Analysis of the investment attractiveness of retailers on accounting (financial) reporting. Investment attractiveness of companies - Essay attractiveness of the company

Natalia ZaitsevaHead of the Department for Analysis of Corporate Borrowers of OJSC TransCreditBank, Graduate Student of the State Finance Academy
Magazine "BDM. Banks and business worlds ", № 12 for 2007

However, if we consider the distribution of investments by industry, a certain imbalance is noticeable, which can be explained, first of all, differences in the level of profitability and risk of enterprises. The most attractive for investors still remain the raw material sector, the sphere of industrial production and transport.

There is no need to stop in detail how positively affects the development of the enterprise attracting investment resources. It is obvious. In the most general form, among the positive consequences, experts include the possibility of expanding the production, updating of the main production funds, the development and implementation of new technologies, improving the quality and competitiveness of products, and so on. On the other hand, the participation of the investor received in the form of income and compensation for the risk taken on themselves is well known.

Nevertheless, the investor and the "potential investment object" do not always find each other in a complex system of investment relationships. Why? The investment process is complicated by several factors, with which the investor faces in the decision-making process. One of them is the choice of an investment object, or, in other words, an investment attractive enterprise. Everyone knows that, taking a similar solution, the investor is based on the risk and income ratio. However, in the presence of a large array of information and many enterprises operating in the market, it is extremely difficult to accept the most effective solution.

When investments in the securities of the issuers of the "first", and in some cases and the "second echelon", the question of assessing investment attractiveness is rhetorical and does not require any explanation. Such investments are considered low-risk and bring an investor although stable, but far from the highest income. For example, the cumulative income of the owners of the Bonds of the "Second Echelon", according to specialists, amounted to 8-10% in 2006. The greatest yield - more than 12% per annum bring bonds of the issuers of the third echelon, but the investments in them are associated with an increased risk, which means that careful preliminary analysis is necessary.

What is investment attractiveness

In order to determine the maximum efficiency of the investment solution, the concept of investment attractiveness of the enterprise has been introduced. The concept is quite new, in economic publications appeared relatively recently and is used mainly when characterizing and evaluating investment objects, rating comparisons, comparative analysis of processes. The study of various points of view on his interpretation made it possible to establish that in modern ideas there is no single approach to the essence of this economic category.

One of the most common points of view includes a comparison of investment attractiveness with the feasibility of investment in the investor of the enterprise, which depends on a number of factors characterizing the activities of the subject. The definition, although the correct, but is quite blurred, and does not give reason to argue about the assessment.

More accurately, the economic essence of investment attractiveness is given in the definition of L. Valinurova and O. Cossack. They understand under this term total Objective signs, properties, means and possibilities that determine the potential solvent demand for investments. Such a definition is wider and allows you to take into account the interests of any participant in the investment process.

There are different points of view (including L. Gilyarovskaya, V. Vlasova and E. Krylov and others). Here, under investment attractiveness, an assessment of the efficiency of using its own and borrowed capital, analysis of solvency and liquidity (similar definition - the structure of its own and borrowed capital and its placement between various types of property, as well as the effectiveness of their use).

Assessing investment attractiveness in terms of income and risk, it can be argued that this is the availability of income (economic effect) from the investment of funds at a minimum risk level.

The role of this concept when characterizing the investment environment and investment activity as a whole can be traced in the following scheme:

Thus, it becomes obvious that regardless of the approach used by an expert or analyst, the term "investment attractiveness" is most often used to assess the feasibility of investments in a particular object, choosing alternative options and determining the efficiency of resource accommodation.

It should be noted that the definition of investment attractiveness is aimed at the formation of objective targeted information for the investment decision. Therefore, when approaching its assessment, the terms "Level of Economic Development" and "Investment Attraction" should be distinguished. If the first determines the level of object development, a set of economic indicators, then investment attractiveness is characterized by the state of the object, its further development, the prospects for profitability and growth.

Methods Evaluation

The formation of the methodology for assessing the investment attractiveness of enterprises in Russia is at the initial stage. This can be judged not only at a small number of publications on this issue, but also on the almost complete absence of specific working techniques.

One of the most common is the analysis of investment attractiveness on the basis of a single analytical indicator of the level of profitability of its own assets. Such an approach, apparently, can take place for sampling the policy of the organization, determining the most effective ways of using capital in the investment process, and the formation of individual areas of investment activities. Since it requires the study of a minimum set of factors affecting the decision-making, its advantage is relative efficiency, especially if there is a large amount of information on homogeneous investment objects. In this case, you can estimate almost any object of investments. But this approach has noticeable shortcomings - first of all, the high probability of the inaccuracy of the assessment, the inability to compare the results of the analysis due to the lack of a single information base forming indicators. An individual approach to the assessment of investment objects is also affected. In fact, the process in this case is reduced to a subjective assessment of a specific object with a particular investor, which in turn increases both temporary and value costs for analysis, and in addition, significantly complicates the identification of the desired parameters, criteria and main factors, It affects. It is also known that many companies sometimes consciously overestimate the values \u200b\u200bof current costs, which means that real profitability data is distorted and, accordingly, the performance indicator is reduced.

In practice, the assessment of investment attractiveness is often reduced to the analysis of the financial condition of the alleged investment facilities. This approach has not only theoretical justification, but practical effect. The degree of complexity and complexity of analysis depends on who conducts it. However, as a visual example, we give the criteria for assessing the investment attractiveness of the issuer of bills, which are used by a number of analytical services.

This kind of calculations is a compressed form of financial analysis, which allows the investor to quickly determine the feasibility of further consideration of a particular enterprise as a potential object of investments. However, such an analysis (as well as a detailed financial analysis) allows us to evaluate only the current financial position of the enterprise, but does not respond to a number of issues of issues extremely important for investor.

• What are the factors of the investment attractiveness of the enterprise?
• What is the current market value of the enterprise?
• What is the magnitude of future cash flows from the current investment?

Answer such questions is extremely difficult, it implies the development of complex complex techniques. For example, evaluating investment attractive factors, the investor should pay attention to the following points:

• the level of professionalism team managers;
• the presence or absence of a unique business concept, a clear understanding of the company's development strategy, a detailed business plan;
• availability or absence of competitive advantages, i.e., potential for market leadership;
• the presence or absence of significant potential to increase the company's income;
• the degree of financial transparency, compliance with the principles of corporate governance or the desire of the company to transparency;
• characteristics of the ownership structure that ensures the protection of share capital;
• the presence or absence of the potential for obtaining high income on invested capital.

And this is only a small part of what needs to find out. To reliably and effectively assess investment attractiveness, the list of factors will have to significantly expand - it should cover all areas of the enterprise.

The most effective in such cases is an expert assessment, but today it is an infrequent phenomenon. Meanwhile, it should be an integral part of a comprehensive assessment of the investment attractiveness of the enterprise.

Answers to the last two questions - about the current market value and future cash flows - it is quite difficult to get. But it is necessary, since it is the current market value of an enterprise that allows you to characterize the possible potential of its growth, which means that the possibility of receiving income in the future.

In the future, the method of assessing investment attractiveness will be largely expanded and supplemented. The simplest financial analysis no longer meets the requirements of the decision-making. In accordance with this, new methods and approaches are developed to determine the investment attractiveness of the enterprise and the formation of an investment decision. In particular, it is planned to develop a set of assessment measures, which, in addition to financial analysis, will include a qualitative and quantitative assessment of factors of investment attractiveness and use several approaches to business assessment in order to determine cash flows in the future.

1 The main numeric data are presented in RCB No. 3 (330), 2007.

2 RCB No. 3 (330), 2007.

Investment attractiveness is Not only the financial and economic indicator, and the model of quantitative and qualitative indicators - estimates of the external environment (political, economic, social, legal) and the internal positioning of the object in an external environment, a qualitative assessment of its financial technical capacity, which allows to vary the final result.

In modern economic literature, there is practically no clarity in determining the essence of investment attractiveness and the correct system of its assessment. So, glazunov V.I. It claims that the assessment of investment attractiveness should answer the question of where, when and how many resources can send an investor in the process of investment. Rusak N.A. and Rusak V.A. Apply the definition of the investment attractiveness of the object mainly to the heuristic methods associated with the ranking of the objects under study on the basis of the assessment of specialists (experts). Hence, investment attractiveness concerns comparing several objects in order to determine the best, worst, average.

Many specialists equate investment attractiveness to evaluating the effectiveness of investment projects.

Investment attractiveness of the enterprise is A certain combination of the characteristics of its production, as well as commercial, financial, in some extent of management activities and features of a particular investment climate, based on the results of which indicate the feasibility and need to carry out investment in it. The investment attractive facility is defeated as a rule.

So, the first priority, the execution of which predetermines success in this very non-simple competitive struggle is the maximum quality increase in investment attractiveness.

The first step of solving this task will be to determine the necessary parameters of the existing level of investment attractiveness under one or another object. That is, there is a need for a high-quality and qualified assessment of multi-level investment attractiveness, namely: international, domestic, sector, inter-sectoral, intra-industry, specific enterprise, project.

The main objectives of the assessment of investment appeal are:

Determination of the current state of the enterprise and the prospects for its development;

Development of measures to significantly increase investment attractiveness;

Attracting investments within the framework of the relevant investment attractiveness and volumes of obtaining an integrated approach for a positive effect from the development of raised capital.

The final stage in the process of studying the investment market is a qualitative analysis and an objective assessment of investment attractiveness for separate companies and firms considered as potential investment objects.

Such a spectrum of assessments is carried out by an investor in determining the need and appropriateness of the implementation of capital investments in the process of expansion and technical re-equipment on existing enterprises; choice to accomplish alternative privatization objects; As well as when buying shares of individual companies. But each business entity should show its ability to attract foreign investment. Therefore, the assessment of investment attractiveness is analyzed in external and domestic financial analysis.

Analysis of the assessment of investment attractiveness

Western scientists - economists identified that to assess the investment attractiveness of the enterprise, as an object of investment, the most important and priority importance has a complete analysis of the following vital parties to its activities:

1. Analysis of assets turnover. The effectiveness of the start of investment is largely determined by the fact how rapidly the invested funds have time to turn around in the process of activity of a particular enterprise.

2. Analysis of capital profitability. One of the main goals in the moment of investment is mandatory provision of high profits in the process of using nested material resources. But in modern conditions, the enterprises can significantly manage profitability indicators (due to depreciation policies, the effectiveness of tax planning, etc.), and in the context of the analysis process, it is possible to fully investigate the potential for its formation in comparison with the initially invested capital.

3. Analysis of financial stability. This analysis makes it possible to estimate the investment risk associated with the structural formation of investment resources, as well as identify the optimality of financing current economic activities.

4. Analysis of the liquidity of assets. Assess liquidity assessment allows you to determine the ability of one or another enterprise to pay for its short-term liabilities, to prevent the possibility of bankruptcy through the rapid implementation of certain types of assets. In other words, the state of assets characterizes the level of existing investment risks within the short-term period. Moreover, the assessment of the investment attractiveness of the enterprise under the indicators is carried out by taking into account the stage of its life cycle, since at different stages the values \u200b\u200bof the same indicators have different value for the enterprise and its investors.

In order for the company well developed, he needs to attract foreign capital. And since any investor is interested in the profitability of its investment, careful miscalculation of yield and risks is necessary. He seeks to minimize the chances of losses, and therefore assesses the effectiveness of investment in the project, that is, considers such a thing as the investment attractiveness of the enterprise.

In this article you will read:

• What is the essence of the investment attractiveness of the enterprise
• What factors affect the investment attractiveness of the enterprise
• How to analyze and evaluate the investment attractiveness of the enterprise
• What methods are used when evaluating the investment attractiveness of the enterprise
• What ways to increase the investment attractiveness of the enterprise
• How to approach writing a business plan for a profitable demonstration of the enterprise to the Investor

What is the investment attractiveness of the enterprise

The concept of investment attractiveness of the enterprise includes a combination of performance characteristics that reflect the profitability of cash investments in the company's development. The main indicator for this is predictable and stable income. And the business plan should be clearly defined and well thought out, many nuances are taken into account, financial indicators are given, then there is a chance that in conditions of great competition for additional sponsoring preference will be given to your company.

The assessment of the investment attractiveness of the enterprise is needed to finance or lending to regional objectives or promising sectors by various corporations or foreign banking capital. But the very concept of "investment attractiveness" in the economy is not, it is abstract, although it has a large knowledge base and methodology. After all, for the bank and for private capital, completely different indicators are needed. So for banks, first of all, the rate of return and payment ability is considered, and after repaying the amount and interest payments, there is practically no further profit, the payback from the total income from the active and planned work of the enterprise is more important for the shareholder.

The following difference is the estimated amount of investment. Current net value (NPV) and internal income rate (IRR) are considered. And, depending on the point of view, if there is a fixed amount of investment, the NPV indicator is taken, and if long and dynamically changing attachments are planned, then the IRR is considered.

When determining the economic condition, financial indicators are taken, which are made of:

• liquidity, which shows the speed with which an enterprise can attract its own assets in money if necessary;
• property status - the total share of money in turnover and outside it in the enterprise;
• business activity (describes all the processes from which the enterprise receives profit);
• financial dependence - how much the functioning of the enterprise depends on the external injections and will work without additional funding;
• profitability. This indicator reflects the ability of the company to properly use their capabilities and resources.

The process of assessing the investment attractiveness of the enterprise must include the amount of staff, the resource, product competitiveness, production production level, the natural wear of the equipment, the distribution of funds to be divided into production and main, as well as a number of other indicators.

When evaluating the investment attractiveness of the enterprise, the risk will also take into account. It can manifest itself with a decrease in income, an increase in competition, loss of liquidity, unfulfilled obligations, change of pricing option.

Investment policy, according to many leading economists, should be formed on someone else's example. This makes it possible to calculate the necessary level of investment to implement the project to get the expected income that will satisfy both parties.

However, investment attractiveness is calculated not only for enterprises, but also for whole industries and regions of countries. Gradation is made to not mix concepts, on macro, micro and meso-levels. Macro-level - country as a whole, meso - separately taken region, micro - target enterprise. On each division, the characteristics of investment attractiveness change, so the investor must separate them and see positive and negative sides.

What factors affect the investment attractiveness of the enterprise

Influential factors are conventionally divided into internal and external. For external factors, the result does not depend on the work of the enterprise directly. This may be the investment attractiveness of the territory (country or region), the economic and political situation, the level of corruption, infrastructure, the magnitude of human potential. An assessment of investment attractiveness is usually conducted by large rating agencies, such as expert RA, Standard & Poors, Moody's.

On a smaller scale, factors are estimated for individual industries. An assessment of investment attractiveness follows:

• competition level in a given industry;
• current development;
• dynamics and structure of investment investments;
• current stage of development.

This is a very important stage in the analysis, because it is at that moment that the main indicators are considered, the growth rate of products and production, the state of the industry, innovative solutions and the Base of R & D.

The internal factors directly affect the economic activity of the enterprise, and they are the main lever in assessing investment attractiveness. You can divide them for five points:

The financial condition of the enterprise is estimated:

• the ratio of taken and own funds;
• current liquidity ratio;
• assets turnover;
• profitability of sales on the basis of net profit;
• own capital at the calculation of net profitability.

How the company is arranged and organized:

• minority percentage of owners;
• the influence of the state on the processes in the company;
• openness of financial and internal information;
• indicators of net income paid by the company recently.

How innovation provided products.

Continuous cash flow formation.

Continuous expansion of the sphere of activity and products.

Opinion expert

How attractive Russian enterprises for foreign investors

Patrick de Cambur, President of the international company Mazars.

Now in Russia an attractive climate for investing, but we need guarantees of stability, economic and political. And still need an extensive sales market, mainly the capital and St. Petersburg, where the large population and the largest number of enterprises generating income. To date, demand in many industries is many times higher than the offer, for example, in the automotive industry, aviation industry and retail.

Foreign capital wants to jointly create enterprises with large domestic companies and sharing resources. These are mainly two directions: natural resources and technological cooperation. Inspestors, except, are interesting to account for the traditions that exist in research and the introduction of innovative technologies, increasing production capacity.

Analysis and assessment of the investment attractiveness of enterprises

The company is developing consistently and linearly, and its life can be divided into segments of the success of its various products. These stages are distinguished by the number of profits and turnover:

• childhood - small growth rates, financial indicators are more minus;
• youth is an acceleration of turnover, the first stable profit;
• maturity - cessation of growth, maximum profitability;
• old age - turns and profits fall.

Such a life cycle usually takes place for 20-25 years, then there is a closure or rebirth in a new way with a new team and leadership. And the exact definition of the current cycle gives the key to solving problems characteristic of each of them, and also allows you to determine the investment attractiveness of the enterprise.

The children's stage is characterized by the difficulty of survival, the beginning of the establishment of connections, the organization of the process of obtaining income, the search for development funds in the person of the investor or the patron. This can be both short-term loan and long-term investments.

The Stage of Youth gives the first money and allows you to reoriented with survival on development. At this stage, medium and long-term investments will be useful, which will give the necessary push.

In maturity, the enterprise succeeds in the maximum yield with the developed technical and economic potential, there are large volumes, it practically self-sufficiently and does not need third-party financing. Managers should take into account the natural aging of products and develop new schemes for development and implementation through point financing or industrial investment This may be the purchase of shares of a competing or promising company and transformation into a holding with an emphasis on the management of a portfolio of shares and securities.

The most investment attractive enterprises are at the first stages of development, childhood and youth, as well as the beginning of maturity, in the so-called early maturity. When fully maturity achieved, investment can be considered only in the case of high growth and marketing prospects or in the case of small injections in re-equipment and modernization, when there are indicators to quickly population.

The old age period is most often not invested, only if there is no big diversification of goods or a change of activity. Then you can even talk about saving money compared to a young company due to the already developed infrastructure.

A specific cycle of development is determined by the multiple analysis of production volumes, the total number of assets, the number of equity and analysis of the periods of past years. Through these changes are concluded about the current development. The highest indicators of the enterprise are in adolescence and early maturity with suspension on complete maturity and decrease to old age. When evaluating the investment attractiveness of the enterprise, a thorough analysis of the financial component of activity is carried out. Approximately calculated the return period of investments and yield and determined the most dangerous financial risks.

The evaluation of financial success is through analyzing the total indicators, which show its effectiveness in accordance with the further goals in which the investment infusion is included. For the development of the company, we need a single look at tactical and strategic planning and the most important indicator of this is the analysis:

• turnover of assets;
• capital profitability;
• financial stability;
• liquidity of assets.

The effectiveness of investment is determined mainly by the speed of turnover of nested assets when working within the enterprise. This has an influence of many extraneous factors, including an effective marketing, financial and production strategic plan.

Turnover assets

Through such indicators, assessment of assets is evaluated:

The turnover coefficient of all assets in use. Calculated through the ratio of the volume of sales of their products, goods or services to the average value of assets. These indicators are taken in one period of an average arithmetic or suspended middle arithmetic.

The turnover coefficient of specific assets. The attitude of the volume of goods or services to the average cost of current assets is taken.

Duration of turnover. The calculation is made by using a separate period (one calendar year is usually taken).

Duration. A period of 90 days to the current assets calculated by the previously calculated coefficient.

If there is a dynamic decrease, it entails a longer turnover return and shows the minority of development and, consequently, an additional source of external funds. The required level of additional investment is calculated by multiplying the volumes of the product being implemented with the duration of turning in the current and last period and is divided by the number of days.

Profitability of capital

As already mentioned, the main purpose of investment is to achieve maximum return funds in the process of their use. To see all the profitable possibilities of the subsidized enterprise in contracted with nested funds, certain indicators are used:

Profitability of all assets used. The amount of profit minus all taxes paid to the average amount of assets used.

The profitability of current assets. Total net profit to the average amount of current assets.

Profitability of fixed assets. Net profit to averaged assessment of fixed assets.

Profit from sales. Net profit from sales products.

Profit rate. Balance profit that turns out before paying taxes and loans, and the difference between the amounts of intangible assets used.

Own capital profitability. The amount of net profit to the magnitude of equity. This item reveals the ability to manipulate its capital in relation to common.

Financial stability

Its analysis allows us to consider risks in the structural formation of investment resources and determine the most suitable nature of financing. The following indicators are used:

The coefficient of autonomy. It is calculated dependence of the amounts of equity to all used assets. Reflects the degree of involvement of its assets in the volume of general formation.

The ratio of borrowed and own funds.

The coefficient of long-term debt. The amount of debt is more than a year to the sum of all assets.

Liquidity of assets

The company's ability to pay on short-term obligations with its assets, thereby avoiding bankruptcy. This indicator is a risk insurance in case of non-fulfillment of requirements on a small period of time. You can maintain the current liquidity, calculated by the ratio of assets to debt. Here also applies a number of indicators:

Absolute liquidity. The amount of funds and investments to overall debt.

Urgent liquidity. The amount of funds and investments with receivables to the sum of total debt.

Turnover of receivables. The amount of products sold with postplood to the average amount of receivables.

Receivables period of receivables. The number of days in the allotted period to the turnover ratio.

Investors always ask: "Why do you need money»

Oleg Dobronravov,

director Westland Finance Advisory, Moscow - Amsterdam

The most frequent question that can be heard from the investor: "Why do you need money, and why don't you take them in the bank?" And it is necessary to prove that it is with investment money that the company will make a breakthrough and will achieve unprecedented vertices. And bank employees, in turn, ask similar questions, for example: What will you do with these money? And in this case, you need to answer somewhat differently, that, they say, to replenish working capital and refinancing or implementing an internal development program.

At the same time, it does not matter whether it is true or not, they need clear plans, a list of governing tops, sales indicators, experience of top managers, the ability to manage asset management and resources. Personal life of employees is not interesting, only business questions.

What methods of assessing the investment attractiveness of enterprises should be applied

Today there is no objective assessment of the investment attractiveness of the enterprise, as in view of its poorness, and due to the lack of a working technique, in which a general list of indicators would be described, and it was possible to unambiguously resolve the issue. Those that exist at the moment take into account different data, the process of processing and analyzing results varies. Next, the analysis of currently existing methods for assessing the investment attractiveness of the enterprise, taking as a basis to the stable development of the enterprise in perspective, resistance to fluctuations and the influence of external factors for work.

Regulatory method

It can be any set of documents installed in the state commission, as well as reporting documents. There are certain recommendations that are a methodological nature, to clarify the effectiveness of the project, but, unfortunately, in our country such a kind of poorly developed and has no trend towards early development. The literature on this issue is the listing of indicators to record the effectiveness of the investment. Usually this method is used after bankruptcy, so it works poorly when calculating the company's attractiveness.

Cash flow discounting method

There is a suggestion that the investigated amount is laid at the calculation of the forecasts of income, which makes it possible to calculate the benefit. The estimated income is calculated by the discount rate on the rate reflecting the risk. So you can calculate the amount necessary for the introduction of the idea, its reality and the need for a particular enterprise. This method is most often used for miscalculation and choosing from contenders for investment, since it makes it possible to quickly determine the development potential. The only unpleasant moment is considered a fleeting forecast, which can be quickly outdated due to changes in demand, law, tax base or price increase.

Analysis method based on external and internal factors

The above 4 stages are related to each other and complement each other:

Such a multilateral approach allows you to carefully understand the question, but when the factors and analyze are allocated (1 and 3 p.), It is very often a subjective decision of the expert, adopted on the basis of questionnaires and surveys, which sometimes strongly reduces the accuracy of the assessment.

Semifactor model for assessing investment attractiveness

Another effective technique for assessing the investment attractiveness of the enterprise includes seven large items, the basis of which is the profitability of assets, since it is for attractiveness to the main criterion in which the composition, structure, quality and efficiency of resource use can be estimated.

Let us give postulates of dependencies for visibility in the table:

Analyzing such dependencies gives an understanding of the resulting speaker. And the final conclusion is simple: higher profitability - higher efficiency and, consequently, attractiveness for investors. The final estimate is an integral-indexed, obtained by multiplying the calculated parameters. However, these calculations cover only internal, albeit with high mathematical accuracy, digital success indicators. The term "investment attractiveness of the enterprise" is much more multifaceted and broad for the framework of one financial calculations.

When a list of attractive companies is formed, they are sorted by descending. The final assessment of the investment attractiveness of the enterprise is obtained from the integrated sample of performance indicators and the overall state of income for each. Of the influencing factors, on the result, it is possible to distinguish the nature of lending, where it is necessary to increase the weight of liquidity indicators, solvency in comparison with profitability and own means, as well as the limit of payback period, because, with an increase in the term, the overall profitability indicator, if compared with the current, and Reducing the term liquidity comes to the fore.

Integral assessment of investment attractiveness based on internal indicators

In this embodiment, the relative internal indicators produced in five stages are taken.

• the effectiveness of the use of basic and working capital,
• financial condition of the enterprise
• how are labor resources,
• what is investment activity,
• how efficient is the economic activity.

Each calculation is calculated to remove integral indicators. The final assessment of the investment attractiveness of the enterprise is obtained on the basis of the final 2 stages:

In the first, all the indicators are taken and their weight is considered, the potential opportunities are being worked out for all the time of the enterprise, and the end of the first stage is the removal of a comprehensive assessment for each indicator.

The second stage serves as the ultimate integral indicator, which serves as estimated in investment attractiveness.

An objective assessment of the investment attractiveness of the enterprise is the main plus of this method, because the result is one digit on the basis of a large workshop, which is very easy to interpret. The minus is insulation from external indicators, because only internal is taken into account.

Comprehensive assessment of the investment attractiveness of the enterprise

The methodology for assessing investment attractiveness is essentially analyzing all areas of the enterprise and the association of the obtained indicators in the overall result. It includes 3 sections: common, special, control.

General section: Assessment of strategic activities and its effectiveness, analysis of shareholders, management, degree of influence of major buyers and suppliers, studying the company's market position, its reputation. For each factor, except for strategic efficiency, estimates are exhibited, for convenience expressed in points. Strategic activities are assessed by the dynamics of the financial and economic indicators of the organization.

Special section: The efficiency of the enterprise as a whole is estimated; uniformity of economic development; innovative, financial, operating activities; Profit parameters. This stage is divided into:

• building a dynamic matrix based on indices of the main indicators: the final (result of activity), intermediate (the result of the production process), the initial (number of resources involved);
• analysis of uniformity of increasing (reduction) of performance indicators;
• calculating the coefficients of innovative, financial and operating activities;
• evaluation of the quality of income by calculating solvency and profitability;
• the scores obtained when evaluating all parameters are summed up with the scores of the general section.

Control section. Here, at the final stage, the coefficient of investment attractiveness of the enterprise is calculated (the points obtained at the previous stages are multiplied by weight coefficients and are summed up), based on its basis the final decision.

Pros of this technique:

• comprehensive analysis;
• coverage of all indicators;
• conclusion of the final integral indicator.

subjective solutions for experts when issuing estimates (are leveled by the addition of absolute and relative indicators of business activity).

In practical work, the calculation of the investment attractiveness of the enterprise is usually in the simple financial and economic analysis of the facility. There are not only theoretical calculations, but also a practical result.

Details and detail of analysis are directly dependent on who do it. As a practical example, it is possible to assess the investment attractiveness of the issuer of bills of exchange and its criteria.

These calculations are an abbreviated form of analyzing financial and economic activities that helps the investor in a short time to decide on the attractiveness of the organization as an investment facility.

But this approach evaluates only the current position of the organization, not allowing to respond to a number of extremely important issues for the investor:

• How big is the attractiveness of the organization as an object of investments?
• What is the market price of an enterprise?
• What is the amount of cash receipts from these investments?

These questions are quite complex. To get an answer on them, you need to develop and apply a comprehensive analytics.

For example, an investor should pay attention to the following points:

• how professional managers and can they work in a team;
• is the concept unique, how clearly aware of the promotion strategy and is there a detailed business plan;
• how competitive to the enterprise, whether he has advantages over other companies;
• presence (absence) profit growth potential;
• how transparencies are the financial and management mechanisms of the company;
• what is protected by share capital;
• the presence of the potential of high dividends with invested capital.

And this is not all the questions that need to be illuminated. In order for the analysis as reliable as possible and reliable, the list of criteria will need to increase. The goal is to cover all aspects of the business activity of the organization.

The best results give an expert assessment, but recently it is used less often. Although it is precisely it necessary to introduce into a complex of work when analyzing the investment attractiveness of the enterprise.

The greatest difficulties of all of the above criteria can cause market value assessment and the size of future dividends. But these settings need to know. Since the market value, for example, will give a prompt about the potential growth of the enterprise and, accordingly, the amount of future income.

The calculation of the market value at the current time is a very complex and labor task. To solve it it was easier, you need to remember the three common approaches to the business assessment: costly, profitable and comparative.

Methods for assessing investment attractiveness are constantly developing, since the elementary analysis of financial and economic activities no longer complies with investor requests. Therefore, all new approaches to the analysis regularly appear regularly, and in the future it is planned to develop such a set of activities that will include a qualitative and quantitative assessment. It is also assumed to combine several approaches to determine the size of future cash flows.

Says practices

When evaluating the company, the investor takes into account many factors

Tatyana Sadofiev,

director PRADO CORPORATE FINANCE, Moscow

To attract investments, it is necessary to obtain business value data that is planned to be used as an investment object. Financial Specialist (your employee or expert attracted) will be able to give the necessary assessment by analyzing such factors as:

• annual increase in sales growth;
• operating profit margin;
• capital investment;
• r & D costs;
• dynamics of working capital;
• depreciation deductions;
• competitiveness level;
• various macroeconomic and specific risks.

The weightability of all these parameters is directly dependent on the specifics of the production, enterprise competitiveness, its age. If you analyze a young company offering innovative products and has not yet passed a critical break-even point, the main value is the forecast of sales growth. Considering the already established organization with a stable profit and a solid competitive position, an expert, wanting to predict the magnitude of financial flows, will rely on the data on operating profit in the past years. There is also a methodology for assessing the value of a business that caused losses to the previous year analysis.

How to increase the investment attractiveness of the enterprise

Increasing the investment attractiveness of the enterprise is a laborious and long process consisting of such stages:

Analysis of the level of economic development and the general characteristics of the company:

• assessment of the value of the asset, its structure, volume and composition of intangible and non-current assets;
• production Analysis: Production Power, the possibility of their growth, the degree of modernization and wear of production instruments, technology.
• personnel level: qualifications, staffing, employee security.
• innovation: Determining their availability and use in the production process, the possibility of implementation.

Characteristics of the market position and the level of product competitiveness:

• market volume and place that company covers: Evaluation of the competitive environment, the definition of market leaders, the study of the strengths and weaknesses of the organization, the prospects for future growth and consolidation of the positions achieved;
• the quality of the product produced, its competitive stability is an analysis of similar products, an increase in the level of competitiveness.
• study of the company's price strategy.

Financial analysis of the state and results of the organization:

• evaluation of business activity, liquidity, sustainability, solvency and profitability of the enterprise;
• calculation of financial results: the size of current profits, developmental potential and efficiency.

The organization can make a plan and implement a number of activities to increase its investment attractiveness. To do this, you can use:

• careful long-term strategic planning;
• business planning;
• application of expert evaluation of lawyers to bring guidelines in line with legislation;
• analysis, creation and assessment of credit history;
• creating a more harmonious structure of the company by reforming.

To determine which measures are needed to improve investment attractiveness, it is necessary to assess the state of the enterprise. This analysis allows:

• identify strong aspects of the organization's activities;
• calculate risks and weak aspects in the state of the enterprise at the moment (also on the part of the investor);
• develop activities to enhance investment attractiveness, increasing the competitive advantages and increase in the efficiency of the company.

During this diagnosis, areas such as management, production, finance, sales are dealt with. The scope of the organization's activities associated with maximum risks and possessing the largest number of weaknesses. Activities are being developed to strengthen the situation on weak directions.

It is also necessary to draw attention to the conduct of the enterprise's legal expertise. To evaluate the investment attractiveness of the enterprise, the areas of expertise may be:

• confirmation of property rights (land plots, buildings and other);
• the correctness of the compilation of constituent documents (the rights of shareholders, the authority of the management of the organization);
• transparency, correctness and legal purity of accounting of rights to securities of the enterprise.

After the examination, the inconsistencies of the above directions of state legislation are determined. The elimination of these inconsistencies is an extremely important step, because investors, evaluating the investment attractiveness of the object, give legal diagnostics of a significant value. For example, it is very important for the creditor to see the confirmation of property rights on property that will be the object of pledge. The direct investors buying company shares companies pay attention to the rights of shareholders and corporate governance as a whole, because they need to control the expenditure of placed investments.

The examination of the current state of the organization becomes the basis for developing a strategic plan.

The strategy is the main plan for the growth of the organization developed by 3-5 years. It formulates both the leading objectives of the organization in general and the main activities and systems (promotion, production, sales). The main qualitative and quantitative criteria are allocated. The strategy helps the organization to make plans for shorter periods of time, not retreating from the main idea. The Possible Investor Strategy shows a real view of the organization for long-term perspectives and compliance with the enterprise management by external and internal factors.

Taking a long-term strategic plan as a basis, the organization proceeds to the formation of a business plan. It thoroughly disassemble all areas of the organization's activities, it is based on the rationale for the size of the required investment and the financing model, the expected effect for the company. The scheme of financial flows formed in the business plan helps to evaluate the possibility of the organization to return to the creditor to the lender loan funds taking into account interest. Investors-owners using a business plan can analyze the value of the company, study the cost of investments and the rationale for potential growth.

For example, one large enterprise of the North-West, leading its activities in the glass industry, during cooperation with a venture investor, has developed a comprehensive business plan. Despite the small price of assets in comparison with the size of the required investments, the investor perceived the organization as an investment attractive, because the business plan made a substantiation of the possibilities of increasing the organization and the growth of capital costs.

Also, the credit history of the enterprise is also of great importance in the eyes of investors, as it means that the organization has practical experience in developing investments and fulfill its obligations to lenders and investors-owners. Therefore, the measures taken to form such history will be appropriate. For example, the company can organize the issue and repayment of the bond loan of a relatively small size with a short repayment period. As soon as it is repaid, the organization in the eyes of investors will be released on a qualitatively different stage. Because it will characterize it as a responsible lender that fulfills its obligations. After the company will be able to attract loan funds on more favorable terms.

One of the most time-consuming measures to increase the investment attractiveness of the organization is the implementation of reform (restructuring). In general, reforming combines a set of measures to complete the work of the enterprise into compliance with changeable market conditions and the strategic development plan.

Restructuring is most often embodied in several directions:

Changes in share capital. This measure includes actions to improve the capital structure: division, consolidation of shares, prescribed in the law on joint-stock societies of reform. The result of these actions is to improve the controllability of the organization or group of enterprises.

Change of organizational structure and management techniques. This path of restructuring is aimed at improving managerial processes that provide the main functions of the effective company and organizational structures of the company in which new management techniques are introduced. The reformation of management systems and the organizational structure may consist of:

• crushing business in directions for small companies and other modifications of the Organization;
• detection and removal of unnecessary links in management;
• adding new links to managerial processes;
• optimization of information flows;
• other additional measures.

The reformation of production combines a set of measures from the above directions.

Increase the investment attractiveness of the enterprise before selling it

It is especially worth saying about the pre-sale preparation of the company. Then the increase in investment attractiveness is carried out to increase the cost of the enterprise. Considering the above, it can be concluded: the process of pre-sale preparation is clearly adjustable, albeit labor-intensives.

The organization creates a program for an increase in investment attractiveness, focusing on its individual criteria and investment market. The incarnation of this program accelerates the attraction of financial resources.

How to develop an effective business plan for the investment attractiveness of the enterprise

Step 1. Development of a preliminary business plan.

In short, set out the essence of the current organization or business of the project creator, provide an economic justification. For example, it is planned to introduce a new product - tiled. The creator of the project knows that there is a deficit of this type of product on the market and there is a demand, which means the sales market is already analyzed. Economic rationale must necessarily have a potential income and expenses in its composition, the payback period of the object.

This document is usually 1-3 pages. If you have all the necessary data, then the calculations and the creation of the initial business plan will occupy from the expert from two to eight hours.

Step 2. Development of a full business plan.

Taking this document as a basis, the investor will decide to invest in this project or not.

In contrast to the first step, the second stage should give complete information. For example, if in the first version the experience of the project creator was specified, then here you need to give all the data on this issue. Business plan size at this stage is about 20-35 pages.

Step 3. Development of a detailed business plan.

It is formed when the project is already approved by depositors. Represents a detailed action program. For example, guided by concluded contracts with suppliers, the delivery time, equipment commissioning, output to the planned power fit into it. It is done with the period of execution of the year, and every month is made adjustments. The design of a detailed business plan is carried out after the investor adopted a positive decision, unlike the full, for which the investor's approval is sufficient.

Please note: For ease of orienting, the business plan should have a clear structure and include all the necessary sections. There must be described all the nuances of work, schemes and techniques.

New project for the existing enterprise	New Enterprise (Business)
History of the company, the main milestones of development	Description of the current project initiator
Organizational structure of the enterprise	The experience of the initiator of the project in the organization of the new business
Founders (shareholders) of the enterprise	The ownership structure of the new enterprise
Property position of the company	Description of the new project
Description of the main activity	New Product Market
Project description	Production plan
New Product Market	Investing in the project
Production plan	Financial project plan
Investing in the project	Appendix: Historical Financial Indicators Business Initiators Project
Financial plan, taking into account the current activities of the enterprise

The use of third-party resources (investments) is necessary for the effective activities of organizations. The stable development of the company requires constant investments in production, innovative developments and activity in other areas of activity. In order to attract third-party resources, it is silent, you need to follow investment attractiveness.

Information about the authors

Patrick de Cambur, President of the international company Mazars. Field of activity: Consulting services in the field of audit, financial transactions and taxation. Organization form: Partnership (includes 650 associated members - financially independent companies working under a single brand). Territory: 56 countries worldwide, including Russia. Personnel number: 12 500. Annual turnover: 773.6 million euros (in 2008-2009 fiscal year). President's experience in office: since 1983.

Oleg Dobronravov, Director of Westland Finance Advisory. Field of activity: Debt transactions, capital involvement transactions, credit portfolio optimization, corporate structure and management projects, asset management. Territory: offices in Moscow and Amsterdam. Personnel number: 3. The cost of prisoners of transactions: $ 300 million (in 2009). Main customers: Shipbuilding Bank, RTM, JFC, Perekrestok store chain, Roslizing Association. Director's experience: since 2005.

Tatyana Sadofiev,director PRADO CORPORATE FINANCE, Moscow. PRADO CORPORATE FINANCE provides assistance in attracting financing and maintaining transactions. Included in the strategic partnership of PRADO BANKE and Consultant, formed in 1994. PRADO Group provides financial and management consulting, audit, corporate training, recruiting, provides banking services.

In assessing the investment attractiveness of the enterprise, the following aspects are considering: the attractiveness of the enterprise products, personnel, innovative, financial, territorial, social appeal.

Analysis of the attractiveness of the enterprise products for any investor is its competitiveness in the domestic and foreign market. Product continuity is a multidimensional figure, a component of the following factors:

Analysis of product quality - its compliance with domestic and international standards, the availability of international product quality certificates, reliability, durability, modification, etc.;

Analysis of price levels for products, its correlation with prices of competitors and prices for goods substitutes;

Analysis of the level of diversification, that is, the company's multidisciplies, its ability to survive in conditions of different profitability of products produced.

A summary indicator of the analysis of the competitiveness of products and its investment attractiveness is the price. It is formed under the influence of supply and demand and can indirectly express competitiveness by comparing them.

Analysis of the personnel attractiveness of the enterprise is characterized by three terms:

Business qualities of the head and his "team";

The quality of the "personnel core" (highly qualified workers);

Quality of personnel as a whole.

Analysis of the innovative attractiveness of the enterprise is the effect of medium-term and long-term investments in innovation in the enterprise. When analyzing the innovative attractiveness of the enterprise, the presence is taken into account:

Strategies for the technical development of production, as the basis of all other innovations;

Programs investment production from various sources.

The following indicators are commonly used: the structure of fixed assets and the effectiveness of their use, sources of technical renewal of production, the share of income on the technical re-equipment of the enterprise.

Analysis of the territorial attractiveness of enterprise enterprise investors is determined by the following factors:

Remoteness of the enterprise from the main transport highways connecting the city with other regions, the availability of access roads for the carriage of goods;

The remoteness of the enterprise from the city center, where local authorities are focused, leading market infrastructure organizations, etc.;

The price of land, which is largely differentiated depending on the criteria mentioned above.

The social attractiveness of the enterprise is determined by the social security of the employees of this enterprise. An indicator of the social attractiveness of the enterprise can be considered a coefficient of social attractiveness, calculated as the ratio of the average wage of one employee to the value of the rational consumer basket in the region.

An analysis of the financial attractiveness of the enterprise is to minimize costs and maximizing profits. This is a multicomponent concept that develops from many indicators calculated on the basis of the reporting documents of the enterprise.

Indicators of the financial situation of the enterprise are the most significant for investors .

The following stages of evaluation of the financial attractiveness of the enterprise are distinguished:

The first stage involves working with such reporting documents as an accounting balance and a report on financial results. On their basis, the calculation of indicators characterizing various parties to financial attractiveness;

The second stage is the methodological. It consists in grouping indicators for generalizing criteria. Five main directions for analyzing the financial situation of the enterprise are offered:

1) the structure of the property;

2) liquidity indicators;

3) long-term financial sustainability indicators;

4) business activity indicators;

5) profitability indicators;

The third assessment phase consists of two parts:

1) calculating the total coefficients of deviations of the values \u200b\u200bof each compared indicator from the reference value;

2) Determination of the Credit Class of the Borrower.

Thus, in assessing the financial attractiveness of the enterprise, such indicators are used as profitability of the enterprise, the liquidity of assets, financial stability.

The estimate of the current state must begin with the analysis of the property position of the enterprise, which is characterized by the composition and state of assets. Speaking about the analysis of the property position, it should be borne in mind not only to a substantive characteristic, but also a monetary assessment that allows you to judge the optimality, the possibility and feasibility of investing financial results in the assets of the enterprise. The property and financial position of the enterprise is two aspects of economic potential that are closely interrelated.

Analysis of the structure of the property is made on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis. The structure of the value of the property gives a general idea of \u200b\u200bthe financial condition of the enterprise. It shows the share of each element in the assets and the ratio of borrowed and own funds covering them in liabilities. Comparing structural changes in the asset and liability, it can be concluded that, through which sources, new funds were carried out and in which assets these new funds are invested.

Analysis of the liquidity of the balance. 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.

The ability of the enterprise to quickly release the funds necessary for normal financial and economic activities and repay its current (short-term) liabilities, is called liquidity. Moreover, liquidity can be viewed both at the moment and for the future.

Under the liquidity of any asset understand its ability to transform into money, and the degree of liquidity is determined by the time period during which this transformation can be carried out. The shorter the period is the higher the liquidity of this type of assets.

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

The main feature of liquidity is the formal excess (in value estimation) of current assets over short-term liabilities. The more excess, the more favorable financial condition of the enterprise 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 arranged in ascending order of deadlines

A 1. The most liquid assets - they include all articles of monetary reservoirs of EDMS 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 payment, 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, A3 P3, 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 absolutely not liquid, the company is not solvent if the ratio opposite is absolute liquidity:

A1 P1, A2 P2, A3 P3, 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:

Availability of sufficient funds at the current account;

Lack of overdue payable debt.

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.

The current liquidity ratio shows whether the enterprise has enough funds that can be used to repay their short-term liabilities during the year. This is the main indicator of the solvency of the enterprise. The current liquidity coefficient is determined by the formula (1.1):

CTL \u003d (A1 + A2 + A3) / (P1 + P2) (1.1)

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances in which the value of this indicator may be more, however, if the current liquidity ratio is more than 2-3, this, as a rule, speaks of the irrational use of the means of the enterprise. The value of the current liquidity ratio below the unit speaks of the insolvency of the enterprise.

The rapid liquidity ratio, or the coefficient of "critical assessment", shows how much the liquid funds of the enterprise cover its short-term debt. The rapid liquidity ratio is determined by the formula (1.2):

CBB \u003d (A1 + A2) / (P1 + P2) (1.2)

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventory. This indicator determines which proportion of payables can be repaid due to the most liquid assets, i.e. shows which part of the enterprise's short-term obligations can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as earnings on calculations. The recommended value of this indicator is from 0.7-0.8 to 1.5.

The absolute liquidity ratio shows what part of the creditor of the company can pay off immediately. The absolute liquidity coefficient is calculated by formula (1.3):

Cal \u003d a1 / (p1 + p2) (1.3)

The value of this indicator should not be descended below 0.2.

Thus, the investment attractiveness of the enterprise directly depends on the liquidity of its balance, and to increase investment attractiveness, the company should strive for absolute liquidity and solvency.

The financial stability of the enterprise determines the long-term (as opposed to liquidity) the stability of the enterprise. It is associated with addiction from creditors and investors, that is, with the ratio "Own capital - borrowed funds." The presence of significant obligations not fully covered with their own liquid capital creates bankruptcy prerequisites if major lenders will require the return of their funds. But at the same time, the attachment of borrowed funds can significantly increase the profitability of equity. Therefore, when analyzing financial stability, a system of indicators reflecting the risk and profitability of the enterprise in the future should be considered.

The financially sustainable is such an economic entity, which at the expense of own funds covers investments in assets (fixed assets, intangible assets, working capital), does not allow unnecessary receivables and payables and is paid on time by its obligations.

The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities. It is necessary to answer the questions: how much independently the company has been growing or decreasing the level of this independence, does the state of its assets and liabilities meet the conditions of financial and economic activities? Indicators that characterize independence for each element of assets and the property as a whole provide an opportunity to measure whether the enterprise is sufficiently resistantly analyzed.

The main estimate is the amount of implementation and profit. At the same time, the ratio is the most effective when the pace of changes in the balance profit is higher than the rate of change of revenue from sales, and the last above the rate of change of fixed capital, that is

Tr (PB)\u003e Tr (V)\u003e Tr (OK)\u003e 100%;

This addiction means that:

The economic potential of the enterprise increases;

The amount of implementation increases at higher rates;

Profit increases with a leading pace.

For the implementation of the second direction, it can be calculated: the production, foundation, turnover of production reserves, the duration of the operational cycle, the turnover of advanced capital.

The generalizing indicators include the resource project ratio and the coefficient of sustainability of economic growth.

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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. - 2006.-C.288.

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.

When 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 management 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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thesis, added on 03/15/2014


The essence and criteria of investment attractiveness. The role of investments in the socio-economic development of the municipality. Problems and prospects for the development of the investment attractiveness of the municipality on the example of the city of Krasnodar.

course work, added 30.08.2015


The main methods for assessing the investment attractiveness of the municipality used in Russia and abroad. Situational analysis of the Tarnogsky municipal district, assessing its investment attractiveness, paths and ways to increase it.

thesis, added 11/09/2016


The study of the essence of the investment attractiveness and its components. Analysis of the ratings of the investment attractiveness of the Krasnodar Territory for the period under review. The characteristics of the main investment projects offered at the present time.