For the development of any organization, capital from external sources is needed. are interested in making a profit and in increasing it. They take into account and try to avoid losses in all possible ways, and for this they evaluate the effectiveness of investing in an existing project.

Investment attractiveness of the enterprise

The investment attractiveness of an enterprise is a set of characteristics that show how efficiently it is to invest in the further development of the enterprise. The predominant indicator is the factor of obtaining a stable income over a long period.

Today, many firms are in fierce competition to obtain additional capital for the development of a future project. Basically, they invest in a project that is carefully designed, the investor can sensibly see the picture of income after implementation. Therefore, it is worth developing a report with financial indicators, where you can see the nuances.

Assessment of the investment attractiveness of an enterprise is carried out by calculating the economic state of the enterprise using financial indicators. These indicators include:

• liquidity - shows how quickly the company can turn its assets into cash in case of need;
• property status - reflects the share of circulating and non-circulating assets in the total property of the enterprise;
• business activity - the indicator characterizes all financial processes at the enterprise, on which, in turn, the profit of the enterprise depends;
• financial dependence - shows the dependence of the enterprise on external sources of financing and whether it is possible to operate without additional funds;
• profitability - reflects the efficiency of the enterprise using its financial capabilities.

It should be remembered that the assessment of investment attractiveness includes indicators, resource availability, product profitability, headcount, capacity utilization, depreciation of fixed assets, availability of fixed assets and production assets other.

Methods for assessing the investment attractiveness of an enterprise

Economists argue that there is no single method for determining the investment attractiveness of an enterprise. Each project requires an individual method with a subsequent analysis of investment attractiveness. Evaluation is possible by different methods, which are based on the use of suitable indicators and analyzed factors. This article contains comparative analysis different types of assessment.

How to attract investors

If the company needs additional funds, the management must take measures to increase the investment attractiveness of the company.

There is practically no organization that does not need additional external capital. As it is already known, investments help to grow production, increase competitive advantages over other enterprises, increase profits, introduce new technologies to improve production or. There are many advantages, but the main task lies in raising funds.

There are ways to attract a large number of, but this still does not speak about the effectiveness of attraction. The ideal option would be to sell one business to start a new and potentially effective business.

To begin with, you should sell the existing option at the highest possible cost. The development of the future project depends on the sale. As practice shows, such investors are people who want to invest their funds in a profitable business, some of them have vast experience behind them. In such a case, profit maximization is likely to be observed.

In cases of global capital shortages, you can resort to direct investment... In turn, this method is divided into:

• investments from financial investors;
• strategic type of investment.

The essence of the first consists in the possibility of an investor acquiring a small part of shares (but not a controlling stake) with the subsequent sale in 2-5 years; it is also possible to place shares on the securities market, where there is a large circle of investors.

The main income of the investor will consist in the sale of shares, and in turn, the investment attractiveness of the organization will grow. This option will suit both the investor and the manager.

Strategic investment is based on the acquisition by the investor of a large block of shares for a long time, where the investor becomes one of the owners of the company. The main goal of a strategic investor is to buy a ready-made company or to merge with his company. This option saves in crisis situations but this takes away the owner's authority and the firm becomes financially dependent on other sources of funding.

Investing in the form of borrowed funds

The company does not want outsiders to interfere in its management, then in such a case there are bank loans, leasing, borrowing money from legal entities and individuals.

Such an investment policy of an enterprise is expressed by the example modern development business, when entrepreneurs have a unique mindset, but do not have money. In such cases, they resort to a bank loan. In European countries, you can get a loan for business development on minimum interest, but we, on the contrary, overestimate the interest rate.

Investor financing terms range from one month to many years. In any case, the investor is interested in receiving interest from the use of his capital. The option is attractive, provided to many organizations, but still the lender requires the fulfillment of obligations to pay interest and the principal amount of the debt.

To increase the investment attractiveness of an enterprise, a number of measures can be taken:

• any enterprise that seeks to develop, first of all, is long-term strategies that can be guided in the future;
• it is imperatively required, where the goals and methods of achieving profit maximization will be clearly expressed;
• be present with the documentation on the conduct of a legal examination in accordance with legislative norms;
• the firm must create a credit history for itself (this is very easy to do by applying small loan in banking institutions and return it in a short period of time);
• putting in order the documents on the ownership of certain land plots and the company as a whole;
• make sure that the rights of shareholders and the powers of owners are spelled out in the statutory documents of the enterprise;

After defining and collecting the entire package of documents, it is worth paying great attention to the production process of the organization. Better to cope with this management personnel - chief technologist, engineer, sales manager, economist-analyst, HR manager. They are required to identify the strengths and weaknesses that prevent the enterprise from developing rationally, to identify and eliminate bottlenecks. It is necessary to carefully work with risks, to determine the level of their threat, to find ways to mitigate or eliminate them altogether.

Upon completion of all activities, it is required to show the investor that the enterprise has ways to improve the functioning of the enterprise.

In conclusion, we can say that the investment attractiveness of an enterprise depends on sound management. In order for capital, you need to make every effort.

The transition to market relations and the associated shortage of their own investment resources necessitate 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 an investor is the investment attractiveness of a particular business entity.

The study of investment attractiveness at the micro level is the subject of the works of such authors as W.F. Sharp, I.A. Blank, M.N. Kreinin, L.S. Valinurov, 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 diminishing the importance of the existing research results, it should be noted that many issues of generating, transforming, evaluating and managing investment cash flows arising in the process of attracting investments by an enterprise remain insufficiently developed.

Description of existing approaches to the category of "investment attractiveness of the enterprise"

The very concept of 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 profitability, as well as subjective preferences. At the same time, no explicit definition of this term is given in the foreign literature.

Russian and Ukrainian researchers define the meaning of a given economic category in different ways, assigning to it a set of certain characteristics. So, at the initial stages of the transition to the market, the so-called traditional approach to the studied category, 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- expediency of investing free funds in it ”. A similar opinion is expressed by T.N. Matveev. Investment attractiveness, from his point of view, is "a complex indicator characterizing the feasibility 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 characterize the enterprise's effective demand for investment." It should be noted that such interpretations are very broad, however, in our opinion, their negative side is blurring and abstractness.

A more complete and reasonable definition is given by E.I. Krylov, V.M. Vlasova, M.G. Egorov, I.V. Zhuravkov. 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 paid dividends" and note its dependence on the competitiveness of products, the customer focus of the enterprise, which is expressed in the fullest satisfaction of consumers' demands, 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 design organizations and for economic entities that issue 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 by both the stock and fundamental indicators of the economic entity and the economy of the industry, the region and the country as a whole, and allowing a potential investor with a high probability to rely on the efficiency of investments in the chosen investment strategy ".

According to A.V. Pajusov. "Under financial and investment attractiveness of a business entity it is necessary to understand not only the quantitative indicators of its activities, prompting potential investors to invest in the investment project of the company, 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. is considering investment attractiveness how " comprehensive characterization enterprises - 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 that attracts investment and the prospects for its development. 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 real economic effect- growth of the market value of the enterprise ”. According to N.A. Zaitseva, "investment attractiveness is characterized by the state of the object, its further development, prospects for profitability and growth." In the definition given by N.V. Smirnova, “investment attractiveness is an assessment of the objective possibilities of the state of an object and investment directions, which is formed during the preparation of an investor’s decision-making”. ... However, the systemic interaction of an enterprise that attracts investment 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 an enterprise with the attractiveness of its securities;
• consideration of the investment attractiveness of an enterprise as a derivative of its financial condition;
• presentation of the investment attractiveness of an 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 the important aspects that determine the essence of the category under study. So, the existing approaches do not reflect the aspects of interaction between investors and recipient enterprises, as well as their possibilities for the further use of investment resources, since a significant part of researchers is considering 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 expedient and even necessary in order to further improve the methodological support for assessing investment attractiveness to more fully reveal the economic essence of this category. To do this, we will consider the content of the basic categories that form the systemic basis of external investment in the enterprise's activities: investor, recipient of investments, investment object, investment attraction tool, method of external investment in an enterprise.

Critical analysis and adjustment of the basic categories of external investment

According to the Law of the Republic of Belarus on July 12, 2013 No. 53-З "On Investments", an investor is any person (legal or natural) making investments in the territory of the Republic of Belarus. According to the Law of the Republic of Belarus on March 12, 1992 No. 1512-XII "On Securities and Stock Exchanges", an investor is an individual or entity holding 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 a business) interested in receiving income from the growth of the company's value”. At the same time, in economic practice, it is generally accepted to divide the 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 management or gain control over a company. A portfolio investor is an investor interested in maximizing profits directly from securities, rather than in control over the enterprise.

Based on the foregoing, the classification of investors depending on the conditions for the provision of 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 aforementioned 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 presence of a separate regulatory legal regulation, it is advisable not to exclude from consideration among potential investors providing investment resources to recipient enterprises.

The classification of investors according to this criterion 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 an enterprise is rarely used in economic literature and practice. Its etymology comes from the field of international investment, where it is generally accepted differentiation into countries - donors and countries - recipients of foreign direct investment..

Ershova I.V. and Bolotin A.The. give the following definition of the recipient of investments in relation to the enterprise - "a legal entity or individual (or their associations), which is the recipient of investment resources." At the same time, the authors note that "the recipient does not necessarily direct the received investment resources for the actual investment purposes" secondary market... Thus, according to the authors, in the event of a purchase of shares in an enterprise from an existing shareholder, the latter will be the recipient of investments. However, the company-issuer of shares as a result of such a transaction will not attract investment resources.

All this leads to the conclusion that the term "recipient of investments" is more correct to apply in relation to an enterprise acting as an object for assessing investment attractiveness, if there is a possibility of actually attracting investment resources (cash or property contributions).

The economic content of the category “investment object” is also ambiguously interpreted. Ershova I.V. and Bolotin A.The. define the investment object 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 understanding, the economic content of this category coincides with the economic content of the category "investment object", which is 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 company will be a financial asset and, accordingly, an investment object. Returning to the example given earlier, for the 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 assessment and certify certain rights.

In our opinion, the presented definition of the investment object 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 – it is potential financial asset 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.The. offer a definition and investment instrument: “a complex of financial and economic objects that ensure the transition of investment resources from the investor to the recipient of investments, accompanied by the definition and legal consolidation of such rights and obligations of the 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 there is often a confusion of the concepts of "investment object", "investment instrument", " financial instrument". In addition, in the above definition, clarification requires a "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 way registration of financial and legal relations with an investor, used to attract long-term funds and (or) property contributions.

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

Specific instruments for attracting investments, depending on the organizational and legal form of carrying out 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 one or another investment attraction tool determines the content of the corresponding ways of external investment in an enterprise, which are based on empirical information about 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 methods of external investment in an enterprise

The result of applying the methods of external investment, presented in the left part 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 in any way affect the amount of 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 to a greater extent meet the investor's expectations.

Based on the above, we can formulate condition for harmonizing the financial interests of the investor and the recipient enterprise: the 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 investment attraction instruments, the free funds, 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 comprehension and systematization of existing approaches to the basic categories that form the systemic basis of external investment in the activities of an enterprise, a critical analysis of empirical information about investment methods, we consider the following definition expedient 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 the recipient of investments.

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

With the direct financial participation of the investor in the activities of the recipient enterprise, the role of transformation factors increases significantly, which emphasizes the relevance of developing a methodology for the dynamic assessment of the investment attractiveness of enterprises, which will assess 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 economic essence basic categories that form the systemic basis of external investment in the activities of an enterprise: investment object, investment attraction tool, recipient enterprise. This made it possible to differentiate the methods of external investment depending on the possibility of forming investment resources at the recipient enterprise and, on the basis of this, for the first time to formulate the 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 improving the methodological support for assessing investment attractiveness, taking into account the financial interests of investors and recipient enterprises.

* Calculations are based on 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 larger “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, people like to control at least something, I would introduce one more 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.

Let's try to figure out what is the essence of this activity?What is an increase in investment attractiveness?I confess that several definitions I have found do not quite adequately answer the question.

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 performance indicators of aspects of the enterprise's activities, which are divided into formal indicators calculated on the basis of financial reporting data, and informal ones that do not have a clear set of initial data and are evaluated by an expert.

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

You just read this and "all at once" becomes clear! Only after reading the song of V. Vysotsky, written back in 1972, "Comrades Scientists", involuntarily comes to mind:

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.

It feels like the song was written just yesterday, and little has changed in academic science, especially in its economic field. Therefore, let's try to figure out what the “investment attractiveness” of an enterprise is through simple, but logical, correctly built thinking.

If we say “boyishly”, then in my understanding, “the investment attractiveness of an enterprise” is ... this is ... 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 monetary funds, targeted bank deposits, shares, shares and other securities, technologies, machines, equipment, licenses, including for trademarks, loans, any other property or property rights, intellectual values ​​invested in business and other activities in order to generate 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

Based on these definitions, it can be assumed 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" and skillfully dispose of them. Arrange in such a way as to obtain a qualitative (or quantitative) leap in the quality of manufactured products, production volumes, increase in market share, etc. after the implementation of the investment project. What ultimately affects the main economic indicator commercial enterprise - net profit.

Perhaps this definition is not entirely scientific, but it becomes clear that not all enterprises can arouse "commercial or other interest" from a potential investor. And even more so, not everyone is able to “skillfully dispose” of investments. No, in the sense of “spending” money, everyone can, but not everyone can “skillfully dispose of” ...

Answering the previously formulated question about increasing investment attractiveness, it can be assumed that "managing investment attractiveness" is a series of sequential actions aimed at increasing the profitability of a business and increasing its so-called liquidity. But, at the moment, Russian business is such that there is no queue for you either from potential buyers or from potential investors. This is the bitter (sour) truth of life!

However, most business owners or start-up entrepreneurs think differently. For some reason they naively believe that if they have conceived something “global” or not very global (in their understanding), then the investor simply has no other options how to make a step towards them.

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 new 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. Otherwise, the timing should be adjusted upward.

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

Availability of opportunities for the development of the enterprise. The ability of an 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.

2. Poor financial condition. Despite the presence of certain assets, the financial condition of the enterprise is in a deplorable state, leading experts have long fled. There are those who have nowhere to run. A kind of legal half-corpse with worn-out management and technological equipment, but with claims for millions of investments, faith in oneself and "abroad that will help us", although abroad, they have already said their word ...

3. Limited market. The market in which the company operates is limited (locally, legislatively, etc.) and there are no opportunities for its growth. Or it is simply not interesting in terms of capacity and profitability.

4. Other reasons

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 a significant profit.

If "no", then there is no need to fool the investors' heads with rainbow projects that look more like "business fiction". Alas, utopian ideas are rarely financed! In this case, the search for investors will be more like some kind of manic behavior when a particular individual replicates his investment illusions into the outside world.

1,316 people are studying this business today.

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

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 that a potential customer sometimes does not even suspect.

Investors in the market are different: international, foreign, domestic, intracorporate. And the level of investment also differs in scale and focus. Let's imagine the image of a professional direct investor, for example, a foreign one. The investor possesses assets and intends to invest them profitably. He carefully studied the investment climate of our country, regions and industries in which he has a certain experience of management and success. Finally, the direct investor sees in front of him a list of companies that interest him. In other words, the investment attractiveness of the company. How to perceive, evaluate and use it? We will devote this article to these questions.

Relationship between life cycle stages and company attractiveness

The investment attractiveness of an enterprise is indeed an important step in the activities of professional investors interested in effective investments. The attractiveness of a company as an investment object is the result of a complex of diagnostic and assessment activities carried out after the selection of companies to the long list of industry interests of analysts. Each investor asks the question of what criteria of investment attractiveness he should apply in order not to be mistaken with the choice of an object. And first of all, you should pay attention to the current stage of the company's life cycle as a diagnostic criterion.

A well-known authority on the theory of the life cycle (LC) of a corporation, Dr. Yitzhak Calderon Adizes observes two large phases in the life cycle: growth and aging. We are more interested in such stages as "courtship-birth", "infancy-childhood", "adolescence", "early flowering" and "late flowering" in the growth phase. Aging stages "decline", "aristocracy", etc. interest to a much lesser extent, since investment in this phase is already less attractive, unless the stages of “decline” or “aristocracy” precede the beginning of a new, more powerful cycle with the accompanying organizational and technological re-equipment of the business.

Life cycle stages according to I.K. Adizes

Any of the stages of the growth phase can be a subject for thinking about possible investments, however, the stages “Come on”, “Youth” and “Flourish” are still preferred. The stage "Infancy" is a very risky investment, since it is not yet clear how events will develop. At the stage of stabilization, the investor must make sure that the enterprise will provide high rates production and sales of products while maintaining high margins of the main group of products and services.

How do you determine the current stage of a company's life cycle? There are various techniques for this. First of all, it is necessary to collect the performance indicators of the enterprise, preferably for the last five years with a quarterly breakdown and analyze their dynamics according to the following analytical sections:

• the volume of product sales;
• balance asset currency;
• the size of the company's equity capital;
• the size of EBIT, EBITDA, net retained earnings.

Assessment of business attractiveness by SOFIA and life cycle stages

Analysis of the investment attractiveness of an organization based on the life cycle factor, it is advisable to start with a financial analytical study using the SOFIA method. The method involves the study of the ways of making the main financial decisions in the company. Assessment of strategic decision making (or “S” type decisions) includes activities that simultaneously represent methods for assessing investment attractiveness. They include the following analytic snapshots.

1. Economic value added EVA. If the EVA value systematically demonstrates a positive trend, this means that the market value of the company increases over book value net assets. Consequently, the investment attractiveness of the company is high.
2. The market value of the company, determined using one of the available methods. The investor prefers the income method (from the point of view of the possible sale of the business) and the valuation by analogy.
3. Models of sustainable growth (development) BCG. This method involves the analysis of the correspondence between the identities of the growth rates and growth of revenue, profit, assets, equity capital and debts of the enterprise. The most pronounced and synchronous dynamics of indicators is characteristic of the stages "Youth" and "Early flowering", which makes them especially attractive for investment.
4. Financial strategic models matrices. The chosen financial strategy of the company serves as an indirect indicator to the investor on the formed trend, how successfully the direction has been chosen in the two-factor matrix of the results of economic and financial activity. The zone of success means the direction towards the creation of liquid funds, and the zone of deficits means their consumption.
5. Dupont model. This analytical model is over a hundred years old. Distinguish between two-factor and three-factor Du Pont models. They are based on a detailed analysis of the company's return on assets.

Investment attractiveness factors are present not only in the chosen financial strategy of the company. The current system of operational financial planning (decisions of the "O" type) is of no small importance. The area of ​​regular management in the field of finance is equally important for an investor who thinks about a business for investment. We understand it as a system of budgetary management and a system of rationing.

Assessment of the investment attractiveness of an enterprise is based on an analysis of a set of existing policies in the field of accounting, cost management, working capital and accounts receivable(decisions of type "F"), investment policy of the enterprise (decisions of type "I"). The actual level of development of analytical technologies in financial sphere also serves as a certain "beacon" of investment security (type "A" solutions).

The existing architecture of the financial management of the company according to the SOFIA method allows you to determine the life cycle stage and obtain complete information on the profitability and prospects of investments. In addition to financial aspect To understand the moment of development of the company, it is also useful to diagnose organizational behavior at the enterprise. The relationship between the types of management practices and stages of the life cycle is presented below in tabular form.

Diagnostics of the life cycle stage through the types of management practices in the company

Focused financial analysis to assess attractiveness

The investment attractiveness of a business object is assessed in the course of several iterations from different points of view. It is necessary to understand to both parties of the negotiation assessment process that only a certain openness is provided if the condition information security can lead to mutual fundraising success. The investor must prove to the owners and management of the company that, acting in their own business interests, does not pose a competitive threat. The company investor must realize that the key aspects of the results of operations and the management system will need to be discovered.

Indicators of profitability, liquidity, financial sustainability, asset turnover serve as the basis for a focused analysis of an enterprise as a potential investment object. Based on these indicators, the investment attractiveness of the enterprise is assessed from the standpoint of investment opportunities for investments in fixed assets or portfolio investments. Further, the composition of indicators used in the analysis is presented, summarized in three groups.

Summary table of indicators for analyzing investment attractiveness

An analysis of the investment attractiveness of an enterprise can be carried out by comparing the calculated values ​​with the standard (normative) level of the indicator on average for the industry, with the level of the previous reporting periods of the given company and with the found values ​​of the leading in the industry and on the territory of competing players. The analysis will require the results of competitive intelligence, information from central and regional offices Rosstat (based on average industry indicators) and reporting forms past periods for the enterprise.

The investment attractiveness of the enterprise according to the first group of indicators allows the investment analyst to determine the potential of the investor's protection from the requirements of external obligations, thanks to the resources of his own funds. The second group shows the company's ability to cover short liabilities due to its short and liquid asset base. At the same time, the overall coverage ratio is optimal within the value of the indicator 2-2.5, and the intermediate coefficient is at the level of 0.8.

The most liquid part of assets is cash. Given this circumstance, the coefficient absolute liquidity are of particular importance to both investors and suppliers. The most favorable option is considered when this indicator exceeds 0.5, and its optimal value is 0.25. Different types of profitability serve as a separate analytical block for assessing the attractiveness of a company. The guideline values ​​vary greatly by industry, depend on seasonality and, as already noted, on the life cycle stage.

Influence of the level of management on the degree of investment attractiveness

Quite often, a potential investor is interested not only in the level of the company as a whole. Investment analysts may also be interested in the investment attractiveness of the project as a local investment problem. In the previous sections, financial analysis was emphasized as a key tool in the selection of objects for capital investments. This is really the most effective way to solve the search and selection problem. The figures, provided they are open and reliable, provide direct access to the forecast of investment success.

However, financial analytics must be confirmed by indirect methods and methods, without which the assessment of the investment attractiveness of an enterprise and local projects is not entirely complete. In addition to the above diagnostics of organizational behavior in the company, it is advisable to clarify the type of current organizational culture. It, to one degree or another, indicates the life cycle stage and the level of management development in the company, reflects the current management paradigm.

The reliability and competitiveness of the company as an investment object is confirmed by the level of development of management systems based on quality management. ISO standards of various series, starting from 9000, are considered in many countries as one of the most effective indirect assessment tools. The very fact of certification according to quality standards increases the attractiveness of the company in terms of investment opportunities due to:

• a transparent and prescribed model of regulated business processes in the company, which gives the investor support in the subsequent control of procedural well-being;
• introducing electronic forms documentation support of management;
• getting access to international markets based on clear and generally accepted procedures and standards;
• understandable language and format of intracorporate communications, plans and reports accepted by both company employees and investor representatives;
• production costs, which receive an optimization perspective together with process optimization procedures through functional cost analysis and reengineering of business processes.

As a summary

V investment process there are at least two sides at work. One party giving money for capital investments is called an investor and expects a corresponding return. The second party initiates an investment project, it needs to be backed up with funds if its own capital is not enough. She is called the initiator of attracting an investor. Not only must both parties find each other somehow, mutual choice is highly desirable in a win-win disposition. Unfortunately national fun Russian business consists in performing rituals that lead to losses.

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

1. Initially, the companies-initiators do not want, and only then “do not know how” to be transparent for potential investors.
2. Regulatory governance is often truly shell, imitation and formal, including TQM and ISO certifications.
3. Investors need to learn to convince, analyze and evaluate the investment potential of truly attractive businesses.

Sometimes it seems that the investment attractiveness of an enterprise, as well as the composition of the true values ​​of the fundamental indicators of its activities, are hidden not only from the eyes of investors, but also from the business owners themselves. It is high time that double standards in the economy were put in place. The most interesting thing is that monopolies and oligopolies as subjects also suffer from the fact that medium and small businesses are shackled by the dregs of tax maneuvering. This is as much a matter of state sovereignty as national security. For some reason, it is believed that the breaking of the foundation will take place, and the quality and volume of investments in the real sector will acquire new strength.

Investment attractiveness- this is an integral characteristic of the industry (enterprise, project) from the standpoint of development prospects, investment returns 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. There is still heated debate among researchers in this area of ​​financial analysis 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. Techniques based on the analysis of external information about the company (the so-called market approach). They assess exclusively 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 company.

2. Techniques based on the analysis of inside 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 accounting records.

3. Techniques 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 metric often used by stock market analysts and investment managers.

1. Market approach to the analysis of the investment attractiveness of enterprises, as a rule, relies on the following indicators.

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

, (105)

where Р 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 had a share price of $ 2 at the beginning of the year and $ 2.2 at the end of the year, and dividends paid during the year were $ 0.2, then the company's TSR would be: investments in shares of ABC company amounted to 20% per annum. But how to determine whether it is a lot or a 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 investments in shares of ABC is not very high. Conversely, with an average TSR of 10%, an investment in ABC shares will be considered quite attractive.

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

CG shows the percentage of growth over the period. While stock gains may seem like "unrealized" gains, this "unrealized" gains can always be turned into real money by selling the stock at a higher price.

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

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

At first. TSR is a relative indicator that shows the percentage of return on investment, and not the amount of return, Therefore, using TSR in certain situations can lead to poor decisions.

Which 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 the TSR point of view, the first option is more preferable.

Second, TSR does not take into account the inherent risk of each investment. For example, one company took a high risk to generate more income, while another company took less income, but it was also less risky. In this case, it is difficult to say which company was more efficient. The answer to this question depends on the willingness of a particular investor to take a certain risk to obtain the desired return on investment.

Third, the TSR value largely depends on which reference point is selected. The lower the initial share price, the higher the TSR value.

1.2. Market value added (MVA)... This indicator is calculated as follows:

MVA = market value of the company - used capital of the company

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

Thus, MVA is the difference between the market value of the company (share price multiplied by the number of shares) and the value of the capital used (share capital plus long-term debt). At the same time, the capital used represents the investments attracted by the company, and 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 components of the equation will decrease by the same amount of dividends paid.

MVA, on the one hand, forces managers to strive to increase the market capitalization of the company, and on the other hand, managers are forced to also monitor the amount of share capital (i.e., monitor the funds invested in the company). At the same time, the use of this indicator is difficult for the following reasons:

In accordance with modern accounting rules, many of the company's intangible assets remain unaccounted for or are accounted for at unrealistic value. Among such assets are trademarks, licenses, the name of the company, its reputation, the availability of a highly qualified workforce, etc. At the same time, the market capitalization of a company 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 (purchase price). At the same time, if an asset was acquired several years ago, then its historical value may not coincide with its current value;

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

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 the two is as follows:

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

2. Attraction borrowed money increases the risk of failure by the company to fulfill its obligations, which can lead to insolvency and the threat of bankruptcy.

3. The interest on the loan is paid from taxable profit and thereby reduces the taxable base. Dividends are paid to owners from net profit, after all resources have been paid, the cost of which, according to the legislation, cannot be attributed to the cost of goods (services), and the investment needs of the company have been satisfied. Therefore, attracting loans, as a rule, is cheaper for an enterprise than financing from its own funds.

Thus, the use of borrowed capital increases the cash flow and at the same time increases the investment risk. The use of various sources of financing should be taken into account when determining the cost of capital for 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 weighing 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 capital (the rate of return required by shareholders), D is the amount of debt, E is the amount of equity, t is the income tax rate.

For example, you should determine the interest rate for an investment project. The ABC enterprise spends 2,040 thousand rubles on the project. own funds and 21,060 thousand rubles. takes on credit at 15% per annum. The income tax rate is 30%, the return on equity for the previous year was 8%. Let's apply 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 a company, taking into account the risks inherent in this type of business. It is also used for management analysis when managers decide to invest in new activities or. to new projects. Only those projects are accepted that provide a higher return than the cost of capital.

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

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

2.1. Net assets value (NAV)... The balance sheet of the company is used to calculate NAV. Some investors may consider this financial statement as the starting point for analyzing the value of the company. The company's net assets are calculated by reducing the company's assets by the amount of its liabilities. The reliability 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 (brands, highly skilled labor, etc.);

Assets are often recorded at historical (purchase) rather than fair value.

2.2. Company cash flows... This approach to assessing the value of a company uses the information contained in another accounting statement - the statement of cash flows. Here the main indicator is the amount of funds received by the company from operating activities (cash flow from operations, CFFO). Some analysts also use a metric such as "company free cash", which is CFFO minus acquisition costs and overhaul fixed assets.

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

The cash flows generated by the company appear to be a more objective indicator of the company's performance compared to the profit for the following reasons:

It is believed that cash flow values ​​are more difficult to distort (as opposed to profits), although there is scope for cash flow manipulation;

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

2.3. Net profit... As a rule, analysts use net profit to assess the company's performance in the form of a coefficient Earnings per share (EPS)... This coefficient gives useful information for owners of stakes in various companies, as it shows what part of the company's profits comes from their stake. Sometimes, earnings provide a more complete picture of a company's operations than cash flows.

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

Suppose that ABC made a profit before taxes and interest of $ 250,000 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 profit before tax and interest was used in this example, since the capital involved is usually made up of debt and equity. However, if net income is used, then the borrowed capital must be excluded from the capital employed, and the cost of equity (return on equity) must be used instead of the WACC.

The use of the residual profit indicator is fraught with certain problems:

Profit and capital employed may be deliberately skewed,

Equity involved may be underestimated if assets are carried at historical cost;

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

2.5. Accounted rate of return (ARR)... This indicator is similar in its economic content and calculation methodology with a static indicator of return on investment for a separate investment project. In calculating the ARR, the profit is divided by the capital employed, and the resulting percentage is compared with the percentage of the company's cost of capital.

So, for the ABC company

The problems with using ARR are identical to those with residual income.

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

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

For example, if ABC shares are $ 15 per share and EPS is $ 3, then

PER shows the payback period of an investment 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 costs of acquiring shares will be recouped within 5 years. Of course, there is a certain degree of conventionality in this reasoning, 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 company's projected earnings per share are multiplied by the current PER.

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

The above calculations are based on the assumption that the current PER will remain unchanged for the next year. But if there is reason to assume the opposite, then the calculations can be changed as follows.

Let's say the PER for ABC. of 5 is not in line with the industry average of 6. If the company's PER is expected to catch up with the industry average, then the target price for the shares will no longer be $ 20, but $ 24.

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

If the PER of a company is below the industry average (as 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 main indicators, or that the company is undervalued by the market and, therefore, is a good target for investing.

If the PER of a company is higher than the industry average, then the explanations for this may be as follows: in terms of its main indicators, the company is ahead of the rest of the industry, or it is overvalued and, therefore, investments in the shares of such a company will not bring a lot of income.

The advantages of using the described indicator include the following:

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

Information about the company's share price 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 estimate the value of companies. To do this, the net profit of such a company is multiplied by the PER value of similar companies with market quotations.

Among the disadvantages of PER are the following:

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

Typically, companies publish their performance information once a year - several months after the reporting date. This may lead to the fact that the PER, calculated on last year's data, will become obsolete during the next reporting period and will not take into account the latest changes in the company's financial position;

PER cannot be applied to loss-making companies.

3.2. Market capitalization to revenue ratio (price / sales ratio, PSR) This ratio is a modification of the PER and is calculated as the ratio of the company's market capitalization to revenue for 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. Enterprise value (EV)... Recently, for analysis, company stock prices are increasingly using company value instead of market capitalization. This is due to the increased role of borrowed capital as a source of financing for companies' activities, which leads to the incomparability of companies with the same operating performance, but with different levels of debt. Therefore, indicators calculated using market capitalization as the basis for evaluating a company (PER, PSR, etc.) do not allow the price of a company's shares to be estimated based on the share price of another company or a group of comparable companies. To obtain comparable values ​​for the indicators described above, the value of the company value is used, calculated as the sum of the market capitalization of common and preferred shares and the market value of the company's debt.

It is easy to see that out of the large number of existing methods for analyzing investment performance, it is difficult to choose one universal one that is suitable for all companies. Each of the described techniques has certain advantages and disadvantages. When choosing a particular 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 using several criteria.

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

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

Product attractiveness;

Personnel attractiveness;

Innovative attractiveness;

Financial attractiveness;

Territorial attractiveness;

Environmental attractiveness;

Social attractiveness.

Product attractiveness enterprises for any investor - this is its competitiveness in the market. Competitiveness of products is also a multidimensional term of indicators, factors, prerequisites and final criteria. Below are the most significant ones.

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 for the products of the enterprise, its correlation with the prices of competitors and prices for substitute goods.

Product diversification level shows the system of coefficients reflecting the versatility of the company . A potential investor is interested in which of the types of manufactured products is in the greatest demand on the market, what is the profitability of the manufactured products. Therefore, the level of diversification of products is referred to among 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 products sold(demand).

When assessing the investment attractiveness of an enterprise's products, it is also necessary to list the range of products manufactured: 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 that reflects the scale of the enterprise.

Personnel attractiveness an enterprise is characterized by three components;

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 largely on the quality of the management team. This is because the experience and skills of key managers significantly affect on long-term development of any company. But for this reason, investors and lenders pay great attention to studying the capabilities of individual managers to successfully work 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 leaders, investors pay attention to:

Key managers;

Board of Directors;

Supervisory Board;

Consultants and other professionals.

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

Key managers playing a role in investor representation , include:

Decision-making managers - president, directors, heads of departments;

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

Development managers, etc.

It is important for investors that the board of directors provides for a place for a potential investor, since they are usually interested in having control over management and influencing the strategic development of the company.

There are times 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 create a supervisory board, which has little or no legal power, but can provide significant assistance in the development of the company.

There is a misconception regarding consultants that they are only needed large companies... 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 the company's staff. The use of consultants can significantly improve the company's image in the eyes of potential investors.

Generalizing criterion for investment attractiveness personnel core of the enterprise is the proportion of highly qualified 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.

Quality of staff renewal in general can be expressed by the refresh rate of the frames. This indicator reflects quantitative trends in the change in the staff.

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

When assessing innovative attractiveness, investors, as a rule, , take into account the presence of:

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

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

Consistent policy of using accumulation funds at the enterprise.

For a direct assessment of innovative attractiveness, you need:

1. Selection of a system of indicators directly or indirectly characterizing 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. Selection of a general criterion for express analysis. The following systems of indicators of the innovative attractiveness of an enterprise can be proposed:

a) 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 value of fixed assets . When comparing the investment potential of several enterprises, a comparative table is drawn up, 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 using fixed assets;

c) sources of technical renewal of production;

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

Financial attractiveness acts as the 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 discussed by us above.

Territorial attractiveness of the enterprise is a system of criteria for a geospatial position and development of an enterprise that is beneficial 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 micro-geographic location of the enterprise within the city.

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

Social and political stability;

Prospects for the development of the economic region;

The level of infrastructure development in the region;

The development of the system of incentives for the investor (organization of licenses, tax preferences, municipal preferences, etc.)

The micro-geographic 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 distance from the city center characterizes the proximity (remoteness) of the enterprise from the city center, where the institutions are concentrated local authorities, various serving commercial organizations most developed communal services and a network of trade and social-cultural services;

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

The coefficient of potential intensification of the territory of the enterprise is 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 when organizing new industries;

The share of transportation, procurement and sales 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 supplies, 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 manufactured products;

Environmental attractiveness of the products manufactured at the enterprise.

All components of environmental attractiveness are governed by legal regulations and standards. Environmental standards define the permissible level of its contamination (for example, maximum permissible emissions). Product standards characterize the limit levels of the content of harmful substances in manufactured products. Technological standards are environmental specifications for technical means, equipment, technological processes, etc.

To one degree or another, environmental attractiveness affects other components of investment attractiveness.

On the attractiveness of products - the quality of products according to environmental standards affects the volume of their sales.

To innovative attractiveness - through the level of nature conservation of 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 living conditions of workers in the adjacent neighborhoods.

Social attractiveness of the enterprise 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 the investor. When analyzing the social climate at an enterprise, attention is paid to such characteristics as:

Working conditions

Organization and remuneration

Development of social infrastructure.

The analysis takes into account social investment indicators, which are based on monitoring deviations from standard or benchmark 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 indicators for the industry or for related subsectors. Salary intensity is defined as the share of the wages fund in the value of marketable products;

Deviation of the average wage 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 created equal. Depending on the situation, one or another component of investment attractiveness will be given greater importance.