Investment attractiveness of the enterprise. On the investment attractiveness of the business Investment attractiveness of the enterprise opinion of the authors

In today's world, businesses operate in a tough competitive space. For sustainable development, an enterprise needs to constantly develop, quickly adapt to changing environmental conditions, offering the market a modern, high-quality product or service that satisfies the consumer. Continuous development requires regular investment in both fixed assets and scientific and technical developments (R & D), and for other purposes aimed at obtaining a positive effect. To attract investment, the company needs to monitor its investment attractiveness.

A complex indicator that characterizes the feasibility of investing in a particular enterprise.

Investment attractiveness depends on many factors such as the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the economic situation in the industry, staff qualifications, financial performance, etc.

Currently, organizations use a variety of tools to raise funds. The most common ways to attract investment This:

Credits and loans.
Attracting investments in the stock market: issuing bonds, conducting IPOs and SPOs.
Attracting a strategic investor.

The first option is the easiest, but at the same time one of the most expensive. In this case, raising funds by issuing a bank loan, the main (significant) loan conditions (volume, term, interest rate, etc.) are determined by the lender, that is, the bank, based on the credit policy established in this particular bank. Therefore, such financing is provided only to companies that have confirmed their solvency and provided the necessary collateral, the value of which is greater than the loan. In case of failure of an innovative project, the company returns the loan at the expense of its own funds, authorized capital, and the sale of fixed assets.

Attracting investments in the stock market and searching for a strategic investor require an enterprise to open reporting, control over financial flows, and business transparency. The higher the investment attractiveness of the enterprise, the more likely it is to receive investments.

The most complete definition of investment attractiveness is given, according to the author, in the textbook edited by Krylov E.I., Vlasov V.M., Egorov M.G., Zhuravkov I.V. :

This is “an economic category characterized by the efficiency of using the enterprise’s property, its solvency, financial stability, its ability to self-develop based on increasing the return on capital, the technical and economic level of production, the quality and competitiveness of products.”

Each investor pursues his goals by investing in the company's tangible and intangible assets. Depending on the goals, investors can be divided into two groups: financial and strategic investors.

Financial type investor:

seeks to maximize the value of the company, has only a financial interest - to get the greatest profit, mainly at the time of exit from the project;
does not seek to acquire a controlling stake;
does not seek to change the management of the company.

In Russia, financial investors are represented by investment companies and funds, venture capital funds. Most of the transactions of such investors take place in the secondary market and do not directly bring additional investments to the enterprise, but the purchase of the company's securities leads to an increase in the company's market capitalization. These investors make a profit from dividends or coupons paid by the company, and from the appreciation of the company's securities. The holding period return (HPR) is calculated as:

Strategic investor:

seeks to obtain additional benefits for its core business;
strives for complete control, sometimes at the cost of destroying the company;
actively participates in the management of the company;
mainly seeks to invest in companies from related industries;
takes "participation" in investing, often not limited to specific terms.

The Russian specificity of strategic investment lies in the fact that the investor seeks to obtain full control over the financed business. Usually, the strategic investor is a company whose activities are related to the business of the acquired company - investors.

Factors affecting the investment attractiveness of an enterprise can be roughly divided into two groups: external and internal.

External factors are factors that do not depend on the results of the economic activity of the enterprise. These factors include:

1. Investment attractiveness of the territory, which includes the following parameters: the political and economic situation in the country, the region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the development of infrastructure, the human potential of the territory. Rating agencies (Standard&Poors, Moody's, Fitch, Expert RA) are assessing the investment attractiveness of states and regions.

2. Investment attractiveness of the industry, including:

the level of competition in the industry;
current development of the industry;
dynamics and structure of investments in the industry;
stage of development of the industry.

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 are: the growth rate of production volumes, the growth rate of prices for production factors, the financial condition of the industry, the availability of innovations and the degree of R&D.

The state of investment attractiveness of the industry is influenced by a number of factors:

macroeconomic environment;
environmental Safety;
the state of the infrastructure;
the level of the production process in the industry;
personnel component;
financial environment.

Internal factors include factors that depend directly on the result of the economic activity of the enterprise. Therefore, it is the internal factors that are the main lever of influence on the investment attractiveness of the enterprise.

Let's take a closer look at internal factors:

The financial condition of the enterprise, estimated on the basis of the following indicators: the ratio of borrowed and own funds; the current liquidity ratio; the asset turnover ratio; return on sales in terms of net profit; return on equity in terms of net profit.

Organizational structure of the company's management: the share of minority shareholders in the structure of the company's owners; the degree of state influence on the company; the degree of disclosure of financial and management information;

The degree of innovation of the company's products.

Stability of cash flow generation.

The level of diversification of the company's products.

To obtain information about the activities of the company of interest, you can use various sources. For classification, sources are divided into two groups: external and internal.

External sources of information: archives of banks reports of consulting, auditing agencies information about the enterprise in the media stock market data information from the partners of the enterprise.

Internal sources of information are characterized by a low frequency of receipt and, as a rule, are associated with the preparation of quarterly or annual reports: accounting reports internal financial reports internal management reports planning documents tax reporting statutory documents.

Whole analysis of the investment attractiveness of the enterprise can be broken down into the following components:

1. Analysis of potential profit - research of alternative investment options, comparison of profitability and risk level;

2. Financial analysis - the study of the financial stability of the enterprise; forecasting the development of the enterprise based on available data;

3. Market analysis - assessment of the prospects for a product on the market, saturation of the market with similar products (market capacity, promotion to it);

4. Technological analysis - study of technical and economic alternatives to the project, various options for using available technologies; search for the optimal technological solution for this investment project;

5. Management analysis - assessment of the organizational and administrative policy of the enterprise, as well as the development of recommendations regarding the organizational structure, organization of activities, recruitment and training of personnel;

6. Environmental analysis - assessment of potential damage to the environment by the project and determination of the necessary measures to mitigate and prevent possible consequences;

7. Social analysis - determination of the suitability of project options for residents of the region as a whole (increasing the number of jobs, changing cultural and living conditions, improving housing conditions).

Literature:

Krylov E. I., Vlasova V. M., Egorova M. G., Zhuravkova I. V. Analysis of the financial condition and investment attractiveness of the enterprise: Proc. manual for universities - M.: Finance and statistics, 2003.
Asaul A. N., Voynarenko M. P., Ponomareva N. A., Faltinskiy R. A. Corporate securities as an instrument of investment attractiveness of companies. - M.: ANO "IPEF", 2008.
Body Zvi, Kane Alex, Marcus Alan. Principles of investment: Per. from English. - M.: Williams Publishing House, 2002.
Endovitsky D. A. Analysis of the investment attractiveness of the organization. - M.: Publishing house "KnoRus", 2010.

Author: Matveev T.N., post-graduate student of Moscow State Technical University

Investment attractiveness- this is an integral characteristic of the industry (enterprise, project) from the standpoint of development prospects, return on investment and the level of investment risks.

First of all, it should be noted that there is no single approach to assessing the investment attractiveness of enterprises. Each investor uses his own methods and approaches. Among researchers in this field of financial analysis, there is still heated debate about which approach is better. In this regard, it seems reasonable to consider as many different approaches as possible and compare them with each other.

There are three main groups of methods for assessing the investment attractiveness of enterprises:

1. Methods based on the analysis of external information about the company (the so-called market approach). They evaluate only changes in the market value of the company's shares and the amount of dividends paid. This approach prevails among shareholders, allowing them to calculate the effectiveness of their own investments in the enterprise.

2. Methods based on the analysis of internal information (the so-called accounting approach). They use accounting data such as profit or cash flow. This approach is preferred by accountants and financial professionals, since the data used for analysis can be easily obtained from traditional financial statements.

3. Methods based on the analysis of both external and internal factors (the so-called combined approach). A classic example of a combined approach is the Price Earnings Ratio (PER), a measure often used by stock market analysts and investment managers.

1. Market Approach to the analysis of the investment attractiveness of enterprises, as a rule, is based on the following indicators.

1.1. Total return on investment in company shares (total shareholders returns, TSR) - it is the income that a shareholder receives for a certain period of time during which he owns the shares of a particular company. This ratio (as a percentage) is calculated as follows:

, (105)

where P 1 - the price of one share at the end of the period, P 0 - the price of one share at the beginning of the period, D - dividends paid during the period.

For example, if ABC's stock price was $2 at the beginning of the year and $2.2 at the end of the year, and the dividend paid during the year was $0.2, then the company's TSR would be: investments in ABC shares amounted to 20% per annum. But how do you know if it's too much or too little? As a rule, for this it is necessary to analyze the profitability of investments in shares of other companies. If the average TSR for shares of other companies for the year under review was 30%, then it is obvious that the return on investment in ABC shares is not very high. Conversely, with an average TSR value of 10%, investments in ABC shares will be considered quite attractive.

The value of TSR can be broken down into two components - income from the growth of the share price of CG and income from the payment of dividends DY.

CG shows the growth percentage for the period. Although the income from rising stocks may appear to be “unrealized” income, this “unrealized” income can always be turned into real money by selling shares at a higher price.

DY is an indicator that is especially popular among stock market analysts. Analysts generally prefer businesses with higher DYs.

Along with the obvious advantages, the described method for calculating the effectiveness of investments in company shares has some disadvantages.

First of all. TSR is a relative indicator that shows the percentage of return on investment, and not the amount of return. Therefore, the use of TSR in certain situations can lead to wrong decisions.

What is more profitable to invest 90 thousand dollars with a return on investment of 20% or 100 thousand dollars with a return of 19%? Most investors will prefer the second option, although from a TSR point of view, the first option is more preferable.

Second, TSR does not take into account the risk inherent in each investment. For example, one company took a big risk to get more income, while another company took a smaller income, but the risk was less. In this case, it is difficult to say which company's efficiency was higher. The answer to this question depends on the willingness of a particular investor to take a certain risk in order to obtain the desired return on investment.

Thirdly, the value of TSR largely depends on which reference point is chosen. The lower the initial share price, the higher the TSR value.

1.2. Market value added on equity (market value added, MVA). This indicator is calculated as follows:

MVA = market value of the company - capital employed by the company

So, if the market value of the company is $50 million and the employed capital is $30 million, then the MVA will be $20 million.

Thus, MVA is the difference between a company's market value (share price times the number of shares) and the value of capital employed (share capital plus long-term debt). At the same time, the used capital represents the investments attracted by the company, and the market capitalization characterizes the efficiency of using these investments from the point of view of market participants. If the company pays dividends, then MVA should not change, since both parts of the equation will decrease by the same amount of dividends paid.

MVA, on the one hand, forces managers to strive to increase the company's market capitalization, and on the other hand, managers are forced to also monitor the amount of equity capital (ie, keep track of the funds invested in the company). At the same time, the use of this indicator is difficult due to the following reasons:

In accordance with modern accounting rules, many intangible assets of the company remain unaccounted for or are taken into account but at an unrealistic value. Such assets include trademarks, licenses, company name, reputation, availability of a highly skilled workforce, etc. At the same time, the company's market capitalization largely depends on estimates of the value of just such assets and liabilities;

As a rule, assets are recorded in the balance sheet at their historical cost (acquisition price). At the same time, if an asset was acquired several years ago, then its historical value may not match its current value;

Company managers can manipulate the balance sheet values of assets and liabilities in such a way as to increase the value of MVA.

1.3. Weighted average capital cost (WACC). As a rule, enterprises use both their own and borrowed funds to finance investment projects. The difference between them is as follows:

1. Borrowed funds do not change the structure of the owners of the enterprise and do not affect the strategic control and operational management of the project.

2. Attraction of borrowed funds increases the risk of non-fulfillment by the firm of its obligations, which can lead to insolvency and the threat of bankruptcy.

3. Interest on the loan is paid out of taxable income and thus reduces the taxable base. Dividends are paid to owners from net profit, after all resources are paid, the cost of which, according to the law, cannot be attributed to the cost of products (services), and the investment needs of the company are satisfied. Therefore, attracting loans, as a rule, is cheaper for the enterprise than financing from its own funds.

Thus, the use of borrowed capital increases cash flow and at the same time increases the risk of investing. The use of various sources of financing should be taken into account when determining the cost of capital of an investment project.

The weighted average cost of capital (an acceptable discount rate for financing an investment project) from various sources can be obtained by weighting the cost of different sources of capital by the share of these sources in the total volume of investment resources.

where r d is the cost of borrowed capital (interest on a loan), r e is the cost of equity (the return required by shareholders), D is the amount of debt, E is the amount of equity capital, t is the income tax rate.

For example, you should determine the interest rate for an investment project. Enterprise ABC spends 2040 thousand rubles on the project. own funds and 21,060 thousand rubles. borrows at 15% per annum. Income tax rate is 30%, return on equity for the previous year was 8%. Let's use the weighted average cost of capital:

Thus, the acceptable rate of return under these financing conditions is 10.3% per annum.

The weighted average cost of capital is used by investors to assess the performance of the company, taking into account the risks inherent in this type of business. It is also used for managerial analysis, when managers decide on the direction of investment in new activities or. to new projects. Only projects that provide a greater return than the cost of capital are accepted.

The calculation of the cost of capital of the company is carried out in several stages. First, it is necessary to determine the structure of the involved capital of the company. Secondly, the cost of each component of the company's capital must be calculated. Then the weighted average cost of capital employed is determined.

2. Accounting approach to the analysis of investment attractiveness of companies can use the following indicators.

2.1. Net assets value (NAV). The company's balance sheet is used to calculate NAV. Some investors may consider this accounting report as a starting point for analyzing the company's value. The company's net assets are calculated by reducing the company's assets by the amount of its liabilities. The accuracy of the information contained in the balance sheet can be confirmed by an independent auditor.

However, as noted above, the information contained in the balance sheet may not reflect the real picture for the following reasons:

Some important assets are not included in the balance sheet (trademarks, highly skilled workforce, etc.);

Assets are often accounted for at historical (purchased), rather than at real cost.

2.2. Company cash flows. This approach to estimating the value of a company uses information contained in another accounting report - a cash flow statement. Here the key indicator is the amount of cash received by the company from operations (cash flow from operations, CFFO). Some analysts also use the company's free cash flow, which is CFFO less the cost of acquiring and refurbishing property, plant and equipment.

To determine the value of a company, analysts predict the company's free cash for several years ahead. These projections are then discounted (usually using WACC as the discount rate) and their net present value is calculated. The net present value of a company's future cash flows calculated in this way is considered to be indicative of the company's present value.

Cash flows generated by a company seem to be a more objective measure of a company's performance compared to profit for the following reasons:

It is believed that the values of cash flows are more difficult to distort (unlike profits), although there are opportunities for manipulating cash flows;

Cash flows are a more sensitive tool for identifying and analyzing a company's liquidity problems.

2.3. Net profit. As a rule, net profit is used by analysts to evaluate the company's performance in the form of a ratio "earnings per share" (earnings per share, EPS). This ratio provides useful information for the owners of blocks of shares in various companies, as it shows how much of the company's profits come from their block. Sometimes, earnings give a better picture of a company's performance than cash flows.

2.4. Residual profit. Residual profit (sometimes also called economic profit) is an approach to assessing the performance of a company, in which net profit is reduced by the cost of capital employed (in absolute terms).

Let's assume that ABC made $250,000 in profit before taxes and interest for the year. The company used $2 million in capital to generate this profit. The weighted average cost of capital (WACC) for ABC is 10% per annum. Thus, the residual profit of the company will be equal to thousand dollars.

It is important to note that in this example, earnings before taxes and interest were used, as capital employed typically consists of debt and equity. However, if net income is used, then borrowed capital should be excluded from the capital employed, and the cost of equity (return on equity) should be used instead of WACC.

The use of the residual income indicator is associated with certain problems:

Earnings and capital employed may be deliberately misrepresented,

Capital employed may be underestimated if assets are carried at historical cost;

The risks inherent in investments in different enterprises and different sectors of the economy are not taken into account.

2.5. Accounting return on invested capital (accounted rate of return, ARR). This indicator is similar in economic content and calculation methodology to the static indicator of return on investment for a separate investment project. When calculating ARR, profit is divided by capital employed and the percentage earned is compared to the company's cost of capital percentage.

Yes, for ABC

The problems that arise when using ARR are identical to those when using residual income.

3. Combined approach to the analysis of the investment attractiveness of the company takes into account the following coefficients

3.1. The ratio of share price to earnings per share (price/earnings ratio, PER) is the most common metric used by investors to assess the value of a company. This indicator is calculated by dividing the market value of one share by the value of earnings per share (EPS).

For example, if ABC shares are worth $15 each and the EPS value is $3, then

PER shows the payback period for investing in a company's stock. That is, a PER value of 5 indicates that an investor, having bought the company's shares at a price of $15, can expect that the cost of acquiring shares will pay off within 5 years. Of course, there is a certain amount of conventionality in these arguments, since it is unlikely that the company's EPS will be the same for 5 years.

Analysts often use PER to predict the future price of a company's stock. To do this, the forecasted values of the company's earnings per share are multiplied by the current value of PER.

So, for example, if EPS is expected to be $4 next year, then with a current PER of 5, the company's share price would be $20.

The above calculations assume that the current value of PER will remain unchanged in the next year. But if there is reason to believe otherwise, then the calculations can be changed as follows.

Assume the PER value for company ABC. A value of 5 is not in line with the industry average of 6. If a company's PER is expected to catch up with the industry average, then the projected share price will be $24 instead of $20.

When evaluating the effectiveness of investments in shares, it is necessary to carefully analyze the reasons for the deviation of the PER value of a particular company from the industry average.

If the company's PER is below the industry average (as it was in the previous example), then the reasons for this may be either that the company lags behind other companies in the industry in terms of its key indicators, or that the company is undervalued by the market and, therefore, is a good target for investment.

If the company's PER is above the industry average, then the explanations for this can be the following: the company is ahead of other companies in the industry in terms of its main indicators, or it is overvalued and, therefore, investments in the shares of such a company will not bring much income.

The advantages of using the described indicator include the following:

Since the analysis of the company's value is carried out using profit analysis, this indicator can be applied to companies that do not pay dividends (high-growth companies);

Information about the value of the company's shares and earnings per share can be easily obtained from published reports;

When calculating PER, discounting is not used, thereby simplifying the calculation method;

PER can be used to value companies. To do this, the net profit of such a company is multiplied by the PER value of similar companies with a market quotation.

Among the shortcomings of PER, the following should be noted:

The use of coins in profit calculations will lead to distortion of the analysis results;

Typically, companies publish information about the results of their activities once a year - a few months after the reporting date. This may result in the PER calculated on last year's data being out of date during the next reporting period and not taking into account the latest changes in the company's financial position;

PER cannot be applied to companies operating at a loss.

3.2. The ratio of market capitalization to revenue (price/sales ratio, PSR).This ratio is a modification of PER and is calculated as the ratio of the company's market capitalization to revenue for the reporting year. The advantage of this ratio is that the company's revenue is a fairly objective indicator that is difficult to distort. However, PSR does not take into account the impact of a company's profitability on market capitalization. Two companies with the same revenue may have different profits (or even losses), and accordingly, capitalization will also differ.

3.3. Company value (enterprise value, EV). Recently, for analysis, company stock prices instead of market capitalization are increasingly using the value of the company. This is due to the increasing role of debt capital as a source of financing for companies, which leads to incomparability of companies with the same operating performance, but with different levels of debt. Therefore, indicators calculated using market capitalization as the basis for valuing a company (PER, PSR, etc.) do not allow estimating the price of a company's shares based on the price of shares of another company or a group of comparable companies. To obtain comparable values of the indicators described above, the value of the company is used, calculated as the sum of the market capitalization of common and preferred shares and the market value of the company's debt obligations.

It is easy to see that from a large number of existing methods for analyzing the effectiveness of investments, it is difficult to choose one universal, suitable for all companies. Each of the described methods has certain advantages and disadvantages. When choosing one or another method, it is necessary to evaluate many factors, namely: the goals of the analysis, the availability of reliable information, the specifics of the business, company, etc. As a rule, a company is evaluated using several criteria.

Assessing the investment attractiveness of a company is a complex process in which a mathematical calculation is one of the elements. Much depends on the subjective assessments and experience of analysts.

In addition to the noted indicators of market value, other aspects of the investment attractiveness of the enterprise are also taken into account. These include:

Attractiveness of products;

Personnel attractiveness;

Innovative attractiveness;

financial attractiveness;

Territorial attractiveness;

Environmental attractiveness;

social attraction.

Product attractiveness enterprises for any investor - This its competitiveness in the market. The competitiveness of products is also a multidimensional component of indicators, factors, prerequisites and final criteria. The following are the most significant of them.

Product quality level - compliance with various standards, availability of quality certificates, reliability, prospects, “behavior” of products by the consumer, compliance with fashion, etc. The investor may also be interested in the product quality control system and the costs of its operation.

Price level on the company's products, its correlation with the prices of competitors and the prices of substitute goods.

Level of product diversification shows a system of coefficients reflecting the diversity of the company . A potential investor is interested in which of the types of manufactured products is in greatest demand on the market, what is the profitability of manufactured products. Therefore, the level of product diversification is considered to be one of the characteristics of its investment attractiveness.

A generalizing indicator of the competitiveness of products and, accordingly, its investment attractiveness is product price . Since the price is formed as a result of the interaction of supply and demand, it indirectly expresses competitiveness by comparing the cost of marketable products (supply) and sold products (demand).

When assessing the investment attractiveness of the company's products, it is also necessary to list the range of products: its "width", "depth" and "length". The "width" of the assortment is determined by the number of product groups. The "depth" of a product group is measured by the number of different products it includes. The "length" of the assortment is related to the total amount of goods produced by the enterprise. This is the number of groups multiplied by the number of products in each group, i.e. here we are talking about the most important characteristic, reflecting the scale of the enterprise.

Personnel attractiveness enterprises are characterized by three terms;

1. Business qualities of the leader and his team

2. The quality of the personnel core

3. The quality of staff renewal in general.

Business qualities of the leader and his team. Many investors make investment decisions based primarily on the quality of the management team. This is because the experience and skills of key managers significantly influence on the long-term development of any company. But for this reason, investors and lenders pay great attention to the study of the ability of individual managers to work successfully in this business and the quality of building an internal management structure that should ensure maximum use of team resources.

When studying the business qualities of managers, investors pay attention to:

key managers;

Board of Directors;

Supervisory Board;

consultants and other professionals.

When evaluating the quality of key managers, such business qualities of the manager and his team as: his psychological features, competence, ethical characteristics, his attitude to work, ability to make decisions, incentives, etc. The main qualities of a leader for an investor are competence and enterprise (the ability to think innovatively), teams are well-coordinated actions of well-chosen individuals.

Among the key managers playing a role in the presentation of the investor , include:

decision makers - president, directors, heads of departments;

Key production managers - production manager, technical director, etc.;

Development managers, etc.

For investors, it is important that there is a place for a potential investor on the board of directors, because they are usually interested in having control over management and influencing the strategic development of the company.

There are cases when the company's management prefers not to include outsiders on the board of directors, but their experience, connections or image can be very useful to the company. In such situations, the usual solution is to set up a supervisory board, which has little to no legal power, but can be a significant help in the development of the company.

There is a misconception about consultants that only large companies need them. But highly qualified professionals have the opportunity to seriously help any business in such specific areas as: finance, tax planning, legal issues, etc. Moreover, consultants can do this at a higher level than regular employees of the company. The use of consultants can significantly improve the company's image in the eyes of potential investors.

Generalizing criterion of investment attractiveness personnel core of the enterprise is the proportion of highly skilled workers and specialists in the number of industrial and production personnel. When calculating this indicator, the dynamics of the personnel core of the enterprise is also taken into account.

The quality of personnel renewal in general can be expressed by the frame refresh rate. This indicator reflects quantitative trends in the change in the personnel composition.

Innovative Appeal is the effect of medium-term and long-term investments in innovations in the enterprise. The innovative attractiveness of an enterprise is an important component of the investment attractiveness of an enterprise, since many investors associate investment prospects with innovations.

When evaluating innovative attractiveness, investors usually , take into account the presence of:

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

Production financing programs from various sources : own funds, state and municipal budgets, bank and other loans;

A consistent policy for the use of accumulation funds at the enterprise.

For a direct assessment of innovative attractiveness, it is necessary:

1. Selection of a system of indicators that directly or indirectly characterize the innovative activity of the enterprise.

2. Differentiated ranking of enterprises based on the grouping of selected indicators and determining the place by their sum.

3. Selecting a general criterion for express analysis. The following systems of indicators of the innovative attractiveness of the enterprise can be proposed:

a) the structure of fixed assets:

The ratio of the accumulation fund to the value of fixed assets;

The ratio of the R&D fund to the value of fixed assets;

The ratio of foreign currency to the value of fixed assets;

The ratio of long-term loans and borrowings to the cost of fixed assets . When comparing the investment potential of several enterprises, a comparative table is compiled, then, according to the sum of places received by each enterprise, a general ranking of the investment potential of enterprises is carried out.

b) the efficiency of the use of fixed assets;

c) sources of technical renovation of production;

d) the share of profits for the technical re-equipment of the enterprise. A generalizing criterion for assessing the innovative potential of an enterprise can be considered an indicator of the share of funds for the technical re-equipment of production in net profit. The level of this indicator slightly exceeding 0.3 can be considered optimal. If the value of the indicator of the share of funds for the technical re-equipment of production in net profit is less than 0.3, the enterprise is at risk.

Financial attractiveness acts as a central component of the investment attractiveness of the enterprise. For any investor, financial attractiveness lies in minimizing financial costs and maximizing profits, i.e. in obtaining a stable economic effect from financial and economic activities. If this effect is unstable when investing, financial risk is inevitable.

The indicators of financial attractiveness were considered by us above.

Territorial attractiveness of the enterprise- this is a system of criteria for the geospatial position and development of the enterprise that is favorable for the investor.

The territorial attractiveness of an enterprise for an investor is determined, firstly, by the macroeconomic position of the city or region where the enterprise is located in the national and international market economy; and, secondly, the microgeographic location of the enterprise within the city.

When evaluating the first one, the investor takes into account the general investment climate in the region:

Socio-political stability;

Prospects for the development of the economic region;

The level of infrastructure development in the region;

The development of the system of benefits for the investor (organization of a license, tax preferences, municipal preferences, etc.)

The microgeographic position of the enterprise is also assessed by the investor based on several criteria:

The transport coefficient shows the proximity (remoteness) of the enterprise from the main transport routes, the availability of access roads for the transportation of goods and employees of the enterprise;

The coefficient of remoteness from the city center characterizes the proximity (remoteness) of the enterprise from the city center, where local authorities, various service commercial organizations are concentrated, the public utilities and the network of trade and socio-cultural services are most developed;

The price of land, which largely depends on the criteria mentioned above;

The coefficient of potential intensification of the territory of the enterprise - the saturation of the territory of the enterprise with fixed assets, which determines the impossibility of extensive and the need for intensive use of its industrial zone in the organization of new industries;

The share of transport, procurement and marketing costs in the cost of production. This indicator can be considered as a resultant one, since it reflects the level of development of production cooperation (regional, interregional, international), the stability and rhythm of deliveries, the choice of economical ways and means of delivery, the quality of storage facilities, the level of mechanization of loading and unloading operations, etc.

Environmental attractiveness of the enterprise is a multidimensional concept due to the complex nature of environmental problems. The environmental attractiveness of an enterprise is determined through:

Ecological attractiveness of the natural environment of the enterprise;

Environmental attractiveness of the products;

The environmental attractiveness of the products produced at the enterprise.

All components of environmental attractiveness are regulated by legal norms and standards. Environmental standards define the permissible level of its pollution (for example, maximum allowable emissions). Commodity standards characterize the maximum levels of harmful substances in manufactured products. Technology standards are environmental specifications for facilities, equipment, processes, etc.

To some extent, environmental attractiveness affects other components of investment attractiveness.

The attractiveness of products - the quality of products according to environmental standards has an impact on the volume of its implementation.

On innovative attractiveness - through the level of environmentally friendly technology at the enterprise.

On financial attractiveness - penalties, payments for environmental violations reduce financial attractiveness.

Territorial and social attractiveness - pollution of the territory affects the territorial attractiveness, as well as the social conditions of life of workers in adjacent microdistricts.

Social attractiveness of the enterprise- this is the final criterion by which the investor judges the state of affairs in the enterprise where he is going to invest or is already investing his funds. The social climate at the enterprise serves as a criterion for the competitiveness of the enterprise, its prestige for employment, attractiveness for investors. When analyzing the social climate in an enterprise, attention is paid to such characteristics as:

Working conditions

Organization and pay

Development of social infrastructure.

The analysis takes into account the social indicators of investment, which are based on monitoring deviations from standard or reference values.

The following indicators are usually taken into account:

Deviation of indicators of working conditions from sanitary and hygienic standards - negative values will entail the need for additional investments;

Deviation of the wage intensity of products from the average for the industry or for related sub-sectors. Wage intensity is defined as the share of the wage fund in the cost of marketable products;

Deviation of the average salary at the enterprise from the minimum consumer basket of the region.

Thus, it is obvious that the investment attractiveness of an enterprise is a complex characteristic consisting of individual parameters. It should be noted that not all of these parameters are equal. Depending on the situation, one or another component of investment attractiveness will be given greater importance.

Introduction

Theoretical foundations for analyzing the investment attractiveness of an enterprise

The main tools and methods for analyzing the investment attractiveness of an enterprise

Conclusion

List of sources used

INTRODUCTION

The most general, main purpose of attracting investments is to increase the efficiency of the company's functioning in market conditions.

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

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

The interest of potential investors largely depends on the economic viability of firms, as well as the degree of stability of their financial condition. These parameters are among the most important, since they characterize the investment attractiveness of an enterprise to the greatest extent.

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

Today, almost any business niche is characterized by an extremely high level of competition. In order not only to survive in this environment, but also to take a competitive position, companies are forced to continuously develop, borrowing the best world experience, mastering new technologies, expanding their areas of activity. It is with such a dynamic development that comes the understanding that the further development of the company is not possible without an influx of investments.

Thus, investments give companies a competitive advantage and very often act as the most powerful means of growth. It is extremely important for investors to analyze and evaluate the investment attractiveness of an enterprise, since this makes it possible to minimize the risk of improper investment.

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

Achieving this goal is ensured by setting and solving the following tasks:

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

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

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

to select the most significant factors of investment attractiveness of the enterprise;

to study the theoretical foundations of the mechanism for analyzing and evaluating the investment attractiveness of an enterprise.

The object of the work is the theoretical foundations of the analysis and evaluation of the investment attractiveness of enterprises.

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

The theoretical and methodological basis of the study was the scientific work of Russian and foreign scientists in the field of analysis of the investment attractiveness of enterprises, as well as legislative and regulatory acts of federal and regional authorities that regulate investment processes. The paper uses materials from periodicals and scientific and practical conferences on investment analysis and investment ranking.

CHAPTER 1. THEORETICAL FOUNDATIONS FOR ANALYSIS OF INVESTMENT ATTRACTIVENESS

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

Investments are usually understood as the investment of capital in any objects for the purpose of making a profit or achieving a positive social effect.

The economic nature of this category consists in building relationships between the participants in the investment process regarding the formation and use of investment resources for the purpose of improving and expanding production.

The most obvious way this approach was presented in the works of the famous economist, Nobel laureate J. M. Keynes. Thus, by investment he meant that part of the income for the current period that was not used for consumption, as well as the current increase in the values of capital property as a result of productive activity.

As for domestic economic literature, up until the 80s of the XX century. the term "investment" was practically not used, since then the administrative-command model of the socialist economy reigned. Thus, more or less widely in scientific use, this term spread somewhat later.

Also, investments can be considered as a process that reflects the movement of their value during the reproduction of fixed assets. In other words, this is a system of economic relations that are associated with the movement of value that was advanced to fixed assets from the moment of mobilization of funds until the moment they are returned. However, in our opinion, this definition is too narrow.

In its most general form, investment refers to the investment of capital in order to increase it in the future. This simple and understandable approach to this definition dominates both in Western and Russian literature.

According to the current legislation of the Russian Federation, namely, in accordance with the Federal Law "On investment activities in the Russian Federation, carried out in the form of capital investments" No. 39-FZ "investments are cash, securities, other property, including property rights, other rights having a monetary value invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.

According to IFRS, the following definition follows: “An investment is an asset that is held by a company for the purpose of increasing wealth through various types of income received from the investee (in the form of a dividend, interest and rent), increasing the value of the company’s capital, or for obtaining by the investing company other benefits that arise, for example, from long-term trade relationships.

Thus, in the most general form, investments are investments by an investor of temporarily free capital in a certain object in order to preserve this capital and make a profit, or have another positive effect.

All investments are conventionally divided into two main groups: real and financial.

It is customary to refer to financial investments the investment of capital in various financial instruments, primarily in securities. They serve to increase the financial capital of the investor, receive dividends, as well as other income.

Real investment is an investment in the creation of assets that are associated with the implementation of the operating (main) activities of the enterprise, as well as the solution of its socio-economic issues.

More precisely, real investment should include capital investment in production. In other words, these are financial resources that are directed to the development of fixed production assets, intangible assets and the resource base.

To date, the issue of attracting real investment is a matter of its survival, both for the enterprise and for the economic system as a whole. The normal functioning of firms, especially large industrial ones, is not possible without the active attraction of funds from investors. The main goal of the latter, of course, is to preserve and increase temporarily free capital.

Thus, the main subjects of investment activity are investors. They can be creditors, customers, investors, buyers, and other participants in the investment process.

The investor independently chooses objects for investment, determines the volume and desired efficiency of investments, directions of investment, controls the intended use of investments, and, of course, acts as the owner of the object created through investment activities.

A characteristic feature of any investor is the refusal to immediately consume the funds at his disposal today, in order to better meet his needs in the future.

The main task of the investor is the most rational choice of an object for investment. Such an object should have the most favorable development prospects, as well as a high return on investment.

The choice of an investment object cannot be spontaneous, since before this there is a very complex process of the most careful selection, evaluation and analysis of all possible alternatives, from which the final choice of the most attractive object is made.

Consider now what is the investment attractiveness of the enterprise.

The very concept of "investment attractiveness" is traditionally associated with preferences in choosing an object for investment.

The investment attractiveness of any object for investment is a combination of a variety of objective signs, opportunities, means, which together constitute the potential effective demand for investment in this investment object.

According to Professor of Yaroslavl State University G.L. Igolnikov, "the investment attractiveness of an enterprise should be understood as the socio-economic feasibility of investing, which is based on the coordination of the capabilities and interests of the investor, as well as the recipient (recipient) of investments, ensuring the achievement of the goals of each of the parties at an acceptable level of risk and return on investment."

In simple terms, investment attractiveness is a certain set of characteristics and factors of a company that give an investor a reason to choose it as an investment object.

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

The main purpose of the analysis and evaluation of the investment attractiveness of the company is to determine the feasibility of investing in a particular object.

The very process of forming the investment attractiveness of firms is quite complex and lengthy. It includes the following main steps:

) drawing up a general description of the company, as well as analyzing the level of its economic development:

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

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

c) determination of the level of development of management at the enterprise (human resources) - analysis of the availability of personnel for the enterprise, assessment of the level of their qualifications;

d) analysis of the innovative potential of the company implies an analysis of the availability and use of the latest technologies in production and the possibility of introducing innovations;

) assessment of the market potential as well as the competitiveness of the marketable products manufactured by the company:

a) determining the market capacity, as well as its share attributable to a given company (analysis of the rating of firms operating in this industry, the competitive environment, identifying strengths and weaknesses, identifying promising ways to consolidate the company's position in the market, as well as its further growth);

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

c) analysis of the company's pricing policy;

) analysis of the financial condition of the company, as well as financial results:

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

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

It is necessary to distinguish between such terms as "investment attractiveness" and "level of economic development". The level of development of the enterprise contains a whole range of important economic indicators, and investment attractiveness reveals, basically, the state of the investment object, the prospects for its growth and profitability and, as a result, further development.

Do not forget that when analyzing the investment attractiveness of an enterprise, the investor should evaluate not only the profitability and stability of the operation of this object, but also any potential risks that may arise.

2 Factors determining the investment attractiveness of an enterprise

investment attractiveness of the enterprise

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

As mentioned earlier, before making a decision to invest, an investor should evaluate a whole range of factors that determine the effectiveness of investments. When taking into account the whole range of options for combining these various factors, any investor also has to evaluate the results of their interaction and their cumulative impact.

Thus, the quantitative identification of the state of investment attractiveness comes to the fore. At the same time, it should be taken into account that in order to make certain investment decisions, an indicator that characterizes the state of the investment attractiveness of a company must certainly have economic meaning and, at the same time, be comparable to the price of investment capital.

Based on the foregoing, it is possible to formulate a number of requirements that apply to the methodology for determining the indicator of investment attractiveness:

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

this indicator should reflect the expected return on invested resources;

the indicator of investment attractiveness must necessarily be comparable with the price of the investor's capital.

Thus, if the methodology for assessing investment attractiveness is built taking into account these requirements, this will make it possible to provide investors with a reasonable and rational choice of the object of capital investment, control their effectiveness of these investments, as well as the possibility of adjusting the process of implementing investment programs and projects in case of an unfavorable situation.

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

Investment risks are divided into several subspecies:

risk of direct financial losses;

the risk of lower returns;

the risk of lost profits.

The risk of lost profits acts as the risk of incidental (indirect) financial damage (loss of profit) due to the non-implementation of any project.

The risk of yield reduction arises due to a decrease in the amount of dividends and interest on portfolio investments, loans and deposits.

Profitability downside risks are subdivided, in turn, into credit and interest rate risks.

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

They are divided into:

resource;

· production and technological;

· regulatory and legal;

· institutional;

· infrastructural;

· export potential;

· business reputation, etc.

Each of the factors listed above can be characterized by a variety of indicators, which quite often have one similar economic nature.

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

· formal (based on financial reporting data);

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

CHAPTER 2. MAIN TOOLS AND METHODS FOR ANALYSIS OF INVESTMENT ATTRACTIVENESS

1 Methodological approaches to the analysis of the investment attractiveness of an enterprise

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

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

The third approach is based on the valuation of the company.

Each approach and each method has its own disadvantages, advantages, as well as limits for practical application.

Thus, one can come to such a logical conclusion that the more methods and approaches are used simultaneously in the process of evaluating the methods and approaches, the higher will be the reliability and objectivity of reflecting the investment attractiveness of the company.

The investment attractiveness of the company includes the following significant points that potential investors should certainly pay attention to:

general characteristics of the technical base of the company;

nomenclature of goods;

production capacity;

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

description of the management system;

owners of the company, authorized fund;

the structure of production costs;

the most important, in our opinion, of the indicators of the enterprise is the amount of profit received, as well as the direction of its use;

assessment of the financial condition of the company.

The management of any process should be based on a continuous objective assessment of the state of its flow. This implies the need for a constant objective assessment of the investment attractiveness of economic systems.

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

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

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

regulation of investment attractiveness of economic systems.

The following are considered additional tasks:

clarification of the reasons that affect investment attractiveness;

monitoring of investment attractiveness.

One of the important factors of the investment attractiveness of firms is the availability of the necessary investment resource or capital. The structure of capital is the main determinant of its price, but, nevertheless, it cannot be a sufficient and necessary condition for the effective operation of the company. On the other hand, the lower the price of capital, the more attractive the firm will be to potential investors.

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

Return on investment is defined as the ratio of income or profit to the funds invested. As an indicator of income (at the micro level), the indicator of net profit, which remains at the disposal of the company, can be used.

Hence the formula:

K1 = P / I (1)

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

I - the volume of investments in fixed assets of the company;

P - the amount of profit for the study period.

If there is no information on investments in fixed assets, then the return on fixed capital should be used as an economic component, because this indicator characterizes the efficiency of using funds previously invested in fixed assets.

The indicator of investment attractiveness of the investment object can be calculated using the following formula:

i = N / F i , (2)

where i - investment attractiveness of the object;

F i - resources of the i-th object that participates in the competition;

H is the value of the consumer order.

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

Attracting additional material financial and technological resources within the company is necessary to solve specific problems, such as, for example:

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

acquisition of new high-performance equipment;

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

expanding the output of those types of products that are most in demand on the market, including the world.

Attraction of foreign investments is also necessary for the introduction of domestic technologies, since the application of the latter in practice can often be hindered due to the lack of the necessary equipment.

Investing in Russian firms is usually associated with the following specific difficulties:

low competitiveness of investment recipient firms;

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

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

lack of effective mechanisms to protect the interests of potential investors from dishonest actions of company managers.

In the process of evaluating the investment attractiveness of an enterprise, one should not forget about evaluating the effectiveness of investments.

The effectiveness of investments is determined using a system of methods that reflect the ratio of costs associated with investments and the final results. This system of methods makes it possible to form an opinion about the attractiveness of certain investment projects and compare them with each other.

By type of economic entities, the methods may reflect:

economic efficiency at the macro-, micro-, meso-level;

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

budgetary efficiency, expressed in the impact of this project on revenues and expenses of the corresponding level of the state or local budget.

An enterprise with an average degree of investment attractiveness is characterized by an active marketing policy, which is aimed at the effective use of the existing potential.

For firms with investment attractiveness below the average level, they are characterized by low opportunities for capital growth, which is primarily due to low efficiency in the use of existing market opportunities, as well as production potential.

As for firms with a low level of investment attractiveness, they are characterized by the fact that investments invested in them, as a rule, do not increase, but only act as a source of maintaining viability, thus not affecting the economic growth and development of the enterprise. It is possible to increase the investment attractiveness of such firms only by cardinal qualitative changes in production and the management system. The reorientation of production to the fullest possible satisfaction of market needs can also play an important role. This will allow the company to improve its image in the market, create new or improve existing competitive advantages.

Partners, investors, as well as the management of the company are interested not only in the dynamics of changes in the investment attractiveness of the company, but also in the trends of its change in the future. On the one hand, to have information about the change in this indicator means to be ready for difficulties, risks and take timely measures to stabilize the production process. On the other hand, this makes it possible to take advantage of the moment of growth in investment attractiveness indicators in order to maximize the attraction of new investors, the introduction of new and improvement of obsolete technologies, the expansion of the sales and production market, etc.

2 Algorithm for monitoring the investment attractiveness of an enterprise

Building a monitoring system for the analyzed indicators includes the following main steps:

.The construction of a system of reporting informative indicators is based on the data of management and financial accounting.

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

.The definition of the structure and indicators of the forms of control reports of executors serves to form a system of control information carriers.

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

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

positive deviation;

negative "permissible" deviation;

negative "unacceptable" deviation.

Identification of the main causes of deviations of actual controlled indicators from established standards is carried out for the whole company and for its individual structural divisions (“responsibility centers”, “profit centers”).

The introduction of a monitoring system in a company makes it possible to significantly increase the efficiency of the entire process of managing investment processes, and not just in the area of work to increase investment attractiveness.

The basis for the formation of a monitoring system is the development of a system of indicative indicators that allow you to identify the emergence of a problem, as well as its complexity. The system of indicators, in terms of content, is focused on the study of signs that characterize the dependence of the management of the investment attractiveness of the company on the internal and external environment, forecasting and assessing their quality.

The very system of indicators for monitoring the investment attractiveness of an enterprise would be logically divided into the following groups:

1.Indicators of the external environment. For the external environment of firms that operate in market conditions, a number of distinguishing features are very characteristic: first, all factors are taken into account overnight; secondly, firms must take into account the full diversity of management; thirdly, pricing in such conditions is very often aggressive; fourthly, the dynamism of the market development, when the alignment of forces and the positions of competitors are changing "increasingly".

2.Indicators that characterize the social efficiency of the company. These indicators are distinguished by the fact that they reflect the impact of economic measures on the most complete satisfaction of social needs.

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

.Indicators reflecting the effectiveness of the development of investment processes in the company. In the context of assessing the investment attractiveness of companies, the group of indicators that directly reflect the effectiveness of investment process management is of the greatest interest.

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

This algorithm is based on monitoring changes in the market value of the company. In the conditions of automation of the processes of functioning of the enterprise and their informatization, the implementation of this algorithm does not require significant organizational and economic transformations in the company.

Monitoring of investment attractiveness carried out in this way at the enterprise will make it possible not only to identify bottlenecks in the formation of conditions for the activation of investment processes, but also to determine the most likely changes in the economic potential of the company, while minimizing the likelihood of a fall in the company's market value.

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

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

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

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

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

profitability;

financial stability;

liquidity of assets.

An assessment of the current financial condition of an enterprise should begin with an analysis of its property status, which is characterized by the state and composition of assets. If we are talking about the analysis of the property status of the enterprise, then it is necessary to take into account not only the material and subject characteristics, but also the monetary value, which makes it possible to most objectively draw conclusions about the optimality, expediency and possibility of investing financial results in the company's assets. The financial and property position of the company are two closely interconnected sides of the economic potential.

The analysis of the structure of the enterprise's property is carried out mainly on the basis of a comparative analytical balance sheet, which includes both vertical and horizontal analysis. Analysis of the structure of the value of the property allows you to get the most general idea of the financial condition of the company. The property value structure illustrates the share of each element of assets, and, importantly, the ratio of borrowed and equity funds (the effect of financial leverage), which cover them in liabilities. When comparing structural changes in the asset and liability balance, you can get a clear idea of which sources dominate the receipt of new funds, as well as in which assets these new funds were invested.

As for the analysis of the liquidity of the balance sheet, the most important indicator of the financial position of the company can be considered an assessment of its solvency. It should be understood as the ability of the company to fully and timely carry out settlements on its short-term obligations to partners.

The ability of a company to quickly release from its turnover the funds that are necessary to pay off its short-term obligations, as well as normal financial and economic activities, is called liquidity. At the same time, liquidity should be considered both at the moment and in the future.

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

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

The main sign of liquidity is the formal excess of current assets over short-term liabilities (in monetary terms). The greater the value of this excess, the more favorable will be the company's financial condition in terms of liquidity. If the amount of current assets is not large enough compared to short-term liabilities, the current position of the enterprise is unstable and a situation may well arise when it does not have enough cash to pay for its obligations.

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

All assets of the enterprise are grouped depending on the degree of liquidity, that is, the rate of conversion into cash, and are arranged in descending order of liquidity, and liabilities - according to the degree of urgency of their repayment and are arranged in ascending order of terms.

A 1. The most liquid assets - these include all items of the enterprise's cash and short-term financial investments (securities). A 1 \u003d p. 250 + p. 260.

A 2. Marketable assets - accounts receivable, payments on which are expected within 12 months after the reporting date: A 2 = str.240.

A3. Slowly realizable assets - items in section 2 of the balance sheet asset, including inventories, VAT, receivables (... after 12 months) and other current assets. A3 = p.210 + p.220 + p.230 + p.270. Difficult-to-sell assets - articles of section 1 of the asset balance - non-current assets.

A 4. Non-current assets = p. 190

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1. The most urgent obligations - these include accounts payable: P 1 = str.620.

P2. Short-term liabilities are short-term borrowed funds, debts to participants for the payment of income, other short-term liabilities: P 2 = str.610 + str.630 + str.660.

P3. Long-term liabilities are balance sheet items related to sections 4 and 5, i.e. long-term loans and borrowings, as well as deferred income, reserves for future expenses and payments: P3 = line 590 + line 640 + line 650.

P4. Permanent, or stable, liabilities are the articles of section 3 of the balance sheet Capitals and reserves. If the organization has losses, then they are deducted: P4 \u003d str. 490.

The balance sheet is absolutely liquid if for each group of obligations there is an appropriate coverage of assets, that is, the company is able to pay off its obligations without significant difficulties. The lack of assets of varying degrees of liquidity indicates possible complications in the fulfillment of their obligations. Liquidity conditions can be presented in the following form: A1 P1, A2 P2, A3P3, A4 P4.

The fulfillment of the fourth inequality is mandatory when the first three are met, since A1+A2+A3+A4=P1+P2+P3+P4. Theoretically, this means that the company has a minimum level of financial stability - it has its own working capital (P4-A4) >0.

In the case when one or more inequalities of the system have the opposite sign from that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. As a rule, the lack of highly liquid funds is compensated by less liquid ones.

This compensation is only of a calculated nature, since in a real payment situation less liquid assets cannot replace more liquid ones.

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

This state is characterized by the absence of the enterprise's own working capital and the inability to pay off current liabilities without selling non-current assets.

The analysis of the liquidity of the balance sheet carried out according to the above scheme is approximate. More detailed is the analysis of solvency using financial ratios.

The most important indicator of the financial position of the enterprise is the assessment of its solvency, which is understood as the ability of the enterprise to timely and in full to make settlements on short-term obligations to counterparties.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. Thus, the main signs of solvency are:

a) the availability of sufficient funds in the current account;

b) the absence of overdue accounts payable.

For a generalized assessment of liquidity and solvency of the enterprise, special analytical coefficients are used. Liquidity ratios reflect the company's cash position and determine its ability to manage working capital, that is, at the right time, quickly turn assets into cash in order to pay off current liabilities. In foreign and domestic literature, three key liability ratios are used depending on the speed of sale of certain types of assets: the liquidity ratio or the degree of coverage of current absolute liquidity by property assets, the quick liquidity ratio and the current liquidity ratio (or coverage ratio). All three indicators measure the ratio of a company's current assets to its short-term debt. In the first coefficient, the most liquid current assets are taken into account - cash and short-term financial investments; in the second, accounts receivable are added to them, and in the third, inventories, that is, the calculation of the current liquidity ratio is practically the calculation of the entire amount of current assets per ruble of short-term debt. This indicator is accepted as the official criterion of insolvency of the enterprise.

The analysis allows to identify the solvency of the enterprise, which is one of the quantitative measures of investment attractiveness. A number of coefficients have been adopted to characterize the solvency of an enterprise.

CONCLUSION

In this work, I have considered the essence of the category "investment attractiveness". There are several interpretations of this definition, but, summarizing them, we can formulate the following definition of the investment attractiveness of an enterprise - this is a system of economic relations between business entities regarding the effective development of a business and maintaining its competitiveness. Based on the accumulated domestic and foreign experience, it is proved that the investment attractiveness of enterprises is the main mechanism for attracting investment in the economy.

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

One of the main factors of the investment attractiveness of an enterprise is investment risks (the risk of lost profits, the risk of reduced profitability, the risk of direct financial losses).

Also, the factors influencing investment attractiveness are divided into: production and technological; resource; institutional; regulatory and legal; infrastructural; business reputation and others.

Investment attractiveness from the point of view of an individual investor can be determined by a different set of factors that are most important in choosing one or another investment object.

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

LIST OF USED SOURCES

Vasiliev A.G. Analysis of marketing opportunities. M.: UNITI, 2012. S. 11.

Federal Law "On investment activities in the Russian Federation, carried out in the form of capital investments" dated February 25, 1999 No. 39-FZ - Consultant Plus: Prof. version. - Electron. Dan. and progr. - CJSC "Consultant Plus".

Vasiliev A.G. Analysis of marketing opportunities. M.: UNITI, 2012. S. 14.

Research and development company "Position". Investment attractiveness. - 2008. Access mode: www.pozmetod.ru.

Gribov V., Gruzinov V. Economics of the enterprise. - 2012. Access mode: www.inventech.ru.

Filimonov V.S. The concept of the investment attractiveness of an enterprise in modern market conditions // Actual problems of science, economics and education of the XXI century: materials of the II International scientific and practical conference, March 5 - September 26, 2012: in 2 parts. Part 2 / ed. ed. E. N. Sheremetyeva. - Samara: Samara Institute (phil.) RGTEU, 2012. - 392 p. ISBN 978-5-903878-27-7-c. 212-216. - #"justify">. http://www.aup.ru

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Investment attractiveness in the context of harmonizing the financial interests of the investor and the recipient enterprise// Modern control technologies. ISSN 2226-9339. - . Article number: 5502. Publication date: 2015-07-08. Access mode: https://site/article/5502/

Introduction

The transition to market relations and the associated deficit of own investment resources necessitates the expansion of the investment market of the state and individual economic entities in particular. The most important criterion and basis for making a positive decision by the investor is the investment attractiveness of a particular business entity.

The study of investment attractiveness at the micro level is devoted to the work of such authors as U.F. Sharp, I.A. Blank, M.N. Kreinina, L.S. Valinurova, E.I. Krylov, V.M. Vlasova, D.A. Endovitsky, V.A. Babushkin, Yu.V. Sevryugin, A.V. Korenkov, E.N. Staroverova, N.V. Smirnova and others.

Without belittling the importance of the existing research results, it should be noted that many issues of generating, transforming, evaluating and managing investment cash flows that arise in the process of attracting investments by an enterprise remain insufficiently developed.

Characteristics of existing approaches to the category "investment attractiveness of an enterprise"

The very concept of the investment attractiveness of an enterprise is multifaceted and is interpreted ambiguously.

Approaches to the investment attractiveness of an enterprise by foreign scientists and practitioners are based on considering this category through the prism of the attractiveness of its securities, which is determined by the investor himself, taking into account the relationship between risk and return, as well as subjective preferences. At the same time, an explicit definition of this term is not given in foreign literature.

Russian and Ukrainian researchers define the meaning of this economic category in different ways, assigning a set of certain characteristics to it. So, at the initial stages of transition to the market, the so-called traditional approach to the category under study, which is based on its identification with individual components of the financial condition of the enterprise, became widespread. For example, M.N. Kreinina emphasizes the dependence of the investment attractiveness of an enterprise on a set of coefficients characterizing its financial condition. Rusak N.A. and Rusak V.A. give the following definition: Investment attractiveness of the enterprise- the expediency of investing free cash in it. A similar opinion is expressed by T.N. Matveev. Investment attractiveness, from his point of view, is “a complex indicator characterizing the expediency of investing in a given enterprise” .

L.S. Valinurova considers the investment attractiveness of an enterprise as "a set of objective features, properties, means and opportunities that determine the potential effective demand for investments" . According to Sevryugin Yu.V. “The investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterizes the effective demand of an enterprise for investments” . It is impossible not to note the great breadth of such interpretations, however, in our opinion, their negative side is vagueness and abstractness.

A more complete and reasonable definition is given by E.I. Krylov, V.M. Vlasova, M.G. Egorov, I.V. Zhuravkova. They talk about the investment attractiveness of an enterprise as an "independent economic category, characterized not only by the stability of the financial condition of the enterprise, the return on capital, the share price or the level of dividends paid" and note its dependence on the competitiveness of products, customer focus of the enterprise, expressed in the most complete satisfaction of consumer needs, as well as on the level of innovative activity of an economic entity.

In general, the position of these authors is shared by D.A. Endovitsky, V.A. Babushkin and N.A. Baturina regarding the connection between investment attractiveness and financial condition. According to the authors, this assumption is true both for project organizers and for economic entities issuing securities. .

A number of researchers in determining the investment attractiveness of an enterprise note the importance of assessing the level of investment attractiveness of a country, industry and region.

So, A.V. Korenkov gives the following definition: “the investment attractiveness of an industrial enterprise is the presence of investment conditions, determined both by the stock and fundamental indicators of an economic entity, and the economy of the industry, region and country as a whole, and allowing a potential investor with a high probability to count on the effectiveness of investments in the chosen investment strategies".

According to Payusov A.V. "Under financial and investment attractiveness of an economic entity it is necessary to understand not only the quantitative indicators of its activities, which encourage potential investors to invest in the company's investment project, abandoning alternative investments both now and in the future, but also the economic state of the operating environment of the economic entity.

Staroverova E.N. considers investment attractiveness as "a complex characteristic of an enterprise - an investment object, reflecting the competitive potential, investment and social efficiency, taking into account changes in the regional and country investment climate" .

In some definitions, more attention is paid to the enterprise attracting investments and its development prospects. So, Lavrukhina N.V. expresses the opinion that "the investment attractiveness of an enterprise is, first of all, its ability to arouse commercial or other interest in a real investor, including the ability of the enterprise itself to "accept investments" in order to obtain a real economic effect - an increase in the market value of the enterprise" . According to N.A. Zaitseva, “investment attractiveness is characterized by the state of the object, its further development, profitability and growth prospects” . In the definition given by Smirnova N.V., "investment attractiveness is an assessment of the objective possibilities of the state of the object and directions of investment, formed in the preparation of the investor's decision." . However, the systemic interaction of an enterprise attracting investments with potential investors is not traced in these definitions.

Systematizing the presented points of view on the definition of the category "investment attractiveness of an enterprise", we can distinguish several approaches to determining its economic essence:

identification of the investment attractiveness of the enterprise with the attractiveness of its securities;
consideration of the investment attractiveness of the enterprise as a derivative of its financial condition;
representation of the investment attractiveness of the enterprise in the form of a combination of various factors (quantitative and qualitative, internal and external);
investment attractiveness as the ability of the enterprise itself to attract investment.

Thus, investment attractiveness is interpreted differently depending on the factors and indicators taken into account, while insufficient attention is paid to important aspects that determine the essence of the category under study. Thus, the existing approaches do not reflect aspects of the interaction between investors and recipient enterprises, as well as their opportunities for the further use of investment resources, since a significant part of researchers consider this economic category only from the perspective of a potential investor. In addition, such essential characteristics of investment attractiveness as specific ways of attracting funds from potential investors by an enterprise are not taken into account.

It seems appropriate and even necessary in order to further improve the methodological support for assessing investment attractiveness to more fully disclose the economic essence of this category. To do this, consider the content of the basic categories that form the system basis of external investment in the activities of the enterprise: investor, recipient of investments, investment object, investment attraction tool, method of external investment in the enterprise.

Critical analysis and adjustment of the basic categories of external investment

According to the Law of the Republic of Belarus dated July 12, 2013 No. 53-З “On Investments”, any person (legal or natural) making investments in the territory of the Republic of Belarus is recognized as an investor. According to the Law of the Republic of Belarus dated March 12, 1992 No. 1512-XII “On Securities and Stock Exchanges”, an investor is an individual or legal entity that owns securities.

As E. Malenko and V. Khazanova note, “all investors can be divided into two groups: creditors interested in receiving current income in the form of interest, and business participants (owners of a share in the business) interested in receiving income from the growth in the value of the company” . At the same time, in economic practice, it is generally accepted to divide investor-participants, depending on the degree of influence on decision-making on the organization's activities, into strategic and portfolio (financial) ones. Strategic investor - an investor interested in acquiring a large block of shares in order to participate in the management or gain control of the company. A portfolio investor is an investor who is interested in maximizing profits directly from securities, and not in controlling the enterprise.

Based on the foregoing, the classification of investors depending on the conditions for providing investment resources and strategic investment priorities is promising for research and practical application. On this basis, strategic, financial and credit investors are distinguished. Shaposhnikov A.A. the state adds to their number.
It should be noted that the mentioned law "On Investments" does not regulate relations regarding the provision of funds to an enterprise in the form of a loan, a loan (these economic relations are regulated by the Banking Code), the acquisition of securities, except for shares (regulated by the Law "On Securities and Stock Exchanges" ) i.e. credit investors are absent in the legal investment field of the Republic of Belarus. However, in our opinion, the category of credit investors, despite the existence of a separate legal regulation, should not be excluded from consideration among potential investors providing investment resources to recipient enterprises.

The classification of investors on this basis is important, since each category of investors has different requirements for the recipient enterprise, factors and assessment of its investment attractiveness.

The term "recipient of investment" in relation to the enterprise in the economic literature and practice is used infrequently. Its etymology comes from the field of international investment, where it is generally accepted to differentiate into countries - donors and countries - recipients of foreign direct investment..

Ershova I.V. and Bolotin A.V. give the following definition of the recipient of investments in relation to the enterprise - "a legal or natural person (or their associations) that is the recipient of investment resources" . At the same time, the authors note that "the recipient does not necessarily direct the received investment resources to the actual investment purposes", citing as an example the purchase by the investor of the company's shares in the secondary market. Thus, according to the authors, in the case of purchasing shares of an enterprise from an existing shareholder, the latter will be the recipient of the investment. However, the company issuing shares as a result of such a transaction will not attract investment resources.

All this leads to the conclusion that the term "investment recipient" is more correctly applied to an enterprise acting as an object of investment attractiveness assessment, if it is possible to actually attract investment resources (cash or property contributions).

The economic content of the category “object of investment” is also interpreted ambiguously. Ershova I.V. and Bolotin A.V. define the object of investment as "a specific element of the enterprise's assets (both tangible and intangible and financial), into which the received investment resources are transformed, and the operation of which ensures the investor achieves his investment goal" . In this sense, the economic content of this category coincides with the economic content of the category “investment object” more common in economic practice and characterizes the further use of investment resources by the recipient enterprise.

However, for an investor, investments in the authorized capital or debt obligations of another enterprise will be a financial asset and, accordingly, an investment object. Returning to the example given earlier, for an investor, the securities of the issuing enterprise will be the object of investment, regardless of whether they are acquired in the primary or secondary market, since they have a value and certify certain rights.

In our opinion, the presented definition of the object of investment also needs to be clarified and reduced to the level of interaction between the recipient and the investor. Thus, when making external investment in an enterprise investment object – this is a potential financial asset of the investor and at the same time a share in the authorized capital or a specific type of long-term obligations of the recipient enterprise.

Ershova I.V. and Bolotin A.V. offer a definition and an investment tool: “a complex of financial and economic objects that ensure the transfer of investment resources from an investor to an investment recipient, accompanied by the definition and legal consolidation of such rights and obligations of participants in the investment process both in relation to each other and to third parties, in which the most effective coordination of the goals and interests of the participants in the investment process takes place.

At the same time, in the financial and economic literature, the concepts of “investment object”, “investment instrument”, and “financial instrument” are often confused. In addition, in the above definition, clarification is required by the “complex of financial and economic objects”, which can have a very broad interpretation.

All this leads to the conclusion that a more correct and clearly defined term in relation to the recipient enterprise is "investment attraction tool", by which we agree to understand a certain method of formalizing financial and legal relations with an investor, used to attract funds and (or) property contributions on a long-term basis.

The clarification of the term "investment attraction tool" makes it possible to offer a more capacious and correct definition of an investment recipient enterprise. An investment recipient enterprise is a legal entity that, in the process of financial interaction with an investor, forms or replenishes available investment resources through investment attraction tools.

Specific instruments for attracting investments, depending on the organizational and legal form of the activities of the recipient enterprise, can be shares in the authorized capital, shares in property, shares, bonds, investment loans, investment loans, and other long-term obligations.

The use of a particular investment attraction tool determines the content of the relevant ways of external investment in the enterprise, which are based on empirical information on investment methods, as well as on the basis of research conducted by I.V. Ershova and A.V. Bolotin, it is proposed to differentiate depending on the possibility of forming investment resources from the recipient enterprise into the following groups (Figure 1).

Figure 1 - Classification of ways of external investment in the enterprise

The result of applying the methods of external investment presented on the left side of the figure is a change in the structure of the owners or creditors of the enterprise. So, for example, the acquisition of a block of shares owned by the state leads only to institutional changes (change of the owner of the block of shares), but does not affect the size of the available investment resources of the recipient enterprise itself.

Whereas with the direct financial participation of the investor, the subsequent transformation of the investment cash flow into the assets of the recipient enterprise creates objective prerequisites for increasing its value, and, consequently, the ability to generate higher profits and better meet the investor's expectations.

Based on the foregoing, we can formulate condition for harmonizing the financial interests of the investor and the recipient enterprise: identity in the process of external investment of investment objects (for the investor) and investment attraction tools (for the recipient), as a result, the use of forms of direct financial participation of investors in the activities of the recipient enterprise.

This condition can be illustrated in Figure 2.

Figure 2 - Interaction between the investor and the recipient enterprise in the process of attracting investment resources

The figure clearly shows that only if the investment objects correspond to the instruments for attracting investments, the free cash, property or property rights of the investor are transformed into the investment resources of the recipient enterprise.

Thus, the essential characteristics of the category "investment attractiveness of an enterprise" should correspond to the concept of "the possibility of attracting investment resources" and contribute to a clear reflection of the goals of the investor and the recipient enterprise.

As a result of comprehending and systematizing existing approaches to the basic categories that form the system basis for external investment in the activities of an enterprise, critical analysis of empirical information on investment methods, we consider the following definition appropriate and more correct: investment attractiveness of the enterprise — a set of characteristics and factors that determine the current state of the recipient enterprise, as well as factors and mechanisms for the transformation of attracted investment resources with the direct financial participation of the investor, ensuring the harmonization of the financial interests of the investor and investment recipient.

The corrected definition of the investment attractiveness of an enterprise makes it possible to substantiate the differentiation of the factors that determine it into the following groups: factors that determine the conditions for external investment, factors that transform attracted investment resources into the financial results of the recipient enterprise, and factors that ensure return on investment.

With the direct financial participation of the investor in the activities of the recipient enterprise, the role of transformation factors significantly increases, which emphasizes the relevance of developing a methodology for dynamic assessment of the investment attractiveness of enterprises, which will allow assessing the change in the value of the recipient enterprise, taking into account the specific form of direct participation of the investor and the volume of external investment.

Conclusion

Thus, the article systematizes the main existing approaches to determining the investment attractiveness of an enterprise, clarifies the economic essence of the basic categories that form the systemic basis of external investment in the activities of an enterprise: an investment object, an investment attraction tool, a recipient enterprise. This made it possible to differentiate the methods of external investment depending on the possibility of forming investment resources from the recipient enterprise and, on the basis of this, for the first time to formulate a condition for harmonizing the financial interests of the investor and the recipient.

The economic essence of the category "investment attractiveness of an enterprise" has been clarified. A distinctive feature of the proposed definition is taking into account the factors and mechanisms of transformation of investment resources attracted by the recipient enterprise with the direct financial participation of the investor into its financial results.

The practical significance of the results lies in the formation of a basis for further improvement of the methodological support for assessing investment attractiveness, taking into account the financial interests of investors and recipient enterprises.

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Investment attractiveness

1. The concept of investment attractiveness and its components

2. Methods for determining investment attractiveness

3. Investment attractiveness of economic sectors

4. Investment attractiveness of enterprises

The processes of regional development in modern Russia determine the degree of investment attractiveness of the region for domestic and foreign potential investors. The interest of investors in investing in projects on the territory of the Russian Federation is directly related to the level of development of various subsystems of the regional economy. The choice by the investor of the location of a particular object depends on many 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 formalized analytical tools for assessing the situation in the regions where an object can potentially be located, investors often decide on the place of its implementation based on a subjective idea of the investment attractiveness of a particular region.

At the present stage of development, it is necessary to take into account the global trends of deepening the integration of national and regional economies, the free movement of investment capital and, as a result, the interest of potential investors in the implementation of various projects on the territory of the Russian Federation. Currently, there is a need for detailed, well-structured information about the economic, financial, socio-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, evaluated using modern analytical methods and models, and presented in a form convenient for a potential consumer.

In the economic literature, such concepts as "investment climate" and "investment attractiveness" are very often identified. We cannot agree with this, because. the investment climate includes both investment attractiveness and investment activity, determined by the volume of capital investments per capita in the region, the rate of change in investment volumes, etc.

The investment climate includes the objective possibilities of the country or region (investment potential) and the conditions of the investor's activity (investment risk). The investment potential is formed as the sum of objective prerequisites for investment, which depends both on the availability and diversity of areas and objects of investment, and on economic “health”. Regional investment climate is a system of socio-economic relations that are formed under the influence of a wide range of interrelated processes at the macro-, micro- and proper regional levels of government and create the prerequisites for the emergence of sustainable investment motivations.

Investment attractiveness- is a set of investment-friendly factors that characterize the investment climate of the region and distinguish this region from others.

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

Investment potential of the region- these are the potential opportunities of the region for the development of the economy. The investment potential takes into account the readiness of the region to receive investments with appropriate guarantees for the safety of capital and profit for investors. It includes the following components, i.e. private potentials:

Resource and raw materials (weighted average supply of balance reserves of the main types of natural resources);

Labor (labor resources and their educational level);

Production (gross regional product);

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

Institutional (degree of development of market economy institutions);

Infrastructural (economic and geographical position of the region and its infrastructure provision);

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

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

Investment risk 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 (the degree of balance between the regional budget and the finances of the enterprise);

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

Social risk (level of social tension);

Environmental risk (level of environmental pollution, including radiation);

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

Legislative risk (legal conditions for investing in certain areas or industries, the procedure for using individual factors of production). When calculating this risk, a combination of federal and regional laws and regulations regarding investments is used.

The inaccuracies in the analysis of the integral potential and integral risk of regions using this method are mainly related to the determination of the weights (shares) of the potential and risk components.

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

Investors attach particular importance (as polls have shown) to labor and consumer potentials; they are primarily interested in the quality of local labor and the possibility of expanding production and salesgoods.Of the regional risks, investors are afraidmoreof all legislative and political risks associated with each other.

The process of making a decision on investing in a particular region is based on a detailed analysis of information on the investment attractiveness of this region, on the state of its investment complex. Most of the 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. On its basis ratings of investment attractiveness of national economies and regions are published. Methods for compiling such ratings are offered in a variety of ways.

Statistical data on the development of regions, legislative acts related to the regulation of investment activity, the results of regional studies and surveys, and publications in the press are used as initial information for compiling investment attractiveness ratings.

When compiling almost all ratings, expert assessments are used to one degree or another. Domestic and foreign experts are involved in the formation of a set of indicators by which the investment attractiveness of the region will be assessed and the weights of these indicators in the resulting integral assessment.

1. A set of indicators is selected and justified, most accurately, according to experts, reflecting the state of the investment complex of the region.

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

3. An 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 experts: the methodology of the consulting agency "Expert" (Fig. 1) and the methodology of the Economic Department of the Bank of Austria. (Fig. 2).

It should be noted that both methods provide for the need to form a fixed set of indicators and regularly calculate, on its basis, an integral assessment that characterizes the state of the investment climate of the regions and their attractiveness for potential investors. Their advantage lies in the ability to trace the dynamics of economic, economic, social and other regional processes based on an unchanged set of criteria. This method is used by well-known rating agencies and in some cases it can be said that the use of the same set of evaluation criteria from year to year justifies itself, because. over time, such ratings become universal indicators in assessing the state of the economies of states and regional entities. An obvious difficulty is the selection and justification of the effectiveness of using a specific set of evaluation criteria. There is also a certain difficulty in interpreting the results obtained as a result of the assessment. It is not always possible to see causal relationships and trends in the development of the regional investment complex behind the final integral value.

A distinctive feature of the methods is that they all use a grouping of assessment indicators according to investment potentials and risks. The main problem in their use is the complexity of the formation and justification of a set of evaluation factors.

The common, in our opinion, limitations of the existing methods for assessing the investment attractiveness of the regions of the Russian Federation is their excessive “rigidity”. An expert using one method or another does not have the opportunity to introduce new and/or exclusions proposed by the developer, factors or their groups into the assessment procedure. Also, the developers limit the user to the framework of standard calculation procedures.

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

In the case of the study by the Expert agency, the result of the work was a matrix of distribution of Russian regions by investment conditions, where a classification was introduced vertically according to the level of investment risk, and horizontally - according to investment potential. In accordance with the agency's methodology, all regions are divided into 12 groups.

	maximum	reduced	minor
moderate

minimum
extreme

In accordance with the methodology of the Economic Department of the Bank of Austria, each region receives three assessments:

2. The place of the region in the Russian Federation in accordance with the obtained assessment of investment attractiveness.

3. Definition of the investment situation in the region as belonging to one of the 6 classes.

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

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

When assessing and forecasting the investment attractiveness of sectors of the economy, it is important to take into account the role of individual sectors in the country's economy, the prospects and effectiveness 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 evaluated by the totality of its analytical components, the calculation of which is based on statistical data and predictive estimates.

When assessing the level of efficiency of the industry, as an analytical indicator can be taken the level of profitability of the assets used. It is calculated as the ratio of profit from the sale of products (or balance sheet profit) to the total amount of assets used. Besides, the factor of inflation, the policy of taxation of products and profits, the level of costs, selling prices for products and other factors should be taken into account.

The prospects for the development of the industry as one of the most important criteria for assessing investment attractiveness are studied on the basis of indicators of profitability and risk, directions, rates and forms of privatization, assessment of the level of export potential of products and the level of their price protection from imports, inflation protection of manufactured products, etc..

The assessment of the level of prospects for the development of the industry is carried out according to the following analytical indicators:

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

Resilience of the industry to the economic downturn in the economy as a whole (indicators of the ratio of the dynamics of the industry's production volume and the country's GDP);

The social significance of the industry (indicator of the number of employed workers);

Security of growth prospects with own financial resources (volume and share of capital investments at the expense of the industry's own funds, share of own capital in assets used).

In the process of assessing and forecasting the investment attractiveness of industries, it is important to take into account their life cycle consisting of 5 phases:

1. Birth phase characterizes the development and implementation of fundamentally new types of goods and services, the need for which is caused by the construction of new enterprises, which later constitute an independent sub-sector, and then an industry. This phase is characterized by significant investment volumes, minimal profits and the absence of dividend payments on shares.

2. growth phase associated with the recognition by consumers of new types of goods, the rapid growth of demand for them. In this phase, investments are made at a high rate, profits of the enterprise grow, shares are issued, and dividends are often paid in the form of additional shares.

3. Expansion phase is the period between high growth in the number of new enterprises in the industry and the stabilization of this growth. At this stage, investment in new construction continues, but the bulk of investment is directed to the expansion of existing production facilities, the growth in the number of new enterprises stabilizes, the issuance of new shares continues, and the payment of dividends in cash begins. However, the main direction in the dividend policy during this period involves the payment of dividends in the form of additional shares, the splitting of existing shares.

4. Maturity phase determines the period of greatest demand for goods in the industry, improving the quality characteristics of products. You direct the main volume of investments to the modernization of equipment and the technical re-equipment of production. This is one of the longest stages of the industry life cycle. For goods of constant demand, not affected by scientific and technological progress, the maturity phase is the last in the life cycle (for example, agricultural production, raw materials industry, etc.). Enterprises in industries that are in the maturity phase receive the maximum amount of profit, pay high dividends in cash.

5. Fall phase completes 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, the goods of which replace obsolete ones. Usually this stage is typical for industries whose products are largely influenced by scientific and technological progress.

The change in the stages of the life cycle of industries is mainly associated with the policy of 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, improving the balance of the economy, accelerated development of industries that increase export potential, increasing the social orientation of production, reducing energy intensity. , development of intersectoral cooperation, etc.

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

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

The development of the enterprise takes place sequentially in time in a combination of cycles of various products of its activity. This Cycle can be divided into periods with different turnovers and profits: childhood (slight increase in turnover, negative financial results); youth (rapid growth in turnover, first profit); maturity (slowdown in turnover growth, maximum profit); old age (turnover and profits fall). The general period of the life cycle of an enterprise is determined at about 20-25 years, after which it ceases to exist or is reborn on a new basis with a new composition of owners and managers.

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

During childhood the enterprise faces mainly survival problems in the form of financial difficulties, when it is necessary to find short-term means of financing, as well as sources of investment for future development. During youth the first profit allows the company to shift from profitability to economic growth. Now, to sustain economic growth, it needs medium-term and long-term sources. At maturity the company is trying to extract the maximum profit from the production, technical and commercial potentials. The ability to self-finance is quite significant. Given the aging of goods, enterprise managers must find new development opportunities through industrial investment or financial participation, for example, in the activities of another enterprise. In this case, there is a gradual transformation of the enterprise into a holding, i.e. into a financial enterprise engaged in the management of a portfolio of securities.

The most investment-attractive enterprises are those that are in the process of growth in the first two stages of the life cycle. Enterprises in the stage of maturity are also investment attractive in the early periods, until the highest point of economic growth is reached. In the future, investment is advisable if the company's products have sufficiently high marketing prospects, and the volume of investments in modernization and technical re-equipment is relatively small and the invested funds can pay off in the shortest possible time. At the stages of old age, investment, as a rule, is inexpedient, except for cases when a large-scale diversification of products is planned, a re-profiling of the enterprise. At the same time, some savings in investment resources are possible in comparison with new construction.

Determining the stage of the life cycle of an enterprise is carried out as a result of a dynamic analysis of indicators of the volume of production, the total amount of assets, the size of equity capital and profit for a number of recent years. By the pace of their change, one can judge the stage of the life cycle of an enterprise. The highest growth rates of indicators are typical for the stages of adolescence and early maturity. Stabilization of indicators occurs at the stage of final maturity, and a decrease - at the stage of old age.

Evaluation of the investment attractiveness of enterprises also involves a financial analysis of their activities. Its purpose is to assess the expected return on invested funds, the timing of their return, as well as to identify the most significant investment risks in terms of financial consequences.

The assessment of the financial activity of an enterprise is carried out in the process of analyzing a system of interrelated indicators that characterize the effectiveness of financial activity in terms of compliance with the strategic goals of the business, including investment ones. The most important results characterizing the unity of the tactical and strategic goals of the enterprise development are revealed in the analysis of asset turnover, capital profitability, financial stability and liquidity of assets.