Transformation of evaluation of investment projects: from efficiency to integrated cost

The article presents the results of an analysis of approaches used in Russia and abroad to evaluate an investment project. Their positive and negative sides are revealed, ways of their correction are offered. As the main direction of transformation of the current system for evaluating investment projects, the authors propose an integrated assessment based on valuation and taking into account the technological and intellectual novelty of the project, its environmental and social significance, the impact of its implementation on the development of an individual company and the region.