Svetlana Belova

Sooner or later, all enterprises are faced with the question: "Shouldn't we look for investments on the side?" Suddenly it will be possible to get a kind, generous, ideologically close and generally attractive investor into their networks ... Timid voices protest, justifying their desire to maintain complete independence and their own pride, most relish the upcoming benefits:

1. "One capital is good, but two is better."

Increase equity capital useful in the field of production:

To maintain the existing market share;

To ensure the development of the company's activities;

For the development and implementation of new projects.

and in the area of ​​financing:

To replace the funding method current activities(lending is replaced by own funds);

In the presence of a high proportion of equity capital in the balance sheet, it is easier for an enterprise to attract resources in the form of loans from banks, loans from other partners, etc.

2. "What is the demand for that and the price."

We want to keep up with others and support the price (or price fluctuations J) of our own shares at the level that we ourselves need:

To make a profit by trading their own shares, such an opportunity really exists for large issuers;

To preserve existing investors and their further "promotion";

To expand the circle of potential investors, including small investors;

To provide an opportunity for management or "their" investors to buy back the securities at the lowest price.

3. "Let us look for a prince, who would have voiced us and judged by right."

There is often a need for a strategic investor who would be able to establish management at the enterprise and restore its position in the market.

4. "St. Bartholomew's Night".

Sometimes the purpose of attracting investment is the redistribution of power in the company, achieved through additional emission, the bulk of which is acquired by an investor aimed at seizing power.

5. "Out of the fire and into the fire."

It also happens the other way around. In a period of instability and power struggle, timely attraction of investments can become a chance to maintain and strengthen control over the enterprise.

And in general, it is not for nothing that they say: "Do not postpone work until Saturday, but marry for old age."

Maiden beauty - long braid

So, having decided for one reason or another to search for investments, the company's management enters the capital market and discovers that the number of investors on it is clearly less than the number of fellow competitors. In addition, most of the interactions between investors and issuers are carried out through direct acquisition of a block of shares in an enterprise (moreover, not just a block of shares, but a controlling one). Venture financing and project investment, alas, are much less common.

Investment consumers are desperately competing among themselves for the most attractive sources of financing (“you can't spread your heart in front of everyone”). Note that there is also competition among investors, caused by their desire to finance companies with the lowest risk and the greatest profit for themselves, as a result of which all the “grooms” crowd around a couple of “brides”, ignoring the rest. Involuntarily the question arises: "Is our enterprise worse?"

In a developed economy, a natural indicator investment attractiveness the company is served by the market value of its shares. V Russian economy the market value depends on anything - on the expectations of brokers, on the dynamics of the overseas Dow Jones, on operations carried out by companies politically close to issuers, etc., but not always on the financial and production successes of the manufacturers themselves.

V last years the practice of assessing investment attractiveness is well established Russian companies according to the following parameters:

1. Development potential.

2. Financial condition.

4. Manageability.

5. Intangible assets.

6. Political and macroeconomic environment.

In addition to factors directly related to the activities of the enterprise, investors also assess the investment attractiveness of the securities themselves.

The conclusion suggests itself that before the bride-show it is necessary to carefully restore the beauty and choose the dowry correctly. Alexander the Great (according to Pavel Taranov's version) said: “How to become the most beloved? "To be the most powerful and at the same time fearless."

1. Development potential.

The most important parameter for making a decision to invest in a particular company is the presence of a clearly formulated and detailed development strategy. This factor is especially significant for enterprises with a long production cycle and low turnover of funds. When developing strategic plans, it is dangerous to go to extremes: to view the future with "hopeless optimism" or to allow imagination to triumph over reason.

Assessment of enterprise competitiveness and marketing situational analysis.

Development and promotion of the mission.

Development of a corporate strategy.

Marketing strategy development.

Development of functional strategies.

Building an optimal business model.

Development of a program for diversification and establishment of a new business.

2. Financial condition.

Investors pay perhaps the most attention to the financial position of the enterprise, although often the results obtained can have different meanings depending on the volume and duration of the investment. Wealthy brides are often capricious in family life and, as a rule, they have a horde of poor relatives.

Typically, a standard financial assessment and ratio analysis is carried out:

Liquidity;

Financial stability and creditworthiness;

Profitability and turnover;

The tension of the obligations of the enterprise.

However, even an excellent assessment of the financial condition serves only as a basis for the subsequent study of all other factors affecting the investment attractiveness.

Frequently encountered measures to improve the financial situation and the form of its presentation to the investor:

Development of a program to control the receipts and expenditures of funds (operational "pulling" the balance sheet).

Development of a debt restructuring program.

Implementation of international standards accounting.

Implementation of budgetary management and management accounting.

3. Production base and human resources.

The state of the production potential of an enterprise has a direct impact on its investment solvency, which, nevertheless, is rarely taken into account by investors.

It is quite easy to get a quantitative estimate of the amount of capital in monetary form for any enterprise. But there is another part that cannot be reliably expressed in monetary terms. This part of the production potential includes: the personnel component, the level of labor organization and the level of production organization. This part does not lend itself to strict quantitative assessment, however, without it, the production potential of the enterprise practically does not exist, since fixed assets and intangible assets cannot work by themselves.

To optimize the production base and increase the return on human resources, we can offer:

Optimization of logistics processes in the organization.

Reengineering or improvement of business processes in the organization http://www.ftk.ru/consulting/mailing/13.htm.

Development of an effective system of staff motivation and compensation (remuneration).

Setting up a personnel development system.

4. Manageability.

When analyzing a management system, investors, as a rule, carefully study the macro level of enterprise management - from the availability of strategic management to the quality of documentation development.

V recent times the compliance of enterprise management with international standards has acquired particular importance. The quality management system ISO 9000 is adopted as a reference. This is due to the fact that in the 2000 version the quality management system is considered as equivalent to the overall manageability of the enterprise and the emphasis of certification has been significantly shifted from quality checks of semi-finished products and finished products to the quality of the formulation of enterprise management processes.

In addition, an important aspect for the investor is the reputation of the current owners in the community and in the market. The nature of ownership, that is, who owns the controlling stake and large stakes, is essential not only for the current activities of the enterprise, but also for its successful development.

To improve the enterprise management system, it is useful to:

Evaluate the effectiveness and reorganize the functional divisions of the company.

Optimize linear - functional control system.

Implement project management.

Select and implement a comprehensive integrated enterprise resource management system.

Implement a quality management system ISO 9000: 2000.

5. Increasing the role of intangible assets.

After establishing the fact of the transition to postindustrial society, various methods of valuation of intangible assets began to be actively added to the traditional methods of assessing enterprises. Potential investors, first of all, pay attention to the presence and popularity of the trade mark and brands, pay great attention to the general image of the enterprise, welcome the presence of intellectual property and creative innovation groups. The mischievous adage “what is in my name for you, you appreciate the volume of your breasts” no longer works.

Investment attractiveness of the company

Investment attractiveness is an integral characteristic of an investment object (company, project) from the standpoint of development prospects, investment profitability and the level of investment risks. There is no single approach to assessing the investment attractiveness of a company. When choosing one or another methodology, 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. Typically, a company is assessed according to several criteria. Assessment of the company's investment attractiveness- a process based largely on subjective assessments and the experience of analysts using two groups of methods: coefficient analysis and factor assessment of investment attractiveness. The main task of such an assessment is to identify the profitability and risk of investment. Most investors strive to optimize the risk / reward ratio. The assessment process considers the following factors affecting the return and risk associated with capital investment:

product attractiveness;

information attractiveness;

personnel attractiveness;

innovative attractiveness;

financial attractiveness;

territorial attractiveness;

ecological attractiveness;

social attractiveness.

Attractiveness of the company's products for any investor is determined by its competitiveness in the market - a multifaceted characteristic formed on the basis of indicators, factors, prerequisites and final criteria: quality level products and price level on it in relation to the prices of competitors and the prices of substitute goods, as well as level of diversification products.

Information attractiveness of the company determined by its external image, which is significantly influenced by business and social communications, as well as the reputation of the brands owned by the company. The value of the information component of investment attractiveness is constantly increasing.

Personnel attractiveness of the company characterized by:

the business qualities of the leader and his team;

the quality of the personnel core;

the quality of staff renewal in general.

Generalizing criterion for investment attractiveness the core of the company is the proportion and dynamics of growth in the number of highly qualified workers and specialists in industrial production personnel.

Innovative attractiveness of the company- an important component of investment attractiveness, since many investors associate investment prospects with innovations. It is determined on the basis of evaluating the effectiveness of medium-term and long-term investments in the company's innovations. To assess innovative attractiveness, you need:

selection of a system of indicators that directly or indirectly characterize the innovative activities of the company;

differentiated ranking of companies based on the grouping of selected indicators and determining the place by their sum;

selection of a general criterion for express analysis.

The financial attractiveness of the company is the central link in the investment attractiveness. For any investor, it consists in obtaining a stable economic effect from financial and economic activities. If this effect is unstable, financial risk is inevitable when investing. Criteria financial attractiveness- indicators characterizing the financial position of the company (liquidity, financial stability and solvency) and the level of its business activity (asset turnover, profitability of products and production).

Three main groups of methods for assessing the investment attractiveness of companies based on the analysis of ratios:

market approach, based on the analysis of external information about the company, estimates changes in the market value of the company's shares and the amount of dividends paid. This approach is prevalent among shareholders, allowing them to calculate the effectiveness of their own investments in the company;

accounting approach based on analysis of inside information uses 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 reporting;

combined approach based on the analysis of both external and internal factors.

Territorial attractiveness of the company- a system of criteria for the geospatial position and development of the company that is beneficial for the investor: the macroeconomic position of the city or region where it is located in the national and international market economy, as well as the microgeographic position of the company within the city. When assessing the macroeconomic situation, the investor takes into account the general investment climate in the region. The micro-geographic position is assessed based on the indicators of the transport coefficient; coefficient of distance from the city center; land prices; coefficient of potential intensification of the company's territory.

Environmental attractiveness of the company determined on the basis of an assessment of environmental attractiveness:

the natural environment of the company;

production process;

manufactured products.

Social attractiveness of the company is a criterion for the competitiveness of a company, its prestige for employment, attractiveness for an investor. When analyzing the social climate, attention is paid to:

working conditions;

organization and remuneration of labor;

development of social infrastructure.

Investment attractiveness can be the object of purposeful management.

Figure 1. Methods for assessing the investment attractiveness of a company

Figure 2. Identification of the company as an investment object

If an enterprise needs to attract investments, the management should formulate a clear program of measures to increase investment attractiveness.

Almost any line of business nowadays is characterized by a high level of competition. To maintain their positions and achieve leadership, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, the moment comes periodically when the company's management realizes that further development is impossible without an inflow of investments. Attracting investment to a company gives it additional competitive advantages and is often a powerful growth vehicle.

The main and most general purpose of attracting investment is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds with competent management should be an increase in the value of the company and other indicators of its activities.

Separately, it is worth mentioning situations when, in the interests of the owners of the company, it is necessary to sell it at the highest possible cost. This intention arises, as a rule, when the owners strive to change the field of activity, having received, upon the sale of the business, sufficient funds for new investments. Activities aimed at achieving these goals are called presales and will also be discussed in this work.

There are the following main types of financing of an enterprise from external sources: investment in share capital, provision of borrowed funds.

Equity investment in a company (direct investment)

The main forms of attracting equity investments are:

investments of financial investors;

strategic investment.

Investments of financial investors are the acquisition by an external professional investor (group of investors), as a rule, a blocking, but not a controlling stake in a company in exchange for investments with the subsequent sale of this stake in 3-5 years (mainly venture and mutual funds) or placement of the company's shares on the securities market to a wide range of investors (in this case these can be companies of any direction of activity or individuals).

The investor in this case receives the main income by selling his block of shares (that is, by exiting the business).

In this regard, attracting investments from financial investors is advisable for the development of an enterprise: modernization or expansion of production, growth in sales, increasing the efficiency of activities, as a result of which the value of the company will increase and, accordingly, the capital invested by the investor.

Strategic investment is the acquisition by an investor of a large (up to a controlling) stake in a company. As a rule, strategic investment presupposes a long-term or permanent presence of the investor among the owners of the company. Often, the final stage of strategic investment is the acquisition of a company or its merger with the investing company.

The strategic investors are usually industry leaders and large business combinations. The main goal of a strategic investor is to improve the efficiency of their own business and gain access to new resources and technologies.

Investing in the form of provision of borrowed funds

The main instruments are loans (bank, trade), bond loans, leasing schemes. (Leasing schemes can be classified as investments in the form of borrowed funds with some reservations, since in essence leasing is a form of leasing property. be from several tens of thousands of dollars (loans) to tens of millions of dollars. Financing terms can also vary from several months to several years. With this form of financing, the main goal of the investor is to receive interest income on the invested capital at a given level of risk. That's why this group investors are interested in the further development of the enterprise from the point of view of its ability to fulfill obligations to pay interest and return the principal amount of the debt.

Thus, all investors can be divided into two groups: lenders interested in receiving current income in the form of interest, and business participants (owners of a share in a business) interested in receiving income from the growth of the company's value.

The investment attractiveness of an enterprise for each of the groups of investors is determined by the level of income that the investor can receive on the invested funds. The level of income, in turn, is determined by the level of risks of non-return of capital and non-receipt of income on capital. In accordance with these criteria, investors determine the investment requirements for enterprises. At the same time, it is obvious that the main requirement for investor-lenders is confirmation of the company's ability to fulfill its obligations to return capital and payment of interest, and for investors participating in business, confirmation of the ability to master investments and increase the value of the investor's shareholding.

An enterprise can take a number of measures to increase its investment attractiveness (better meet the requirements of investors). The main activities in this regard can be:

development of a long-term development strategy;

business planning;

legal expertise and bringing the documents of title in accordance with the legislation;

credit history creation;

carrying out measures for reforming (restructuring).

To determine which of the activities are necessary for an enterprise to increase its investment attractiveness, it is advisable to analyze the existing situation (diagnostics of the state of the enterprise). This analysis allows you to:

identify the strengths of the company;

identify risks and weak sides in the current state of the company, including from the point of view of the investor;

In the process of diagnostics, various directions (aspects) of the enterprise's activities are considered: sales, production, finance, management. The field of activity of the enterprise is highlighted, which is associated with the greatest risks and has the greatest number of weaknesses, measures are formed to improve the situation in the selected areas.

Separately, it is worth noting the legal due diligence of the enterprise - the investment object. The areas of expertise in assessing the investment attractiveness of an enterprise are:

ownership of land and other property;

the rights of shareholders and the powers of the management bodies of the enterprise, described in the constituent documents;

legal purity and correctness of accounting for the rights to securities companies.

Based on the results of the examination, discrepancies in these directions modern legal norms. Eliminating these inconsistencies is an extremely important step, since any investor attaches great importance to legal audit when analyzing an enterprise. So, for the lender, an important stage in the negotiation process with the enterprise is the confirmation of ownership of the property provided as collateral. For direct investors purchasing blocks of shares in an enterprise, the important point is the rights of shareholders and other aspects of corporate governance, which directly affect their ability to control the direction of spending the invested funds.

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a general development plan, which, as a rule, is developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and the functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. The strategy allows the enterprise to plan for shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the company's vision of its long-term prospects and the adequacy of the company's management to the operating conditions of the enterprise (both internal and external). In our practice, there were cases when the investor did not consider the local projects of the enterprise, despite their good financial performance, since the projects were not related to the general concept of the enterprise's development. However, if the strategy provided for the implementation of local projects and gave reason to consider their implementation expedient for the enterprise as a whole, the decision to finance the enterprise was made positive. Obviously, the presence of a clear strategy is of the greatest importance for investors interested in the long-term development of the enterprise, namely, those involved in business.

Having a long-term development strategy, the company proceeds to develop a business plan. In the business plan, all aspects of the activity are considered in detail and in detail, the volume of necessary investments and the financing scheme, the results of investments for the enterprise are justified. The cash flow plan calculated in the business plan allows you to assess the ability of the enterprise to return the borrowed funds to the investor from the group of lenders and pay interest. For investor-owners, a business plan is the basis for assessing the value of an enterprise and, accordingly, assessing the value of capital invested in an enterprise, and justifying its development potential. For example, one of the leading enterprises in the North-West working in the glass industry, in the process of working with a venture investor, developed a comprehensive business plan for its project. Despite the low value of the company's assets in comparison with the amount of required investments, the investor assessed the enterprise as attractive for investment, since the business plan substantiated the growth potential of the enterprise for the investor and the increase in the cost of capital.

For all groups of investors, the credit history of the enterprise is of great importance, since it allows one to judge the experience of the enterprise in the development of external investments and the fulfillment of obligations to creditors and investor-owners. In this regard, it is possible to carry out activities to create such a story. For example, an entity may issue and redeem a relatively small bond with a short maturity. After the loan is repaid, the enterprise in the eyes of investors will move to a qualitatively new level as a creditor capable of fulfilling its obligations in a timely manner. In the future, the enterprise will be able, on more favorable terms, to attract both borrowed funds in the form of the following bond issues, and direct investments.

One of the most difficult measures to increase the investment attractiveness of an enterprise is reforming (restructuring). The complete reform program includes a set of measures to comprehensively bring the company's activities in line with changing market conditions and the developed strategy for its development. Restructuring can be carried out in several directions.

Directions:

1. Reform of the share capital. This area includes measures to optimize the capital structure - splitting, consolidation of shares, all described in the Law on joint stock companies forms of reorganization of a joint stock company. The result of such actions is to increase the manageability of a company or group of companies.

2. Change organizational structure and management methods. This direction of reform is aimed at improving management processes that provide the main functions of an efficiently operating enterprise, and organizational structures of the enterprise, which must correspond to new management processes. Restructuring of enterprise management systems and organizational structure may include:

separation of some lines of business into separate legal entities, the formation of holdings, other forms of changes in the organizational structure;

finding and eliminating unnecessary links in management;

introduction of missing links into management processes and related organizational structures;

establishment of information flows in terms of management information;

carrying out other related activities.

3. Reforming assets. As part of the restructuring of assets, one can single out the restructuring of the property complex, the restructuring of long-term financial investments and restructuring of current assets. This direction of restructuring of an enterprise involves any change in the structure of its assets in connection with the sale of surplus, non-core assets and the acquisition of necessary assets, optimization of the composition of financial investments (short-term and long-term), inventories, and receivables.

4. Reforming production. This direction of restructuring is aimed at improving the production systems of enterprises. The goal in this case may be to increase the efficiency of production of goods, services; increasing their competitiveness, expanding the range or re-profiling. Restructuring of production may include the following activities:

withdrawal from production of unprofitable products, if at the same time there are no real investment projects for implementation to reduce costs, increase the competitiveness of products, etc.;

expansion of production and sales of profitable products;

development of new commercially promising products or services;

other activities.

Comprehensive restructuring of an enterprise includes a combination of measures related to several of the above areas.

In the process of increasing its investment attractiveness, one of the largest Russian jewelry enterprises carried out a comprehensive reform of its management system. The reform was a forced step for the company's management, since it was unable to attract investments in the required volume. As a result of the reform, the efficiency of the cost control system, budgeting, and control over the execution of plans has been increased. The result of the measures taken was an increase in the profitability of the activity and there appeared real grounds for the investor to consider the enterprise as capable of effectively mastering the investments.

Separately, it is worth mentioning the situation when the purpose of increasing investment attractiveness is the sale of an enterprise. This process is called pre-sale preparation and is aimed at increasing the investment attractiveness and at the same time increasing its value for potential buyers.

In general, pre-sale preparation involves the following activities:

Analysis of the industry in which the company operates, as well as the industries that are consumers and suppliers for it. The purpose of the analysis is to identify companies and associations that hold leading or close to leading positions. At the same time, information is monitored on the processes of consolidation, the facts of mergers and acquisitions in the analyzed industries.

Business valuation, identification of the main factors affecting the value. Determination of the key characteristics of the company that are attractive to target groups of investors. Depending on the specific situation, such characteristics can be: access to certain resources, new technologies, a developed distribution network, high potential profitability, subject to significant capital investments, etc.

Carrying out activities aimed at increasing the investment attractiveness of the company. At this stage, all of the above activities can be carried out, the required set and sequence of their implementation depend on the desired timing of preparing the enterprise for sale and the initial presence of investor interest in the enterprise.

Preparing an information memorandum to present the company to investors, placing press releases in information services, interacting with investment institutions operating in the M&A market and investors directly.

Negotiating with investors - potential buyers of the company and executing the transaction.

Thus, preparing an enterprise for attracting investment or for sale is a fairly well-defined, albeit complex process. An enterprise can form a program of measures to increase investment attractiveness, based on its individual characteristics and the current situation in the capital markets. The implementation of such a program makes it possible to accelerate the attraction of financial resources and reduce their cost. It should be noted that the possible measures described above do not require significant material costs, but the result of their implementation, in addition to the actual growth of investor interest in the company, is also an increase in the efficiency of its work.

The investment attractivenessAbstract >> Banking

The fourth stage is the assessment investment attractiveness companies. Investment attractiveness companies- integral characteristic of individual companies- objects of upcoming investment ...

In any kind of business, decisions on investing capital in a particular project are made in most cases not by some intuition or intuition, but on the basis of completely reasonable and logical conclusions.

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

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

This article will talk about both the very concept of the investment attractiveness of a company, and what ways to increase the investment attractiveness of an enterprise have been developed by modern business practice, and how all this can be used in real business.

In determining the investment attractiveness of a company, a multifactorial valuation model is based, which is based on several fundamental principles, presented in the diagram below:

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

1. Financial indicators. The financial and economic criteria for the investment attractiveness of an enterprise is the ability to generate a positive flow of liquidity within a given period of time. These include indicators such as:

• Liquidity- the demand for the company's assets in the market, for example, its shares or debt instruments
• Solvency- the level of sufficiency of the company's equity capital for the calculation of long-term or short-term borrowings
• Financial stability- the ability of the existing business model to withstand adverse changes in the market, for example, seasonal decline consumer demand for agricultural enterprises.
• Business activity- a set of measures taken by the company in order to stay on the market, marketing policy, tactics and strategy of dealing with competitors

1. Production potential. Management of the investment attractiveness of an enterprise is not possible without relying on modern technologies production and their constant updating. Here, factors such as:

• Investment policy directly related to the renewal of the means of production, constant monitoring of innovations in the economic sector and the use of the most advanced achievements in this area
• Improving the technologies themselves for using the means of production within the company, optimizing the use of intellectual and labor resources

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

• General ability of the company's management to make correct decisions in market conditions
• Relations with counterparties in the market, the practice of doing business with them
• The company's reputation in the market, the system of decision-making in the company in relation to customers and partners
• The brand of the company, the value of "goodwill" and the degree of trust both on the part of customers and, for example, creditors, counterparties or partners

1. Market stability. This group includes criteria for the investment attractiveness of an enterprise, which determine the ability of a business to occupy a certain market position in accordance with its development strategy. This could include metrics such as:

• Market environment - market situation, supply and demand factors, elasticity of demand for products, macroeconomic situation
• The life cycle of a company's product or service, how much demand will be in what the business produces in the long term.

It is natural to assume that the factors affecting the investment attractiveness of an enterprise are not limited only to those listed above. In many ways, everything depends on the market and on the type of business.

But in any case, the idea of ​​what moments have a primary impact on the formation of the investment attractiveness of an enterprise can help find the right ways to increase the investment attractiveness of enterprises.

Ways to increase the investment attractiveness of an enterprise

At the moment there are so many different types business, markets and types of governance, that it is not possible to offer a universal universal method that would definitely increase the attractiveness of a business for investors.

However, in order to have an idea of ​​the main directions of investment policy, several important concepts can be cited:

• the funds invested in the enterprise should bring it to a high-quality new level in terms of production volumes, technologies, product quality, etc .;
• quick return on investment is a relative concept, but for most investors working, for example, in emerging markets, it matters
• high liquidity of the company's assets - in this category of methods, it should be noted, first of all, such instruments as the quotation of shares on stock exchange, demand, or, for example, the cost of franchise agreements, etc .;
• the presence of conditions for the development of the enterprise - includes a wide range of measures of the company's investment policy, ranging from methods of internal corporate management and ending with public relations in the form of government agencies or public organizations.

Rating of enterprises by investment attractiveness

The rating assessment of the enterprise's activities is largely related to the general level of investment attractiveness of a country or region. This, of course, looks logically correct, since it is difficult to imagine that investors will invest money even in a very profitable business, for example, with no guaranteed property rights?

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

In addition to this, many investors, when making decisions about investing in a particular business, are monitored investment ratings whole countries, developed by many reputable international agencies or research companies. For example, the annual rating of investment attractiveness of countries according to the International Business Compass.

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

The last place in the rating of investment attractiveness is occupied by Sudan. The research website reports that the attractiveness of a country was determined by the level of its development and the combination of economic, political, legal and socio-cultural factors. The entire rating can be found at bdo-ibc.com.

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

A complex indicator characterizing the feasibility of investing in this particular enterprise.

Investment attractiveness depends on many factors such as the political, 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, personnel qualifications, financial performance, etc.

Currently, organizations use many tools to raise funds. The most common ways to attract investment this is:

1. Loans.
2. Attracting investments in the stock market: issuing bonds, conducting IPO and SPO.
3. Attracting a strategic investor.

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

Attraction of investments in the stock market and the search for a strategic investor require open reporting from the enterprise, control over financial flows, and business transparency. The higher the investment attractiveness of an 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 E.I.Krylov, V.M. Vlasov, M.G. Egorov, I.V. Zhuravkov. :

It " economic category, characterized by the efficiency of using the property of the enterprise, its solvency, financial stability, its ability to self-development based on increasing the return on capital, technical and economic level of production, quality and competitiveness of products. "

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

Financial type investor:

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

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

Strategic investor:

• seeks to obtain additional benefits for its main activity;
• strives for complete control, sometimes at the cost of the destruction of the company;
• actively participates in the management of the company;
• mainly seeks to invest in companies from related industries;
• takes part in investment, 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. Typically, a 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 conditionally divided into two groups: external and internal.

External factors- these are factors that do not depend on the results economic activity enterprises. These factors include:

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

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;
• the stage of development of the industry.

The analysis of these components is an important step in the 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 factors of production, financial condition industry, availability of innovation and degree of R&D.

The state of the 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 the internal factors:

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

Organizational structure of company management: the share of minority shareholders in the structure of the company's owners; degree of government influence on the company; degree of disclosure of financial and management information; share of the net profit of the paid-out companies in recent years.

The degree of innovativeness 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 a 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, audit agencies information about the enterprise in the media data stock market information from 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 reporting: financial statements internal financial reports internal management reports planning documents tax reporting statutory documents.

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

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

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

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

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

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

Literature:

1. Krylov E. I., Vlasova V. M., Egorova M. G., Zhuravkova I. V. Analysis of the financial condition and investment attractiveness of the enterprise: Textbook. manual for universities - M.: Finance and statistics, 2003.
2. Asaul A. N., Voinarenko M. P., Ponomareva N. A., Faltinsky R. A. Corporate securities as a tool for investment attractiveness of companies. - M.: ANO "IPEF", 2008.
3. Body Zvi, Kane Alex, Marcus Alan. Investment Principles: Per. from English - M .: Publishing House "Williams", 2002.
4. Endovitskiy D. A. Analysis of the investment attractiveness of the organization. - M .: Publishing house "KnoRus", 2010.

Author: Matveev T.N., PhD student at Moscow State Technical University

* Calculations use average data for Russia

What is investment attractiveness? What enterprise can be called investment-attractive, and in what properties is this expressed? The questions are not idle, but they are not “Newton's binomial”, of course.

Imagine two trays on the market. One sells diapers, the other sneakers, or two stalls selling "shawarma". Both trays are from a legal point of view - Limited Liability Companies. Which tray / stall is the most attractive from an investment point of view? The one who has a bigger "counter" or a more beautiful saleswoman? Nope.

From an investment point of view, the most attractive tray is the one that has the most profit! As a specialist in the field of investment consulting and appraisal, I somehow came across a consulting service in the vast Internet spaces that intrigued me extremely. What is this service? This is ... increasing the investment attractiveness of the enterprise. In some cases, this service sounds differently - management of the investment attractiveness of an enterprise.

Considering that in Russia they like to manage at least something, I would introduce another service that, in my opinion, is quite in demand - “mind control” or “mind control”. Why is that? Yes, because with the "rationality" in the field of "investment" we are not so smooth. I would also introduce a new specialty - investment psychotherapist! But, I was distracted.

These definitions are:

Investment attractiveness of the enterprise Is a system of economic relations between business entities regarding the effective development of business and maintaining its competitiveness. These relations are assessed by a set of indicators of the effectiveness of aspects of the enterprise's activities, which are divided into formal indicators calculated on the basis of data financial statements, and informal, which do not have a clear set of initial data and are assessed by experts.

Under investment attractiveness of the enterprise understand the level of satisfaction of financial, production, organizational and other requirements or interests of the investor in specific enterprise, which can be determined or assessed by the values ​​of the corresponding indicators, including the integration assessment.

Comrades scientists, associate professors with candidates!
You are tortured with X's, tangled in zeros,
Sit and decompose molecules into atoms

Forgetting that potatoes are decaying in the fields.

If we say “boyishly”, then in my understanding, “the investment attractiveness of an enterprise” is… this… This is when you look at the financial performance of an enterprise and you want to shout: “I want, I want, I want…”. In the sense of buying, of course.

Well, but if we turn to the regulatory (legislative) framework? It is not at all difficult to do this, and the Law on Investment Activity in the RSFSR No. 1488 will help us in this. The following is written there:

Investments are cash, target bank deposits, shares, stocks and other securities, technologies, machines, equipment, licenses, including for trademarks, loans, any other property or property rights, intellectual values ​​invested in objects of entrepreneurial and other activities in order to make a profit ( income) and achieve a positive social effect.

Investment activities is an investment, or investment, and a set of practical actions for the implementation of investments. Investment in the creation and reproduction of fixed assets is carried out in the form capital investments

There are situations when, in a particular business idea, a reasonable component remains somewhere behind the scenes and there are a lot of such cases in my practice. In my native Rostov-on-Don, for about 8 years, one of the inventors has been trying to sell a patent for a spoon for 1,000,000 euros or find investors to organize the production of spoons ... But something doesn't work out.

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

What will be the cost of the spoon (plus / minus bast shoes)?

What will be its selling price?

How many of his spinners can theoretically, hypothetically, fantastically buy a year in Russia?

And they have been looking for an investor for years, sometimes without even having a simple business plan in their hands. At the same time, they are trying with all their might, by hook or by crook, to tell their plans “on fingers” and eye to eye to the investor, so that no one “stole” their idea (God forbid)! They turn to banks, to "private investors", but ... for some reason they do not find understanding among those to whom they turn. The question is why?

There may be a lot of reasons for this, but I would like to focus on the main ones:

1. The enterprise is not attractive for investment

An investment-attractive company can be in the following cases:

• The invested funds or assets should bring the enterprise to a qualitatively different level in terms of production volumes (an increase in times), technologies, product quality, etc. That is, everything is according to the above definition. Therefore, it is clear that a detached shoemaker or grocery store is initially unattractive for a potential investor.

With a quick return on investment. In my opinion, the payback period for different types of business in the current economic conditions should be close to the following values ​​for: trade enterprises - from 1 to 2.5 years, service enterprises - from 1.5 to 3 years, manufacturing enterprises from 3 to 5 years, innovative business areas - from 1 to 3 years. At the same time, I will make a significant addition - all investments imply that they will not be used to purchase real estate objects. Otherwise, the timing should be adjusted upward.

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

Availability of opportunities for the development of the enterprise. The ability of the enterprise to develop in related areas, increasing sales volumes, product range, market share, etc. according to the principle: “today we make a diode, tomorrow transistors, the day after tomorrow microcircuits, etc.”.

The business idea is commercially highly controversial.

Thus, it turns out that business owners first of all need to honestly answer a fairly simple question: "is their enterprise attractive for investment or not?" Is their business idea commercially, technically, financially, organizationally feasible? Yes or no? At the same time, it is necessary to quite soberly look at your capabilities, impartially and critically. Illusions must be left out.

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

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One of the main questions that a budding entrepreneur should answer is: “Are you going to be engaged in“ business as business ”or“ business as self-employment ”?

The cost of developing a business plan for an investment project and the timing of its writing depend on many pricing factors, about which the potential customer sometimes does not even suspect.