Investment attractiveness of the enterprise (IPP) is a comprehensive indicator that characterizes the feasibility of investing funds to this enterprise. Investment attractiveness of the enterprise depends on many factors such as political, economic situation in the country, region, perfection of the legislative and judiciary, the level of corruption in the region, the economic situation in the industry, qualifications personnel, financial indicators, etc.

Currently, enterprises use many tools to attract financing. The most common ways to attract investments is:

Loans in credit institutions.

Attracting investment in the stock market: bond issuing IPO and SPO.

Attracting a strategic investor.

The first option is the easiest, but at the same time one of the most expensive. In this case, the depreciation of the funds of the bank loan is the main (significant) loan conditions (volume, period, interest rate, etc.) are determined by the creditor, that is, the Bank, on the basis of a credit policy established in this particular bank. Therefore, such funding is provided only to companies confirming their solvency and provided the necessary deposit, the cost of which is more loan. In the event of a failure of an innovative project, the company returns a loan at its own expense, authorized capital, sales of fixed assets of production.

Attracting investments in the stock market and the search for a strategic investor requires an open accountability, financial flow control, business transparency. The higher the investment attractiveness of the enterprise, the more likely to receive investments.

The most complete definition of investment attractiveness is given: Investment attractiveness is an "economic category characterized by the efficiency of the use of the enterprise's property, its solvency, the sustainability of the financial condition, its ability to self-development on the basis of increasing capital profitability, technical and economic level of production, quality and competitiveness of products."

Each investor pursues its goals by investing in the enterprise. Depending on the purpose of investors, you can divide into two groups: financial and Strategic Investors.

Financial Investor:

she strives to maximize the value of the company, it has only financial interest - to get the greatest profit mainly at the time of exiting the project;

does not seek to acquire a controlling package;

does not seek to change the company's management.

Investor strategic type:

seeks to get additional benefits for its main activity;

seeks to complete control, sometimes at the cost of the destruction of the company;

actively participates in the management of the company;

basically, seeks to invest in the company from related industries;

takes "participation" in investing, often not limited to specific deadlines.

The Russian specificity of strategic investment is that the investor is committed to obtaining full control over the financed business. Typically, the company is as a strategic investor, whose activities are associated with the business of the company purchased by investors.

Factors affecting the investment attractiveness of the enterprisecan be divided into two groups: external and internal.

External factors - These are factors that are independent of the results of the economic activity of the enterprise. These factors include:

1. Investment attractiveness of the territory that includes the following parameters of the political, economic situation in the country, the region, the perfection of the legislative and judiciary, the level of corruption in the region, the development of the infrastructure, the human potential of the territory. 2. Investment attractiveness of the industry, including:

level of competition in the industry;

current development of the industry;

dynamics and structure of investment in the industry;

the stage of industry development.

Analysis of these components is an important step in investment analysis. The investment attractiveness of the industry is characterized by a number of parameters, the most significant of which is: the growth rate of production volumes, the growth rate of prices for production factors, the financial condition of the industry, the availability of innovation and the degree of R & D.

A number of factors have an impact on the state of investment attractiveness of the industry:

macroeconomic environment;

environmental Safety;

infrastructure state;

level of production process in the industry;

personnel component;

financial environment.

TO internal factors The factors that depend directly from the results of the enterprise's economic activity are believed. Therefore, internal factors are the main lever of influence on the investment attractiveness of the enterprise. Consider in detail internal factors:

1. Financial condition of the enterprise evaluating on the basis of the following indicators: the coefficient of the ratio of borrowed and own means of the current liquidity ratio of the coefficient of assets of profitability of sales profitability on net profit profitability of equity on net profit.

2. Organizational management structure of the company: the share of minority shareholders in the structure of the company's owners. The degree of influence of the state on the company The degree of disclosure of financial and managerial information. The proportion of net profit of paid companies in recent years.

3. The degree of innovation of the company's products.

4. Stability of cash flow generation.

5. The level of diversification of the company's products.

For information on the activities of the company of interest, various sources can be used. For classification, sources are divided into two groups: external and internal.

External sources of information: Bank archives Reports of consulting, audit agencies Information about the enterprise in the media data of the stock market Information from partners of the enterprise.

Domestic sources of information are characterized by a low frequency of obtaining and, as a rule, associated with the preparation of quarterly or annual reporting: Accounting reporting internal financial reports Internal management reports Planning documents Tax reporting statutory documents.

The entire IPP analysis can be divided into the following components:

analysis of potential profits - study of alternative embodiments, comparison of profitability and risk levels;

the financial analysis - study of the financial sustainability of the enterprise; forecasting the development of an enterprise based on available data;

market analysis - assessment of the prospects for the market in the market, the richness of the market with similar goods (market capacity, promotion on it);

technological analysis - study of the technical and economic alternatives of the project, various uses of existing technologies; Search for an optimal technological solution for this investment project;

management analysis - Evaluation of organizational and administrative policies to the enterprise, as well as the development of recommendations in the part, organizational structure, organization of activities, recruitment and training personnel;

environmental analysis - assessment of potential damage to the environment project and determining the necessary measures mitigating and preventing possible consequences;

social analysis - Determination of the suitability of project options for residents of the region as a whole (increase in the number of jobs, a change in cultural and living conditions, improving housing conditions).

* The calculations use average data in Russia

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

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

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

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

Here are these definitions:

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

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

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

Forgetting that the potatoes are decomposed on the fields.

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

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

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

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

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

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

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

What will be its selling price?

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

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

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

1. The company is not an investment attractive

An investment attractive enterprise may be in the following cases:

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

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

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

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

Business idea in a commercial plan is very controversial.

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

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

735 people studies this business today.

For 30 days, this business was interested in 41164 times.

Competition and competitiveness - what do these terms mean? What are the indicators you can judge that one of the company is more competitive than other? Reply to these questions.

What is a technological deadlock, and what enterprises he threatens? In this article, let's talk about this on the example of the technologies that are used now. For example, sales technologies.

Investment attractive

1. The concept of investment attractiveness and its components

2. Methods for determining investment attractiveness

3. Investment attractiveness of sectors of the economy

4. Investment attractiveness of enterprises

Regional development processes in modern Russia determine the degree of investment attractiveness of the region for domestic and foreign potential investors. Investors' interest in investing in projects on the territory of the Russian Federation is directly related to the level of development of various subsystems of regional economy. The selection of the investor location of a particular object depends on the set of factors. Their correct and objective assessment predetermines the effectiveness of the implementation and operation of the project at all stages of its life cycle. Without having in its arsenal formalized analytical instruments for assessing the situation in regions where the object can potentially be placed, investors often decide on the place of its implementation on the basis of a subjective understanding of the investment attractiveness of a particular region.

At the present stage of development, we need to take into account the global tendencies of deepening the integration of national and regional economies, the free movement of investment capital and as a result of the interest of potential investors in the implementation of various projects in the territory of the Russian Federation. Currently, there is a need for detailed, competently structured information about the economic, financial, social political state of the regions of the Russian Federation, which could be used by potential investors. Obviously, this information must be obtained from reliable sources, it is estimated with modern analytical methods and models, and is presented in a convenient form for a potential consumer.

In economic literature, such concepts as "Investment Climate" and "Investment Attraction" are very often identified. This cannot be accepted. Investment climate includes investment attractiveness, and investment activity determined by the amount of capital investments per capita of the region, the pace of changes in investment volumes, etc.

The investment climate includes the objective possibilities of the country or region (investment potential) and the conditions of the investor (investment risk). The investment potential is folded as the sum of objective prerequisites for investment, depending on both the availability and diversity of the areas and objects of investment and economic "health". Regional investment climateit is a system of socio-economic relations formed under the influence of a wide range of interrelated processes on macro, micro- and actually regional control levels and creating prerequisites for the emergence of sustainable investment motivations.

Investment attractive - This is a combination of factors favorable for investment characterizing the investment climate of the region and distinguishing this region from others.

The investment attractiveness (climate) of the region is determined by investment potential and investment risk.

Investment potential of the region - These are the potential possibilities of the region to the development of the economy. Investment potential takes into account the readiness of the region to receive investments with relevant guarantees of capital safety and profit of investors. It includes the following components, i.e. Private potentials:

Resource-raw material (the weighted average availability of the balance sheets of the main types of natural resources);

Labor (labor resources and their educational level);

Production (Gross Regional Product);

Innovative (level of development of fundamental, university and applied science with emphasis on the introduction of its results in the region);

Institutional (degree of development of the institutions of the market economy);

Infrastructure (economic and geographical position of the region and its infrastructure security);

Financial (tax base and profitability of enterprises of the region);

Consumer (cumulative purchasing power of the population of the region).

Investment risk - This is the probability (possibility) of capital loss.

Investment risk is calculated according to the following components:

Economic risk (trends in the economic development of the region);

Financial risk (degree of balance of regional budget, and enterprise finance);

Political risk (distribution of political sympathies of the population based on the results of the last parliamentary elections, the authority of local authorities);

Social risk (social tension level);

Environmental risk (environmental pollution, including radiation);

Criminal risk (crime rate in the region, taking into account the severity of crimes);

Legislative risk (legal conditions of investment in certain spheres or industries, the procedure for the use of individual production factors). When calculating this risk, a totality of federal and regional laws and regulations on investments is used.

Inaccuracies in the integral potential analysis and integral risk of regions on this technique are mainly due to the determination of weights (fractions) of the components of potential and risk.

The authors of the methodology are the greatest weight asked by consumer, labor, production potentials, legislative, political and economic risks, the least weight - natural resource, financial and institutional potentials, environmental risk.

Investors are of particular importance (as surveys) of labor and consumer potentials showed, i.e. they are interested in primarily the quality of local labor and the possibility of expanding production and sales.goods.From regional risks, investors fearmoretotal legislative and political risks interconnected.

The process of making a decision on investing in a particular region lies a detailed analysis of information about the investment attractiveness of this region, about the state of its investment complex. Most leading foreign and domestic economic publications (Euromoney, Fortune, The Economist, expert, etc.), as well as large consulting companies regularly monitor information on the state of national and regional investment complexes. It is based on the ratings of the investment attractiveness of national economies and regions. Methods of compiling such ratings are offered the most different.

As initial information, statistical data on the development of regions, legislation related to regulating investment activities, the results of regional research and surveys are used to draw up investment attractive ratings.

In virtually all ratings, expert assessments are used to varying degrees. Domestic and foreign experts are involved in the formation of a set of indicators by which the investment attractiveness of the region and the assessment of the scales of these indicators will be evaluated in the resulting integral assessment.

1. The set of indicators is chosen and justified, the most accurate, according to experts, reflecting the state of the region's investment complex.

2. Each indicator or group of homogeneous indicators is assigned by weight coefficients corresponding to it (their) contribution to the investment attractiveness of the region.

3. The integral assessment of investment attractiveness for each region is calculated.

Consider some well-known methods for assessing the investment attractiveness of the regions of the Russian Federation, developed by domestic and foreign specialists: the methodology of the consulting agency "Expert" (Fig. 1) and the methodology of the Economic Department of Austria. (Fig. 2).

It is worth noting that both techniques provide for the need to form a constant set of indicators and regular calculation based on an integral assessment that characterizes the state of the investment climate of the regions and their attractiveness for potential investors. Their advantage is to be able to trace the dynamics of economic, economic, social and other regional processes on the basis of the unchanged set of criteria. This method enjoys well-known rating agencies and in some cases we can say that the use of the same set of evaluation criteria from year to year justifies itself, because Such ratings over time become universal indicators when evaluating the state of the economies of states and regional entities. The obvious difficulty is the selection and substantiation of the efficiency of using a specific set of evaluation criteria. Also represents the known complexity interpretation of the results obtained as a result of the assessment. Not always for the final integral value, you can see the causal relationships and the development trends of the regional investment complex.

A distinctive feature of the methods is that they all use grouping indicators of assessment of investment potentials and risks. The main problem when they are used is the complexity of the formation and justification of the set of assessment factors.

General, in our opinion, restrictions of existing methods for assessing the investment attractiveness of the regions of the Russian Federation are their excessive "hardness". The expert who uses in one way or another is missing the possibility of introducing the procedure for evaluating new and / or exceptions offered by the developer, factors or their groups. Also developers limit the user with the framework of standard settlement procedures.

As can be seen from the diagrams, the results of rating estimates are presented in different ways.

In the case of a study of the Agency "Expert", the result of the work became the matrix of the distribution of regions of Russia in terms of investment conditions, where the vertical was introduced by the classification in terms of investment risk, and horizontally - on investment potential. In accordance with the agency's methodology, all regions are divided into 12 groups.

In accordance with the Methodology of the Economic Department of the Bank of Austria, each region receives three estimates:

2. Place the region in the Russian Federation in accordance with the assessment of investment attractiveness.

3. Determining the investment situation in the region as relating to one of the 6 classes.

The main purpose of studying the investment attractiveness of sectors of the economy is to ensure the diversification of their activities, especially in the real investment. For an investor taking an investment decision, it is important to determine which industry with the greatest efficiency a specific investment project can be implemented which areas of investment will have the best prospects and will provide a high income on invested capital.

Evaluation and forecasting of the investment attractiveness of sectors of the economy are carried out by the same methods and in the same sequence as on the macroeconomic level (monitoring the system of informative indicators; constructing a system of analytical indicators, their analysis and evaluation; forecasting investment attractiveness).

In assessing and predicting the investment attractiveness of sectors of the economy, it is important to take into account the role of individual industries in the country's economy, the prospects and efficiency of their development, the degree of state support for this development, the level of investment risks characteristic of various industries, and other synthetic (generalizing) indicators. Each of the synthetic indicators is estimated at the totality of the analytical components of which the calculation of which is based on statistical data and forecast estimates.

In assessing the level of efficiency of the industry, as an analytical indicator can be accepted the level of profitability of assets used. It is calculated as the ratio of profit from the sale of products (or balance profits) to the total amount of the assets used. Moreover, inflation factor must be taken into account, product tax policy and profits, cost level, vacation prices for products and other factors.

The prospects for the development of the industry as one of the most important criteria for assessing investment attractiveness is studied based on indicators of profitability and risk, directions, pace and forms of privatization, assessment of the level of export potential of products and the level of its price protection against imports, inflationary protection of products manufactured, etc..

Evaluation of the level of product development of the industry is carried out in the following analytical indicators:

The significance of the industry in the economy (actual and predicted share of products in GDP, taking into account the structural restructuring of the economy);

The stability of the industry to the economic decline in the economy as a whole (indicators of the ratio of the dynamics of the production volume of the industry and GDP of the country);

Social significance of the industry (indicator of the number of employees);

Providing growth prospects with its own financial resources (the volume and proportion of capital investments at the expense of own funds of the industry, the share of equity in the assets used).

In the process of assessing and forecasting the investment attractiveness of industries, it is important to consider them life cycle consisting of 5 phases:

1. Phase birth It characterizes the development and implementation of fundamentally new types of goods and services, the need for the construction of new enterprises, which are further independent sub-sectors, and then the industry. For this phase, significant investments are characterized, the minimum arrived and the lack of dividend payments on shares.

2. Phase heost It is related to the recognition by consumers of new types of goods, the rapid increase in demand for them. In this phase, investment is conducted by high rates, enterprises' profits are growing, shares are issued, and dividends are often paid in the form of additional shares.

3. Phase expansion It is a period between the high growth rates of the number of new enterprises in the industry and the stabilization of this growth. In this stage, investing in new construction continues, but the main volume of investments is sent to the expansion of existing production facilities, stabilizes the number of new enterprises, the issue of new issuance of shares continues, the payment of dividends in cash begins. However, the main direction in dividend politics during this period implies the payment of dividends in the form of additional shares crushing existing shares.

4. Phase maturity Determines the period of the greatest volume of demand for the goods of the industry, the improvement of the quality characteristics of the products. The main volume of investment is sent to the modernization of the equipment and technical re-equipment of production. This is one of the longest stages of the life cycle of the industry. For the goods of permanent demand, not subject to scientific and technological progress, the phase of maturity is the latter in the life cycle (for example, the industry of agricultural production, the commodity industry, etc.). Enterprises of industries in the phase of maturity receive the maximum amount of profits, pay high dividends in cash.

5. Phase recessioncompletes the life cycle of the industry and characterizes the period of a sharp decrease in demand for products due to the development of new industries, whose goods are replaced by obsolete. Usually this stage is characteristic of industries whose products are largely affected by scientific and technological progress.

Changing the stages of the life cycle of industries is mainly related to the policies of the structural restructuring of the economy, aimed at introducing the latest achievements of science and technology, ensuring the competitiveness of its own production in the world market, increasing the balance of the economy, the accelerated development of industries that increase the export potential, an increase in social orientation of production, reduced energy intensity , development of intersectoral cooperation, etc.

The end result of the assessment and forecasting of the investment attractiveness of industries is their grouping and ranking according to their degree of attractiveness.

The final stage of studying the investment market is the analysis and assessment of the investment attractiveness of enterprises as potential investment objects. Such an assessment is carried out by an investor to determine the feasibility of capital investments in new construction, expansion, reconstruction or technical re-equipment of existing enterprises, the choice of alternative privatization facilities, the search for acceptable investment projects in the real estate, buying shares of individual enterprises, etc.

The development of the enterprise occurs consistently in time in combination cycles of various products of its activities. This cycle can be divided into periods with different revolutions and profit: childhood (small turnover growth, negative financial results); youth (rapid growth, first profit); maturity (slowdown in turnover, maximum profit); Old age (turnover and profits fall). The total period of the enterprise's life cycle is determined by about 20-25 years, after which it ceases to exist or is reborn on a new basis with the new composition of the owners and managers.

The concept of the life cycle of the enterprise allows to identify various problems that occur during its development, and evaluate its investment attractiveness.

During childhood The company faces mainly with the problems of survival in the form of funds with money, when you need to find short-term funding tools, as well as sources of investment for future development. In the period of youth The first profit allows the enterprise to reorient with profitability on economic growth. Now, to maintain economic growth, he needs medium-term and long-term sources. In the period of maturity The company tries to extract the maximum profit from the industrial, technical and commercial potentials. The ability to self-financing is quite significant. Given the aging of goods, enterprise managers must find new development opportunities through industrial investment or financial participation, such as other enterprises. In this case, there is a gradual transformation of the enterprise to the holding, i.e. Financial enterprise engaged in the management of the securities portfolio.

The most investment attractive are enterprises that are in the process of growth in the first two stages of the life cycle. Enterprises under maturity are also investment attractive in early periods until the highest point of economic growth has been achieved. In the future, investment is advisable if the company's products have sufficiently high marketing prospects, and the volume of investment in modernization and technical re-equipment relatively small and invested funds can pay off as soon as possible.. At the stages of old age, investment, as a rule, is inappropriate, except in cases where a large-scale diversification of products is planned, reproduction of the enterprise. At the same time, some savings of investment resources are possible compared to new construction.

The definition of the stages of the life cycle of the enterprise is carried out as a result of a dynamic analysis of product volume indicators, the total amount of assets, the size of equity and profits for the number of recent years. In terms of the pace, their change can be judged by the stage of the enterprise's life cycle. The highest growth rates of indicators are characteristic of the stages of youth and early maturity. Stabilization of indicators occurs at the stage of final maturity, and the decline - at the stage of old age.

Evaluation of the investment attractiveness of enterprises also implies financial analysis of their activities. Its purpose is to assess the expected profitability of investment, the timing of their return, as well as to identify the most significant investment risks on the financial consequences.

The assessment of the financial activity of the enterprise is carried out in the process of analyzing the system of interrelated indicators characterizing the efficiency of financial activities in terms of compliance with the strategic goals of the business, including investment. The most important results characterizing the unity of the tactical and strategic objectives of the enterprise are detected in the analysis of the turnover of assets, the profitability of capital, financial sustainability and liquidity of assets.

Investment attractiveness is not so much a financial and economic phenomenon as a model showing actual quantitative and qualitative indicators that exists an external environment within the enterprise, industry, the subject of the federation or the state as a whole.

In various economic sources, you can find various definitions of this phenomenon. The uniform opinion of the theoretical scientists and investors-practitioners has not yet developed.

First, there is a position in which the assessment of investment attractiveness is obliged to clearly show in which the capital should invest in the investor.

Secondly, under the investment attractiveness of a particular asset can be understood as a set of heuristic assessment methods that are related to the ranking studied investment objects.

Thirdly, some financiers evaluate it solely in connection with the evaluation of the effectiveness of the investment projects under consideration.

However, whatever point of view was the investor, he, no doubt, pay great attention to this financial and economic factor.

Investment appeal is a set of financial indicators that determine the assessment of the existing situation, the situation in the markets, as well as the potential risks and the yield of the investment object under consideration.

There is a huge number of variables that affect this indicator. At the same time, the investor needs to be aware that in each industry the attractive factor should be assessed differently, based on its specificity. It is intended to invest money, it is necessary to remember the main thing, in each individual situation it is necessary to assess how profitable investments in the investment projects under consideration.

In addition, you must always remember, about the dependence of investment attractiveness not only on financial structures, but also from regions, industries and countries.

In this regard, investors must consider the attractive factor at several levels. The macro level considers the state of affairs in the state economy as a whole. Meso-level analyzes the situation that has developed in a separate subject of the federation and in the municipality. The micro level is associated with the analysis of the investment of the attractiveness of a particular acting company.

At the enterprise level

The company's investment attractiveness is a set of indicators that clearly demonstrate the effectiveness and possible profitability of investment in the implementation of this project. The main factor on which, unambiguously, pay attention to all potential investors is the moment of the stable profitability of the enterprise under consideration in the medium term, and better than the long-term perspective.

In the conditions of the difficult economic situation and the global crisis, almost all medium and large companies need the influx of capital from external sources. Competition on the investment market is extremely tough. Almost always, cash will be invested in the enterprise, the financial position of which is understandable. In this case, investors can predict their future income.

An assessment of this attractiveness of the company is usually carried out by resorting to the calculations of financial indicators. These include:

• liquidity factor or how quickly an investor will be able to sell this company if necessary;
• the indicator of the property situation, which displays the ratio of current and non-current assets in the composition of the company's property;
• a factor of business activity characterized by a combination of financial processes that the main income of the owners occur at the enterprise and bring its owners;
• an indicator of financial dependence that demonstrates the real dependence of the company from third-party investors and how it can exist without such a financial feeding from outside;
• profitability factor reflecting how efficiently in the enterprise is used their own investment and financial capabilities.

Investment appeal is impossible to be considered in the separation from the existing level of risks. In practice, they may be associated with a decrease in income, a change in pricing policy or market conditions, an increase in competitiveness within the industry, loss of liquidity, and so on.

Methods Evaluation

Economic science allocates several basic methods that allow you to correctly appreciate the company's investment attractiveness. This means that each new project requires its own individual approach and its own technique.

Discounting cash flows

This technique is based on the assumption that the price that investors can pay must be determined on the basis of an analytical forecast. This approach largely will predict the future position of things in the economy.

Indicators characterizing cash flows are calculated at the time of the study. This is done by discounting at a particular rate, which reflects the existing risks. As a result, the investor can calculate the objective cost of the project analyzed. In other words, he can calculate its current investment attractiveness. Based on the data obtained and the decision to implement the project is made.

Often it is this method that applies when you need to choose one most promising company from a whole group.
The disadvantages of the methodology should be made of its temporary limitation. In other words, the results of the research carried out can be used exclusively in the short-term period. This is due to the variety of numerous third-party factors: market prices, adoption of new laws and so on.

Regulatory legal technique

It can be described using a certain set of financial documents, to the greatest degree related to the company's existing reporting in the long term. For example, in the last few years.

In practice, the investor applies real guidelines related to the definition of an effective investment project.

This method is actively used in developed Western countries. For example, in Europe, Canada and the United States. In Russia, the regulatory technique practically does not apply.

External and internal analysis

This technique is based on the collection and subsequent analysis of a number of indicators both in the enterprise itself and outside it. Implement a similar model of research allows the Delphi method. In its framework, the regressive model of investment attractiveness factors is lined up.

The advantage of this method is considered a comprehensive look at the investment object. Its disadvantage is considered a large number of assumptions and, therefore, the lack of accuracy of the assessment.

Practical attraction of an external investor

When companies need additional sources of financing, concrete steps should be taken, on which the investment attractiveness of the business entity will be promptly promoted.

Of course, there is always an option with the sale of a company available at a bargain price. As a result, the proceeds can be used to implement a new investment project.

However, if the investor wants to develop his current company, then in case of serious failure of financial resources, you can go one of two ways.

First, it should be considered the possibility of the participation of an enterprise in any state target program. Naturally, for this it is necessary that the company worked in one of the priority sectors of the national economy and fully complied with the claimed requirements.

Target state investment programs are a stable source of financing. In addition, they contribute to the increase in the economic, defense, technological potential of the Russian Federation.

Secondly, any company can always go along the way to make a joint stock company. In terms of competent implementation, this method is able to provide external sources of financing of the enterprise.

Thus, investment attractiveness at the enterprise level is one of the decisive factors that allow you to attract funds from third-party investors.

In any form of business, the decisions on the investment of capital in a particular project are taken in most cases not by some kind of nate or intuition, but on the basis of quite reasonable and logical conclusions.

It is natural to assume that the base of such investment solutions is based on a specific strategy, one of the main parts of which is what is called the attractiveness of the asset in order to invest capital there.

It is worth it, however, note that the factors of the investment attractiveness of the enterprise are not always a priority in choosing a portfolio option for assets, since there are diverse motives that are guided by the investor or its goal-setting system. For example, an investment project favorable in terms of economic efficiency may not comply with the principles of the investor himself, due to various reasons (environmental, humanitarian or social).

This article will be told both about the very concept of the company's investment attractiveness and how the ways to increase the investment attractiveness of the enterprise have been developed by modern business practices, and how it can be used in real business.

In determining the investment attractiveness of the company, a multifactor model of the assessment is laid, which is built on several fundamental principles, is presented in the following scheme:

As can be seen from this scheme, first of all, the characteristic of the investment attractiveness of the enterprise is based on the following points:

1. Financial indicators. Financially economic criteria for the investment attractiveness of the enterprise acts the ability to generate a positive liquidity flow within a specified period of time. This includes such indicators as:

• Liquidity - the demand of the company's assets in the market, for example, its shares or debt instruments
• Solvency - the level of sufficiency of own capital of the enterprise to calculate on long-term or short-term borrowing
• Financial stability - The ability of the existing business model to withstand adverse changes in the market, for example, a seasonal decrease in consumer demand for agricultural enterprises.
• Business activity - Complex of measures taken by the company in order to remain in the market, marketing policies, tactics and combating competitors strategy

1. Production potential. The management of the investment attractiveness of the enterprise is not possible without supporting on modern production technologies and their constant updates. Here are the primary role that such factors play as:

• Investment policy related directly to updating the means of production, constant keeping of innovations in the sector of the economy and the use of the most advanced achievements in this area
• Improving the technologies of the use of production tools within the company, optimization of the use of intellectual and labor resources

1. Quality management(cm. ). One of the fundamental factors without which the management of the investment attractiveness of the enterprise is impossible. This factor consists of such important elements as:

• The overall capacity of the company's management takes correct decisions in market conditions.
• Relationship with counterparties in the market, practice of doing business with them
• Company reputation on the market, decision-making system in the company in relation to clients and partners
• The company's brand, the cost of "Goodwill" and the degree of confidence in both clients and, for example, lenders, counterparties or partners

1. Market stability. This group includes the criteria for the investment attractiveness of the enterprise, which determine the ability of the business to occupy a certain market position according to the strategy of its development. Here you can include such indicators as:

• Market congestion - the situation in the market, factors of supply and demand, elasticity of demand for products, macroeconomic situation
• The life cycle of goods or the company's services, how popular what business is in the long run is.

It is natural to assume that the factors affecting the investment attractiveness of the enterprise are not limited to what is listed above. In many ways, all the envy of the market and from the type of business.

But in any case, the idea of \u200b\u200bwhich moments have a priority impact on the formation of the investment attractiveness of the enterprise, can help find faithful ways to increase the investment attractiveness of enterprises.

Ways to enhance the investment attractiveness of the enterprise

Currently, there are so many different types of business, markets and types of management, which is offered a universal universal method, which unambiguously could increase the attractive attractiveness for investors.

However, in order to have an idea of \u200b\u200bthe main directions of investment policy, several important concepts can be brought:

• funds investigated in the enterprise should bring it to a qualitatively new level in terms of production, technologies, product quality, etc.;
• fast payback of investment funds - the concept of relative, but for most investors working, for example, in emerging markets, it matters
• the large liquidity of the company's assets - in this category of methods, it should be noted first of all such tools as the lifetime of shares on the stock exchange, in demand, or, for example, the cost of the contracts of the franchise, etc.;
• the presence of conditions for the development of the enterprise - includes a wide range of enterprise investment policy measures, ranging from the methods of internal corporate governance and ending with public relations in the form of state bodies or public organizations.

Rating of enterprises on investment attractiveness

Rating assessment of the enterprise is largely related to the overall level of investment attractiveness of the country or region. This, of course, looks logically correct, because it is difficult to imagine that investors will invest money even in a very profitable business, for example, not guaranteed property rights?

In generally accepted world practice, it is customary to use special methods of rating agencies (S & P, Fitch etc.), which include a combination of indicators of the investment attractiveness of the enterprise.

In addition to this many investors in making investment decisions in a particular business, investment ratings of entire countries are tracked by many authoritative international agencies or research companies. For example, the annual rating of the investment attractiveness of countries according to the "International Business Compass".

In total, 174 countries are represented in the BDO International Business Compass rating. The ranking leader is Switzerland. Next follow: Singapore, Hong Kong, Norway, Denmark, Netherlands, Canada, United Kingdom, Sweden and New Zealand. Germany is located on the 11th line of the rating, US -14. In 2015, the investment attractiveness of Belarus improved: the country moved over the year from 115 to 85 position in the ranking.

The last place in the ranking of investment attractiveness occupies Sudan. The research site reports that the attractiveness of the country was determined by the level of its development and the combination of economic, political and legal and socio-cultural factors. With all rating you can find on the website BDO-IBC.com.