Investors on the market are different: international, foreign, domestic, intracorporate. And the level of investment is also different in scale and orientation. Imagine the image of a professional direct investor, for example, foreign. The investor has assets and intends to find them profitable. He carefully studied the investment climate of our country, regions and industries in which it has some experience in managing and success. Finally, the direct investor sees a list of enterprises that interest him. In other words, the company's investment attractiveness. How to perceive it, evaluate and use? These questions and devote this article.

The ratio of stages of the LCC and the attractiveness of the company

The investment attractiveness of the enterprise is indeed an important step in the activities of professional investors interested in effective investments. The attractiveness of the company as an investment object is the result of a complex of diagnostic and evaluation measures produced after the selection of companies in the Long-leaf of industry interests of analysts. Each investor is asked about what kind of investment attractive criteria, he should be applied to not be mistaken with the choice of an object. And first of all, attention should be paid to the current stage of the company's life cycle as a diagnostic criterion.

The well-known authority of the theory of the life cycle (ZHC) of the Corporation, Dr. Itzhak Calderon Adizes in the life cycle observes two large phases: growth and aging. We are more interested in such stages like "Clearing-Birth", "Infancy-Childhood", "Youth", "Early Flowering" and "Late Flower" in the growth phase. Stages of aging "decay", "aristocracy", etc. Interested in significantly to a lesser extent, since investing at this phase is less attractive, unless the "decline" or "aristocratism" stages are not preceded by the start of a new more powerful cycle with its accompanying organizational and technological re-equipment.

Stages of life cycle by I.K. Adizesu

The subject to understand the possible investment can be any of the stages of the growth phase, but the steps "Let's", "Youth" and "Flowering" are preferred. The infancy stage is very risky for investments, since it is still not clear how events will develop. At the stabilization stage, the investor must make sure that the company will provide high production rates and product sales while maintaining the high marginality of the main product and services group.

How to determine the current stage of the company's life cycle? For this, there are a variety of techniques. First of all, the company's performance indicators should be collected, preferably in the last five years with a quarterly breakdown and analytics of their dynamics on the following analytical sections:

• production volume of products;
• currency of the balance of the balance;
• the size of the company's own capital;
• eBITDA sizes, EBITDA, pure retained profits.

Evaluation of the attractiveness of business on Sofia and stages of the LC

Analysis of the investment attractiveness of an organization based on the factor of the LCC, it is advisable to start with the financial analytical study according to the Sofia method. The method involves the study of the methods of adoption in the company of basic financial decisions. An assessment of the adoption of strategic decisions (or solutions like "S" includes activities that simultaneously represent methods for assessing investment attractiveness. They include the following analytical sections.

1. Economic added value EVA. If the value of EVA systematically demonstrates a positive trend, this means that the company's market value grows up over the book value of net assets. Consequently, the investment attractiveness of the company is at the height.
2. The market value of the company defined by one of the available methods. For the investor, the income method is preferred (from the point of view of business sales) and value assessment by analogy.
3. Models of sustainable growth (development) BCG. This method involves an analysis of the conformity of the identities of the growth rates and the increase in revenue, profits, assets, equity and debt of the enterprise. The most pronounced and synchronous dynamics of indicators are characteristic of the steps "Youth" and "Early Flower", which makes them especially attractive for investment.
4. Matrices of financial strategic models. Selected financial strategy of the company serves as an indirect pointer to the investor for a formed trend, how successfully the direction in the two-factor matrix of the results of economic and financial activities is elected. Under the success zone is understood as the direction towards the creation of liquid funds, and under the deficit zone - their consumption.
5. Model Dupon. This analytical model is over a hundred years. Different two-factor and three-factor models of Dupon. They are based on a detailed analysis of the profitability of the company's assets.

Investment attractive factors are present not only in the company's chosen financial strategy. An important value of the operational financial planning system (solutions like "O") has an important meaning. Regular management area in the field of finance is not less than for an investor comprehending business for investments. Under it, we understand the system of budget management and the rationing system.

An assessment of the investment attractiveness of the enterprise is based on the analysis of the complex of current policies in the field of accounting, cost management, working capital and receivables (solutions of the type "F"), an investment policy of the enterprise (solutions like "I"). The actual level of development of analytical technologies in the financial sector also serves as a certain "lighthouse" of investment security (solutions like "A").

The current architecture of the financial management of the company SOFIA allows you to determine the stage of the LCC and get full information on the profitability and prospects of investments. In addition to the financial aspect, the diagnosis of organizational behavior in the enterprise is also helpful to understand the moment of development of the company. The relationship between the types of management practices and stages of the LCC is presented in tabular form.

Diagnostics of the stage of the LCC through the types of management practices in the company

Focused financial analysis for attractive assessment

The investment attractiveness of the business object is estimated during several iterations from different points of view. It is necessary to understand both parties to the negotiating evaluation process that only certain openness under compliance with the conditions of information security can lead to mutual success in attracting funds. The investor must prove to the owners and management of the company that acting in their business interests does not represent a competitive threat. The initiator of the company's investment should realize that it will be necessary to open the main aspects of the results of the activity and the management system.

Indicators of profitability, liquidity, financial stability, assets turnover serve as a basis for focused analysis of the enterprise as a potential investment facility. Based on these indicators, an assessment of the investment attractiveness of the enterprise from the position of investment opportunities investments in fixed assets or portfolio investments is made. Further, the composition of the indicators applied in the analysis entered into three groups is presented.

Summary Table of Indicators for Investment Analysis

Analysis of the investment attractiveness of the enterprise can be carried out by comparing settlement values \u200b\u200bwith a standard (regulatory) level of the indicator on average by industry, with the level of past reporting periods of this company and the found values \u200b\u200bof the industry leading and on the territory of competitors' players. For analysis, the results of the competitive intelligence, the information of the central and regional departments of Rosstat (on average industry indicators) and the reporting forms of previous periods of the enterprise are required.

The investment attractiveness of the enterprise in the first group of indicators allows investment analyst to determine the potential of the investor's security from the requirements of external obligations, thanks to the resources of own funds. The second group shows the company's ability due to the short and liquid assets base coverage short liabilities. In this case, the overall coefficient of coating is optimal within the value of the indicator 2-2.5, and the intermediate coefficient is at the level of 0.8.

The most liquid part of assets are cash. Taking into account this circumstance, the absolute liquidity ratio has special significance for both investors and suppliers. The most favorable option is considered when this indicator exceeds the value of 0.5, and its optimal value is 0.25. Various types of profitability serve as a separate analytical unit to assess the attractiveness of the company. Regulatory values \u200b\u200bvary greatly by industry, depend on seasonality and, as already noted, from the stage of the LCC.

Impact of the level of management to the degree of investment attractiveness

A rather often potential investor is interested in not only the company's level as a whole. Investment analysts may be interested in the investment attractiveness of the project as a local investment task. In previous sections, a financial analysis was focused as a key tool in the selection of objects for capital investments. This is a truly the most effective way to solve the search and qualifying task. The numbers, subject to their openness and reliability, provide direct access to the forecast of the success of the investment.

At the same time, financial analysts should be confirmed by indirect techniques and methods, without which the assessment of the investment attractiveness of the enterprise and local projects is not entirely full. In addition to the above diagnosis of organizational behavior in the company, it is advisable to clarify the type of existing organizational culture. It is one of the extent testifies to the stage of the ZHC and the level of management of management in the company, reflects the current management paradigm.

The reliability and competitiveness of the company as an investment facility is confirmed by the level of development of management systems based on quality management. ISO standards of various series, starting with 9000, in many countries are considered as one of the effective indirect estimated tools. The fact of certification for quality standards improves the attractiveness of the company in terms of investment opportunities due to:

• transparent and prescribed model of regulated business processes in the company, which gives the investor a support in the subsequent control of procedural well-being;
• implementation of electronic forms of documentation management;
• obtaining opportunities to enter international markets based on understandable and generally accepted procedures and standards;
• understandable language and format of internal corporate communications, plans and reports, adopted by both the company's employees and representatives of the investor;
• production costs that receive optimization prospects along with processes optimization procedures due to functional cost analysis and reengineering of business processes.

As a summary

In the investment process there are at least two sides. One side that gives money to the implementation of capital investments is referred to as an investor and expects relevant returns. The second side initiates an investment project, needs its reinforcement by means if own capital is not enough. It is referred to as the initiator of attracting an investor. Not only are both parties to somehow find each other, a mutual choice is very desirable in the disposition "won-won." Unfortunately, the national fun Russian business consists in the execution of rituals leading to losses.

I understand investors why there are so few of them, and why the cost of investment funds for companies is overestimated. The reason for this lies not only in the fact that the business is really non-profit and insecurity. In fact, successful companies are not so little in the economy. It's all about three important aspects.

1. The initiators are first not desirable, and then "do not know how to be transparent to potential investors.
2. Regulated management is often truly sheath, simulating and formal, including TQM and ISO certificates.
3. Investors need to be learn to convince, analyze and evaluate the investment potential of truly attractive enterprises.

Sometimes it seems that the investment attractiveness of the enterprise, as well as the composition of the true meanings of the fundamental indicators of its activities, are hidden not only from investor outlines, but also from business owners themselves. Double standards in the economy long ago it's time to put a barrier. The most interesting thing is that monopolies and oligopoly as subjects also suffer from the fact that the medium and small business is driven by a torus of tax maneuvering. This is the same question of state sovereignty, as well as national security. For some reason, it is believed that breaking the west will occur, and the quality and volume of investment in the real sector will acquire a new force.

Introduction

Theoretical foundations of analyzing the investment attractiveness of the enterprise

Basic tools and methods for analyzing the investment attractiveness of the enterprise

Conclusion

List of sources used

Introduction

The most common thing is the main purpose of attracting investment is to increase the efficiency of the functioning of the company in market conditions.

According to the current point of view, the result of investment investment investment, regardless of the selected method, with effective management, the increase in the value of the company and other significant indicators of its activity should be. Sustainable competitive operation of any modern enterprise is possible only in the case of its modernization, active and increasing expansion of activities, as well as the use of the latest technologies, both in production and management. The implementation of these all activities requires finding the most affordable (cheap) sources of additional financial resources - investments.

Assessment of the investment attractiveness of the company has a very significant role, since potential investors pay the most significant attention to this particular characteristic, in most cases, while resorting, while exploring the indicators of the financial and economic activity of the enterprise over the past 3-5 years. In addition, for the most correct assessment of the investment attractiveness of the enterprise, investors exercise it as an element of the industry, and not as a separate economic entity, comparing it with other firms operating in this industry.

The interest of potential investors largely depends on the economic consistency of firms, as well as the degree of sustainability of their financial condition. These parameters are among the most important, since the investment attractiveness of a particular enterprise is mostly characterized.

Nevertheless, it is worth noting that even today, the methodology for analyzing and evaluating the investment attractiveness of economic entities is not yet sufficient, and therefore requires further improvement and updating.

Today, almost for any business niche is characterized by an extremely high level of competition. In order to not only survive in this environment, as well as to take competitive positions, companies are forced to continuously develop, borrowing advanced world experience, mastering new technologies, expanding the spheres of activity. It is with such a dynamic development that comes to an understanding that the further development of the company does not seem possible without inflow of investments.

Thus, investments give companies with competitive advantages and very often act as the most powerful means of growth. Extremely important for investors is the analysis and assessment of the investment attractiveness of the enterprise, since this makes it possible to minimize the risk of incorrect investment of funds.

The main purpose of this work is the study of the theoretical foundations of the analysis and assessment of the investment attractiveness of the enterprise.

The achievement of the goal is provided by the formulation and solving the following tasks:

analyze the existing methods for assessing the investment attractiveness of enterprises, as well as determine the possibility of their use from the position of investors;

identify key indicators of the formation of the investment attractiveness of the enterprise;

clarify the economic meaning of the investment attractiveness of the enterprise;

carry out the selection of the most significant factors of the investment attractiveness of the enterprise;

examine the theoretical foundations of the analysis mechanism and assessment of the investment attractiveness of the enterprise.

The object of work is theoretical basis for analyzing and evaluating the investment attractiveness of enterprises.

The subject of work is the main tools and methods for analyzing and evaluating the investment attractiveness of enterprises, as well as the main factors of influence on it.

The theoretical and methodological foundations of the study were the scientific work of Russian and foreign scientists in the field of investment attractiveness of enterprises, as well as legislative and regulatory acts of federal and regional authorities regulating investment processes. The paper uses periodic printing and scientific and practical conferences on investment analysis and investment ranking.

Chapter 1. Theoretical basis for analyzing the investment attractiveness of the enterprise

1 The concept of investment attractiveness of the enterprise in modern market conditions

Investments are usually understood by investing capital into any facilities in order to obtain profits, or to achieve a positive social effect.

The economic nature of this category is to build relations between the participants of the investment process on the formation and use of investment resources for the purpose of improving and expanding production.

The most obvious way this approach was presented in the works of the famous economist, the Nobel laureate J. M. Keynes. So, he implied that part of income for the current period, which was not used for consumption, as well as the current increase in capital property values \u200b\u200bas a result of productive activities.

As for domestic economic literature, it is up to the 80s of the XX century. The term "investment" was practically not used, since the administrative and command model of the socialist economy reigned. Thus, more or less widely in scientific use, this term has spread slightly later.

Also, investments can be considered as a process, which in the course of reproduction of fixed assets reflects the movement of their value. In other words, this is a system of economic relations that are associated with the movement of the cost, which was advanced in the main funds since the mobilization of funds, until their return. However, in our opinion, this definition is too narrow.

In the general form, investments implies capital investments in order to increase its future. This simple and understandable approach to this definition dominates both in the Western and domestic literature.

According to the current legislation of the Russian Federation, namely, in accordance with the Federal Law "On Investment Activities in the Russian Federation, carried out in the form of capital investments" No. 39-FZ "Investments are cash, securities, other property, including property rights, Other rights that have a monetary assessment invested in the objects of entrepreneurial and (or) other activities in order to profit and (or) achieve a different useful effect. "

According to IFRS, the following definition follows: "Investments are an asset, which is contained by the company in order to accommodate wealth through various kinds of income received from the investment facility (in the form of dividend, percentage and rent), increasing the cost of the company's capital, or to obtain an investment company other Benefits that arise, for example, with long-term trade relationships. "

Thus, in the most general form, investments are investor investor in temporarily free capital into a specific object in order to preserve this capital and profit, or another positive effect.

All investments are customary to divide into two main groups: real and financial.

Financial investments are customary to include capital investment in various financial instruments, first of all, in securities. They serve to increase the financial capital of the investor, receiving dividends, as well as other income.

Real investments are an investment in the creation of assets that are related to the implementation of the operating (main) activity of the enterprise, as well as to solving its socio-economic issues.

Speaking more accurately, to real investments should include investment in production. In other words, these are financial resources that are sent to the development of basic production funds, intangible assets and a resource base.

To date, the question of attracting real investments is the issue of her survival, both enterprises and the economic system as a whole. The normal functioning of firms, especially large industrial, is not possible without actively attracting funds from investors. The main purpose of the latter, of course, is the preservation and increase in temporarily free capital.

Thus, the main actors of investment activities are investors. They may be lenders, customers, depositor, buyers, and other participants in the investment process.

The investor independently chooses the objects for investment, determines the volume and desired effectiveness of investments, investment destinations, controls the target use of investments, and, of course, acts as the owner of the object created by investment activities.

A characteristic feature of any investor is the refusal to immediately consume funds available at its disposal today, to fully satisfy its needs in the future.

The main task of the investor is the most rational choice of an object for investment. Such an object must have the most favorable development prospects, as well as the high efficiency of returns from investments.

The choice of an investment object cannot be spontaneous, since it takes a very complex process of the most careful selection, assessment and analysis of all sorts of alternatives, from which the final choice of the most attractive object is carried out.

Consider now what the investment attractiveness of the enterprise.

The very concept of "investment attractiveness" is traditionally associated with preferences in choosing any object to invest.

The investment attractiveness of any object for investing by itself represents a combination of a wide variety of objective signs, opportunities, funds that in their entirety constitute the potential solvent demand for investment in this investment object.

According to Professor of the Yaroslavl State University G.L. Igallowniki, "Under the investment attractiveness of the enterprise, it is necessary to understand the socio-economic feasibility of investment, which is based on the coordination of the opportunities and interests of the investor, as well as the recipient (recipient) of investments, ensuring the achievement of the objectives of each Party at an acceptable level of risk and profitability of investments."

Simple language, investment attractiveness is a certain set of characteristics and factors of the company that give the reason to the investor to choose it as an investment object.

The investment attractiveness of the enterprise is an integral assessment of its parties from the standpoint of the effectiveness of its activities and development prospects.

The main purpose of the analysis and assessment of the investment attractiveness of the company is a definition for the feasibility of investing in a particular object.

The process of forming the investment attractiveness of firms is quite complex and long. It includes such main steps:

) Compilation of the overall characteristics of the company, as well as the analysis of the level of economic development:

a) the analysis of the property of the company involves determining the value of the company's asset, analysis of its structure, assessment of the volume and composition of intangible and non-current assets;

b) assessment of the production potential of the company, the essence of which consists in determining the production capacity of the company, as well as the prospects for their growth, the level of wear of equipment and production technology, as well as the need for modernization;

c) determining the level of development of management at the enterprise (personnel capacity) - an analysis of the company's security by personnel, assessing the level of their qualifications;

d) Analysis of the innovative potential of the firm involves an analysis of the availability and use in the production of the latest technologies and the possibility of introducing innovation;

) Evaluation of market potential is also competitiveness by commercial products:

a) determining the capacity of the market, as well as its share per company (analysis of the rating of firms operating in this industry, the competitive environment, the definition of weak and strengths, the definition of promising ways to fix the position of the enterprise in the market, as well as its further growth);

b) assessment of the quality and competitiveness of goods manufactured by the company (comparison of product quality with the market available, evaluating its quality and identification of competitive advantages, search for optimal ways to increase the competitiveness of goods);

c) analysis of the pricing policy of the company;

) Analysis of the company's financial condition, as well as financial results:

a) the assessment of the financial condition of the enterprise implies, first of all, the analysis of financial sustainability, solvency and liquidity, as well as the analysis of business activity and profitability;

b) Analysis of the financial results of the enterprise includes an assessment of the effectiveness of activities, as well as the prospects for the further development of the company.

One terms such as "investment attractiveness" and "Level of Economic Development" should be distinguished. The level of development of the enterprise contains a whole complex of important economic indicators, and investment attractiveness discloses, mainly the state of the object of investment, the prospects for its growth and profitability and, as a result, further development.

Do not forget that during the analysis of the investment attractiveness of a company, the investor should evaluate not only the profitability and stability of the work of this object, but also any potential risks that can only arise.

2 Factors defining the investment attractiveness of the enterprise

investment attractiveness Enterprise

The investment attractiveness of the enterprise largely depends on external factors that characterize the level of development of the industry and the territory where the enterprise under consideration is located, as well as from internal factors - activities within the enterprise.

As mentioned earlier, before deciding on the investment, the investor should evaluate a whole range of factors that determine the effectiveness of investments. When taking into account the entire spectrum of options for combining various factors, any investor has to evaluate the results of their interaction and the cumulative effect.

Thus, the first plan comes to the quantitative identification of the state of investment attractiveness. It should take into account that for the adoption of certain investment decisions, an indicator that characterizes the state of the investment attractiveness of the company must certainly have an economic meaning and, while to be comparable to the price of investment capital.

Based on the foregoing, one can formulate a number of requirements that are presented to the method of determining the indicator of investment attractiveness:

the investment attractiveness indicator should take into account all the external environmental factors for the investor;

this indicator should reflect the expected profitability of invested resources;

an indicator of investment attractiveness must certainly be comparable to the capital price of the investor.

Thus, if the method of assessing investment attractiveness will be built with these requirements, it will provide an opportunity to ensure investors a reasonable and rational choice of the object of capital investments, control their effectiveness of these investments, as well as the possibility of adjusting in case of unfavorable situation of the process of implementing investment programs and projects.

The role of other equally important factors of the investment attractiveness of the company, which also need to take into account are investment risks.

Investment risks are divided into several subspecies:

risk of direct financial losses;

risk of reducing profitability;

the risk of missed benefits.

The risk of missed benefits acts as the risk of an on-board (indirect) financial damage (lack of profit) due to the unnecessary of any project.

The risk of reducing profitability arises due to the decline in dividends and interest in portfolio investment, loans and deposits.

Risks of reducing returns are divided, in turn, credit and interest risks.

There is a large variety of classifications of factors that determine investment attractiveness.

They are divided into:

· Resource;

· production and technological;

· regulatory legal;

· institutional;

· infrastructure;

· export potential;

· business reputation, etc.

Each of their listed factors can be characterized by various indicators that often have one similar economic nature.

The following classification of factors that determine the investment attractiveness of the company are divided into:

· formal (based on financial statements);

· informal (subjective, such as, for example, commercial reputation, competence of manual).

Chapter 2. Basic tools and methods for analyzing the investment attractiveness of the enterprise

1 Methodical approaches to the analysis of the investment attractiveness of the enterprise

To date, several approaches to the assessment of the investment attractiveness of companies are popular. The first approach is based on indicators of assessing the competitiveness and financial and economic activities of the company.

As for the second approach, it actively applies such categories as "investment potential", "investment risk", as well as methods for assessing investment projects.

The third approach is based on the valuation of the company's value.

Each approach and each method are inherent in its drawbacks, advantages, as well as limits for use in practice.

Thus, it is possible to come to such a logical conclusion that the more methods and approaches will be used simultaneously in the process of assessing methods and approaches, the higher the credibility and objectivity of the reflection of the company's investment attractiveness will be.

The company's investment attractiveness includes the following significant items to which potential investors should certainly pay attention to:

the overall characteristics of the technical base of the company;

nomenclature of goods;

production capacity;

place of company in the market, in the industry, the level of its monopoly position;

characteristics of the management system;

company owners, charter capital;

the structure of production costs;

the most important, in our opinion, from the company's indicators - the amount of profit received, as well as the directions of its use;

evaluating the financial condition of the company.

Control in any process should be based taking into account the continuous objective assessment of the state of its flow. From this it follows the need for a constant objective assessment of the investment attractiveness of economic systems.

The main tasks of assessing the investment attractiveness of economic systems are the following:

determination of the economic development of the system in the context of investment issues;

identifying the interdependence of the investment attractiveness of the enterprise, the inflow of investments and the level of development of the economic system;

regulation of investment attractiveness of economic systems.

Additional tasks are the following:

clarifying the reasons that affect investment attractiveness;

implementation of monitoring of investment attractiveness.

One of the important factors of the investment attractiveness of firms is the availability of the necessary investment resource or capital. The capital structure acts as the main determinant of its price, but, nevertheless, it cannot act as a sufficient and necessary condition for the effective work of the firm. On the other hand, the less the price of the capital, the fact that will be an attractive company for potential investors.

The capital price should correspond to the threshold of profitability or, in other words, the rate of profit that the enterprise needs to ensure, in order not to reduce its market value.

The profitability of investments is determined in the form of a ratio of income or profits to inventive funds. As an indicator of income (on micro-level), a net profit indicator may be applied, which remains at the disposal of the company.

Hence the formula:

K1. \u003d N / and (1)

where K. 1 - this is the economic component of the investment attractiveness of the company;

And - the volume of investments in the main funds of the company;

P - profit volume for the period under study.

If there is no information on investment in fixed assets, then the profitability of fixed capital should be used as an economic component, because this indicator characterizes the efficiency of the use of funds invested earlier in the fixed capital.

An indicator of the investment attractiveness of the investment object can be calculated according to the following formula:

i \u003d n / f i. , (2)

where i. -investment attractiveness of the object;

F. i. - resources of the i-th object, which participates in the competition;

N - consumer order value.

In our case, the key parameter of the entire assessment system is a consumer order. Depending on how correct it will be formed, the degree of reliability of indicators will depend on.

Attracting additional material financial, as well as technological resources within the firm is necessary for solving specific tasks, such as, for example:

the introduction of new progressive technologies in the form of "know-how" and licenses;

acquisitions of new highly efficient equipment;

attracting advanced foreign experience management experience in order to improve product quality, as well as improving ways to enter the market;

expansion of the production of those types of products that are most of all in demand in the market, including the world.

Attracting foreign investments is also necessary for the introduction of own technologies, since the application in practice can often be able to deteriorate due to the lack of the necessary equipment.

Investing in Russian firms is conjured, as a rule, with the following characteristic difficulties:

low competitiveness of investment recipient firms;

difficulties in obtaining an objective, adequate reality of information on the analyzed enterprise, as well as frequent use of insider information;

a high degree of conflict between the management of the company and investors;

the lack of effective mechanisms for protecting the interests of potential investors from unfair actions of managers of the company.

In the process of assessing the investment attractiveness of the enterprise, you should also not forget about assessing the effectiveness of investments.

The effectiveness of investments is determined using a system of methods reflecting the cost ratio related to investments and outcome results. This method of methods makes it possible to form an opinion on the attractiveness of certain investment projects and their comparisons among themselves.

According to the type of economic entities, methods may reflect:

economic efficiency on macro-, micro, meso-level;

financial substantiation (commercial efficiency) of projects, which is determined in the form of the ratio of financial costs and results as a whole for projects and for individual participants, taking into account their share in the total investment;

budget efficiency expressed in the influence of this project on the income and expenses of the relevant level of the state or local budget.

For an enterprise with an average degree of investment attractiveness, an active marketing policy is characterized, which has the focus on the effective use of available potential.

For firms with investment attractiveness below the average level are characterized by low capabilities of capital increment, which is primarily associated with low efficiency using available market opportunities, as well as production potential.

As for firms with a low level of investment attractiveness, they are characteristic of the fact that investments invested in them are usually not agreed and only act as a source of maintaining viability, respectively, without affecting the economic growth and development of the enterprise. Enhance the investment attractiveness to such firms can be only fundamental qualitative changes in production and management system. A reorientation of production on the most complete satisfaction of market needs can also play far from the latter role. This will allow the enterprise to increase its image in the market, form new, or improve the existing competitive advantages.

Partners, investors, as well as the management of the company are interested not only by the dynamics of changes in the investment attractiveness of the company, but also the trends of its changes in the future. On the one hand, to have information about changing this indicator means possess readiness to difficulties, risks and taking timely measures to stabilize the production process. On the other hand, it makes it possible to take advantage of the growth of investment attractiveness rates in order to maximize the attraction of new investors, the introduction of new and improvements to outdated technologies, expand the market and production market, etc.

2 Algorithm for monitoring the investment attractiveness of the enterprise

Construction of the monitoring system of the analyzed indicators includes such main stages:

.Building a system of reporting informative indicators is based on management and financial accounting data.

.Development of a system of analytical (generalizing) indicators, which reflect the actual results of achieving quantitative standards of control, should be carried out in accordance with the system of financial indicators.

.The definition of the structure and indicators of the forms of control reports of the performers is used to form a system of carrier control information.

.Definition of control periods for each group and each type of indicators analyzed. The specification of the control period for groups of indicators should be determined by the "urgency of response", which is necessary for effective management of the investment attractiveness of the company.

.The establishment of deviations of the actual results of the analyzed indicators from the established standards should be carried out both in absolute and relative values. According to relative indicators, at the same time, all deviations can be divided into three main groups:

positive deviation;

negative "permissible" deviation;

negative "unacceptable" deviation.

The identification of the main reasons for deviations of actual controlled indicators from established standards is carried out in general by the company and on its separate structural units ("centers of responsibility", "profit centers").

The implementation of the monitoring system in the company makes it possible to noticeably increase the efficiency of the entire investment process management process, and not only in the field of work on an increase in investment attractiveness.

As the basis for the formation of the monitoring system, the development of a system of indicative indicators that allow you to identify the emergence of the problem, as well as its complexity. The system of indicators, in a meaningful plan, has an orientation for the study of signs that characterize the dependence of the management of the investment attractiveness of the company from the inner and external environment, forecasting and assessing their quality.

The system of monitoring indicators of the investment attractiveness of the enterprise would be logically distinguished by such groups:

1.Environmental indicators. For the external environment, firms that operate in market conditions are very characteristic of a number of distinctive features: first, all factors are counted overnight; secondly, firms should take into account all the multi-term management; Thirdly, pricing in such conditions is very often aggressive; Fourthly, the dynamic of market development, when the alignment of the forces and the position of competitors is changed "on the extensive".

2.Indicators that characterize the social efficiency of the company. This indicators are highlighted in the way reflect the impact of economic measures to the most complete satisfaction of social needs.

.Indicators that characterize the professional training of personnel, indicators that characterize the level of labor organization, as well as indicators characterizing socio-psychological factors in the team.

.Indicators reflecting the effectiveness of the development of investment processes in the company. In the context of assessing the investment attractiveness of companies, a group of indicators belongs to the greatest interest, which directly reflect the effectiveness of investment management.

Thus, it is possible to make this conclusion that in the formation of the monitoring system of investment attractiveness, it is necessary, first of all, to take into account the factors for the formation of investment value. Secondly, it is necessary to take into account the potential opportunities of the company in the formation of its investment potential, production, personnel, the technical potential of the company, the prospects in attracting external resources, as well as the effectiveness of the development of investment processes that determine the economic growth of the enterprise.

This algorithm is based on monitoring the company's market value. In the context of the automation of the processes of functioning of the enterprise and their informatization, the implementation of this algorithm does not require substantial organizational and economic transformations in the firm.

Implemented in a similar way in the enterprise, monitoring of investment attractiveness will be able to not only identify bottlenecks in the formation of the conditions for the activation of investment processes, but also to determine the most likely changes in the economic potential of the company, minimizing, while the likelihood of the company's market value.

3 Indicators and methods for analyzing the investment attractiveness of the enterprise

During the assessment of the investment attractiveness of the company, the following important aspects should be considered: the attractiveness of commercial products manufactured by the enterprise, innovative, personnel, territorial, financial, social appeal.

The essence of the analysis of the company's financial attractiveness is to maximize profits and minimize costs. This is a very multidimensional concept, which consists of a huge number of various indicators that are calculated on the basis of the financial statements of the firm.

Indicators of the company's financial condition for investors are most significant.

During the financial attraction of the company, the following indicators are used primarily:

profitability;

financial stability;

liquidity of assets.

An assessment of the current financial condition of the enterprise must begin with the analysis of its property situation, which is characterized by the state and composition of assets. If we are talking about analyzing the property of the enterprise, it is necessary to take into account not only real-objective characteristics, but also a monetary assessment, which makes it possible to most objectively draw conclusions about the optimality, feasibility and possibilities of investment of financial results in the company's assets. The financial and property status of the company is two closely interconnected Parties to the Economic Potential.

An analysis of the structure of the enterprise property is carried out mainly on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis. Analysis of the value of the value of the property allows us to obtain the most general idea of \u200b\u200bthe financial condition of the company. The structure of the value of the property illustrates the proportion of each element of assets, as well as, which is important - the ratio of borrowed and own funds (the effect of financial leverage), which cover them in liabilities. When comparing structural changes in the assets and liabilities of the balance, you can get a clear idea of \u200b\u200bwhich sources dominate when new funds are received, as well as in which assets these new funds were invested.

As for the analysis of the liquidity of the balance, the most important indicator of the company's financial situation can be considered an assessment of its solvency. Under it should be understood the ability of the company in full and timely exercise calculations on their short-term obligations to partners.

The company's ability to quickly release out of its turnover of money, which is necessary to repay their short-term obligations, as well as normal financial and economic activities, is called liquidity. At the same time, liquidity should be considered both at the moment and for the prospect.

In the most general understanding, liquidity is the ability to transform into funds. The concept of "liquidity degree" is to determine the duration of the time interval, during which this transformation can be implemented. Thus, the shorter this period is, the higher the liquidity of certain assets.

Speaking about the liquidity of the enterprise, they mean the presence of working capital in its amount, theoretically sufficient to repay its obligations.

As the main feature of liquidity, the formal excess of current assets over short-term liabilities (in monetary terms). The greater the magnitude of this exceeding, the more favorable the company will be the company from the position of liquidity. If the magnitude of the current assets is not high enough compared to short-term liabilities, the current position of the enterprise is unstable and may well have a situation where it will not have a sufficient amount of cash for calculating its obligations.

The liquidity of the enterprise is most fully characterized by comparing the assets of one or another level of liquidity with the obligations of one degree or another liquidity.

All assets of the enterprise are grouping depending on the degree of liquidity, that is, the speed of transformation into cash, and are located in the desire of liquidity, and liabilities - by the degree of urgency of their repayment and are located in order of increasing time.

And 1. The most liquid assets - they include all articles of money of the enterprise and short-term financial investments (securities). A 1 \u003d p.250 + p.260.

A 2. Quickly implemented assets - receivables, payments for which are expected within 12 months after the reporting date: A 2 \u003d p.240.

A3. Slowly implemented assets - articles section 2 balance assets, including reserves, VAT, receivables (... after 12 months) and other current assets. A3 \u003d p.210 + p.220 + p.230 + p.270. It is difficult to implement assets - articles section 1 of the balance of the balance - non-current assets.

A 4. Overseas assets \u003d p. 190

Balance liabilities are grouped by the degree of urgency of their payment.

P1. The most urgent obligations - they include payables: p 1 \u003d p.620.

P2. Short-term liabilities are short-term borrowed funds, debt participants in income pay, other short-term liabilities: p 2 \u003d p.610 + p.630 + p.660.

P3. Long-term liabilities are the balance sheet items related to sections 4 and 5, i.e. Long-term loans and borrowed funds, as well as income of future periods, reserves of upcoming expenses and payments: P3 \u003d p.590 + p.640 + p.650.

P4. Permanent, or stable, liabilities are articles section 3 balance sheets and reserves. If the organization has losses, they are deducted: p4 \u003d p.490.

The balance is absolutely liquid if there is an appropriate coating of assets for each group of obligations, that is, the firm is capable of repaying their obligations without significant difficulties. The lack of assets of one degree or another liquidity indicates possible complications in fulfilling its obligations. Liquidity conditions can be represented as follows: A1 P1, A2. P2, A3P3, A4 P4.

The fulfillment of the fourth inequality is required when performing the first three, since A1 + A2 + A3 + A4 \u003d P1 + P2 + P3 + P4. Theoretically, this means that the enterprise is followed by the minimum level of financial stability - there are eigenvarcers (P4-A4)\u003e 0.

In the case when one or more system inequalities have the opposite sign from fixed in the optimal variant, the liquidity of the balance is more or less different from absolute. As a rule, the lack of highly liquid funds is replenished less liquid.

This compensation is only estimated, since in a real payment situation, less liquid assets cannot replace more liquid.

The balance is not absolutely not liquid, the company is not solvency, if the ratio opposite is absolute liquidity: A1 P1, A2. P2, A3P3, A4 P4.

This condition is characterized by the absence of the enterprise of its own working capital and the absence of the possibility of paying the current obligations without the sale of non-current assets.

The analysis of the balance of the balance of the balance conducted according to the following scheme is approximate. More detailed is the analysis of solvency with the help of financial coefficients.

The most important indicator of the financial situation of the enterprise is to assess its solvency, under which the ability of the company in a timely manner and in full make calculations on short-term obligations to counterparties.

Solvency means the availability of cash and their equivalents sufficient for settlements on payables requiring immediate repayment. Thus, the main signs of solvency are:

a) the presence of sufficient funds at the current account;

b) no overdue payables.

For a generalized estimate of liquidity and solvency of the enterprise, special analytical coefficients use. Liquidity coefficients reflect the cash position of the enterprise and determine its ability to manage working capital, that is, at the right time to quickly turn assets into cash in order to repay current obligations. In foreign and domestic literature, three key liabilities are used depending on the rate of implementation of certain types of assets: the liquidity ratio or degree of coating by property means of current absolute liquidity, the rapid liquidity ratio and the current liquidity coefficient (or coefficient of cover). All three indicators measure the ratio of the current assets of the enterprise to its short-term debt. In the first coefficient, the most liquid turnover assets are taken into account - cash and short-term financial investments; In the second, receivables are added to them, and in the third - reserves, that is, the calculation of the current liquidity ratio is practically the calculation of the entire amount of current assets on the ruble of short-term debt. This figure is adopted as an official criterion for the insolvency of the enterprise.

The analysis allows you to identify the solvency of the enterprise, which is one of the quantitative meters of investment attractiveness. For the characteristics of the solvency of the enterprise adopted a number of coefficients.

Conclusion

In this paper, the entity of the category "Investment Attraction" was considered. There are several interpretations of this definition, but, summarizing them, it is possible to formulate the following definition of the investment attractiveness of the enterprise - this is a system of economic relations between business entities about the effective development of business and maintaining its competitiveness. Based on the accumulated domestic and foreign experience, it was proved that the investment attractiveness of enterprises acts as the main mechanism for attracting investment in the economy.

Investment attractiveness depends on the external (level of development of the region and the industry, the location of this enterprise) and internal (activities within the enterprise) of factors.

One of the main factors of the investment attractiveness of the enterprise are investment risks (the risk of missed benefits, the risk of reducing returns, the risk of direct financial losses).

Also, factors affecting investment attractiveness are divided into: industrial and technological; resource; institutional; regulatory legal; infrastructure; Business reputation and others.

Investment attractiveness from the point of view of a separate investor can be determined by a different set of factors having the greatest value in choosing a particular investment object.

In current economic conditions, there are several approaches to the assessment of the investment attractiveness of enterprises. The first is based on the indicators of the financial and economic activity of the enterprise. The second approach uses the concept of investment potential, investment risk and methods for assessing investment projects. The third approach is based on an assessment of the cost of the enterprise. Each of the methods has its advantages and disadvantages, and the more approaches and methods will be used in the assessment process, the more likelihood that the final value will be an objective reflection of the investment attractiveness of the enterprise.

List of sources used

Vasilyev A.G. Analysis of marketing opportunities. M.: Uniti, 2012. P. 11.

Federal Law "On Investment Activities in the Russian Federation, carried out in the form of capital investments" of 25.02.1999 No. 39-FZ - Consultant Plus: Version prof. - electron. Dan. and prog. - CJSC "Consultant Plus".

Vasilyev A.G. Analysis of marketing opportunities. M.: Uniti, 2012. P. 14.

Scientific and implement company "Position". Investment attractiveness. - 2008. Dos-Tup mode: www.pozmetod.ru.

Mushrooms V., Georgians V. Economics of the enterprise. - 2012. Access mode: www.inventech.ru.

Filimonov VS The concept of the investment attractiveness of the enterprise in modern market conditions // Actual problems of science, economy and education of the 21st century: Materials of the II International Scientific and Practical Conference, March 5 - September 26, 2012: in 2 hours. 2 / T. ed. E. N. Sheremetyeva. - Samara: Samara Institute (Phil.) RHTEU, 2012. - 392 p. ISBN 978-5-903878-27-7- C. 212-216. - # "Justify"\u003e. http://www.aup.ru.

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Ministry of Education and Science of the Russian Federation

Federal state autonomous

Educational institution of higher

Vocational education

"Kazan (Volga) Federal University"

Institute of Management, Economics and Finance

Department of Financial Management

Coursework in the direction

Analysis of the investment attractiveness of the enterprise

Is done by a student

G.14.6-231 3 Course

A.F. Kamaletdinova

scientific adviser

doctor of Economics, Associate Professor of the Department

financial Management

A.I. Bikchantayev

Kazan 2015.

Introduction

The assessment of the investment attractiveness of the enterprise plays a major role for the economic entity, since potential investors pay attention to this characterization of the company considerably, while studying indicators of financial and economic activities at least for 3 years. Also, for the proper assessment of investment attractiveness, the investor assesses the enterprise as part of the industry, and not as a separate economic entity in the environment, compares the enterprise under consideration with other enterprises in the same industry.

The activity of investors largely depends on the degree of sustainability of the financial condition and economic consistency of enterprises in which they are willing to direct investment. It is these parameters mainly and characterize the investment attractiveness of the enterprise. Meanwhile, currently, the methodological issues of assessment and analysis of investment attractiveness are not sufficiently designed and require further development. This is precisely what caused the relevance of the topic of this course work "Investment attractiveness of the enterprise".

Practically any direction of business in our time is characterized by a high level of competition. To preserve its positions and achieve the leadership of the company, it is forced to constantly develop, master new technologies, expand the spheres of activity. In such conditions, it occurs periodically when the management of the organization understands that further development is impossible without inflow of investment. Attracting investments gives the company competitive advantages and often is a powerful means of growth. The main and most common goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any selected method of investment investment attachments in competent management should be the increase in the company's value and other indicators of its activities.

Investment attractiveness is important for investors, as the analysis of the enterprise and its investment attractiveness allows the risk of incorrect investment to a minimum.

The object of study of this course work is the investment attractiveness of the enterprise.

The subject of research is the factors affecting the investment attractiveness of the enterprise.

The purpose of this work is to analyze the investment attractiveness of OJSC LUKOIL on the basis of basic indicators of financial statements, liquidity and soluability indicators.

The purpose of the study made it possible to formulate the tasks that were solved in this work:

1. Disclose the concept of investment attractiveness;

2. Determine the factors affecting investment attractiveness;

3. Create an algorithm for monitoring the investment attractiveness of the enterprise;

4. Analyze the liquidity and requirements of the enterprise on the example of OJSC LUKOIL;

5. To analyze the investment attractiveness of the enterprise on the example of OJSC LUKOIL;

6. Develop ways to increase investment attractiveness in the enterprise.

This work consists of introduction, two chapters, conclusion, literature of literature and applications.

When writing a course work, the following methods of scientific research were used: a comparative method; study of appropriate literature, articles; Analytical method.

The information base was the training literature on this topic, periodic publications of economic journals, information sites. To fulfill the analytical part of the work, the information and financial statements of OJSC LUKOIL were taken.

1. Theoretical aspects of an analysis of the investment attractiveness of the enterprise

1.1 The concept of investment attractiveness and factors determining it

In economic literature there is a sufficient number of works that affect the problems of determining and understanding the "investment attractiveness" of the enterprise.

Until now, it has not been a common opinion regarding the definition and assessment of the investment attractiveness of enterprises. The opinions of domestic authors on this topic are different in some plan, but at the same time significantly complement each other.

Having studied the approaches to the essence of the investment attractiveness of the enterprise, you can combine the current interpretation of four blocks on a specific basis:

1. Investment attractiveness as a condition for the development of the enterprise;

The investment attractiveness of the enterprise is the state of its economic development, which involves, taking into account the high probability, that in acceptable for investor, investments are capable of satisfy the required level of profitability or it is possible to achieve another positive effect.

2. Investment attractiveness as a condition for investment;

Investment attractiveness is considered as a combination of various objective signs, properties, funds, opportunities that determine the potential solvent demand for investments in fixed assets.

3. Investment attractiveness as a totality of indicators;

the investment attractiveness of the enterprise is presented in the form of a set of economic and financial indicators of the enterprise, which determine the possibility of obtaining maximum profits as a result of the contribution of capital with minimal risks of investment.

4. Investment attractiveness as an indicator of the effectiveness of the investment of Igonina, L.L. INVESTITSIES [Text] / L.L. Migonina//Endbook.

The effectiveness of investments is interpreted with the concept of investment attractiveness, it is a key link in determining investment attractiveness, while the latter defines investment activities. The higher the effectiveness of the investment, the higher the level of investment attractiveness and large-scale investment activity, and, accordingly, on the contrary.

Thus, summarizing the classification proposed above, it is possible to formulate the most general definition of the investment attractiveness of the enterprise and consideration of it as a system that includes economic relations between business entities regarding the efficiency of business development and support for its competitiveness.

From the standpoint of the investor, the investment attractiveness of the enterprise is a combination of quantitative and qualitative factors that characterize the effective demand of the enterprise on investment.

The demand for investment (along with a proposal, price level and the degree of competition) is the basis for determining the conjuncture of the investment market.

In order not to be able to doubt about the reliability of information used to develop an investment strategy, a systematic approach is needed in the study of the market opportuncture, starting with the macro level (state investment climate) and ending with micro levels (assessment of the investment attractiveness of a separate investment project). With this sequence, investors may resolve the problem of choosing enterprises with the best development perspective in the event of the proposed investment project providing an investor planned earnings on invested capital with available risks. On a row with this investor, it is considered that the industry owns an enterprise (a developing or depressive industry) and what is its position in the territorial plan (region, the federal district). The industry and territory, in turn, have their own levels of investment attractiveness, which include the investment attractiveness of enterprises.

Thus, each object of the investment market has its own investment attractiveness, but at the same time each of them is located among the "investment field" of all objects in the investment market. The investment attractiveness of the enterprise, in addition to its "investment field", under the influence of the investment impact of the industry, regions, states. In the meantime, the aggregate of enterprises forms a branch that affects the investment attractiveness of the entire region, and the attractiveness of the regions forms the attractiveness of the state. All changes that occur in high-level systems (political instability, changes in tax legislation and others) directly find their reflection on the investment attractiveness of the enterprise.

Investment attractiveness has the dependence and external factors that characterize the level of development of the industry and the region, in which the enterprises in question are located, and from internal factors: activities within the enterprises themselves. Katasonov, V.Yu. Investment potential of the economy [Text] / b. Catamon // Mechanisms for the formation of investment potential.-2005.-p.68

In order to make a decision regarding the placement of funds, the investor should be assessing a set of factors that determine the effectiveness of future investments. Taking into account the range of variants of the combination of various values \u200b\u200bof these factors, the investor estimates the total influence and results of the interaction of these factors, that is, assesses the investment attractiveness of the socio-economic system and is based on its basis on the contribution of its funds.

Therefore, it is necessary to quantify the state of investment attractiveness to quantify, and it is necessary to take into account the next moment: in order to accept the investment decision, an indicator that characterizes the state of the investment attractiveness of the enterprise must have an economic meaning and be comparable to the investor capital. Therefore, it is possible to determine the requirements for the disclosure methodology of investment attractiveness:

An indicator of investment attractiveness should take into account all the factors of the external environment that are significant for the investor;

The indicator should reflect the estimated yield of invested funds;

The indicator must be comparable to the investor capital price.

The methodology for assessing the investment attractiveness of the enterprise, built taking into account these requirements, will provide an investor to the investor, the investor will be able to monitor the effectiveness of investment and adjustment of the implementation of investment activities in adverse situations.

The investment potential of Russia's enterprises can be described as having a satisfactory level of development of industrial potential, in particular, the growth of logistical equipment of the enterprise; increase in industrial production and growth in demand for products of Russian enterprises; growth in the activity of enterprises in the securities market and directly increasing the value of Russian shares; Reducing the efficiency of enterprise management, which is disclosed in values \u200b\u200bof indicators characterizing the financial position of enterprises; sufficient and qualifications of labor; uneven development of enterprises of different industries. The activity of the Russian investor can be said that it falls, while the interest of a foreign investor to industrial enterprises of Russia increases.

One of the most important factors of the investment attractiveness of the enterprise is an investment risk.

Investment risk includes the following risk subspecies: missed benefits, reducing profitability, direct financial losses.

The risk of missed benefits is associated with the onset of indirect (side) financial damage (incomplete profit) during the failure of some kind of event.

The risk of reduction of profitability occurs when the magnitude of interest and dividends on portfolio investments, contribution and loan.

The risk of reducing returns includes the following subspecies: percentage risk and credit risk.

There are many factors classifications, determine investment attractiveness. They are divided into:

· Production and technological;

· Resource;

· Institutional;

· Regulatory legal;

· Infrastructure;

· Export potential;

· Business reputation and others.

Each of their data factors can be characterized by various indicators, often having the same economic nature.

Other factors that determine the investment attractiveness of the enterprise are divided into:

· Formal (calculation is based on financial reporting data);

· Informal (competence of manual, commercial reputation).

Investment attractiveness from the point of view of a separate investor can be determined by various sets of factors that are of the greatest importance in choosing a particular investment object.

1.2 Methodical approaches to the analysis of the investment attractiveness of the enterprise

In current conditions of management, there are several approaches to the assessment of the investment attractiveness of enterprises. The first is based on the evaluation indicators of financial and economic activities and the competitiveness of enterprises. The second approach operates with the concept of investment potential, investment risk and methods for assessing investment projects. With the third approach, the cost of enterprises is estimated. Each of the approaches and methods has its advantages, disadvantages and frameworks. It should be noted that the use of various approaches and methods in assessing ensures the greatest likelihood of an objective reflection of the investment attractiveness of the enterprise.

The following components are included in the investment attractiveness of the enterprise:

The overall characteristics of the technical base of the enterprise;

Product Nomenclature;

Productive capacity;

Position of the enterprise in the industry, in the market, the level of its monopoly;

Characteristics of the control system;

Authorized capital, owners of the enterprise;

Structure of production costs;

The amount of profit and the direction of its use;

Evaluation of the financial situation of the enterprise.

The control system of various processes should be based on objective estimates of the state of their flow. The main characteristic of the investment process is the state of the investment attractiveness of the system. That is why it is necessary to assess the investment attractiveness of the economic system. The main tasks of assessing the investment attractiveness of economic systems are concluded in:

Identifying the socio-economic development of the system from the position of investment issues;

Determining the impact of investment attractiveness on the influx of capital-forming investments and the socio-economic development of the economic system;

Development of measures regarding the regulation of investment attractiveness of economic systems.

Additional tasks are to:

Finding out the reasons that affect the investment attractiveness of economic systems;

Monitoring investment attractiveness.

One of the fundamental factors of the investment attractiveness of the enterprise is the availability of the necessary capital or investment resources. The structure of capital allows you to determine its price, but this is not a necessary and sufficient condition for the effective functioning of the enterprise. At the same time, the smaller capital price generates greater attractiveness of the enterprise. The price (cost) of the capital reflects that the rate of profitability (threshold of profitability) or the rate of profit that needs to provide an enterprise to prevent the decline in its market value.

The yield of the invested funds determine the ratio of profit or income to the funds invested. At the micro level, the income indicator may be a net profit indicator, which remains at the disposal of the enterprise (Formula 1).

Formula 1

In this way:

K1 \u003d PR / V (1)

where K1 is the economic component of the investment attractiveness of the enterprise, in the fractions of the unit;

PR - profit volume for the period under review.

In those situations where there is no information on investment in fixed assets, an indicator of the profitability of fixed capital is recommended as an economic component, since this indicator reveals the efficiency of the use of funds embedded earlier in fixed assets.

An indicator of the investment attractiveness of the investment object is calculated according to the following formula:

Formula 2.

Si \u003d N / RI (2)

where Si is an indicator of the investment attractiveness (value) of the i-th object;

Ri - resources of the i-th object participating in the competition;

N - consumer order value.

In this case, the role of the key parameter of the entire assessment system belongs to consumer orders. Depending on the extent to which it will be correctly formed, the degree of reliability of the calculated indicators of Guskova is determined, the so-called. Evaluation of the investment attractiveness of objects by statistical methods [Text] / T.N. Guskova// Investment .-1999.-c.278.

In the framework of the enterprise, the attraction of additional technological, material, financial, as well as other resources is necessary to solve a specific task - the introduction of a new foreign technology in the form of a license and "know-how", acquiring new imported equipment, attracting foreign management experience in order to improve product quality and Improve the methods of entering the market, expanding the issue of those types of products in which the market needs, including the world. Attracting material resources from abroad must also be necessary to implement its own technical development, the use of which is inhibited due to the lack of desired equipment.

The implementation of investments in Russian enterprises is determined by the presence of interrelated conditions: a low competitive level by enterprises receiving investments; high level of information asymmetry and frequent situations of the use of essential, official information; low level of information transparency of companies; high conflict between the investor and the management of the enterprise; The lack of tools defending the interests of the investor from the unfair behavior of the enterprise managers.

Table 1.1. A comparison of some techniques that are used in domestic and world practice are given. As you can see, in many methods, one of the important factors of assessing and forecasting the future state of the company under consideration is to assess its management system. This trend is in one channel with theoretical studies, directly linking the state of the company, the effectiveness of its management and control from shareholders to the adoption of a management decision.

Table 1.1 Comparative analysis of the methodology for assessing the investment attractiveness of the enterprise

Methodology name	Parties to the enterprise analyzed by quantitative indicators	Parties to the activities of the enterprise analyzed by high-quality indicators	The purpose of the analysis
The system of integrated economic analysis of Moscow State University. M.V. Lomonosov (CEA)	Analysis of the use of production facilities; Analysis of the use of material resources; Analysis of labor and wages; Analysis of the magnitude and structure of advance capital; Analysis of production costs; Analysis of industrial turnover; Analysis of volume, structure and product quality; Analysis of profits and profitability of products; Analysis of profitability of economic activity; analysis of financial condition and solvency	Analysis of the organizational and technical level, social, natural, foreign economic conditions of production	Evaluation of the effectiveness of the enterprise
Methods of Bank France	Activities; Credit assessment; Estimation of solvency	Evaluation of executives
Technique Bundesbank	Estimate of payback profitability; Estimation of liquidity		Evaluation of the reliability of the enterprise as a lender
Methods of England Bank	Market risk;	Market risk; Control; Organization; Control
Methods of the Federal Reserve System USA	Capital, assets, yield, liquidity	Management	Evaluation of the reliability of a commercial bank

However, as can be seen from the above analysis of the techniques, none of the techniques are entirely able to cover the possible field of factors that affect the investment attractiveness defined on the basis of the company's theoretical model chosen for the purposes of this study.

Analyzing the CEA technique, it should be noted that its strength is to present the most complete and detailed recommendations for the analysis of the financial situation on the basis of the Company's financial statements, as well as the most complete set of financial indicators focusing on the assessment of the financial condition and business efficiency of the company under consideration.

In assessing investment attractiveness, investment efficiency is estimated.

The effectiveness of investments is determined using a method of methods reflecting the ratio of cost-related costs and results. Using these methods, one can judge the economic attractiveness of investment projects and the economic advantages of one project to others. Krylov E.N., Vlasova V.M., Egorova MG Analysis of the financial condition and investment attractiveness of the enterprise [Text] / Krylov E.N., Vlasova V.M., Egorova M.G.// Finance and Statistics.-2003.-C.130 11.

According to the type of economic entities, methods may reflect:

Economic (national economic) efficiency in terms of the interests of the national economy as a whole, as well as participating in the implementation of projects of regions, industries and organizations;

Commercial efficacy (financial rationale) of projects, which is defined as the ratio of financial costs and results for projects in general or for individual participants, given their deposits;

Budget efficiency, revealing the impact of the project on the income and consumption of the relevant federal, regional and local budgets.

The enterprise with an average degree of investment attractiveness is characterized in that it has an active marketing policy aimed at the efficiency of the use of available potential. Moreover, those enterprises in which the management system is aimed at the cost increase, successfully position itself in the market, those in which the cost factors do not pay due attention to the loss of their competitive advantages. Enterprises with investment attractiveness below average have the characteristics of low capita incrementals, which is due, of course, with the ineffectiveness of the use of available production potential and market opportunities.

Enterprises with low investment attractiveness can be considered unattractive, as the invested capital does not give rise, only acting as a temporary source of maintaining viability, without determining the economic growth of the enterprise. For such enterprises, an increase in investment attractiveness is possible only due to the qualitative change in the management and production system, in particular in reorienting the production process to meet the needs of the market, which will increase the enterprise's image in the market and will form new ones or will develop existing competitive advantages.

Potential investors, directly the management of the enterprise are interested not only by the dynamics of changes in the investment attractiveness of the enterprise over the past period of time, but also trends in its future. Knowledge of the trend of changes in this indicator, on the one hand, prepares difficulties and adoption of measures aimed at stabilization of production, or, on the other hand, to use the moment of increasing investment attractiveness in order to attract a new investor. It also makes it possible to initiate the latest technology and improve outdated, expand production and market sales, improve the efficiency of the enterprise in weak metas and so on.

1.3 Algorithm for monitoring the investment attractiveness of the enterprise

Construction of the monitoring system of controlled indicators exercise the following main stages:

1. Building a system of informative reporting indicators is based on financial and managerial accounting data.

2. Development of a system of generalizing (analytical) indicators, which reflect the actual results of achieving provided quantitative standards of control, is made in a clear accordance with the financial indicators system.

3. The definition of the structure and indicators of the forms of control reports (reports) of the performers is designed to form a system of control information carriers.

4. Determination of control periods for each type, each group of controlled indicators. Specification of the control period to groups of indicators is determined by the "urgency of the response" necessary to effectively manage the investment attractiveness of the enterprise.

5. Setting the sizes of deviations of the actual results of controlled indicators from the established standards is carried out both in absolute and relative indicators. At the same time, on relative indicators, all deviations are divided into three groups:

Positive deviation;

Negative "permissible" deviation;

Negative "unacceptable" deviation.

6. Detection of the main reasons for deviations of the actual results of controlled indicators from the established standards is carried out on the enterprise as a whole and on individual "responsibility centers".

The implementation of the monitoring system at the enterprise makes it possible to significantly improve the efficiency of the entire investment process management process, and not only in terms of the formation of investment attractiveness.

The basis for the formation of the monitoring system is the development of a system of indicative indicators, allowing to identify the emergence and complexity of the problem. As a matter of informative, the system of indicators is focused on studying the signs characterizing the dependence of the management of the investment attractiveness of the enterprise from the external and internal environment, the assessment of their quality and forecasting.

The entire system of indicators of monitoring of investment attractiveness is advisable to define the following groups:

1. External environment. The external environment of enterprises operating in the market conditions is characterized by a number of distinctive features: first, accounting of all factors occurs simultaneously; secondly, enterprises need to take into account the multidimensional nature of management; Thirdly, it is characterized by aggressive price policy; Fourthly, the environment is determined by the dynamics of market development, when the positions of competitors and the alignment of the forces are changing with increasing speeds.

2. Indicators that characterize the manifestation of the social efficiency of the enterprise at the public level. Social efficiency sharpens attention from the whole group of socio-economic indicators, because it is its party reflecting the impact of economic measures to the most complete satisfaction of the needs of society.

3. Indicators revealing the level of training staff; Indicators characterizing the level of labor organization; Socio-psychological characteristics.

4. Indicators that reflect the effectiveness of the development of investment processes in enterprises. As part of the assessment of the investment attractiveness of enterprises, a group of indicators is the greatest interest, directly reflecting the effectiveness of investment management.

Considering the foregoing, in the formation of a monitoring system of investment attractiveness, it is necessary, firstly, to take into account the factors of the formation of investment value, secondly, the potential opportunities of the enterprise regarding the formation of its investment resources, personnel, production, technical potential of the enterprise, the possibility of attracting an external resource, thirdly , the effectiveness of the development of investment processes, which determines the economic growth of the enterprise.

The proposed algorithm is built on tracking changes in market value. In terms of awareness and automation of enterprise operation processes, organizational and economic transformations in enterprises are not required to implement this algorithm.

The monitoring of investment appeal in this way allows not only to determine the problem points in the formation of the conditions for the activation of investment processes in enterprises, but also to identify the likely changes in the economic potential of the enterprise and minimize the likelihood of destruction of the company's value. Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V. Organizations and financing of investments [Text] / Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V.// Finance and Statistics.-2003.-C.225

liquidity solvency investment algorithm

2. Organizational and economic characteristics of the enterprise (on the example of OJSC LUKOIL)

2.1 General characteristics of OJSC LUKOIL

OAO LUKOIL is one of the largest international vertically integrated oil and gas companies, which was established in 1991. Main activities Companies: Exploration and production of oil and gas, production of petroleum products and petrochemical products, sales manufactured products. The main part of the company in the sector of intelligence and production is carried out in the territory of the Russian Federation, the main resource base is Western Siberia. In the possession of LUKOIL OJSC, modern oil refineries, gas processing and petrochemical plants located in Russia, East and Western Europe, neighboring countries. The main part of the product company implements in the international market. The company carries out sales of petroleum products in Russia, East and Western Europe, neighboring countries and the United States.

The joint-stock company under consideration is the second largest private oil and gas company in the world relative to the size of hydrocarbon reserves. The company's share in global oil reserves is about 1.1%, in global oil production - about 2.3%. The company performs a key role in the energy sector of Russia, its share accounts for 18% of all-Russian mining and 19% of all-Russian oil processing.

Indicators are given from the report "On Profit and Loss" (Appendix 2).

The main indicators of OJSC LUKOIL for 3 years are shown in Table 2.1.

Table 2.1 Main performance indicators of OJSC "LUKOIL"

Indicators				Absolute deviation
Volume of products, works, services (revenue), million rubles
Cost of products, works, services, million rubles.
The average annual value of fixed assets, million rubles.
The average annual cost of working capital, million rubles.
Gross profit, million rubles.
Net profit, million rubles.
Basic earnings per share, rub
FondoOstitch
Fondarity
Curvability coefficient of working capital
Profitability of products,%
Profitability Sales,%

As can be seen from the table, mostly all the indicators had a growth trend in recent years. Revenue decreased by 6.58% and amounted to 24,2880 million rubles in 2014, gross profit decreased by 15330 million rubles. (by 6.37%) compared with 2013, net profit increased in 2014 compared with 2001, 77% and amounted to 3,71881 million RUB. compared with 2012 - by 12%. Basic earnings per share increased significantly compared to 2013 and 2012, by 77.19% (190.48 rubles) and 70.74% (181.15 rubles), respectively. Despite the fact that the indicator of the foundation in 2014 in relation to 2012 increased by 22.8%, it decreased somewhat regarding 2013, therefore, we can talk about reducing the efficiency of the use of fixed assets in the enterprise. The turnover coefficient fluctuates, since its value has grown sharply, comparing since 2012, but then dropped sharply. Here you can conclude the fact that the assets of the enterprise are used inefficient and irrational. Since current assets occupy one of the main places in the production cycle and the inflow of funds largely depends on their turnover, the resulting deviation cannot be considered as positive. Indicators of profitability of products and sales tend to grow, despite the crisis atmosphere in the country.

The structure of the cost of OAO LUKOIL for 2014 is presented in the chart 2.1.

Chart 2.1 Structure of the cost of OAO LUKOIL for 2014

This diagram shows that the scoring share of costs falls on the cost of purchased oil, gas and their processing products (40.3%), as well as excise taxes and transport duties (22.7%).

These tables make it possible to conclude that the total amount of assets for the period under review increased by 48.1% (compared with 2013). The share of non-current capital decreased by 8.8% and in 2014 amounted to 66.26% of the total value of assets, and the proportion of the revolt, respectively, increased from 24% to 33%.

In non-current assets, a significant proportion belongs to long-term financial investments (98%), since the company actively sends funds to acquire securities of other enterprises, and also issues long-term loans. In turnover assets, short-term financial investments (57%) are prevalent, this is due to deposits in credit institutions, issuing loans, government securities. Accounts receivable takes about 30% in current assets. The remaining articles make a minor share in cumulative current assets.

Total liabilities for 2012-2014. On average, increased by 513365 million rubles. In the structure of liabilities, capital and reserves occupy (64.6%). For such a capital-intensive enterprise, this is a very good indicator, because it testifies to the financial sustainability of the enterprise and the possibility of functioning mainly due to its own resources. For the period 2013-2014 You can trace a tendency to significantly increase the amount of capital and reserves (by 31%.). The magnitudes of long-term and short-term commitments are diverged and in 2014 it occupy 13.01% and 22.4%, respectively. This provision is due to the fact that the company has a rather sustainable position in order to have short-term debt, despite the large production cycle of the company, which involves the priority of long-term liabilities. It should be noted that long-term liabilities in 2014 increased by 208.08% and amounted to 22,8448 million rubles, and as for short-term, their value also increased, but not so much: by 9%. In general, we can talk about the tendency of a gradual increase in the amount of borrowed capital and an increase in its own.

In the structure of capital and reserves, a different proportion falls on retained earnings (98.8% of the total amount of capital). This means that the company has free funds that it can direct on the development, purchase of physical assets, companies.

Retained profits is one of the main sources of finance for new investments in the economy. In the structure of short-term debt, the largest share is occupied by the borrowed funds, as well as accounts payable, in particular debt to other creditors, which is 72.4% of the general accounts of the enterprise. Here reflects the amounts of rental obligations and debt into special funds. To more clearly, it was possible to trace the dynamics of changes in the value of the balance of the balance, we construct the following diagram (diagram 2.2.).

From this diagram, it can be seen that the amount of assets and liabilities in 2014 increased by 47.771% compared with 2012 and at 35.426% compared with 2013, a fairly uniform increase in the balance currency every year is observed.

Diagram 2.2. Dynamics of changes in the value of the balance of 2012-2014 (million rubles)

2.2 Analysis of the liquidity and solvency of OJSC LUKOIL

The liquidity of the company lies in its ability to transform its assets into cash in order to cover all the necessary payments as their deadlines occur.

The liquidity of the balance is determined to the degree of coverage of assets, the timing of the transformation of which in monetary form meet the periods on the repayment of obligations.

There are several ways to analyze the liquidity of the balance.

· Construction of a compacted (aggregated) balance.

For this, all assets are grouped by their liquidity (Table 2.2).

Large share in the structure of assets is occupied by the employed assets: 56.8% in 2012, 75.1% in 2013, 66.3% in 2014, although the spread in the deviations of this indicator for years is not so big. Overseas assets grow due to the growth of long-term financial investments. The magnitude of the most liquid assets in 2013 decreased by about 2.56 times, and in 214 increased in 1, 9 times, which, of course, is a positive point, since funds allow you to immediately repay current obligations under urgent need, as well as are resources providing continuous production.

Table 2.2 Grouping assets for liquidity degree

The indicator of the most realized assets has slightly decreased, and the value of slowly implemented assets changes unevenly, and their share in total assets is the smallest (about 0.175%), that is not so many reserves and receivables, the term on which is more than a year, And this indicates an effective policy of forming and storing stocks and policy management policies with customers. Balance liabilities are grouped by the degree of urgency of their payment (Table 2.3.).

Table 2.3 Grouping of liabilities by the degree of urgency of their payment

In the structure of liabilities, significant share accounts for permanent liabilities (on average 64.5%), whose value increased only in 2013 by 4%, in 2014 it came to the original value for 2012. Credit debt remains Increasingly for three years, and short-term liabilities have a tendency to a decrease in a liability, but long-term liabilities have a tendency to increase.

Next, it is necessary to carry out the ratio between the assets and liabilities of the balance of the enterprise. Balance is absolutely liquid if the following condition is satisfied: A1\u003e P1, A2\u003e P2, A3\u003e P3, A4<П4. Рассмотрим данное соотношение применимо к нашему предприятию (таблица 2.4).

Table 2.4 The ratio between the assets and liabilities of the balance

Based on the results obtained, it can be said that the company's balance sheet is not absolutely liquid. But all certain ratios are true. A1\u003e P1 for all three years, and this testifies to the solvency of the organization at the time of the balance sheet. The organization has enough funds to cover the most urgent obligations of absolutely and most liquid assets. Unpaid inequality A2\u003e P2, that is, rapidly realized assets do not exceed short-term liabilities and the organization cannot be solvent in the near future, taking into account late settlements with creditors, receiving funds from the sale of products on credit. It is impossible inequality A3\u003e P3, this means that in the future, in the late receipt of funds from sales and payments, the organization may be insolvent for a period equal to the average duration of one revolution of working capital after the balance sheet date. Only in 2012, sustainable liabilities are more difficult to assets, in all other cases the faerful ratio does not appear, which means that in an unstable situation, when liquidity and solvency goes to the fore, the company may be non-payable, since its own capital does not cover non-current assets. .

· Calculation of absolute indicators of liquidity of the enterprise.

The calculation data is shown in Table 2.5.

Table 2.5 Absolute liquidity indicators

P * -Posterators, T- current liquidity, p- prospective

The current liquidity indicator should be positive, but in the case under consideration it is negative in 2013, therefore, this indicates that the enterprise in 2013 could not pay for its obligations on time. But this indicator came back to 2014, which is a plus. An indicator of promising liquidity is also negative, and it has occurred in 2014 at 2,835,526,24504 thousand rubles. Compared to 2013, promising liquidity necessarily implies uninterrupted efficient activities of the enterprise throughout the planned period, which is raised in question in the company LUKOIL, based on the data obtained.

· Calculation of relative liquidity indicators (Table 2.6).

Table 2.6 Relative liquidity indicators

Indicators				Absolute deviation
				2014 compared with 2012	2014 compared with 2013
Carsolute liquidity
Kbashtroy liquidity
Key liquidity
Contentation of platforms
Placement kite

The absolute liquidity ratio shows that in 2014 it can be represented entirely by short-term debt in the near future at the expense of cash and short-term financial investments. This indicator changed quite significantly for the analyzed period.

The coefficient of critical liquidity shows that in 2014 the enterprise is also able to pay completely short-term debt as a whole in 2014, which is 61% more than in 2013 and by 35% compared with 2012.

Current liquidity ratio for 2012-2014. Located in 2014 at the level of the normal value, which is 1.5-2, in 2014 it is equal to 1.51, and the growth trend was observed, which indicates some improvement in the situation in the enterprise. This means that the amount of current loan obligations and calculations can pay off, mobilizing all working capital.

The coefficient of own funds was positive for the period 2012, but could not support its norm by 2014, which indicates financial fluctuations on enterprises and insufficient equity.

The solvency recovery coefficient for the period under review was less than normal significance during 2012-2013. And in 2014 began to recover and came to a value equal to 2.05, so we can say that an enterprise is capable of not restoring solvency within 6 months.

In 2012, 2014 The loss factor of the platform is greater than 1, so it can be concluded that the company has a real opportunity to not lose its solvability.

2.3 Analysis of the investment attractiveness of OJSC LUKOIL

The investment attractiveness of the enterprise is determined by each specific investor in different ways, since each of them takes into account various factors affecting investment attractiveness.

LUKOIL OJSC is one of the largest international oil and gas companies with a huge sales network (25 countries of the world). In recent years, LUKOIL has been the leader in the rating of the long-term investment attractiveness of oil and gas companies.

The investment potential of Russia's enterprises is quite high. But recently, the activity of Russian investors is decreasing, while the interest of foreign investors increases, especially to industrial enterprises.

There are several approaches to the assessment of the investment attractiveness of the enterprise. The first of them is formal, this is an analysis of the indicators of the financial and economic activity of the enterprise. Zagokolcina, N.Yu. Comprehensive assessment of the investment attractiveness of enterprises [Text] / N. Zagokolcina // Economic analysis.-2006.-№18.-p.40

According to the analysis of the financial activities of OJSC LUKOIL, the following points can be distinguished.

Revenue from sales every year increases (in 2014 it amounted to 242882 million rubles. Net profit also increases; only in 2014 compared with 2013 it increased by 154073 million rubles. Profit per share has the same The trend of change, as well as net profit, that is, there was a growth in 2013, in 2014

Table 2.7.

Cash flow from investment activities

	2012 (million rubles)	2013 (million rubles)	2014 (million rubles)
Sale of non-current assets
From returning loan
Dividends,% on debt financial investments
Acquisition of extra-current assets
Acquisition of shares
Purchase of debt securities
Other plates

The table shows that the net cash used in investment activities decrease every year and in 2014 the difference between payments and receipts amounted to 13,3649 million rubles in favor of payments. This is evidenced by the company's active investment activity: OJSC LUKOIL implements actions to acquire shares and debt securities in order to receive income in the future. The positive point is that mainly arrival comes from returning loans, which indicates an effective policy of managing the contractors of the enterprise.

To analyze investment attractiveness, it is necessary to determine the yield of invested funds according to the following formula given in the first chapter:

Where K1 is the economic component of the investment attractiveness of the enterprise, in the fractions of the unit;

V - the volume of investment in the main capital of the enterprise;

PR - the amount of profit for the analyzed period.

As an indicator of income in our case, take the company's net profit. Calculate this indicator for 2014

K1 \u003d 371881/1187984 \u003d 0.31,

Shows how effectively funds are used in the enterprise.

It can also be used instead of the economic component of the enterprise's investment attractiveness indicator of the profitability of fixed capital, since this indicator reflects the efficiency of the use of previous funds invested in fixed assets. Regarding LUKOIL company, the profitability indicator is determined by formula 3.

Formula 3.

C - average capital

RK \u003d 371881/999138 \u003d 0.37.

Consequently, the profitability indicator of fixed capital for 2014 is 37%.

In many methods of assessing the investment attractiveness of the enterprise, one of the main assessment factors is the control system.

The following management and control authorities have been created to ensure the activities of LUKOIL OJSC:

· Management bodies:

Shareholders' meeting - the highest management body;

Board of Directors;

Sole executive body - president (general director);

Collective executive body - Board.

· Control agency:

Audit committee.

Also in determining the high investment attractiveness of OJSC LUKOIL, the following factors play determining importance:

Production and technological (for oil and gas production, as well as in the production of products, modern equipment is used, scientific developments are continuously introduced, which allow you to increase the efficiency of the work);

Resource;

Infrastructure;

Export potential

Business reputation and some others.

2.4 Ways to increase the investment attractiveness of the enterprise

The company can carry out events to increase their investment attractiveness (in order to comply with the requirements of the investor). The main events in this regard can be enclosed in the following:

· Development of a long-term development strategy;

· Business planning;

· Legal expertise and bringing guidelines in accordance with legislation;

· Creation of credit history;

· Conduct activities for reform (restructuring).

In order to determine which of the activities are required to a specific enterprise to increase investment attractiveness, it is advisable to analyze the existing situation (conducting the diagnostics of the state of the enterprise). With it, it is determined:

Strengths of the company;

Risks and weaknesses in the current state of the company, including from the point of view of the investor;

In the diagnostic process, various activities of the enterprise should be considered: Sales, Production, Finance, Management. The scope of the enterprise, which is associated with the greatest risks and has the greatest number of weaknesses, form measures to improve the situation on dedicated areas.

Separately, it is worth noting the conduct of the legal expertise of the enterprise - the investment object. The directions of expertise in assessing the investment attractiveness of the enterprise are:

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What is investment attractiveness? What an enterprise can be called investment and attractive, and in what properties is it expressed? Issues are not idle, but not "Bin Nudeton", of course.

Imagine two tray on the market. One trades pampers, other sneakers, well, or two stalls selling "shawarma". Both trays from a legal point of view - limited liability companies. What tray / stall is most attractive from an investment point of view? He, who has more "counter" more or saleswoman? Not-a.

From an investment point of view, the tray who has more profit is attractive! Being a specialist in the field of investment consulting and evaluation, I somehow stumbled upon a consulting service, which I was extremely intrigued. What is this service? This is ... an increase in the investment attractiveness of the enterprise. In some cases, this service sounds differently - managing the investment attractiveness of the enterprise.

Considering that we have in Russia, they love to manage at least something, I would have introduced another service in my opinion, which in my opinion it is in demand is "managing the mind or" reason ". Why is that? Yes, because with "rationality" in the field of "investment" we do not have everything so smoothly. I would also have the specialty new introduced - an investment psychotherapist! But, I am distracted.

We will try to figure out what the essence of this activity?What is the increase in investment attractiveness? I admit that several definitions found by me are not quite adequately answering the question.

Here are these definitions:

Investment attractiveness of the enterprise - This is a system of economic relations between business entities regarding the effective development of business and maintaining its competitiveness. These relationships are assessed by the set of performance indicators of the activities of the enterprise, which are divided into formal indicators, calculated on the basis of data of financial statements, and informal, not having a clear set of baseline data and expertly estimated.

Under investment attractiveness of the enterprise Understand the level of satisfaction of financial, production, organizational and other requirements or interests of the investor on a specific enterprise, which can be determined or evaluated by the values \u200b\u200bof the respective indicators, including the integration assessment.

You will read it and "all at once" becomes clear! Only after reading is involuntarily remembered by the song V.Vysotsky written back in 1972 "Comrades Scientists":

Comrades scientists, associate professors with candidates!
You suffered with cavities, confused in zeros,
Sit, decompose the molecules to atoms,

Forgetting that the potatoes are decomposed on the fields.

It seems that the song was written literally yesterday, and little has changed in academic science, especially in its economic field. Therefore, let's try to figure out what "investment attractiveness" of enterprises by simply, but logical correct reflection.

If you say "Patzensky", then in my understanding, "investment attractiveness of the enterprise", it ... it ... This is when you look at the financial indicators of the enterprise and I want to shout: "I want, I want, I want ...". In the sense of buying, of course.

Well, if you turn to the regulatory (legislative) base? It is not at all difficult to do and this will help us "the law on investment activities in the RSFSR" No. 1488. It is written there as follows:

Investments are funds, targeted bank deposits, shares, stocks and other securities, technologies, machinery, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values \u200b\u200binvested in business and other objects activities in order to profit (income) and achieve a positive social effect.

Investment activities - This is an investment investment, or an investment, and a set of practical actions to implement investments. Investing in the creation and reproduction of fixed assets is carried out in the form of capital investments

Based on these definitions, it can be assumed that the investment attractiveness of the enterprise is, first of all, its ability to cause commercial or other interest among a real investor, including the ability of the enterprise itself to "accept investments" and skillfully dispose of them. To dispose so that after implementing the investment project, get a high-quality (or quantitative) leap in the quality of products manufactured, production volumes, increasing market share, etc. What, ultimately, affects the main economic indicator of a commercial enterprise - net profit.

Maybe this definition is not entirely scientifically, but it becomes clear that not all enterprises can cause "commercial or other interests" from a potential investor. And even more so, not all are not able to "skillfully dispose of" investments. No, in the sense of "spending" money can all, but "skillfully disposed", not every ...

Responding to a previously formulated question, an increase in investment attractiveness, it can be assumed that "investment attractive management" is a number of consecutive actions aimed at increasing business profitability and an increase in its so-called liquidity. But, at the moment, Russian business is such that you should not have a turn from potential buyers or from potential investors. It's bitter (with sourness) of the truth of life!

However, most business owners or beginner entrepreneurs consider differently. For some reason, they naive naively believe that if they have conceived something "global" or not very global (in their understanding), then the investor simply do not have other options, how to make them a step to a meeting.

There are situations where in a particular business idea, the reasonable component remains somewhere behind the scenes and there are many cases in my practice. In my native Rostov-on-Don, for about 8 years, one of the inventors for about 8 years is trying to sell a patent for glitter for 1,000,000 euros or find investors to organize production ... But, something does not develop.

At the same time, he could not even clearly respond to several quite reasonable questions:

What will be the cost of brilliance (plus / minus lap)?

What will be its selling price?

How much glitter can be theoretically, hypothetically, to buy fantastically per year in Russia?

And they are looking for an investor for years, sometimes even without having a simple business plan on the hands. At the same time, they are all their forces, the truths and inconsistencies, they try to tell "on the fingers" and the eyes into the eyes of the investor, to the idea of \u200b\u200bthem (God forbid) nobody "stole"! They appeal to banks, to "private investors", but ... for some reason they do not find an understanding of those to whom they turn. The question is why?

The reasons here may be mass, but I would like to stay on the main:

1. The company is not an investment attractive

An investment attractive enterprise may be in the following cases:

• Investments or assets should bring the enterprise to a qualitatively different level in terms of production (increase in times), technologies, product quality, etc. That is, everything according to the definition described above.Therefore, it is clear that a separate shoe workshop or a grocery shop for a potential investor is unattractive initially.

With rapid payback of invested funds. In my opinion, the payback period for different types of business in current economic conditions should be close to the following values \u200b\u200bfor: enterprises of trade - from 1 to 2.5 years, services sector services - from 1.5 to 3 years, production enterprises from 3 to 5 years, innovative business areas - from 1 to 3 years. At the same time, I will make a significant addition - all investments imply that real estate facilities will not be purchased. Otherwise, the timing should be adjusted towards the increase.

High business liquidity, i.e. The ability to sell business as a whole at a market price quickly and without special headaches.

Availability of opportunities for the development of the enterprise. The possibility of enterprise to develop in adjacent areas, increasing sales, product range, market share, etc. According to the principle: "Today we make a diode, tomorrow transistors, the day after tomorrow chip, etc.".

Business idea in a commercial plan is very controversial.

2. Deploy financial condition. Despite the presence of certain assets, the financial condition of the enterprise is in a deplorable state, leading experts have long been fused. There were those who have nowhere to run. Acknowledgment of the worn management and technological equipment, but with claims for millions of investments, faith in themselves and "abroad, which will help us, although abroad, has already said his word ...

3. Limited market. The market on which the company operates is limited (locally, legislative, etc.) and its growth is absent. Or he is simply uninteresting from the point of view of the capacity and profitability.

4. Other reasons

Thus, it turns out that business owners first need to answer honestly on a fairly simple question: "Is their enterprise investment-attractive or not"? Is their business idea commercial, technically, financially, organizationally implemented? Yes or no? At the same time, it is necessary to look rather soberly, impartially and critically. Illusions should remain aside.

If "yes", then you need to thoroughly work out a business idea, the possibility of expanding the business, to prepare an investment project (business plan), look for investors, partners and convince them that their money will be spent not in vain and return with weight gain.

If "no," then it is not necessary to fool investors with rainbow projects, which are more like "Business Fiction". Utopic ideas, alas, finance extremely rarely! In this case, the search for investors will be more similar to some manic behavior, when a specific individual replicates its investment illusions into the outside world.

1316 people studies this business today.

In 30 days, this business was interested in 58275 times.

One of the main issues to which the beginning of the entrepreneur must be answered is: "Are you going to engage in" business, as a business "or" business as self-employment "?

The cost of developing a business plan of the investment project and the timing of its writing depends on many pricing factors that the potential customer sometimes does not even suspect.