criterion of investment projects efficiency, namely IRRI (Internal Rate of Return Investments) with the extraordinary risk assessment ? not in the form of an award, but in the form of discount, which calculation algorithm, mechanism of risk assessment, interrelation with concepts of financial management are presented in this article.