Kogan A.B.Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation kogant@mail.ru
Importance The article analyzes what issues arise in decision making on the State cofinance of investment projects at the level of the constituent entity of the Russian Federation. Objectives The research verifies my hypothesis stating that fiscal efficiency and public efficiency of projects should not be the same. It may result in inappropriate budgetary spending, i.e. investing in programs that do not generate maximum effect for the public. I also review the relationship of fiscal efficiency and public efficiency by modeling how the project may be implemented by national and foreign investors. Methods The cross-sectoral model is used to describe the economy of the Novosibirsk oblast. The regionally significant investment project is overviewed using data of the company in charge of the project performance. To evaluate public efficiency of investment, I apply my own method combining a cross-sectoral analysis and analysis of Discounted Cash Flows. To evaluate fiscal efficiency, I resorted to methods national regulations and guidelines offer. Results As I found out, estimates of fiscal efficiency, public efficiency and cost efficiency did not relate. Conclusions and Relevance Public efficiency of any project strongly depends on the investor type. It is more beneficial for the economy of any Russian region if the program is implemented by the national investor, rather than foreign one.
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