MULTI-CRITERIA VALUATION OF PUBLIC, PRIVAT AND PUBLIC-PRIVATE PARTNERSHIP INVESTMENT PROJECTS

Every investor seeks to identify the expected financial results of investments and economic, social, environmental impact of investment project. Every investor seeks to know economic efficiency of investment project before investment starts. For these reasons, each investment project should be evaluated in order to choose the most efficient investment option. The main goals of public, private and public - private partnership investment projects are different and these differences must be reflected in projects evaluation process. Private investment seeks net revenue, profit or company value. Public investment projects are directed in creating social benefits for society, environmental sustainability and economic cost savings. Public – private partnership projects goals are combined. The main goal of this scientific research is to reveal the differences and peculiarities of public, private and public – private partnership investment projects that influence these projects evaluation, to conclude the projects evaluation methodology using multi-criteria evaluation methods and try the created methodology empirically evaluating investment project of the forestry sector, when there are different sources of financing. The created multi – criteria evaluation methodology allowed us to select the indicators, evaluate them according different expectations of investors, combine the indicators and calculate the benefit – cost ratio. The investment evaluation results let us rank the investment options, which could be financed by different sources (private, public or mixed). JEL Codes: G31, H43. DOI: https://doi.org/10.15544/ssaf.2016.0