Indicators for assessing the investment attractiveness of an organization. Assessment of the investment attractiveness of an enterprise: methods for assessing a company. Analysis by internal indicators

When assessing the investment attractiveness of an enterprise, the following aspects are considered: the attractiveness of the enterprise's products, personnel, innovation, financial, territorial, and social attractiveness.

Analysis of the attractiveness of the company's products for any investor is its competitiveness in the domestic and foreign markets. Competitiveness of products is a multidimensional indicator, a sum of the following factors:

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

Analysis of the level of prices for products, its correlation with the prices of competitors and prices for substitute goods;

Analysis of the level of diversification, that is, the versatility of the company, its ability to survive in conditions of different profitability of manufactured products.

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

The analysis of the personnel attractiveness of an enterprise is characterized by three components:

The business qualities of the leader and his "team";

The quality of the "cadre core" (highly qualified employees);

The quality of the staff in general.

Analysis of the innovative attractiveness of an enterprise is the effect of medium and long-term investments in innovations at the enterprise. When analyzing the innovative attractiveness of an enterprise, the presence of:

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

Production investment programs from various sources.

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

The analysis of the territorial attractiveness of an enterprise for investors is determined by the following factors:

The remoteness of the enterprise from the main transport routes connecting the city with other regions, the presence of access roads for the transportation of goods;

The remoteness of the enterprise from the city center, where local government institutions, leading organizations of market infrastructure, etc. are concentrated;

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

The social attractiveness of an enterprise is determined by the social protection of the workers of this enterprise. An indicator of the social attractiveness of an enterprise can be considered the coefficient of social attractiveness, calculated as the ratio of the average wages one worker to the cost of a rational consumer basket in the region.

Analysis of the financial attractiveness of the enterprise is to minimize costs and maximize profits. This is a multicomponent concept that is made up of a variety of indicators calculated on the basis of the reporting documents of the enterprise.

The indicators of the financial position of the enterprise are the most significant for investors.

The following stages of assessing the financial attractiveness of an enterprise are distinguished:

The first stage involves working with such reporting documents as the balance sheet and the statement of financial results. On their basis, the calculation of indicators characterizing various aspects of financial attractiveness is carried out;

The second stage is methodological. It consists in grouping indicators according to generalizing criteria. There are five main directions of analysis of the financial situation of the enterprise:

1) the structure of the property;

2) liquidity indicators;

3) indicators of long-term financial stability;

4) indicators of business activity;

5) indicators of profitability;

The third stage of the assessment consists of two parts:

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

2) determination of the creditworthiness class of the borrower.

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

Assessment of the current state must begin with an analysis of the property status of the enterprise, which is characterized by the composition and condition of assets. Speaking about the analysis of the property status, one should bear in mind not only the subject-material characteristic, but also the monetary value, which makes it possible to judge the optimality, possibility and expediency of an investment financial results into the assets of the enterprise. The property and financial position of the enterprise is two sides of the economic potential, which are closely interrelated.

The analysis of the property structure is carried out on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis... The structure of the property value gives a general idea of ​​the financial condition of the enterprise. It shows the share of each element in assets and the ratio of borrowed and own funds that cover them in liabilities. Comparing the structural changes in assets and liabilities, we can conclude through which sources the new funds were mainly received and in which assets these new funds were invested.

Analysis of balance sheet liquidity. The most important indicator of the financial position of an enterprise is the assessment of its solvency, which is understood as the ability of the enterprise to timely and fully make settlements on short-term obligations to counterparties.

The ability of an enterprise to quickly release from economic circulation the funds necessary for normal financial economic activity and the repayment of its current (short-term) liabilities is called liquidity. Moreover, liquidity can be considered both at the moment and in the future.

The liquidity of an asset is understood as its ability to transform into cash, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.

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

The main indicator of liquidity is the formal excess (in terms of value) of current assets over short-term liabilities. The greater this excess, the more favorable the financial condition of the enterprise from the position of liquidity. If the amount of current assets is not large enough in comparison with short-term liabilities, the current position of the enterprise is unstable and a situation may well arise when it does not have a sufficient amount Money for calculating your obligations.

The liquidity of an enterprise is most fully characterized by the comparison of assets of a particular level of liquidity with liabilities of a particular level of liquidity.

All assets of the enterprise are grouped depending on the degree of liquidity, that is, the speed of transformation into cash, and are arranged in descending order of liquidity, and liabilities - by the degree of urgency of their repayment and are arranged in ascending order of maturity

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

A 1 = page 250 + page 260.

A 2. Quickly realizable assets - accounts receivable, payments for which are expected within 12 months after the reporting date: A2 = line 240.

A3. Slowly traded assets - items of section 2 of the balance sheet asset, including inventories, VAT, accounts receivable (... after 12 months) and other current assets. A3 = page 210 + page 220 + page 230 + page 270. Hard-to-sell assets - items in section 1 of the balance sheet asset - non-current assets.

A 4. Non-current assets = line 190.

Balance sheet liabilities are grouped according to the urgency of their payment.

P1. The most urgent liabilities - these include accounts payable: P 1 = p. 620.

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

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

P4. Permanent, or stable, liabilities are items of section 3 of the balance sheet Capital and reserves. If the organization has losses, then they are deducted: P4 = p. 490.

The balance sheet is absolutely liquid if there is a corresponding asset coverage for each group of liabilities, that is, the firm is able to repay its liabilities without significant difficulty. Lack of assets of varying degrees of liquidity indicates possible complications in fulfilling their obligations. Liquidity conditions can be presented in as follows: A1P1, A2P2, A3P3, A4P4.

The fulfillment of the fourth inequality is mandatory when the first three are fulfilled, since A1 + A2 + A3 + A4 = P1 + P2 + P3 + P4.

Theoretically, this means that the company maintains a minimum level of financial stability - it has its own working capital (P4-A4)> 0.

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

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

The balance is absolutely not liquid, the company is not solvent, if there is a ratio opposite to absolute liquidity:

A1P1, A2P2, A3P3, A4P4.

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

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

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

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

a) availability of sufficient funds in the current account;

b) the absence of overdue accounts payable.

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

The analysis reveals the company's solvency, which is one of the quantitative indicators of investment attractiveness. To characterize the solvency of the enterprise, a number of coefficients are adopted.

The current liquidity ratio shows whether the company has enough funds that can be used to pay off its short-term liabilities during the year. This is the main indicator of the company's solvency. The current liquidity ratio is determined by the formula:

Ktl = (A1 + A2 + A3) / (P1 + P2) (1.1)

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

The quick liquidity ratio, or the “critical appraisal” ratio, shows how much the enterprise's liquid assets cover its short-term debt. The quick ratio is determined by the formula:

Kbl = (A1 + A2) / (P1 + P2) (1.2)

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of commodity material stocks... This indicator determines what proportion of accounts payable can be repaid at the expense of the most liquid assets, i.e., it shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as receipts from settlements. The recommended value of this indicator is from 0.7-0.8 to 1.5.

The absolute liquidity ratio shows what part of the accounts payable the company can pay off immediately. The absolute liquidity ratio is calculated using the formula:

Cal = A1 / (P1 + P2) (1.3)

The value of this indicator should not fall below 0.2.

Thus, the investment attractiveness of an enterprise directly depends on the liquidity of its balance sheet, and in order to increase its investment attractiveness, the enterprise must strive for absolute liquidity and solvency.

The financial stability of an enterprise determines the long-term (as opposed to liquidity) stability of the enterprise. It is associated with dependence on lenders and investors, that is, with the ratio "equity capital - borrowed funds". The presence of significant liabilities that are not fully covered by their own liquid capital creates the preconditions for bankruptcy if large creditors demand the return of their funds. But at the same time, the investment of borrowed funds can significantly increase the return on equity. Therefore, when analyzing financial stability, one should consider a system of indicators that reflect the risk and profitability of an enterprise in the future.

Financially stable is an economic entity that, at its own expense, covers investments in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables and pays on time for its obligations.

The task of analyzing financial stability is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the company from a financial point of view, is the level of this independence growing or decreasing, does the state of its assets and liabilities meet the conditions of financial and economic activity? Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed enterprise is stable enough.

One of the criteria for assessing the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of stocks and costs, which is determined as the difference in the size of sources of funds and the amount of stocks and costs.

This refers to the provision of certain types of sources of formation (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the results of the asset and the balance sheet liability. To assess the state of stocks and costs, use the data of the group of articles "Stocks" of the ІІ section of the balance sheet asset.

In addition to absolute indicators, financial stability is also characterized by relative indicators, which can be divided into two groups. The first group combines indicators that determine the state of working capital, among them are:

Equity ratio;

Coefficient of provision of inventories with own circulating assets;

The coefficient of maneuverability of own funds, etc.

The second group combines indicators that determine the condition of fixed assets and the degree of financial independence:

3) the coefficient of autonomy;

4) the ratio of financial dependence;

5) coefficient real assets in the property of the enterprise;

6) the ratio of equity and borrowed funds, etc.

The autonomy ratio (financial independence) shows the share of equity in the balance sheet currency. The higher the value of this coefficient, the more financially stable the company is. An addition to this indicator is the financial dependence ratio - their sum is equal to 1 or 100%.

The ratio of correspondence between borrowed and own funds (capitalization ratio) gives the most general assessment of the financial stability of an enterprise. It shows what is the share of borrowed funds in the total capital structure.

By the coefficient of maneuverability of equity capital, one can judge what part of its own working capital is used to finance the current activities of the enterprise, that is, what part is invested in working capital, and what part is capitalized.

The ratio of the provision of own circulating assets characterizes the ratio of own and borrowed funds and determines the degree of provision with own circulating assets necessary for the financial stability of the enterprise.

The coefficient of real assets in the property of an enterprise (coefficient of property for industrial purposes) shows the share in the property of an enterprise occupied by property for industrial purposes.

The financial stability ratio shows what share of funds we can use in our activities for a long time. The financing ratio shows whether the company can give loans and borrowings, and whether it is capable of repaying them at the beginning of the period. The ratio of the provision of inventories with its own working capital shows whether the company can provide financing of inventories with its own working capital. The ratio of the structure of total long-term capital shows what part of fixed assets and capital investments is financed by long-term borrowed funds.

The short-term debt ratio shows what share of the enterprise's funds is occupied by the short-term debt payment of obligations. During the entire period, it behaves relatively stable.

The coverage ratio of non-current assets shows what part of the company's own funds is financed by non-current assets.

The calculated actual ratios are compared with the standard values, with the indicators of the previous period, with a similar enterprise, and thus the real financial condition, strong and weak sides enterprises.

The business activity of the enterprise is characterized by the dynamism of its development and the achievement of its goals, reflected by a number of natural and cost indicators, as well as the effective use of the economic potential of the enterprise and the expansion of the sales market for its products.

The activities of any enterprise can be characterized from various angles, and an assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises in the sphere of capital investment. Such qualitative, that is, not formalized criteria are:

The breadth of sales markets;

Availability of products for export;

The reputation of the company, expressed, in particular, in the awareness of customers using the services of the company.

As for the quantitative assessment of the analysis of the business activity of the enterprise, here the following can be considered:

The degree of fulfillment of the plan for the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

The main estimated indicator is the volume of sales and profit. In this case, the most effective ratio is when the rate of change in the balance sheet profit is higher than the rate of change in proceeds from sales, and the latter is higher than the rate of change in fixed capital, that is

TR (PB)> TR (V)> TR (OK)> 100%;

This dependence means that:

a) the economic potential of the enterprise increases;

b) the volume of sales is increasing at a higher rate;

c) profit is growing at a faster pace.

To implement the second direction, the following can be calculated: production, capital productivity, turnover of inventories, duration of the operating cycle, turnover of advanced capital.

Generalizing indicators include the rate of resource productivity and the coefficient of sustainability of economic growth.

Resource efficiency (fixed capital turnover ratio) - characterizes the volume of products sold per ruble of funds invested in the activities of the enterprise. The growth of this indicator in dynamics is considered as a favorable trend.

The coefficient of economic growth sustainability - shows what, on average, the rate at which an enterprise can develop in the future (this indicator is used to characterize joint-stock companies).

Profitability is a relative measure that determines the level of profitability of a business. Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various activities (production, commercial, investment, etc.). They more fully than profit characterize the final results of management, because their value shows the ratio of the effect to the available or consumed resources. These indicators are used to assess the performance of an enterprise and as a tool in investment policy and pricing.

Profitability indicators, as the main characteristic of the profitability of an enterprise, are the most important for investors, since they characterize the efficiency of the company, and, therefore, indirectly, the profitability of the investments made. Although for the investor, of course, the priority is given to the relative indicators of profitability, the very fact that the company has a profit is already important.

Profitability indicators can be grouped into several groups:

Indicators characterizing the payback of production costs and investment projects;

Indicators characterizing the profitability of sales;

Indicators characterizing the return on capital and its parts.

Product profitability ( cost recovery ratio ) calculated by the ratio of profit from sales before interest and taxes to the amount of costs of products sold.

Shows how much the company has profit from each ruble spent on the production and sale of products. It can be calculated for individual types of products and for the enterprise as a whole. When determining its level as a whole for the enterprise, it is advisable to take into account not only the implementation, but also extraordinary income and expenses related to core activities.

The profitability of investment projects is determined in a similar way: the received or expected amount of profit from investment activities refers to the amount of investment costs.

The profitability of sales (turnover) is calculated by dividing the profit from the sale of products, works, services before interest and taxes by the amount of proceeds received. It characterizes the efficiency of production and commercial activity: how much profit the company has from the ruble of sales. This indicator is calculated as a whole for the enterprise and for individual types of products.

The return on total capital is calculated as the ratio of gross profit before interest and taxes to the average annual value of total capital.

The profitability (profitability) of operating capital is calculated as the ratio of profit from operating activities before interest and taxes to the average annual operating capital. It characterizes the return on capital involved in the operational process.

In the process of analyzing the profitability of an enterprise, it is necessary to study the dynamics of the listed profitability indicators, the implementation of the plan for their level and conduct inter-farm comparisons with competing enterprises.

According to the existing methodology, the criterion for assessing the investment attractiveness of the borrower is the "borrower class" assigned on the basis of calculations, which, depending on the nominal value, is characterized by the following estimates:

Class I - organizations whose loans and liabilities are supported by information that allows you to be confident in the repayment of loans and the fulfillment of other obligations in accordance with contracts, with a good margin for possible error;

II class - organizations that demonstrate a certain level of risk on debt and liabilities and reveal a certain weakness in financial performance and creditworthiness. These organizations are not yet considered risky;

III class - these are problem organizations. There is hardly a threat of loss of funds, but full receipt of interest, fulfillment of obligations seems doubtful;

IV class are organizations special attention since there is a risk in dealing with them. Organizations that may lose funds and interest even after taking steps to improve their business;

V class - organizations of the highest risk, practically insolvent.

Thus, all the terms of the analysis of the investment attractiveness of an enterprise can be divided into three groups:

First of all, the investor is usually interested in what is produced at the enterprise, where it is located and how entrepreneurial its managers and personnel are. Therefore, the initial components of investment attractiveness are product, personnel and territorial planning;

Financial analysis is highlighted as the main component of the analysis of the investment attractiveness of the enterprise, because, namely, in the finances of the enterprise, as in a mirror, the main results of its activities (profitability, profitability), business activity (capital productivity, turnover of working capital) and financial solvency (liquidity indicators , provision of own funds);

The innovative, conversion and social attractiveness of an enterprise are considered as assessments of the prospects of its development for investors. Therefore, they are separated into a separate group. Privatization attractiveness can also be attributed to this group of terms, although in terms of its importance and priority it can also be attributed to the first group.

The final rating assessment takes into account all the most important parameters (indicators) of the financial, economic and production activities of the enterprise, i.e. economic activity in general. When constructing it, data are used on the production potential of the enterprise, the profitability of its products, the efficiency of using production and financial resources, condition and placement of funds, their sources and other indicators.

A quantitative assessment of the investment attractiveness of the enterprise is shown in Table 1.2.

Table 1.2 - Parameters of the investment attractiveness of the enterprise

Each of the criteria given in Table 1.2, somehow: the attractiveness of products for the consumer, personnel, territorial, financial attractiveness, etc., are assessed using the level of attractiveness (A - high, B - medium, C - low). A specific score is assigned to each value of the indicator. The highest score should correspond to the most favorable value, the lowest score to the most critical. The scale of values ​​will look like this:

Level A coefficients - 10 points;

Level B odds - 6 points;

Level C coefficients - 2 points.

The maximum value of the scale is 60 points (10 * 6), where 10 is the maximum point according to the calculated coefficients of each group of indicators; 6 - the number of indicators characterizing the investment attractiveness.

The minimum value of the scale is 12 points (2 * 6), where 2 is the minimum score for the calculated coefficients of each structural group; 6 - the number of indicators characterizing the investment attractiveness.

Based on these considerations, threshold values point scale:

Level A - 49 - 60 points;

Level B - 28 - 49 points;

Level C - 12 - 28 points.

In order to determine the final level of attractiveness of an economic entity, each component, depending on its significance, is assigned weight coefficients.

The proposed system of indicators is based on public reporting data of enterprises. This requirement makes the assessment mass, allows you to control changes in the financial condition of the enterprise by all participants in the economic process.

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 only value change market value shares of the company 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 analysts. stock market 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 income on investments in the company's shares (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. V 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 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 strategic control and operational management project.

2. Attraction of borrowed funds increases the risk of default by the company of 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 the 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 products (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 when 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 investment resources.

where r d is the cost of borrowed capital (interest on a loan), r e is the cost of equity (profitability 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 define 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. Net assets companies are calculated by reducing the assets of the company 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 profit (sometimes also called economic profit) is an approach to assessing the performance of a company in which net profit is reduced by the cost of capital employed (in absolute terms).

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;

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

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. 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 share price will be no longer $ 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 it was in the previous example), then the reasons for this can 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 good object for investment.

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 could cause the PER calculated on last year's data to become obsolete during the next reporting period and will not be considered. last changes in the financial position of the company;

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

3.3. Enterprise value (EV)... Recently, for analysis, company stock prices are increasingly using company value instead of market capitalization. This is due to the increasing 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 at different levels 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 ordinary 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 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 an enterprise is an important component of the investment attractiveness of an enterprise, since many investors associate investment prospects with innovations.

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

Production technical development strategies, 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 local government institutions, various serving commercial organizations are concentrated, the 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.

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.

In the works of various scientists devoted to the problems of defining and understanding the "investment attractiveness" of an enterprise, there is no consensus regarding the definition and methodology for assessing the investment attractiveness of an enterprise. You can systematize and combine existing interpretations into four groups according to the following criteria:

investment attractiveness as a condition for the development of an enterprise; The investment attractiveness of an enterprise is the state of its economic development, in which, with a high degree of probability, investments can give a satisfactory level of profitability within acceptable terms for the investor, or another positive effect can be achieved.

investment attractiveness as a condition for investment; Investment attractiveness is a combination of various objective features, properties, means, opportunities that determine the potential effective demand for investments in fixed assets.

investment attractiveness as a set of indicators; Investment attractiveness of an enterprise is a combination of economic and financial enterprise performance determining the possibility of obtaining maximum profit as a result of capital investment with a minimum investment risk.

investment attractiveness as an indicator of investment efficiency. Investment efficiency determines investment attractiveness, and investment attractiveness determines investment activity. The higher the investment efficiency, the higher the level of investment attractiveness and the larger the investment activity, and vice versa.

Investmentattractivenessenterprises is a system of economic relations between business entities regarding the effective development of business and maintaining its competitiveness.

From the standpoint of investors, the investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterize the enterprise's effective demand for investments.

Investment demand (together with supply, price level and degree of competition) determines the investment market conjuncture.

In order to obtain reliable information for developing an investment strategy, a systematic approach to studying market conditions is required, starting from the macro level (from the investment climate of the state) to the micro level (assessing the investment attractiveness of a separate investment project). This sequence allows investors to solve the problem of choosing exactly those enterprises that have the best development prospects in the event of the proposed investment project and can provide the investor with the planned return on invested capital from the existing risks. At the same time, the investor considers the affiliation of the enterprise to the industry (developing or depressed industries) and its territorial location (region, federal district). Branches and territories, in turn, have their own levels of investment attractiveness, which include the investment attractiveness of their enterprises.

Thus, each object of the investment market has its own investment attractiveness and at the same time is in the "investment field" of all objects of the investment market. The investment attractiveness of the enterprise, in addition to its "investment field", experiences the investment impact of the industry, region and state. In turn, the aggregate of enterprises forms an industry that affects the investment attractiveness of the whole region, and the attractiveness of the state is formed from the attractiveness of the regions. All changes taking place in higher-level systems (political instability, changes in tax legislation, etc.) directly affect the investment attractiveness of the enterprise.

Investment attractiveness depends both on external factors characterizing the level of development of the industry and the region where the enterprise is located, and on internal factors - activities within the enterprise.

When deciding on the placement of funds, the investor will have to evaluate many factors that determine the effectiveness of future investments. Given the range of options for combining different values ​​of these factors, the investor has to evaluate the cumulative impact and results of the interaction of these factors, that is, to assess the investment attractiveness of the socio-economic system and, on its basis, make a decision on investment.

Therefore, it becomes necessary to quantitatively identify the state of investment attractiveness, and it should be borne in mind that for making investment decisions, an indicator characterizing the state of investment attractiveness of an enterprise must have economic sense and be comparable to the price of the investor's capital. Therefore, it is possible to formulate the requirements for the methodology for determining the indicator of investment attractiveness:

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

The indicator should reflect the expected return on investment;

The indicator should be comparable to the price of the investor's capital.

The methodology for assessing the investment attractiveness of enterprises, built taking into account the above requirements, will provide investors with a high-quality and reasonable choice of an investment object, control the efficiency of investments and adjust the process of implementing investment projects and programs in the event of an unfavorable situation.

It is necessary to distinguish between the concepts of "investment attractiveness" and "financial condition of the enterprise". The financial condition of an enterprise is a set of indicators reflecting the availability, placement and use of financial resources, i.e. gives an idea of ​​the current state of the assets and liabilities of the enterprise as a whole.

The indicators characterizing the financial condition of the enterprise are calculated according to standard methods, i.e. it can almost always be determined based on several formal criteria:

indicators of liquidity and financial stability of the trend of changes in profit, profitability of products and property (the received rate of return on capital);

the current financial position of the company and factors that can affect it in the near future;

the capital structure of the enterprise, risks and benefits from the investor's point of view;

forecast of prices for shares of an enterprise and its competitors in relation to general trends in the stock market.

With this setting of goals, the analysis of investment attractiveness and financial condition becomes a link between the enterprise, its investors and the stock market.

Investment risks are one of the main factors of investment attractiveness.

Investment risks include the following subspecies of risks: the risk of lost profits, the risk of a decrease in profitability, the risk of direct financial losses.

The risk of lost profit is the risk of indirect (collateral) financial damage (lost profit) as a result of failure to take any action.

The risk of a decrease in profitability may arise as a result of a decrease in the amount of interest and dividends on portfolio investments, on deposits and loans.

The risk of decrease in profitability includes the following types: interest rate risks and credit risks.

There are many classifications of factors that determine investment attractiveness. They can be divided into:

- production and technological;

- resource;

- institutional;

- regulatory and legal;

- infrastructural;

- export potential;

- business reputation and others.

It should be noted the importance of full accounting and quantitative assessment of project risks by investors when assessing the investment attractiveness of an enterprise (project) and making a decision on investment.

There are projects that are assessed as highly profitable, but with a high level of risk, for example venture investments, investments in projects for the creation and promotion of new goods and services to the market, the creation of new technologies, the expansion of existing ones and entry into new sales markets. Each of the above factors can be characterized by different indicators, which often have the same economic nature.

Other factors that determine investment attractiveness are classified into:

formal (calculated based on data financial statements);

informal (leadership competence, commercial reputation).

Investment attractiveness from the point of view of an individual investor can be determined by a different set of factors that are of greatest importance in choosing a particular investment object.

As I wrote above, investment attractiveness is an economic category characterized by the efficiency of using the property of an 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. And in order to assess the level of investment attractiveness of an enterprise, it is necessary to assess:

• ? the achieved level of efficiency in the use of the property of the enterprise and the profitability of products, as well as the compliance of this level with their normative values;
• ? the degree of financial stability of the enterprise and the compliance of this level with the normative values;
• ? the solvency of the enterprise and the liquidity of its balance sheet, as well as the compliance of the indicators of the solvency and liquidity of the balance sheet with their standard values;
• ? product quality, its competitiveness, technical and economic level of production and the ability of an enterprise to self-develop on the basis of an innovative strategy.

One of the most important areas of implementation investment policy enterprise is the mobilization of external investment resources for the implementation of investment projects of the enterprise.

At the heart of rating score is the assessment of the financial condition of the enterprise. Financial condition is the most important characteristic of the financial activity of an enterprise. It determines the competitiveness of an enterprise and its potential in business cooperation, is a guarantee of effective implementation economic interests all participants financial relations: both the enterprise itself and its partners.

Also in the economic literature, the approach of I.A. Form for assessing the investment attractiveness of individual enterprises. It is based on identifying the stages of studying the investment market when developing a strategy for investment activities and forming an effective investment portfolio... The financial analysis of the investment activity of an enterprise's attractiveness includes an assessment of the investment attractiveness of investment segments. Based on the use of this approach, the financial activity of an enterprise is assessed by indicators of financial stability, profitability, liquidity and asset circulation. In the context of the increasing role of the price factor, there is a quantitative increase in the financial indicators of enterprises.

With an individual assessment of each investment object, the generalizing characteristics of investment qualities will be strictly subjective. The comparison of the analysis results is carried out individually by each investor. As a result, it is rather difficult to identify certain parameters, criteria for assessing investment attractiveness, and even more factors that affect it.

There is a qualimetric model for assessing the investment attractiveness of an industrial enterprise based on a system of quantitative and qualitative factors characterizing the financial condition, market environment and level of corporate governance. The term “qualimetry” comes from the Latin word “qualitas” - quality, property and the ancient Greek word “metreo” - to measure, to measure. Methods for studying an object from the point of view of measuring its quality began to be called qualimetric. Another prerequisite for our use of the theory of qualimetry, as a method of quantitative measurement of quality, is that for an investor the investment attractiveness of an enterprise is a quantitatively expressed quality of a set of properties of an investment object from the standpoint of satisfying the investor's requirements to bring income on invested capital. This assumption made it possible to form the main approaches to the development of a qualimetric model of the investment attractiveness of an enterprise. In the general case, the qualimetric model consists of a multilevel tree of properties, weight coefficients, absolute and relative indicators of properties, as well as a method for calculating the integral indicator of the evaluated object.

The model development algorithm includes the following stages:

• - building a hierarchical structural diagram ("tree") of properties;
• - calculation of the weighting factors of properties and estimation of the calculation error;
• - determination of the values ​​of absolute indicators of properties and bringing them to a single scale of measurement;
• - convolution and calculation of the integral indicator - the coefficient of the investment attractiveness of the enterprise.

Before choosing the most significant factors characterizing the investment attractiveness of enterprises, we formulated selection criteria. Thus, the factors included in the model should simultaneously:

• - to characterize the attractiveness of the enterprise in terms of its compliance with the requirements of investors, i.e. the qualimetric model should be “built from the investor” and not “from the enterprise”;
• - cover most of the risks arising at the stage of pre-investment research;
• - contain information from sources open and accessible to all interested parties;
• - have a clear quantitative or qualitative assessment.

When choosing the most significant factors of the investment attractiveness of the enterprise, two opposite tendencies had to be taken into account. The first tendency is associated with a natural tendency to include the maximum possible number of attractiveness factors from their infinite variety. Another tendency is that it is advisable to reduce the number of factors taken into account, since there is a cross-correlation (interdependence), which reduces the accuracy of the assessment and complicates the work of experts. In this regard, a study was conducted to select and optimize the number of factors used for the assessment.

Modern trends in the theory and practice of financial analysis are associated with the problem of modifying the system of financial ratios and bringing it to a form convenient for making adequate management decisions in the field of financial management. In this direction, it is proposed to use a statistical approach that allows you to choose from a variety of financial ratios those that most fully and comprehensively characterize the financial condition of the enterprise. The essence of the statistical approach based on correlation analysis can be summarized as follows. First, a sample of data from the financial statements of enterprises is formed and the main financial ratios are calculated. Then the correlation relationship between them is determined and a grouping of financial coefficients is made according to the value of the paired linear correlation coefficients (CC). Further, those indicators are excluded that contain signs of duplication of information, i.e. have a CC value of more than 0.7. CC values ​​from 0.3 to 0.7 characterize a weak relationship, and less than 0.3 - its almost complete absence. Based on the research carried out for express analysis, you can use the minimum set of the following financial ratios: the ratio of debt and equity funds; current liquidity ratio; asset turnover ratio; return on sales based on net profit; return on equity in terms of net profit. In order to identify the general most important factors of investment attractiveness, characterizing the market environment and corporate governance, was compiled a brief description of main types of investors (Appendix A). On its basis, the factors of investment attractiveness of the enterprise were formulated, the degree of their importance and compliance with the selection criterion was determined. As a result, a two-level structural diagram ("tree") of the properties of the model of an enterprise's investment attractiveness was built (Appendix B).

Further, I would like to dwell in more detail on the indicators of the financial position of the enterprise, since they are the most significant for investors. I would like to note that in addition to traditional indicators in the first block of analysis, it is important to take into account the factors characteristic of the current stage of the country's economic development, namely: non-payments, manifested in the growth of accounts receivable and payable and a significant difference between sales proceeds from shipped and paid products, as well as a high share of barter transactions and monetary surrogates in payments, and finally, for the investor, the issues of analyzing the costs of the enterprise are significant.

Seven main directions of analysis of the financial situation of the enterprise are proposed: profitability indicators; indicators of long-term financial stability; liquidity indicators; business activity indicators; structure of sales proceeds; analysis of enterprise costs; collection of payments and analysis of receivables and payables of the enterprise.

Profitability indicators as the main characteristic of the profitability of an enterprise are the most important for investors, since they characterize the efficiency of the company, and therefore, indirectly, the profitability of the investments made. Although for the investor, of course, the priority is given to the relative profitability indicators, the very fact that the enterprise has a profit is already important, because as of January 2006, more than a third of all companies were unprofitable. Russian enterprises(excluding small businesses) - 39.3%, including in the electric power industry - 32.4%, and repeated losses of the enterprise over a number of years are evidence of its possible imminent bankruptcy.

The rate of growth of the company's profit is of particular importance for investors. Based on a survey of shareholders of 1,000 leading corporations Western Europe and the United States by consultants from Cambridge and Massachusetts, it turned out that investors clearly prefer companies that demonstrate fast growth profit, but at the same time they buy securities of enterprises with a high degree of predictability of profit and a stable nature of its growth.

As for the relative indicators of profitability, we note that in foreign theory and practice of financial analysis, three main groups are used: indicators of return on equity, indicators of return on sales and indicators of return on assets. Return on equity is the most significant for investors, as it characterizes the effectiveness of their capital investment.

Return on equity indicators are:

The return on capital employed (ROCE) ratio, which is calculated as the ratio of the company's net profit and interest paid to the average total invested capital. The concept of net profit, which is very widespread abroad, unfortunately, is not defined by Russian legislation. In our opinion, to determine the net profit, it is necessary to deduct from the profit before tax all costs (except for interest on a loan) that are not included in the cost of products (works, services) in accordance with Russian legislation, but this is not always possible in practice due to the lack of the necessary information base. On average, the level of return on invested capital in the amount of 7-8% is considered normal in the world economy. Return on equity (ROE) ratio, which is calculated as the ratio of net profit to equity. Equity is usually understood as the sum of the share capital and reserves formed from the profits of the enterprise.

Return on sales indicators are:

The net profit margin, which is calculated as the ratio of the company's net profit to the sales proceeds, is the most common ratio among financial analysts. It is this indicator that the well-known American magazine FORTUNE cites along with the return on assets ratio to assess the efficiency of the world's largest companies. The median value of the indicator of return on sales by net profit for the 500 largest world companies in 2005 was 3.2%, and the most profitable was the American company Microsoft (30.4%). The gross profit margin, which is calculated as the ratio of the company's marginal income, i.e. sales proceeds less variable costs to sales proceeds. The operating profit margin, which is calculated as the ratio of the profit from the sale to the proceeds from the sale. In some cases, investors prefer to use earnings before tax, interest and amortization (EBDIT) rather than profit on sale.

The main indicator of return on assets is the ratio of the company's net profit to the average annual value of its assets. The median value of the indicator for the 500 largest world companies in 2006 was 1.9%, and the American company Coca Cola was the most profitable (24.4%).

Since the indicators of long-term financial stability of an enterprise characterize the capital structure, the main coefficient of this direction of financial analysis in economic literature and practice is the share of equity capital in the currency of the company's balance sheet (shareholders equity / total assets), or the coefficient of financial independence. There are no strict standards for the ratio of equity and borrowed capital, just as, however, there are no strict standards for financial ratios in general.

Nevertheless, it is widely believed among analysts that the share of equity capital should be large enough - at least 50%. It is believed that investors, and especially creditors, are more willing to invest in a company with a high share of equity capital, since it is more likely to be able to pay off debts from its own funds.

In addition, companies with a high proportion of borrowed funds, as a rule, have to make significant interest payments, and accordingly there will be less funds remaining to support dividend payments and create reserves. The establishment of a critical level of 50% is the result of the following reasoning: if at a certain moment creditors present all debts for collection, then the company will be able to sell half of its property, formed from its own sources, even if the second half of the property turns out to be illiquid for some reason.

However, the conventionality of any absolute norm for the coefficient of financial independence is obvious, since a highly profitable enterprise or an enterprise with a high turnover of circulating assets can afford relatively high level attracted capital. The presence of problems with financial stability in an enterprise may be indicated by its use of short-term borrowed funds as sources of financing for long-term investments.

The liquidity indicators of an enterprise characterize its ability to meet short-term obligations to creditors. For an investor, these indicators are important as a characteristic of the risk of a possible bankruptcy of the enterprise, and, consequently, of the forced sale of its assets as a result of satisfying claims of creditors. In the event of bankruptcy of an enterprise, creditors have a pre-emptive right over shareholders to receive funds.

The company can pay off its short-term liabilities through payments from bank accounts, as well as urgent fundraising through the sale of current assets in the market. The absolute indicator of liquidity is the amount of own working capital, calculated as the difference between short-term assets and short-term liabilities of the enterprise. Consideration of the growth rates of the company's own working capital against the background of inflation rates is of great analytical importance.

Recent trends in the development of Russian enterprises are characterized by a shortage of their own working capital. Thus, the total own circulating assets of enterprises whose shares are included in the RTS list grew by less than 3% in 2006, while inflation was 22%. The main relative indicators of the liquidity of the enterprise, used by analysts, are calculated as the ratio of current assets to short-term liabilities, but in various cases, current assets (in value terms) are present in the numerator of the ratio either in full, or only in their most liquid part.

In foreign economic literature and practice, three key liquidity ratios are usually used:

Current liquidity ratio - coverage ratio (current ratio), calculated as the ratio of all current assets of the enterprise (current assets) to short-term accounts payable (current liabili-ties). It is customary to include cash (cash), short-term investments, receivables (debtors), stocks of raw materials, materials, goods and finished products(inventory). True, there is a discussion among analysts on the issues of calculating certain components in the composition of current assets when calculating liquidity ratios, and many economists propose to exclude from consideration all illiquid assets.

Within the framework of this discussion and proceeding from the principle of conservatism, we do not consider it appropriate to take into account bad debts and overdue debts in accounts receivable. It is assumed that the higher the liquidity ratio, the more reliable the position of the enterprise, since a significant excess of current assets over short-term debt is likely to help satisfy the claims of creditors if inventories are sold at a forced sale of property, and debtor accounts are demanded urgently.

On the other hand, too high a ratio may be a sign of ineffective enterprise management and may indicate non-working cash, excess inventory in comparison with the normative, excessive accounts receivable. Therefore, in practice, it is believed that the 2: 1 ratio is close to normal for most forms of activity, since this level provides the company with reliable coverage of short-term debt, even in the event of a reduction in the value of current assets by 50%.

At the same time, recently, developed countries have been characterized by a decrease in the value of the coverage ratio, amounting, in particular, to 1.33 for US manufacturing enterprises in the early 2000s. This is partly because modern corporations are more likely to rely on more risky short-term financing than their predecessors. For the Russian industry in recent years, the average value of the coverage ratio is approximately at the level of 1.0-1.2, and it is decreasing from year to year.

The quick ratio is calculated similarly to the previous one with the only difference that the composition of current assets in this case does not include stocks of raw materials, materials, goods and finished products. The exclusion of inventories from working capital is due to the fact that they can constitute a significant part of current assets, but can be converted into cash at a reduced cost, if at all. A satisfactory value of the quick ratio is usually expressed as a 1: 1 ratio. The cash ratio is calculated as the ratio of cash and short-term financial investments to short-term debt. It is this indicator that makes it possible to determine whether the enterprise has the resources capable of satisfying the claims of creditors in a critical situation. The recommended lower limit of the indicator given by Russian and foreign analysts is 0.2. Modern computerized methods of cash management in the West have led to a decrease in the need for cash, therefore, the quantitative values ​​of the absolute liquidity ratio abroad have an objective tendency to decrease.

In addition to the three key indicators of the liquidity of the enterprise, the indicator of the degree of coverage of interest on borrowed capital by profit from sale to interest (interest cover) is also important. In practice, indirect indicators of the presence of liquidity problems in an enterprise may be delays in the payment of salaries to employees, dividends to shareholders, and non-payments to other creditors of the enterprise. According to the law No. 6-FZ RF dated January 8, 1998 On insolvency (bankruptcy) entity is considered incapable of satisfying the claims of creditors under monetary obligations and (or) fulfill the obligation to pay obligatory payments if the corresponding obligations and (or) obligations have not been fulfilled by him within three months from the date of their fulfillment. The bankruptcy procedure can be applied to such an enterprise.

The indicators of assets turnover and equity turnover characterize the level of business activity of an enterprise and are calculated as the ratio of annual proceeds from the sale of products (works, services) to the average annual value of assets and equity capital, respectively. Business activity indicators are especially important to compare with the industry average, since their value can vary significantly depending on the industry.

For example, asset turnover can range from one for capital-intensive industries such as metallurgy, heavy engineering, automotive, to ten for trading enterprises. The practical use of the asset turnover indicator is largely vulnerable for analytical purposes due to the fact that the company's balance sheet contains assets of various types at often very different price levels related to different periods in the past.

Specified in financial statements book value assets often have very little relation to the current fair market value, with distortions increasing with each change in inflation and the associated revaluation of assets. Since accounts receivable are part of the company's assets, the accounts receivable turnover ratio can also be considered among the indicators of the business activity of the enterprise, but given the special significance of the problem of non-payments, we decided to consider it in the analysis of the company's accounts receivable and payable.

The structure of proceeds from the sale of an enterprise (the share of cash, barter, bills) is a specific Russian indicator, since the naturalization of the economy is one of the main manifestations of the uniqueness of the Russian economic system. In 2007, the share of barter transactions in the turnover of Russian enterprises amounted to 52% (in 2006 - 42%). Enterprises with a high share of cash in revenue - as a rule, these are companies that sell products (work, services) mainly to the population, as well as exporters - have significant financial maneuverability and usually do not have large debts for tax and other obligations. In addition, barter distorts the value indicators of enterprises' activities, since in the case of barter settlements, prices for goods are usually overstated by two or three times.

Analysis of the costs of an enterprise implies, first of all, the study of their structure by economic elements, as well as the ratio of conditionally variable and conditionally fixed costs. Enterprises with a high proportion of fixed costs will be able to record a significant deterioration in financial results even with a slight decrease in sales volumes, as well as a significant increase in profits even with a moderate increase in sales volumes.

In addition, in Russian practice, the costs of an enterprise for the purposes of analysis are usually divided into those carried out in national currency- rubles and in foreign currency. This is due to the fact that enterprises with mainly ruble-denominated costs are less exposed to foreign exchange risk, i.e. the risk of an abrupt depreciation of the ruble, which took place in August-September 2006 and sharply worsened the profitability of operations of enterprises with a large share of costs incurred in foreign currency (for example, those working on imported raw materials).

Collection rate, i.e. the ratio of proceeds from sales to products paid for and shipped, and the analysis of receivables and payables are especially important for the study of enterprises in the Russian fuel and energy complex, which are especially severely affected by the non-payment crisis.

The algorithm for researching the company's debt can be approximately as follows. At the first stage, the scale of non-payments is determined by determining the collection rate, receivables turno-ver, calculated as the ratio of annual sales revenue to the average annual value of receivables, and sales proceeds to the average annual value of accounts payable.

It is assumed that the greater the turnover of accounts receivable, the higher the ability of the company to pay its obligations to creditors. Having calculated the indicator of the turnover of accounts receivable, you can also determine the period of turnover of accounts receivable (average receivables collection period), defined as the ratio of 365 days to the turnover of accounts receivable.

At the second stage, the dynamics of the accumulation of accounts receivable and payable is analyzed, in particular, the growth rate of non-payments at the enterprise in comparison with the industry average, as well as in comparison with the growth rate of proceeds from sales. If liabilities grow at a faster pace than the revenues of enterprises, this means a certain increase in domestic debt, which must be paid off at the expense of future revenues, although the chances of this are very small in Russian conditions.

At the third stage, the factors that influence the trends and dynamics of the accumulation of receivables and payables are identified.

At the fourth stage, the structure of accounts receivable and payable is investigated, in particular, the share of overdue accounts payable and doubtful accounts receivable in the total debt of the enterprise is determined.

A qualitative characteristic of the reliability and validity of all indicators of the financial position of an enterprise for an investor is the availability of accounting statements in accordance with IAS or US GAAP standards and the availability of an auditor's report from a reputable audit firm. We have to admit that a very limited number of Russian enterprises have financial statements according to IAS (US GAAP) standards, analyzed by a recognized audit firm.

Justification of the relevance of the study

In conditions of limited own resources, enterprises need cash receipts from investors, which will serve as a necessary addition to their own funds. That is why on the present stage the relevance of scientific and theoretical research and practical developments in the formation of high investment attractiveness of an economic entity is increasing.

Currently, the most fully developed issues of assessing the investment attractiveness of regions, industries, and individual investment projects. However, in the field of studying the investment attractiveness of an enterprise, there is still no single theoretical and methodological base, which is expressed in the absence of a single interpretation of the very concept of "investment attractiveness of an enterprise", the methodology and methodology for its assessment.

In this regard, the relevance of the research topic is due to the need for a critical analysis and systematization of existing approaches to studying the investment attractiveness of enterprises and testing their practical significance.

When preparing the material for the presented scientific article, the author summarized and creatively revised theoretical and methodological approaches to the problem under study, set forth in the works of such economists as L.S. Valinurova, D.A. Endovitsky, M.N. Kreinina, E. I. Krylov, V. M. Vlasova, E.A. Badokina, G.K. Dzhurabaeva, T.N. Matveev, R.A. Khusnullin, E.A. Yakimenko. The methodological tools of the work were made up: a systematic approach, modeling, expert, statistical and graphic methods.

Investment attractiveness of the enterprise: approaches and interpretations

For example, M.N. Kreinina, being a representative of the traditional approach, emphasizes the dependence of the investment attractiveness of an enterprise on a set of coefficients characterizing its financial condition. This approach is, of course, correct, but it reveals only one, rather narrow side of this concept.

L. Valinurova and O. Kazakova consider the investment attractiveness of an enterprise as "a set of objective features, properties, means and opportunities that determine the potential effective demand for investments." 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." It should be noted that such interpretations are very broad, however, in our opinion, their negative side is the blurring and lack of specificity.

A more precise definition is given by L. Gilyarovskaya, V. Vlasova, E. Krylov. They associate the investment attractiveness of an enterprise with "the structure of equity and debt capital and its allocation between various types of property, as well as the efficiency of their use." The presented formulation is more specific, indicates the dependence of the studied category on the indicators of the financial and investment activities of the enterprise. However, from our point of view, it, like the formulation of M.N. Kreinina, does not reflect all the many aspects of the concept of investment attractiveness of an enterprise and also represents a traditional approach to its study.

A 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 the 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, customer focus of the enterprise, expressed in the most complete satisfaction of consumers' demands, as well as on the level of innovative activity of the economic entity. The advantage of this approach is its complexity, versatility, inclusion in the analysis of financial and non-financial aspects of the investment attractiveness of the enterprise.

In general, the position of E.I. Krylova, V.M. Vlasova, M.G. Egorova and I.V. Zhuravkova is divided 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. However, this definition does not cover commercial organizations assessed from the standpoint of the feasibility of venture investment or mergers (acquisitions), for which the financial condition is not so important. According to D.A. Endovitsky, V.A. Babushkina and N.A. Baturina, investing in an enterprise with optimal financial performance can bring less profitability than investing in a less stable organization, but at the same time operating in a rapidly developing market.

Also, these authors note the dependence of the investment attractiveness of an enterprise on external and internal factors. Internal factors: the organization's management system, the range of products, the degree of application of innovative solutions in production technology and equipment, etc. External factors: the economic characteristics of the industry, the potential of the region in which the commercial organization operates, legislation in the field of investments, and others. ...

Investment attractiveness of D.A. Endovitsky and V.A. Babushkin is defined as a set of "interrelated characteristics of economic potential, profitability of operations with assets and investment risk of an economic entity that has a certain ability for sustainable development in a competitive environment and meets the assumption of going concern."

This approach, as well as the interpretation of N.A. Baturina seem to be the most correct, since they cover both financial and non-financial aspects, the internal and external environment of the organization. In this regard, the system of indicators for assessing the investment attractiveness of an enterprise includes indicators that are not related to financial activities enterprises (market conditions, business reputation of the company, crime rate in the region, etc.).

However, at the same time, many aspects of the investment attractiveness of an enterprise in the above definitions remain unaffected. In particular, the factor of investment attractiveness of the country, region and industry in which the business entity operates, as well as the factor of corporate governance and enterprise structure, which has a great influence on its investment potential.

In this regard, it seems necessary to propose own definition the investment attractiveness of the enterprise, on the basis of which the criteria for its assessment should be formed. According to the author, the investment attractiveness of an enterprise is a complex economic characteristic, which is characterized by the financial condition of an economic entity, its business activity, capital structure, form of corporate governance, the level of demand for products and their competitiveness, as well as the level of investment attractiveness of the country, region and industry.

Methods for assessing the investment attractiveness of enterprises

Due to insufficient research of the content of the category "investment attractiveness of an enterprise", at present there is no single methodology for assessing it, which would contain a generally accepted list of indicators, and would allow to unambiguously characterize the results obtained. Currently existing methods are based on the use of various indicators, methods of analysis and interpretation of results. Let us carry out a comparative analysis of them, based on the fact that the fundamental factors that determine the investment attractiveness of an industrial enterprise are those that reflect its stable development in the long term, financial stability, and take into account the processes taking place in the external environment.

"Regulatory approach"

In many economic situations, regulatory documents serve as methodological support for analytical calculations. In particular, in the field of investment activities, "Methodological recommendations for assessing the effectiveness of investment projects" are widely used. Unfortunately, a similar technique, applicable to assess the investment attractiveness of an enterprise, in Russian legislation is absent and is unlikely to appear in the near future. It is possible to indicate only individual documents in which it is presented in a first approximation: Order of the FSFR RF dated January 23, 2001, No. 16 "On approval guidelines on the analysis of the financial condition of organizations "and the Resolution of the Government of the Russian Federation of June 25, 2003, No. 367" On the approval of the rules for conducting financial analysis by the arbitration manager. " These sources list the main calculated indicators of financial stability, liquidity, solvency, business activity, the efficiency of using working capital, etc. ... However, these indicators, as already noted, characterize the investment attractiveness of an enterprise within the framework of the traditional approach to its assessment, which is rather narrow. In addition, the composition of indicators and their recommended values ​​are defined in regulatory documents used in bankruptcy procedures, so it is rather difficult to use them directly to assess investment attractiveness.

Discounted cash flow method

This method is based on the assumption that the value that the potential owner is willing to pay for the company is determined based on the forecast of cash flows that he can expect to receive from its activities in the future. Projected cash flows up to a certain point in time (usually 3-5 years) and cash flows in the terminal period are reduced to their present value at the valuation date by discounting at a rate that reflects the risk associated with their receipt. As a result, the current value of the company is formed, which makes it possible to draw a conclusion about its investment attractiveness.

The study of the investment attractiveness of an enterprise begins with an analysis of the growth dynamics of certain absolute indicators of financial statements (revenue, other income and expenses, net profit), after which a medium-term forecast is constructed, taking into account the assumed assumptions about their growth rates. Then the actual and projected cash flows are discounted at the rate that reflects the current situation, that is, brought to the present value. Ultimately, this technique allows you to determine the real value of the company and show the investor the potential of an economic entity.

The advantage of the method lies in the realistic assessment of the company's value, its investment attractiveness, and the ability to see the hidden potential. However, from our point of view, the method is not correct enough, since the current trends in the dynamics of indicators are mechanically transferred to the forecast period, and the assumptions made are subjective, which does not guarantee the avoidance of errors in calculations.

Assessment of investment attractiveness based on the analysis of external and internal factors

This methodology includes several interrelated stages: identification of the main external and internal factors of the investment attractiveness of an enterprise based on the Delphi expert method; construction of a multivariate regression model of the influence of the selected factors and forecasting the investment attractiveness of an enterprise; analysis of investment attractiveness, taking into account the identified factors; development of recommendations.

The advantage of the proposed method lies in an integrated approach to the study of the investment attractiveness of an enterprise, taking into account both internal and external factors, but it is not without its drawbacks. At the first and third stages of the study, the main role is played by examination, polls and questionnaires, which makes the final result dependent on subjective assessments and thereby reduces its accuracy.

Seven-factor model for assessing investment attractiveness

In this methodology, the criterion for the investment attractiveness of an enterprise is the return on assets. The choice of this indicator is due to the fact that the investment attractiveness of a company is largely determined by the state of the assets it possesses, their composition, structure, quantity and quality, complementarity and interchangeability of material resources, as well as the conditions ensuring their most efficient use.

In the model, the return on assets is put in dependence on the net profitability of sales, the turnover of current assets, the current liquidity ratio, the ratio of short-term liabilities to receivables, the ratio of receivables and payables, the share of accounts payable in the borrowed capital and the ratio of borrowed capital and the organization's assets. The analysis allows the influence of the listed factors to be revealed shows on the dynamics of the resulting indicator. The basis for making a decision is the following postulate: the higher the return on assets, the more efficiently the company operates and is more attractive from the point of view of the investor. The level of investment attractiveness is determined by the integral index, calculated as the product of the indices of changes in factors.

The considered methodology allows to mathematically accurately determine the indicator, which serves as a criterion for assessing the level of investment attractiveness, however, it takes into account only the internal indicators of the enterprise, examines only the financial side, while the term "investment attractiveness" is much broader.

Integral assessment of investment attractiveness based on internal indicators

This method is based on the use of relative internal indicators of the enterprise's activity, affecting its investment attractiveness and grouped into 5 blocks: indicators of the efficiency of using fixed and material working capital, financial condition, use labor resources, investment activity, efficiency of economic activity.

For each of the blocks, calculations are made, which are reduced to an integral indicator of the investment attractiveness of the enterprise. The calculation of the integral assessment includes 2 stages. At the first, the standardized values ​​of all indicators, reference values ​​are calculated, their weights are determined in a comprehensive assessment. Then, for all years, potential functions are calculated, which, at the end of the first stage, are reduced to comprehensive assessments of investment attractiveness for each block of indicators. The result of the second stage is the calculation of an integral assessment of the investment attractiveness of the enterprise.

The advantage of the technique is its objectivity, as well as the reduction of all calculations to the final integral indicator, which greatly simplifies the interpretation of the results. The negative aspects include, first of all, the orientation of the methodology only on the internal indicators of the enterprise, its isolation from external indicators.

Comprehensive assessment of the investment attractiveness of the enterprise

Method consists in the analysis of internal and external factors of its activities and their reduction to a single integral indicator and combines 3 sections - general, special and control.

The general section includes: assessment of the market position, business reputation, dependence on large suppliers and buyers, assessment of shareholders, management level, analysis of the strategic efficiency of the enterprise. In the first five stages, scores are given and total amount points, the last one studies the dynamics of financial and economic indicators of an economic entity.

A special section includes stages of assessment: overall effectiveness; proportionality of economic growth; operational, financial, innovation and investment activity; quality profit. The first stage includes the construction of a dynamic matrix model, the elements of which are the indices of the main indicators of the organization's activities, combined into 3 groups: final, characterizing the result of the activity; intermediate, characterizing the production process and its result; initial, characterizing the amount of resources used. At the second stage, a situational analysis of the proportionality of the growth rates of the main indicators of the enterprise's activity is carried out. The third stage involves the calculation of the coefficients of the operating, financial, innovation and investment activity of an economic entity. At the fourth stage, the quality of profit is assessed in terms of profitability and solvency.

For all components of the general and special sections of the methodology, final marks are given, which are summed up.

The control section of the methodology involves the calculation of the final coefficient of investment attractiveness, defined as the sum of the products of previously assigned points and weight coefficients, according to which the final conclusion is made.

The advantages of this method include an integrated approach, coverage of a large set of indicators and coefficients, reduction of calculations to a single integral indicator. The disadvantage is the present effect of subjectivity, which manifests itself during the assessment by experts, but this disadvantage is compensated by the inclusion of a large number of absolute and relative economic indicators in the analysis area.

Thus, the study of methods for assessing the investment attractiveness of an enterprise leads to the following conclusion. All methods developed in domestic science and practice are not without drawbacks and can lead to unequal results. However, it is precisely the opposite nature of the identified shortcomings when using the techniques in a complex and interrelated manner that provides a versatile assessment of the investment attractiveness of an enterprise. Thus, an analysis based on a seven-factor model and an integral assessment of internal indicators will allow an objective assessment of an enterprise from the standpoint of its internal activities. A complex method and a method based on the analysis of factors of internal and external influence, although not devoid of subjectivity, will make it possible to take into account the factors not considered in the first two methods.

However, none of the methods focuses on market factors and corporate governance factors, and also does not take into account the dependence of the investment attractiveness of an enterprise on the attractiveness of the country, region and industry in which it operates. Since these shortcomings can lead to distortion of the assessment results, the task was set to approbate the known methods, for the solution of which a study of the investment attractiveness of a particular enterprise was carried out.

Study of the investment attractiveness of OJSC "Murom plant of radio measuring instruments"

Assessment of the investment attractiveness of the enterprise according to the seven-factor model(Table 1) reflects extremely unstable dynamics critical indicators activity of the enterprise, and the correlation coefficients show which factors had the greatest impact on the effective indicator (Table 2).

Table 1 - Seven Factor Model of Return on Assets

Indicators	2008 r.	2009 r.	2010 r.	2011 r.
Net return on sales,%	2,18	10,36	0,46	1,13
	3,43	2,29	0,79	0,71
	2,11	2,52	2,33	1,47
	1,57	1,84	3,14	3,47
	1,00	0,63	0,43	0,49
	0,60	0,82	0,66	0,53
	0,42	0,35	0,40	0,65
Return on assets,%	6,21	19,97	0,30	0,69

Table 2 - Influence of factors on the return on assets

Factors	Correlation coefficient value
Net return on sales	0,9871
Turnover of current assets	0,5189
Current liquidity ratio	0,6244
The ratio of short-term liabilities and receivables	0,7045
The ratio of receivables and payables	0,27526
Share of accounts payable in borrowed capital	0,85934
The ratio of borrowed capital and assets of the organization	0,5938

The greatest influence on the value of the return on assets is exerted by the return on sales and the ratio of short-term liabilities and accounts receivable and the share of accounts payable in the borrowed capital. In other words, the level of investment attractiveness of JSC "MZ RIP" is decreasing, first of all, as a result of the low profitability of the main activity and the suboptimal state of the enterprise's settlement system with debtors and creditors.

Further, the indices of changes in factors and an integral index of investment attractiveness, calculated as the product of indices of changes in factors, are determined. Its value is 3.22, 0.02 and 2.26 for 2009, 2010 and 2011, respectively. The final result of the dynamics of factor indicators is expressed in a high assessment of the level of investment attractiveness of the enterprise in 2009 (the integral index is more than 1) and its catastrophic fall in 2010 (the value of the index is 0.02). The increase in the index in 2011 is due to the “low base effect” and cannot be assessed unambiguously.

Evaluation according to the seven-factor model allows us to clearly identify the dynamics of the analyzed indicators, but characterizes, first of all, the financial component of the category "investment attractiveness of the enterprise", without affecting other important aspects of this concept.

To study the investment attractiveness of an enterprise using the integral method based on internal indicators, the performance indicators of an economic entity are divided into 5 blocks (below, the composition of indicators by blocks is disclosed).

Indicators of the first block, reflecting the efficiency of using material and material resources: X 11 - profitability of fixed assets,%; X 21 - profitability of working capital,%; X 31 - the coefficient of inventory turnover; X 41 - equity capital turnover ratio. Indicators of the second block, reflecting the financial condition: X 12 - current liquidity ratio; X 22 - coefficient of financial independence; X 32 - debt capital ratio; X 42 - the degree of provision of stocks and costs with own circulating assets; X 52 - accounts receivable turnover ratio; X 62 - accounts payable turnover ratio. Indicators of the third block, reflecting the efficiency of the use of labor resources: X 13 - the share of qualified personnel; X 23 - labor productivity. Indicators of the fourth block, reflecting investment activities: X 14 - return on investment; X 24 - the share of own investments; X 34 - investment growth rate. Indicators of the fifth block, reflecting the efficiency of economic activity: X 15 - return on equity; X 25 - return on assets; X 35 - profitability of current assets; X 45 - product profitability; X 55 - production profitability; X 65 is the return on sales.

The calculation and standardization of the values ​​of the indicators made it possible to determine five potential functions by blocks:

y 1 = 0.377Z 11 + 0.370Z 21 + 0.487Z 31 + 0.695Z 41 (1)

Y 2 = 0.756Z 12 + 0.376Z 22 + 0.203Z 32 + 0.322Z 42 + 0.277Z 52 + 0.256Z 62 (2)

y 3 = 0.999Z 13 + 0.043Z 23 (3)

y 4 = 0.041Z 14 + 0.330Z 24 + 0.943Z 34 (4)

Y 5 = 0.347Z 15 + 0.342Z 25 + 0.342Z 35 + 0.357Z 45 + 0.341Z 55 + 0.634Z 65 (5)

At the second stage, comprehensive assessments of investment attractiveness for each of the blocks were calculated and a single assessment was obtained in the form of a general potential function:

Y = 0.052y 1 + 0.116y 2 + 0.867y 3 + 0.478y 4 + 0.056y 5 (6)

At the final stage, an integral assessment of the investment attractiveness of the enterprise was determined (Table 3).

Table 3 - Calculation of integral estimates of the investment attractiveness of an enterprise

Indicators	2009 r.	2010 r.	2011 r.
	0,29	0,07	0,10
Potential function (α 1 × y 1)	1,26	1,11	0,79
Potential function (α 1 × y 1)	72,32	73,29	74,39
Potential function (α 1 × y 1)	14,52	13,80	13,00
Potential function (α 1 × y 1)	0,35	0,06	0,08
The sum of potential functions (y i)	88,75	88,34	88,36
Integral assessment of investment attractiveness (C i)	78,49	78,12	78,14

Thus, the enterprise was the most investment attractive in 2009, in 2010 the investment attractiveness significantly decreased and in 2011 there is a positive trend, the level of investment attractiveness is increasing, but insignificantly. In other words, despite the greater complexity of the applied methodology and a wider range of factors taken into account, the result of the assessment is similar to that obtained using the seven-factor model.

Let us determine how certain areas of the enterprise's activity affect its overall investment attractiveness (Fig. 1):

Figure 1- Comparative analysis of the dynamics of complex assessments and integral assessment of investment attractiveness

It is obvious that the dynamics of general and private assessments of the investment attractiveness of an enterprise are different. Almost all indicators have a fairly high level in 2009, which subsequently in 2010-2011. decreases. This trend can be observed in terms of the indicators of the first, second and third blocks, reflecting the state of material resources, financial position and efficiency of the enterprise. On the contrary, there is a positive trend in terms of the use of labor resources (third block). Indicators of investment activity (fourth block) also tend to decline, but not too sharp.

In other words, negative changes are shown by those indicators that are primarily affected by the external environment. It is known that in 2008-2010 the economic activity of Russian enterprises was carried out in the conditions of a serious financial and economic crisis. Only this circumstance, of course, cannot explain the sharp drop in all financial and economic indicators of the analyzed organization in 2010, however, the deterioration of the market situation could not but affect its investment attractiveness. The same parameters, which are not directly dependent on the general state of the economic situation in the country, demonstrate a different dynamics. Consequently, the inclusion of factors in the composition of indicators that allow taking into account the non-financial aspects of investment attractiveness makes it possible to increase the validity of its assessment.

In addition, it should be noted that the integral method is applicable not only as a method of assessing achieved level investment attractiveness, but also the mechanism of its management, since using a priority ranking scheme, it is possible to increase the level of investment attractiveness of an enterprise purposefully. However, at the same time, the possibilities of using the integral method are limited by the isolation of the system of criteria from environmental factors.

Comprehensive methodology for assessing investment attractiveness, as already noted, is based on the most versatile approach to understanding the investment attractiveness of an enterprise and, therefore, can give the most informative result. The results of the assessment carried out in the framework of general section are presented in Table 4.

Table 4- Interim assessment by quality characteristics

Group name	Points total	Group weight	Total points
Market position assessment
Business reputation assessment
Assessment of the company's dependence on large suppliers and buyers
Assessment of shareholders and affiliates
Assessment of the level of enterprise management
final grade			18,2
Maximum points

So, the release of products aimed at a narrow circle of consumers worsens the market position of the enterprise, however, the business reputation of the enterprise is at the highest level, which is due to a long history and high-quality products. Strong dependence on a small number of large suppliers and buyers, who determine the availability and quantity of orders, also has a negative impact. So, the crisis situation in economic activity in 2010 was caused precisely by problems with orders.

100% - 1 share of JSC "MZ RIP" belongs to JSC "Concern PVO" Almaz-Antey ", and 1 share belongs to Russian Federation, which inevitably reduces the investment attractiveness for external investors. N the enterprise has a high level of leadership competence, a stable management structure, the only negative aspect is the problems with the organization of planning associated with the lack of clear investment plans, business plans for the enterprise.

Let's move on to the results of the assessment carried out within the framework of a special section.

Table 5 - Interim assessment within a special section

Indicators	Score in points			Weight coefficient	final grade
	2009 r.	2010 r.	2011 r.		2009 r.	2010 r.	2011 r.
Overall performance
Proportionality of growth							0,35
Business activity
Profit quality
Total points	14,5						3,05
Maximum points

The enterprise scored the least number of points in 2010, when all the main indicators of its activity significantly decreased. However, in 2009 and 2011. investment attractiveness is also not maximum due to low business activity and disproportionate economic growth (Fig. 2).

Figure 2 - Assessment of the investment attractiveness of an enterprise within a special section of the methodologyLet's summarize the results of the analysis in the final, control section of the methodology:

Table 6 - Final assessment of investment attractiveness

	Score in points			Maximum
	2009 r.	2010 r.	2011 r.
Assessment of the investment attractiveness of an enterprise by quality characteristics	18,2	18,2	18,2
Analysis of the strategic efficiency of the enterprise
The amount of points for a special section			3,05
final grade	25,6	21,5	25,25

The value of the final coefficient of investment attractiveness was 0.75, 0.46 and 0.72 for 2009, 2010 and 2011 and is in the range (0.4 - 0.8), which corresponds to a satisfactory level of investment attractiveness. In 2010, this situation was caused to a greater extent by the decline in basic economic and financial indicators, and in 2009 and 2011. - low business activity and disproportionate economic growth, the reasons for which are the limited market positions and the peculiarities of the structure of equity capital. Thus, the inclusion of not only internal, but also external factors in the analysis area, the versatility of the approach to assessing investment attractiveness leads to a more substantiated result.

conclusions

Thus, a comparative analysis of existing approaches to the interpretation of the category of investment attractiveness of an enterprise and the known methods of its assessment led to the following conclusions.

In modern economic conditions, the understanding of the investment attractiveness of an enterprise and the methodology and research methodology based on it are not limited to the financial and economic aspects of this concept. According to the author, investment attractiveness should be understood as a complex economic performance, which is characterized by financial condition and business activity, capital structure, form of corporate governance, level of demand for products and their competitiveness, and is influenced by the investment attractiveness of the country, region and industry.

Models and methods based on the traditional, narrow-financial approach to understanding the investment attractiveness of an enterprise, or taking into account mainly internal factors, do not allow to adequately characterize its level and dynamics, despite the technically strict correctness of the applied calculation methods.

The comprehensive assessment method, based on the most complete understanding of the category of investment attractiveness, and taking into account a set of quantitative and qualitative characteristics, internal and external parameters, made it possible to identify, albeit in a first approximation, the reasons for the lack of the achieved level of attractiveness for investors.

However, at the same time, none of the considered methods ultimately made it possible to explicitly identify and fairly correctly evaluate the factors that determined the given level of investment attractiveness of a particular enterprise and the nature of its dynamics. According to the author, this is due precisely to the specifics of the analyzed organization, which, being a part of an industrial holding and operating in a specifically specialized market, experiences the influence of factors that were not taken into account in any of the considered methods. Thus, at this stage of the study, a specific task for further development has been formulated - the adaptation of the existing or the development of a completely author's methodological toolkit, applicable to assess the investment attractiveness of an enterprise, taking into account its position in the level structure of investment attractiveness (country - region - industry - enterprise - project or object) , the specifics of corporate governance and market positions.

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