In today's world, businesses operate in a tough competitive space. For sustainable development, an enterprise needs to constantly develop, quickly adapt to changing environmental conditions, offering the market a modern, high-quality product that satisfies the consumer. The constant development of the organization requires regular investments both in fixed assets and scientific and technical developments, as well as for other purposes aimed at obtaining a positive effect. To attract these investments, the company needs to monitor investment attractiveness.

The investment attractiveness of an enterprise is a complex indicator characterizing the expediency of investing in this enterprise. The investment attractiveness of an enterprise depends on many factors such as the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the economic situation in the industry, staff qualifications, financial performance, etc. .

In recent years, quite a lot of works by foreign authors have appeared on the issues of assessing the attractiveness of investment, including Van Horn, Behrens V, Birman G., Schmidt S., Sharp U., Norcott D., Havranek P. However, the conditions and specifics of the development of the Ukrainian investment market do not yet allow using foreign experience in investment management with sufficient efficiency.

It should be noted a large number of works by Ukrainian and Russian authors on issues and problems of investment management, among the most famous are Blank I.A., Idrisov A.B., Kreinina M.N., Melkumov Y.S., Peresada A.A. , Savchuk V.P. and others . However, they often largely use foreign approaches and methods without proper adaptation to the conditions of the domestic investment market, they lack a sufficient research base and practical experience of individual companies and firms in the investment field. Insufficient attention is paid in publications to the issues and problems of real investment, which, as we have already noted, in modern conditions forms the basis of the investment activity of most domestic investors.

Currently, enterprises use a variety of tools to raise funds. The most common ways to attract investments are:

Loans in credit institutions;

Attracting investments in the stock market: issuing bonds; conducting IPO and SPO;

Attracting a strategic investor.

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

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

Each investor pursues his goals by investing in the enterprise. Depending on the objectives of investors can be divided into two groups: financial and strategic.

Financial Investor:

Strives to maximize the value of the company, has only a financial interest - to get the greatest profit, mainly at the time of exit from the project;

Does not seek to acquire a controlling stake;

Does not seek to change the management of the company.

In Ukraine, financial investors are represented by investment companies and funds, venture capital funds. Most of the transactions of such investors take place on the secondary market and do not directly bring additional investments to the enterprise, but the purchase of the company's securities leads to an increase in the company's market capitalization. These investors make a profit from dividends or coupons paid by the company, and from the appreciation of the company's securities.

Strategic investor:

Strives to obtain additional benefits for its core business;

Strives for complete control, sometimes at the cost of destroying the company;

Actively participates in the management of the company;

Mainly seeks to invest in companies from related industries;

Takes "participation" in investing, often not limited to specific terms.

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

The entire analysis of the IPP can be broken down into the following components:

1) analysis of potential profit - the study of alternative investment options, comparison of profitability and risk level;

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

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

4) managerial analysis - assessment of the organizational and administrative policy of the enterprise, as well as the development of recommendations regarding the organizational structure, organization of activities, recruitment and training of personnel;

5) environmental analysis - assessment of potential damage to the environment by the project and determination of the necessary measures to mitigate and prevent possible consequences.

Thus, if an enterprise needs to attract investments, management must form a clear program of measures to increase investment attractiveness. Almost any line of business in our time is characterized by a high level of competition. Attracting investment in a company gives it additional competitive advantages and is often the most powerful means of growth.

Consequently, only an effectively operating and promising investment project is a potential object for investment and a source of profit for the investor.

Literature

1) Tereshchenko O.O. Financial reorganization and bankruptcy of enterprises: Navch. helper. – K.: KNEU, 2000.- 412 p.

2) Investment management: In 2 volumes. V.1. / V.V. Sheremet, V.M. Pavlyuchenko, V.D. Shapiro and others - M .: Higher School, 2008. - 416 p.

3) Krylov E. I., Vlasova V. M., Egorova M. G., Zhuravkova I. V. Analysis of the financial condition and investment attractiveness of the enterprise: Proc. manual for universities - M. : Finance and statistics, 2003. - 190 p.

Analysis of product attractiveness factors for customers. Allows you to determine the unique competitive advantages for our products, justify the optimal pricing policy, increase business profitability.

Analysis of various factors of the company's product attractiveness is a very important and demanded service today. With its help, you can determine the unique competitive advantages for various types of products, justify the optimal pricing policy, and increase business profitability. Thus, it is simply an indispensable tool for solving a wide variety of issues.

“If you stumble and fall, it doesn’t mean that you are going the wrong way.” (Vantala)

The attractiveness of a product is usually created at three main levels. If you are in doubt about which product to choose for further promotion, it is very important to understand what product attractiveness means. As a commodity, it is usually not only an object of a tangible type that can be touched. These are also various services, as well as ideas that can be successfully implemented in practice. Goods should be considered everything that contributes to the satisfaction of needs for customers and organizations, and in the future can find a full-fledged embodiment in the market. At the same time, it is necessary to attract potential customers for the purpose of further use, consumption and other kinds of actions with the goods.

At the same time, it is very important to find out what the consumer expects from a particular product, what are his needs. It is necessary to understand what product a potential client is ready to purchase, and what kind of assistance can be indicated to him in this regard. In this regard, it is necessary to build on the concept of product perception - this is the definition of several of the most important advantages of the product, and the choice is made after various points of view have been explored.

So, the main levels that relate to the perception of the product:

The first level is usually the most important. This level is associated with assumptions about which product the buyer should prefer and for what reason. To understand how attractive a product is for a buyer, it is necessary to answer several important questions:

• What needs does a particular product meet for a customer?
• For what purpose the buyer can purchase a particular product?

The second level - the product moves from the level of design to the level of objective reality. The product must be understandable to the consumer, it must be attractive, it must have a certain level of quality and the most appropriate price for the purchase. These are the main components for any type of product that your client will pay attention to first of all. This is the main criteria for attractiveness for any product.

The third level - has the greatest complexity in the implementation process. The product should receive the greatest attractiveness for the client when buying, it should be fully different from other types of products of this type. Only in this way is a certain volume of sales achieved, only in this way can you engage in the highest quality business.

Natalia Zaitseva Head of Corporate Borrower Analysis Department, TransCreditBank OJSC, postgraduate student of the State Financial Academy
Magazine "BDM. Banks and the business world”, No. 12, 2007

However, if we consider the distribution of investments by industry, a certain imbalance is noticeable, which can be explained, first of all, by differences in the level of profitability and risk of enterprises. The most attractive for investors are still the raw materials sector, industrial production and transport.

There is no need to dwell in detail on how positively the attraction of investment resources affects the development of an enterprise. It is obvious. In the most general form, among the positive consequences, experts include the possibility of expanding production, updating fixed production assets, developing and implementing new technologies, improving the quality and competitiveness of products, and so on. On the other hand, the benefit of the investor, received in the form of income and compensation for the risk assumed, is also well known.

However, the investor and the "potential investment object" do not always find each other in a complex system of investment relationships. Why? The investment process is complicated by several factors that the investor faces in the decision-making process. One of them is the choice of an investment object, or, in other words, an investment-attractive enterprise. Everyone knows that when making such a decision, the investor is based on the ratio of risk and income. However, in the presence of a large amount of information and many enterprises operating in the market, it is extremely difficult to make an objective and most effective decision.

When investing in securities of issuers of the “first”, and in some cases, “second tier” issuers, the issue of assessing investment attractiveness is rhetorical and does not require any explanation. Such investments are considered low-risk and bring the investor, although stable, but far from the highest income. For example, the total income of holders of "second tier" bonds, according to experts, amounted to 8-10% in 2006. The highest yield - more than 12% per annum - is brought by bonds of issuers of the "third tier", however, investments in them are associated with increased risk, which means that a thorough preliminary analysis is necessary.

What is investment attractiveness

In order to determine the maximum efficiency of an investment decision, the concept of the investment attractiveness of an enterprise is introduced. The concept is quite new, it appeared relatively recently in economic publications and is used mainly in the characterization and evaluation of investment objects, rating comparisons, and comparative analysis of processes. The study of various points of view on its interpretation made it possible to establish that in modern ideas there is no single approach to the essence of this economic category.

One of the most common points of view is the comparison of investment attractiveness with the expediency of investing in an enterprise of interest to the investor, which depends on a number of factors that characterize the activity of the entity. Although the definition is correct, it is rather vague, and does not give grounds to talk about the assessment.

More precisely, the economic essence of investment attractiveness is given in the definition of L. Valinurova and O. Kazakova. They understand this term totality objective signs, properties, means and opportunities that determine the potential effective demand for investments. This definition is broader and allows taking into account the interests of any participant in the investment process.

There are other points of view (including L. Gilyarovskaya, V. Vlasova and E. Krylov and others). Here, investment attractiveness is understood as an assessment of the effectiveness of the use of equity and borrowed capital, an analysis of solvency and liquidity (a similar definition is the structure of equity and borrowed capital and its placement between different types of property, as well as the efficiency of their use).

Assessing the investment attractiveness in terms of income and risk, it can be argued that this is the presence of income (economic effect) from investing funds with a minimum level of risk.

The role of this concept in characterizing the investment environment and investment activity in general can be seen in the following diagram:

Thus, it becomes obvious that, regardless of the approach to the definition used by an expert or analyst, most often the term "investment attractiveness" is used to assess the feasibility of investing in a particular object, choosing alternative options and determining the efficiency of resource allocation.

It should be noted that the determination of investment attractiveness is aimed at the formation of objective targeted information for making an investment decision. Therefore, when approaching its assessment, one should distinguish between the terms "level of economic development" and "investment attractiveness". If the first determines the level of development of the object, a set of economic indicators, then the investment attractiveness is characterized by the state of the object, its further development, profitability and growth prospects.

Assessment Methods

The formation of a methodology for assessing the investment attractiveness of enterprises in Russia is at an early stage. This can be judged not only by the small number of publications on this problem, but also by the almost complete absence of specific working methods.

One of the most common is the analysis of investment attractiveness based on a single analytical indicator of the level of profitability of own assets. Such an approach, apparently, can take place for selecting the organization's policy, determining the most effective ways to use capital in the investment process, and forming separate areas of investment activity. Since it requires the study of a minimum set of factors influencing decision making, its advantage is relative efficiency, especially if there is a large amount of information on homogeneous investment objects. At the same time, almost any investment object can be evaluated. But this approach also has noticeable drawbacks - first of all, a high probability of inaccuracy in the assessment, the inability to compare the results of the analysis due to the lack of a single information base that forms the indicators. There is also an individual approach to the evaluation of investment objects. In fact, the process in this case comes down to a subjective assessment of a particular object by one or another investor, which in turn increases both the time and cost costs of conducting an analysis, and, in addition, greatly complicates the identification of the desired parameters, criteria and main factors influencing her. It is also known that many companies sometimes deliberately overestimate the values ​​of current costs, which means that real profitability data is distorted and, accordingly, the efficiency indicator decreases.

In practice, the assessment of investment attractiveness often comes down to an analysis of the financial condition of the proposed investment objects. This approach has not only a theoretical justification, but a practical effect. The degree of complexity and complexity of the analysis depends on who conducts it. Nevertheless, as an illustrative example, we will give the criteria for assessing the investment attractiveness of the issuer of bills, which are used by a number of analytical services.

Calculations of this kind are a concise form of financial analysis, which allows the investor to quickly determine the feasibility of further consideration of an enterprise as a potential investment object. However, such an analysis (as well as a detailed financial analysis) makes it possible to assess only the current financial position of the enterprise, but does not answer a number of questions that are extremely important for the investor.

• What are the factors of investment attractiveness of the enterprise?
• What is the current market value of the enterprise?
• What is the future cash flow from current investments?

It is extremely difficult to answer such questions; this requires the development of complex complex methods. For example, when evaluating the factors of investment attractiveness, the investor should pay attention to the following points:

• the level of professionalism of the management team;
• the presence or absence of a unique business concept, a clear understanding of the company's development strategy, a detailed business plan;
• the presence or absence of competitive advantages, i.e., the potential for market leadership;
• the presence or absence of significant potential to increase the company's revenues;
• the degree of financial transparency, compliance with corporate governance principles or the company's commitment to transparency;
• description of the ownership structure that provides protection for share capital;
• the presence or absence of the potential for obtaining high returns on invested capital.

And this is only a small part of what needs to be found out. In order to reliably and effectively assess the investment attractiveness, the list of factors will have to be significantly expanded - it should cover all areas of the enterprise.

Expert assessment is most effective in such cases, but today this is an infrequent phenomenon. Meanwhile, it should become an integral part of a comprehensive assessment of the investment attractiveness of the enterprise.

Answers to the last two questions - about the current market value and future cash flows - are difficult to obtain. But it is necessary, since it is the current market value of the enterprise that makes it possible to characterize the possible potential for its growth, and hence the possibility of generating income in the future.

In the future, the methodology for assessing investment attractiveness will be significantly expanded and supplemented. The simplest financial analysis no longer meets the requirements of the investors making the decision. In accordance with this, new methods and approaches are being developed to determine the investment attractiveness of an enterprise and the formation of an investment decision. In particular, it is planned to develop a set of valuation measures, which, in addition to financial analysis, will include a qualitative and quantitative assessment of investment attractiveness factors and use several approaches to business valuation in order to determine cash flows in the future.

1 The main figures are presented in RZB No. 3 (330), 2007.

2 RZB No. 3 (330), 2007.

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MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

FEDERAL STATE AUTONOMOUS

EDUCATIONAL INSTITUTION OF THE HIGHER

PROFESSIONAL EDUCATION

"KAZAN (VOLGA) FEDERAL UNIVERSITY"

INSTITUTE OF MANAGEMENT, ECONOMICS AND FINANCE

DEPARTMENT OF FINANCIAL MANAGEMENT

COURSE WORK IN THE DIRECTION

Analysis of the investment attractiveness of the enterprise

Is done by a student

Gr.14.6-231 3 course

A.F. Kamaletdinova

scientific adviser

Doctor of Economics, Associate Professor of the Department

financial management

A.I. Bikchantaeva

Kazan 2015

INTRODUCTION

The assessment of the investment attractiveness of an enterprise plays an important role for an economic entity, since potential investors pay considerable attention to this characteristic of an enterprise, while studying the indicators of financial and economic activity for at least 3 years. Also, for a correct assessment of investment attractiveness, the investor evaluates the enterprise as part of the industry, and not as a separate economic entity in the environment, compares the enterprise in question with other enterprises in the same industry.

The activity of investors largely depends on the degree of stability of the financial condition and economic viability of the enterprises in which they are ready to invest. It is these parameters that mainly characterize the investment attractiveness of the enterprise. Meanwhile, at present, the methodological issues of assessing and analyzing investment attractiveness are not sufficiently developed and require further development. This is the reason for the relevance of the topic of this course work "Investment attractiveness of the enterprise".

Almost any line of business in our time is characterized by a high level of competition. In order to maintain their positions and achieve leadership, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, periodically there comes a moment when the management of the organization realizes that further development is impossible without an influx of investments. Attracting investment gives a company a competitive advantage and is often the most powerful means of growth. The main and most general goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds with proper management should be an increase in the value of the company and other indicators of its activities.

Investment attractiveness is important for investors, since the analysis of the enterprise and its investment attractiveness allows minimizing the risk of improper investment.

The object of study of this course work is the investment attractiveness of the enterprise.

The subject of the research is the factors influencing the investment attractiveness of an enterprise.

The purpose of this work is to analyze the investment attractiveness of OJSC "Lukoil" on the basis of the basic indicators of financial statements, indicators of liquidity and solvency.

The purpose of the study allowed us to formulate the tasks that were solved in this work:

1. reveal the concept of investment attractiveness;

2. determine the factors influencing investment attractiveness;

3. provide an algorithm for monitoring the investment attractiveness of the enterprise;

4. to analyze the liquidity and solvency of the enterprise's activities on the example of OAO "LUKOIL";

5. to analyze the investment attractiveness of the enterprise on the example of OJSC "LUKOIL";

6. develop ways to increase the investment attractiveness of the enterprise.

This work consists of an introduction, two chapters, a conclusion, a list of references and an appendix.

When writing a term paper, the following methods of scientific research were used: comparative method; study of relevant literature, articles; analytical method.

The educational literature on this topic, periodicals of economic journals, information sites served as an information base. To perform the analytical part of the work, information and financial statements of OAO LUKOIL were taken.

1. THEORETICAL ASPECTS OF ANALYSIS OF INVESTMENT ATTRACTIVENESS OF AN ENTERPRISE

1.1 The concept of investment attractiveness and the factors that determine it

In the economic literature, there is a sufficient number of works that address the problems of defining and understanding the "investment attractiveness" of an enterprise.

Until now, there has not been a consensus regarding the definition and evaluation of the investment attractiveness of enterprises. The opinions of domestic authors on this topic differ in some respects, but at the same time they significantly complement each other.

Having studied the approaches to the essence of the investment attractiveness of an enterprise, it is possible to combine the currently existing interpretations into four blocks according to a certain criterion:

1. investment attractiveness as a condition for the development of an enterprise;

The investment attractiveness of an enterprise is the state of its economic development, which assumes, taking into account a high degree of probability, that investments are able to satisfy the required level of profitability within a time frame acceptable to the investor or another positive effect is possible.

2. investment attractiveness as a condition for investment;

Investment attractiveness is considered as a set of various objective signs, properties, means, opportunities that determine the potential effective demand for investments in fixed assets.

3. investment attractiveness as a set of indicators;

the investment attractiveness of an enterprise is presented as a set of economic and financial indicators of the enterprise, which determine the possibility of obtaining the maximum profit as a result of capital investment with minimal investment risks.

4. investment attractiveness as an indicator of the effectiveness of investments Igonina, LL Investments [Text] / LL Igonina / / Tutorial.-2006.-p.288.

Investment efficiency is interconnected with the concept of investment attractiveness, it is a key link in determining investment attractiveness, while the latter determines investment activity. The higher the efficiency of investments, the higher will be the level of investment attractiveness and the larger the investment activity, and, accordingly, vice versa.

Thus, generalizing the classification proposed above, it is possible to formulate the most general definition of the investment attractiveness of an enterprise and its consideration as a system that includes economic relations between economic entities regarding the effectiveness of business development and support for its competitiveness.

From the position of an investor, the investment attractiveness of an enterprise is a combination of quantitative and qualitative factors that characterize the solvent demand of an enterprise for investments.

Demand for investment (together with supply, price level and degree of competition) is the basis for determining the investment market conditions.

In order to avoid doubts about the reliability of the information used to develop an investment strategy, a systematic approach is needed in studying the market situation, starting from the macro level (the investment climate of the state) and ending with the micro level (assessment of the investment attractiveness of an individual investment project). With the help of such a sequence, investors can solve the problem of choosing enterprises that have the best development prospects in the event of the implementation of the proposed investment project, providing the investor with the planned return on invested capital from existing risks. Along with this investor, it is considered which industry the enterprise belongs to (developing or depressed industry) and what is its position in the territorial plan (region, federal district). The industry and territory, in turn, have their own levels of investment attractiveness, which include the investment attractiveness of enterprises.

Thus, each object of the investment market has its own investment attractiveness, but at the same time, each of them is located among the “investment field” of all objects on the investment market. The investment attractiveness of an enterprise, in addition to its “investment field”, is influenced by the investment impact of the industry, regions, and the state. Meanwhile, the totality of enterprises forms an industry that affects the investment attractiveness of the entire region, and the attractiveness of the regions forms the attractiveness of the state. All changes that occur in systems at a higher level (political instability, changes in tax legislation, and others) are directly reflected in the investment attractiveness of the enterprise.

Investment attractiveness is also dependent on external factors that characterize the level of development of the industry and the region in which the enterprises in question are located, and on internal factors: activities within the enterprises themselves. Katasonov, V.Yu. Investment potential of the economy [Text] / V.Yu. Katasonov//Mechanisms for the formation of investment potential.-2005.-p.68

In order to make a decision regarding the placement of funds, an investor should evaluate many factors that determine the effectiveness of future investments. Taking into account the range of options for combining different values ​​of these factors, the investor evaluates the total impact and results of the interaction of these factors, that is, evaluates the investment attractiveness of the socio-economic system and, based on it, makes a decision on the contribution of his funds.

Therefore, it becomes necessary to quantitatively identify the state of investment attractiveness, and the following point must be taken into account: in order to make an investment decision, an indicator that characterizes the state of investment attractiveness of an enterprise must make economic sense and be comparable to the price of the investor's capital. Therefore, it is possible to determine the requirements regarding the methodology for disclosing the indicator of investment attractiveness:

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

The indicator should reflect the expected return on investment;

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

The methodology for assessing the investment attractiveness of an enterprise, built taking into account these requirements, will provide the investor with a high-quality and reasonable choice of the object of capital investment, the investor will be able to control the effectiveness of investments and adjust the process of implementing investment measures in adverse situations.

The investment potential of Russian enterprises can be characterized as having a satisfactory level of development of production potential, in particular, the growth of the material and technical equipment of the enterprise; growth in industrial output and growth in demand for the products of Russian enterprises; an increase in the activity of enterprises in the securities market and a direct increase in the value of Russian shares; decrease in the efficiency of managing the enterprise's activities, which is revealed in the values ​​of indicators characterizing the financial position of enterprises; sufficient volume and qualification of the labor force; uneven development of enterprises in different industries. As for the activity of the Russian investor, we can say that it is falling, while the interest of the foreign investor in the industrial enterprises of Russia is increasing.

One of the most important factors of investment attractiveness of an enterprise is investment risk.

Investment risk includes the following subtypes of risk: lost profits, reduced profitability, direct financial losses.

The risk of lost profits is associated with the onset of indirect (collateral) financial damage (lost profits) if an activity is not carried out.

The risk of yield reduction arises when the amount of interest and dividends on portfolio investments, deposits and loans decreases.

Yield downside risk includes the following subspecies: interest rate risk and credit risk.

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

· production and technological;

resource;

· institutional;

· regulatory and legal;

infrastructural;

· export potential;

· business reputation and others.

Each of these factors can be characterized by different indicators, often of the same economic nature.

Other factors that determine the investment attractiveness of an enterprise are divided into:

Formal (calculation is carried out on the basis of financial reporting data);

Informal (management 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 the greatest importance in choosing one or another investment object.

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

In the current economic conditions, there are several approaches to assessing the investment attractiveness of enterprises. The first is based on indicators for assessing the financial and economic activities and competitiveness of enterprises. The second approach operates with the concept of investment potential, investment risk and methods for evaluating investment projects. In the third approach, the value of enterprises is estimated. Each of the approaches and methods has its advantages, disadvantages and limits of use. It should be noted that the use of various approaches and methods in the assessment provides the highest probability of an objective reflection of the investment attractiveness of the enterprise.

The investment attractiveness of the enterprise includes the following components:

General characteristics of the technical base of the enterprise;

Product range;

Productive capacity;

The position of the enterprise in the industry, in the market, the level of its monopoly;

Characteristics of the control system;

Authorized fund, owners of the enterprise;

The structure of production costs;

The amount of profit and the direction of its use;

Assessment of the financial position of the enterprise.

The control system for various processes should be based on objective assessments of the state of their flow. The main characteristic of the investment process is the state of the investment attractiveness of the system. That is why it is necessary to assess the investment attractiveness of the economic system. The main tasks of assessing the investment attractiveness of economic systems are:

Determining the socio-economic development of the system from the perspective of investment issues;

Determining the impact of investment attractiveness on the inflow of capital-forming investments and socio-economic development of the economic system;

Development of measures to regulate the investment attractiveness of economic systems.

Additional tasks are:

Finding out the reasons that affect the investment attractiveness of economic systems;

Monitoring investment attractiveness.

One of the fundamental factors of the investment attractiveness of an enterprise is the availability of the necessary capital or investment resources. The structure of capital allows you to determine its price, but this is not a necessary and sufficient condition for the effective functioning of the enterprise. At the same time, the lower cost of capital generates a greater attractiveness of the enterprise. The price (cost) of capital reflects the rate of return (profitability threshold) or the rate of return that an enterprise needs to ensure in order to prevent a decrease in its market value.

The return on invested funds is determined by the ratio of profit or income to invested funds. At the micro level, an indicator of income can be an indicator of net profit, which remains at the disposal of the enterprise (formula 1).

Formula 1

In this way:

K1 = Pr / V (1)

where K1 is the economic component of the investment attractiveness of the enterprise, in fractions of a unit;

Pr - the amount of profit for the period under review.

In situations where there is no information on investments in fixed capital, it is recommended to use the return on fixed capital as an economic component, since this indicator reveals the efficiency of using funds previously invested in fixed capital.

The indicator of investment attractiveness of the investment object is calculated according to the following formula:

Formula 2

Si = N / Ri (2)

where Si is an indicator of investment attractiveness (value) of the i-th object;

Ri - resources of the i-th object participating in the competition;

H is the value of the consumer order.

In this case, the role of the key parameter of the entire rating system belongs to the consumer order. Depending on the extent to which it will be correctly formed, the degree of reliability of the calculated indicators of Guskov, T.N. Assessment of the investment attractiveness of objects by statistical methods [Text] / T.N. Guskova / / Investments.-1999.-p.278.

Within the framework of the enterprise, the attraction of additional technological, material, financial, and other resources is necessary to solve a specific problem - the introduction of new foreign technology in the form of a license and know-how, the acquisition of new imported equipment, the involvement of foreign management experience in order to improve product quality and improve methods of entering the market, expanding the output of those types of products that the market, including the world market, needs. The attraction of material resources from abroad is also necessary in order to introduce their own technical developments, the application of which is hampered due to the lack of the required equipment.

The implementation of investments in Russian enterprises is determined by the presence of interrelated conditions: low competitive level on the part of enterprises receiving investments; a high level of information asymmetry and frequent situations of using essential, proprietary information; low level of information transparency of companies; high conflict between the investor and the management of the enterprise; the lack of tools to protect the interests of the investor from the dishonest behavior of the company's managers.

Table 1.1. a comparison of some methods that are used in domestic and world practice is given. As can be seen, in many methods, one of the important factors in assessing and predicting the future state of the company in question is the assessment of its management system. This trend is in line with theoretical studies that directly link the state of the company, the effectiveness of its management and control by shareholders regarding the adoption of managerial decisions.

Table 1.1 Comparative analysis of methods for assessing the investment attractiveness of an enterprise

Method name	Sides of the enterprise, analyzed using quantitative indicators	Aspects of the enterprise's activities analyzed using qualitative indicators	Purpose of the analysis
System of complex economic analysis of Moscow State University. M.V. Lomonosov (KEA)	Analysis of the use of production facilities; Analysis of the use of material resources; Analysis of the use of labor and wages; Analysis of the size and structure of the advanced capital; Analysis of the cost of production; Analysis of the turnover of production assets; Analysis of the volume, structure and quality of products; Analysis of profit and profitability of products; Analysis of the profitability of economic activity; analysis of financial condition and solvency	Analysis of the organizational and technical level, social, natural, foreign economic conditions of production	Evaluation of the effectiveness of the enterprise
Methodology of the Bank of France	Performance evaluation; Credit case assessment; Solvency assessment	Executive evaluation
Bundesbank methodology	Evaluation of profitability payback; Liquidity assessment		Assessment of the reliability of the enterprise as a borrower
Bank of England methodology	Market risk;	Market risk; Control; Organization; Control
US Federal Reserve Methodology	Capital, assets, profitability, liquidity	Management	Assessment of the reliability of a commercial bank

However, as can be seen from the above analysis of the methods, none of the methods is fully capable of covering the possible field of factors that affect the investment attractiveness, determined on the basis of the theoretical model of the company chosen for the purposes of this study.

Analyzing the FEA methodology, it should be noted that its strength lies in the presentation of the most complete and detailed recommendations for analyzing the financial position based on the company's financial statements, as well as the most complete set of financial indicators that focus on assessing the financial condition and business performance of the company in question.

When evaluating investment attractiveness, the effectiveness of investments is evaluated.

The effectiveness of investments is determined using a system of methods that reflect the ratio of costs and results associated with investments. Using these methods, one can judge the economic attractiveness of investment projects and the economic advantages of one project over another. Krylov E.N., Vlasova V.M., Egorova M.G. Analysis of the financial condition and investment attractiveness of the enterprise [Text] / Krylov E.N., Vlasova V.M., Egorova M.G.//Finance and Statistics.-2003.-p.130 11.

By type of economic entities, the methods may reflect:

Economic (national economic) efficiency from the point of view of the interests of the national economy as a whole, as well as the regions, industries and organizations involved in the implementation of projects;

Commercial efficiency (financial justification) of projects, which is defined as the ratio of financial costs and results for projects as a whole or for individual participants, taking into account their contributions;

Budget efficiency, revealing the impact of the project on the income and expenditure of the relevant federal, regional and local budgets.

An enterprise with an average degree of investment attractiveness is distinguished by the fact that it has an active marketing policy aimed at the efficient use of existing potential. Moreover, those enterprises in which the management system is aimed at increasing the value, successfully position themselves in the market, those in which they do not pay due attention to the factors of value formation, suffer the loss of their competitive advantages. Enterprises with below-average investment attractiveness have the characteristics of low capital growth opportunities, which, of course, is associated with the inefficient use of existing production potential and market opportunities.

Enterprises with low investment attractiveness can be considered unattractive, since the invested capital does not give an increase, only acting as a temporary source of maintaining viability, not determining the economic growth of the enterprise. For such enterprises, an increase in investment attractiveness is possible only through a qualitative change in the management and production system, in particular, in reorienting the production process to meet market needs, which will increase the company's image in the market and form new or develop existing competitive advantages.

Potential investors, directly the management of the enterprise, are interested not only in the dynamics of changes in the investment attractiveness of the enterprise over the past period of time, but also in the trends of its changes in the future. Knowledge of the trend of changes in this indicator, on the one hand, prepares for difficulties and the adoption of measures aimed at stabilizing production, or, on the other hand, to use the moment of growth in the indicator of investment attractiveness in order to attract a new investor. It also allows you to timely introduce the latest technologies and improve outdated ones, expand production and sales markets, improve the efficiency of an enterprise in weak markets, and so on.

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

The construction of a monitoring system for controlled indicators covers the following main stages:

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

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

3. Determination of the structure and indicators of forms of control reports (reports) of performers is intended to form a system of control information carriers.

4. Determination of control periods for each type, each group of controlled indicators. The specification of the control period for groups of indicators is determined by the "urgency of response" necessary for the effective management of the investment attractiveness of the enterprise.

5. Establishing the size of deviations of the actual results of controlled indicators from the established standards is carried out both in absolute and in relative terms. At the same time, according to relative indicators, all deviations are divided into three groups:

positive deviation;

Negative "permissible" deviation;

Negative "unacceptable" deviation.

6. Identification of the main causes of deviations of the actual results of controlled indicators from the established standards is carried out for the enterprise as a whole and for individual "responsibility centers".

The introduction of a monitoring system at an enterprise can significantly increase the efficiency of the entire process of managing investment processes, and not only in terms of the formation of investment attractiveness.

The basis for the formation of a monitoring system is the development of a system of indicative indicators that make it possible to identify the emergence and complexity of the problem. In terms of content, the system of indicators is focused on studying the features that characterize the dependence of the management of the investment attractiveness of an enterprise on the external and internal environment, assessing their quality and forecasting.

It is advisable to divide the entire system of indicators for monitoring investment attractiveness into the following groups:

1. Indicators of the external environment. The external environment of enterprises operating in market conditions is characterized by a number of distinctive features: firstly, all factors are taken into account simultaneously; secondly, enterprises need to take into account the multidimensional nature of management; thirdly, it is characterized by an aggressive pricing policy; fourthly, the environment is determined by the dynamics of the market development, when the positions of competitors and the alignment of forces are changing at an increasing speed.

2. Indicators that characterize the manifestation of the social efficiency of the enterprise at the public level. Social efficiency draws attention from the entire group of socio-economic indicators, because it is its side, reflecting the impact of economic measures on the most complete satisfaction of the needs of society.

3. Indicators that reveal the level of professional training of personnel; indicators characterizing the level of labor organization; socio-psychological characteristics.

4. Indicators that reflect the effectiveness of the development of investment processes in enterprises. As part of assessing the investment attractiveness of enterprises, the group of indicators that directly reflect the effectiveness of investment process management is of the greatest interest.

Given the above, when forming a monitoring system for investment attractiveness, one should, firstly, take into account the factors of formation of investment value, secondly, the potential capabilities of the enterprise regarding the formation of its investment resources, the personnel, production, technical potential of the enterprise, the possibility of attracting an external resource, and thirdly , the efficiency of development of investment processes, which determines the economic growth of the enterprise.

The proposed algorithm is based on tracking changes in the market value. In the conditions of awareness and automation of the processes of functioning of enterprises, the implementation of this algorithm does not require organizational and economic transformations at enterprises.

The monitoring of investment attractiveness carried out in this way allows not only to identify problematic moments in the formation of conditions for the activation of investment processes at enterprises, but also to identify probable changes in the economic potential of the enterprise and minimize the likelihood of destruction of the company's value. Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V. Organizations and financing of investments [Text] / Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V.//Finance and Statistics.-2003.-p.225

liquidity solvency investment algorithm

2. ORGANIZATIONAL AND ECONOMIC CHARACTERISTICS OF AN ENTERPRISE (ON THE EXAMPLE OF OAO "LUKOIL")

2.1 General characteristics of OAO Lukoil

OAO LUKOIL is one of the largest international vertically integrated oil and gas companies, which was established in 1991. The main activities of the company are as follows: exploration and production of oil and gas, production of petroleum products and petrochemical products, marketing of manufactured products. The main part of the company's activities in the exploration and production sector is carried out on the territory of the Russian Federation, the main resource base is Western Siberia. LUKOIL owns modern oil refineries, gas refineries and petrochemical plants located in Russia, Eastern and Western Europe, and neighboring countries. The company sells most of its products on the international market. The company sells petroleum products in Russia, Eastern and Western Europe, neighboring countries and the USA.

The considered joint-stock company is the second largest private oil and gas company in the world in terms of hydrocarbon reserves. The company's share in global oil reserves is about 1.1%, in global oil production - about 2.3%. The company plays a key role in the Russian energy sector, accounting for 18% of Russia's total oil production and 19% of Russia's total oil refining.

The indicators are given from the profit and loss report (Appendix 2).

The main performance indicators of OAO “LUKOIL” for 3 years are shown in Table 2.1.

Table 2.1 Key Performance Indicators of OAO “LUKOIL”

Indicators				Absolute deviation
Volume of products, works, services (revenue), million rubles
Cost of products, works, services, mln.
Average annual cost of fixed assets, million rubles
Average annual cost of working capital, million rubles
Gross profit, million rubles
Net profit, million rubles
Basic earnings per share, RUB
return on assets
capital intensity
Working capital turnover ratio
Product profitability, %
Return on sales, %

As can be seen from the table, basically all indicators have shown an upward trend in recent years. Revenue decreased by 6.58% and amounted to 242880 million rubles in 2014, gross profit decreased by 15330 million rubles. (by 6.37%) compared to 2013. Net profit increased in 2014 compared to 20013 by 77% and amounted to 371,881 million rubles, compared to 2012 - by 12%. Basic earnings per share increased significantly compared to 2013 and 2012, by 77.19% (190.48 rubles) and 70.74% (181.15 rubles), respectively. Despite the fact that the return on assets in 2014 compared to 2012 increased by 22.8%, it slightly decreased relative to 2013, therefore, we can talk about a decrease in the efficiency of using fixed assets at the enterprise. The turnover ratio fluctuates as its value increased sharply compared to 2012, but then fell sharply. Here we can conclude the fact that the assets of the enterprise are used inefficiently and irrationally. Since current assets occupy one of the main places in the production cycle and cash flow largely depends on their turnover, the resulting deviation cannot be considered positive. Profitability of products and sales tend to increase, despite the crisis situation in the country.

The cost structure of OAO LUKOIL for 2014 is shown in Diagram 2.1.

Diagram 2.1 Cost structure of OAO “LUKOIL” for 2014

This diagram shows that the largest share of costs falls on the cost of purchased oil, gas and products of their processing (40.3%), as well as excises and transport duties (22.7%).

These tables allow us to conclude that the total assets for the period under review increased by 48.1% (compared to 2013). The share of non-circulating capital decreased by 8.8% and in 2014 amounted to 66.26% of the total assets, while the share of working capital increased from 24% to 33%, respectively.

In non-current assets, a significant share belongs to long-term financial investments (98%), since the company actively directs funds to purchase securities of other enterprises, and also issues long-term loans. In current assets, the predominant share is occupied by short-term financial investments (57%), this is due to deposits in credit institutions, loans, government securities. Accounts receivable takes about 30% of current assets. The remaining items make up an insignificant share in total current assets.

Total liabilities for 2012-2014 increased by an average of 513,365 million rubles. In the structure of liabilities, the largest share is occupied by capital and reserves (64.6%). For such a capital-intensive enterprise, this is a very good indicator, since it indicates the financial stability of the enterprise and the ability to operate mainly at the expense of its own resources. For the period 2013-2014 one can trace the trend of a significant increase in the amount of capital and reserves (by 31%). The values ​​of long-term and short-term liabilities differ and in 2014 they account for 13.01% and 22.4%, respectively. This provision is due to the fact that the company has a fairly stable position in order to have short-term debt, despite the company's long production cycle, which assumes the priority of long-term obligations. It should be noted that long-term liabilities in 2014 compared to 2013 increased by 208.08% and amounted to 228448 million rubles, and as for short-term liabilities, their value also increased, but not so significantly: by 9%. In general, we can talk about the trend of a gradual increase in the amount of borrowed capital and an increase in the amount of own capital.

In the structure of capital and reserves, the largest share falls on retained earnings (98.8% of total capital). This means that the enterprise has free funds that it can direct to the development, purchase of physical assets, companies.

Retained earnings are one of the main sources of finance for new investments in the economy. In the structure of short-term debt, the largest share is occupied by borrowed funds, as well as accounts payable, in particular debt to other creditors, which is 72.4% of the total accounts payable of the enterprise. It reflects the amount of rental obligations and debts to special funds. In order to more clearly trace the dynamics of changes in the value of the balance sheet, we will construct the following diagram (diagram 2.2.).

This diagram shows that the value of assets and liabilities in 2014 increased by 47.771% compared to 2012 and by 35.426% compared to 2013. There is a fairly even increase in the balance sheet every year.

Diagram 2.2. Dynamics of change in the value of the balance sheet currency for 2012-2014 (million rubles)

2.2 Analysis of liquidity and solvency of OAO Lukoil

The liquidity of a company lies in its ability to turn its assets into cash in order to cover all necessary payments as they fall due.

The liquidity of the balance sheet is determined by the extent to which liabilities are covered by assets, the terms of their conversion into monetary form correspond to the terms of repayment of liabilities.

There are several ways to analyze the liquidity of the balance sheet.

· Building a compacted (aggregated) balance sheet.

To do this, all assets are grouped according to the degree of their liquidity (table 2.2).

A large share in the structure of assets is occupied by hard-to-sell assets: 56.8% in 2012, 75.1% in 2013, 66.3% in 2014, although the variation in the deviations of this indicator over the years is not so large. Non-current assets grow due to the growth of long-term financial investments. The value of the most liquid assets in 2013 decreased by about 2.56 times, and in 214 increased by 1.9 times, which, of course, is a positive thing, since funds allow you to immediately pay off current liabilities in case of urgent need, as well as are resources that ensure continuous production.

Table 2.2 Grouping of assets by degree of liquidity

The indicator of the most sold assets decreased slightly, and the value of slowly sold assets varies unevenly, and their share in total assets is the smallest (about 0.175%), that is, the company does not have many inventory balances and receivables, the maturity of which is more than a year, and this indicates an effective policy for the formation and storage of stocks and a policy for managing settlements with buyers. Liabilities of the balance are grouped according to the degree of urgency of their payment (table 2.3.).

Table 2.3 Grouping of liabilities according to the degree of urgency of their payment

In the structure of liabilities, a significant share falls on permanent liabilities (on average 64.5%), the value of which over this period of time increased only in 2013 by 4%, in 2014 it returned to its original value in 2012. Accounts payable remains unchanged for three years, and short-term liabilities tend to decrease relative to the entire liability, but at the same time, long-term liabilities have an upward trend.

Next, you need to draw a ratio between the assets and liabilities of the balance sheet of the enterprise. The balance is absolutely liquid if the following condition is met: A1>P1, A2>P2, A3>P3, A4<П4. Рассмотрим данное соотношение применимо к нашему предприятию (таблица 2.4).

Table 2.4 The ratio between assets and liabilities of the balance sheet

Based on the obtained results, we can say that the balance sheet of the enterprise is not absolutely liquid. But all individual ratios are true. A1>P1 for all three years, and this indicates the solvency of the organization at the time of the balance sheet. The organization has sufficient funds to cover the most urgent obligations absolutely and the most liquid assets. The inequality A2 > P2 is not feasible, that is, quickly realizable assets do not exceed short-term liabilities and the organization cannot be solvent in the near future, taking into account untimely settlements with creditors, receiving funds from the sale of products on credit. The inequality A3 > P3 is not feasible, which means that in the future, if cash from sales and payments is not received on time, the organization may be insolvent for a period equal to the average duration of one turnover of working capital after the balance sheet date. Only in 2012, stable liabilities are greater than hard-to-sell assets, in all other cases the correct ratio does not appear, which means that in an unstable situation, when liquidity and solvency come to the fore, the company may become insolvent, since equity capital does not cover non-current assets .

· Calculation of absolute indicators of liquidity of the enterprise.

The calculation data are given in Table 2.5.

Table 2.5 Absolute liquidity ratios

P*-indicators, T- current liquidity, P- prospective

The current liquidity indicator should be positive, but in this case it is negative in 2013, therefore, this indicates that the company in 2013 could not pay its obligations on time. But this indicator returned to normal by 2014, which is a plus. The prospective liquidity indicator is also negative, and in 2014 it decreased by 2,835,152,624,504 thousand rubles. in comparison with 2013. Prospective liquidity necessarily implies continuous efficient operation of the enterprise during the entire planning period, which is called into question in the company Lukoil, based on the data obtained.

· Calculation of relative liquidity indicators (table 2.6).

Table 2.6 Relative liquidity ratios

Indicators				Absolute deviation
				2014 compared to 2012	2014 compared to 2013
Absolute liquidity
Quick liquidity
Current liquidity
Restoration of solvency
Solvency costs

The absolute liquidity ratio shows that in 2014 the entire short-term debt can be repaid in the near future at the expense of cash and short-term financial investments. This indicator changed quite significantly over the analyzed period.

The critical liquidity ratio shows that in 2014 the company is also able to repay in full short-term debt in general for 2014, which is 61% more than in 2013 and 35% more than in 2012.

Current liquidity ratio for 2012-2014 is in 2014 at the level of the normal value, which is equal to 1.5-2, in 2014 it is equal to 1.51, and there was a growth trend, which indicates some improvement in the situation at the enterprise. This means that the company can repay the amount of current liabilities for loans and settlements by mobilizing all working capital.

The equity ratio was positive for the period of 2012, but could not maintain its norm by 2014, which indicates financial fluctuations in enterprises and insufficient own funds.

The solvency recovery ratio for the period under review was less than the normal value during 2012-2013. and in 2014 it began to recover and came to a value of 2.05, so we can say that the company is not able to restore solvency within 6 months.

In 2012, 2014 the solvency loss ratio is greater than 1, so we can conclude that the company has a real opportunity not to lose its solvency.

2.3 Analysis of the investment attractiveness of OAO Lukoil

The investment attractiveness of an enterprise is determined by each individual investor differently, since each of them takes into account various factors that affect investment attractiveness.

OAO LUKOIL is one of the largest international oil and gas companies with a huge sales network (25 countries). In recent years, LUKOIL has been a leader in the rating of long-term investment attractiveness of oil and gas companies.

The investment potential of Russian enterprises is quite high. But lately the activity of Russian investors has been declining, while the interest of foreign investors is increasing, especially in industrial enterprises.

There are several approaches to assessing the investment attractiveness of an enterprise. The first of them, formal, is the analysis of indicators of the financial and economic activities of the enterprise. Tryasitsina, N.Yu. Comprehensive assessment of the investment attractiveness of enterprises [Text] / N.Yu. Tryasitsyn//Economic analysis.-2006.-№18.-p.40

According to the analysis of the financial activities of OAO "LUKOIL", the following points can be distinguished.

Sales revenue increases every year (in 2014 it amounted to 242,882 million rubles. Net profit also increases; only in 2014 compared to 2013 it increased by 154,073 million rubles. Earnings per share has the same trend of change, as well as net profit, that is, there was an increase in 2013, in 2014.

Table 2.7

Cash flow from investing activities

	2012 (million rubles)	2013 (million rubles)	2014 (million rubles)
Sale of non-current assets
From loan repayment
Dividends, % on debt financial investments
Acquisition of non-current assets
Acquisition of shares
Acquisition of debt securities
Other payments

The table shows that the net cash used in investment activities is decreasing every year and in 2014 the difference between payments and receipts amounted to 133,649 million rubles in favor of payments. This indicates the active investment activity of the company: OAO Lukoil is taking actions to acquire shares and debt securities in order to generate income in the future. On the positive side, most of the proceeds come from the repayment of loans, which indicates an effective policy for managing the counterparties of the enterprise.

To analyze the investment attractiveness, it is necessary to determine the return on invested funds according to the following formula given in the first chapter:

Where K1 is the economic component of the investment attractiveness of the enterprise, in fractions of a unit;

V - the volume of investments in the fixed capital of the enterprise;

Pr - the amount of profit for the analyzed period.

In our case, we take the net profit of the enterprise as an indicator of income. Let's calculate this figure for 2014.

K1 \u003d 371881 / 1187984 \u003d 0.31,

Shows how effectively the funds invested in the enterprise are used.

It is also possible to use instead of the economic component of the investment attractiveness of the enterprise the indicator of return on fixed capital, since this indicator reflects the efficiency of the use of previously invested funds in fixed capital. Regarding the company "Lukoil", the profitability indicator is determined by formula 3.

Formula 3

C - average capital

Rc = 371881 / 999138 = 0.37.

Therefore, the return on fixed capital for 2014 is 37%.

In many methods for assessing the investment attractiveness of an enterprise, one of the main assessment factors is the management system.

To ensure the activities of OAO LUKOIL, the following management and control bodies have been established:

· Governing bodies:

The Meeting of Shareholders is the supreme management body of the Company;

Board of Directors;

The sole executive body is the President (General Director);

The collegial executive body is the Board.

Control body:

Audit committee.

The following factors also play a decisive role in determining the high investment attractiveness of OAO LUKOIL:

Production and technological (in the production of oil and gas, as well as in the production of products, modern equipment is used, scientific developments are continuously introduced, which make it possible to increase the efficiency of the work being carried out);

Resource;

infrastructure;

Export potential

Business reputation and some others.

2.4 Ways to increase the investment attractiveness of the enterprise

The enterprise can take measures to increase its investment attractiveness (in order to better meet the requirements of the investor). The main activities in this regard can be concluded as follows:

· development of a long-term development strategy;

business planning;

legal expertise and bringing title documents in accordance with the law;

creation of a credit history;

· Carrying out measures for reforming (restructuring).

In order to determine which of the activities required by a particular enterprise to increase investment attractiveness, it is advisable to analyze the current situation (diagnosing the state of the enterprise). It is used to define:

Strengths of the company;

Risks and weaknesses in the current state of the company, including from the point of view of the investor;

In the process of diagnostics, various areas of the enterprise's activity should be considered: sales, production, finance, management. The sphere of activity of the enterprise is singled out, which is associated with the greatest risks and has the greatest number of weaknesses, measures are formed to improve the situation in the selected areas.

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

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CONTENT

Introduction
The success, performance and long-term viability of any enterprise depend on a continuous succession of sound management decisions. Each of these decisions ultimately has economic consequences for the operation of the enterprise. In essence, the process of managing any enterprise is a series of economic decisions.
One of the most important areas of activity of any company is investment operations, i.e. operations related to the investment of funds in the implementation of projects that will ensure that the company receives benefits over a sufficiently long period of time.
A correct assessment of the attractiveness of an enterprise enables the enterprise to receive stable income and make informed decisions.
The purpose of the course work: consideration of methods for assessing the attractiveness of the enterprise.
Objectives of the course work:

consider the concept of the attractiveness of the enterprise;
consider the factors affecting the attractiveness of the enterprise;
consider methods for assessing the attractiveness of an enterprise.

1. The essence and concept of the attractiveness of the enterprise
Investment activity - investment of funds (investment) and the implementation of practical actions in order to generate income or achieve another beneficial effect - is inherent in any enterprise to one degree or another.
With a large selection of types of investments, an enterprise is constantly faced with the task of choosing an investment solution. Making an investment decision is impossible without taking into account the following factors: the type of investment, the cost of the investment project, the multiplicity of available projects, the limited financial resources available for investment, the risk associated with making a particular decision, etc.
To determine the maximum efficiency of an investment decision, the concept of enterprise attractiveness is used.
Most often, the term "attractiveness" is used to assess the feasibility of investing in a particular object, choosing alternative options and determining the efficiency of resource allocation, i.e. The attractiveness of an enterprise is the expediency of investing temporarily free cash in it.
Thus, attractiveness is characterized by the state of the enterprise, its further development, profitability and growth prospects.
The main source of information for determining the attractiveness of an enterprise is its accounting (financial) statements for the last two calendar years and the last reporting period.
The attractiveness of the enterprise includes:

General characteristics of the technical base of the enterprise - the nature of the technology; availability of modern equipment, warehousing, own transport; geographical location, proximity to transport communications.
Characteristics of the technical base of the enterprise - the state of technology, the cost of fixed assets, the coefficient of physical and obsolescence of fixed assets.
The range of products that are produced.
Production capacity is the maximum possible output per unit of time. Production capacity characterizes the work of fixed assets in such conditions under which you can fully use the potential inherent in the means of labor.
The place of the enterprise in the industry, in the market, the level of its monopoly.
Characteristics of the management system (organizational structure of the enterprise). Large enterprises specializing in the production of complex, labor-intensive types of products usually consist of dozens of workshops, laboratories, and departments. To coordinate their activities, a hierarchical management structure is being created.

The following enterprise management structures are known:

Linear - the most simplified system, providing for unity of command
Linear-headquarters - used in medium-sized enterprises, as well as large ones - in the management of workshops and departments
Functional - the head of the enterprise transfers part of his powers to functional deputies or heads of functional departments
Matrix - consists in the fact that the enterprise appoints a person responsible, for example, for the development of the production of a new product, to whom the powers of the director for organizing the development of the product are transferred.
Mixed - this is a simple combination of the four forms listed (at the lower level - at the level of the brigade - there is a linear one, on the average - at the level of a workshop or department - a linear-headquarters, at the highest - at the enterprise level - functional and partially matrix forms of management), but more often there is a synthesis of various forms acting together at all levels of the economic hierarchy.
Statutory fund, owners of the enterprise. The authorized capital is the amount of contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital corresponds to the amount fixed in the constituent documents and is unchanged.
production cost structure. Production costs are a combination of material costs and the necessary labor, which show how much it costs to produce products at a given enterprise. The value of these costs determines the monetary value of the costs associated with the use of raw materials, fuel, energy, etc.

The minimum price of production depends on their size, while the maximum price is determined by demand. The structure differs by branches of industry and production.

The amount of profit and directions of its use. Profit (loss) is the final financial result of the management of the enterprise and is defined as the difference between the proceeds from the sale of products (works, services) without value added tax and excise taxes and production and sales costs included in the cost of products (works, services).

The definition of profit is associated with the receipt of the gross income of the enterprise from the sale of its products (works, services) at prices that are formed on the basis of supply and demand. In this case, the gross income of the enterprise is the proceeds from the sale of products (works, services) minus material costs and represents the monetary form of the net output of the enterprise, including wages and profits.
In the conditions of market relations, an enterprise should strive, if not to obtain maximum profit, then at least such an amount of profit that would allow the enterprise not only to firmly maintain its position in the sales market for its goods and services, but also to ensure the dynamic development of its production in competitive conditions. This requires knowledge of the sources of profit formation and methods for their best use.
In the conditions of market relations, as world practice shows, there are three main sources of profit:

making a profit due to the monopoly position of the enterprise in the production of a particular product or the uniqueness of the product
the second source is directly related to production and entrepreneurial activities
the third source is related to the innovative activity of the enterprise
Assessment of the financial condition of the enterprise.

Financial condition is a set of indicators reflecting the availability, placement and use of financial resources. An analysis of the financial condition shows in which specific direction this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise.

2. Factors affecting the attractiveness of the enterprise
The attractiveness of an enterprise depends on many factors, among which the following can be noted: financial position, risk, production development efficiency, dividend policy, information about activities, etc.
All factors affecting the attractiveness of the enterprise can be divided into two groups: external and internal. They form systems of external and internal risks of the investment project, which are of particular importance for solving this problem.
The main factors to be considered when evaluating the attractiveness of an enterprise are:
Industry affiliation.
It is well known that the competitiveness of products in the market to a large extent depends on the reputation of the relevant industry, country in the world market. In competition with an enterprise in an industry that is successfully operating on the market, the advantage is provided by the fact that, as a rule, the enterprise itself is associated with all enterprises of the country that are part of this industry. Something similar happens with the enterprises of the country that are part of the industry, whose products do not enjoy a high reputation. It is unlikely that the market will react positively to a new product from a previously unknown enterprise, even if it is of high quality. Many years must pass for this fact to be recognized.
Enterprise owners. The nature of ownership, that is, who owns the controlling stake and large stakes, is essential not only for the current activities of the enterprise, but also for its successful development. Depending on the nature of ownership, an enterprise management system should be built. An important aspect is also the reputation of the owners in society and in the market. Negative information can have a bad impact on the success of the project.
Production potential. The state of the production potential of an enterprise has a direct impact on its investment attractiveness, but is practically not taken into account by investors and creditors. It is more common to assess the financial condition or talk about the existing capital of the enterprise and the effectiveness of its management. But it should be borne in mind that, in fact, capital works only after it has passed into a production form, becoming a structure of production potential. Thus, capital is converted into fixed assets, working capital and intangible assets. It is possible to obtain a quantitative estimate of the amount of capital in monetary form, contained in the components of the production potential listed above for any enterprise. But there is another part that cannot be reliably expressed in monetary terms. This part of the production potential includes: the personnel component, the level of labor organization and the level of production organization. But this part cannot be rigorously quantified. Without it, the production potential of an enterprise practically does not exist, since fixed assets and intangible assets cannot work by themselves.
Enterprise management. When analyzing management, the macro-level of enterprise management is studied from the quality of the development of documents related to management and the availability of strategic management, to how perfect the tax planning system of the enterprise is.
Location. In Russian conditions, this factor can be of decisive importance in the attractiveness of the enterprise. Today, in almost every region of the country, you can find an enterprise, and often they are city-forming, which it is not possible to bring to a competitive state, and, consequently, to recoup the investments invested in them. This is an investment dead end - a dead zone for investment projects implemented on a commercial basis.
Relations with power. The investor needs to find out what kind of relationship has developed with the local authorities. Will the authorities contribute to the success of the project or erect obstacles to its implementation.
Investment program. The lender and the investor need to get acquainted with the documents not only for the investment project being financed or financed, but also for the entire set of investment projects of the enterprise. The analysis of such a program is not an easy and delicate matter; in each specific situation, it should be carried out taking into account the actual conditions and interests of the parties - participants in the investment project. An objective assessment of all real risks is required.

3. Methods for assessing the attractiveness of an enterprise
Based on world practice, an assessment of the attractiveness of an enterprise is carried out if the necessary data are available, such as:
1) cash flow
2) balance sheets
3) income statement
For European and Russian firms, the main indicator of investment is the payback period and return on assets. In Japanese companies, everything is different, where the leading role belongs to the strategic assessment of the position in the market. To assess the investment activity of the United States, two indicators are usually used: investment efficiency and residual income.
As for the stages that are used in the process of making investment decisions, at the moment there are three main ones:
1) the amount of investment and identification of funding sources
2) assessment of the expected cash flows from the implementation of the investment project
3) assessment of the financial condition of the enterprise and the chances of its participation in investment activities
1. Perhaps the most important step in assessing the attractiveness is the analysis of the financial and economic activities of the enterprise. With its help, the attractiveness and prospects of this enterprise are assessed in terms of the possibility of mobilizing available sources.
The financial condition of an enterprise is a concept and its characteristics, which are based on an assessment of the effectiveness of the allocation of funds, the availability of the necessary financial base, the organization of settlements and the stability of solvency. As you know, financial statements serve as a source of information to characterize the financial condition, these data are evaluated for a clearly defined period.
Very widespread are various methods created to assess the financial position of an enterprise, which are based on the analysis of a system of financial ratios. With all their diversity, they should include indicators of such areas for assessing the financial condition of the enterprise:

liquidity ratios
indicators of financial stability
business activity indicators
profitability indicators

liquidity An enterprise is called its ability to quickly sell assets and get money to pay its liabilities.
The unsatisfactory state of the liquidity of the enterprise will be indicated by the fact that the need of the enterprise for funds exceeds their real income. To determine whether an enterprise has enough money to pay off its obligations, it is necessary, first of all, to analyze the process of income from economic activity and the formation of the balance of funds after paying off obligations to the budget and extra-budgetary funds, as well as paying dividends. Liquidity analysis also requires a thorough analysis of the structure of the company's accounts payable. It is necessary to determine whether it is "persistent" (for example, a debt to a supplier with whom there are long-term relationships) or overdue, i.e. one whose maturity has passed.
Liquidity analysis is carried out on the basis of comparing the volume of current liabilities with the availability of liquid funds. The results are calculated as liquidity ratios based on data from the relevant financial statements. The main ones are current, quick and absolute liquidity ratios. The denominator in all the given indicators is the same, i.e. immediate urgent obligations.

The current liquidity ratio (coverage ratio) shows how many units of current assets of the enterprise falls on one unit of current liabilities. This indicator is of particular importance for the assessment of the enterprise by buyers and investors. The normative value of the coverage ratio is 1.

where, current assets are cash and short-term financial investments, receivables and other current assets, stocks and long-term financial investments
current liabilities are accounts payable and short-term loans and borrowings

The instant (quick) liquidity ratio determines that part of the liabilities that can be repaid not only from cash, but also from the expected receipts for shipped products (work performed, services rendered). The standard value of this indicator is 0.6 - 0.8.

Absolute (full) liquidity ratio shows what part of current liabilities can be repaid by assets that have absolute liquidity. Normative value: 1? K AL? 2.

The ratio of short-term accounts receivable and accounts payable characterizes the ability of the enterprise to pay off creditors at the expense of debtors within 1 year. The recommended value is 1.

Financial stability characterizes the degree of financial independence of the enterprise regarding the ownership of its property and its use. The degree of independence can be assessed according to different criteria:

the level of coverage of material working capital (reserves) by stable sources of financing
enterprise solvency
share of own or stable sources in total sources of financing

Solvency is the ability of an enterprise to cover its short-term obligations through cash and receivables.

where, A1 - the most liquid assets: cash and short-term financial investments
A2 - quickly realizable assets: accounts receivable and other current assets
P1 - the most urgent obligations: accounts payable
P2 - short-term liabilities: short-term loans and borrowings
If this condition is met, the company is considered solvent.
Financial stability is the degree of coverage of reserves and costs by the sources of their formation. To characterize the degree of financial stability, you can use a three-component vector of financial stability:

If the value of the coordinate is positive, then it is assigned the value 1, if negative - 0.

An analysis of financial stability by the criterion of the degree of coverage of reserves by stable sources of financing, as well as by the criterion of the solvency indicator, makes it possible to get a complete picture of the current and expected level of financial stability.
Business activity analysis of the enterprise allows to evaluate the efficiency of the main activity of the enterprise, which is characterized by the speed of turnover of the financial resources of the enterprise.
The following indicators are used to analyze business activity:
The turnover ratio of current assets determines how much revenue per unit of working capital or the number of turnovers per year:

The inventory turnover ratio characterizes the number of turnovers of funds invested in inventory:

The accounts receivable turnover ratio shows how many times the revenue exceeds the accounts receivable:

At this stage, the period of turnover of current assets (in days) is also calculated, which characterizes the time from spending funds for the production of products to receiving money for its implementation:

where, N is the time period for which the analysis is carried out (in days)
An increase in the turnover of current assets and a reduction in the period of their turnover indicates an increase in the efficiency of the use of current assets.
Profitability - this is a relative indicator of profit, which reflects the ratio of the effect obtained (income, profit) with cash or used resources.
Return on assets (capital) is calculated as the ratio of profit to the average annual value of the company's assets:

where is the net profit from the sale of products
– average annual value of assets (balance sheet currency)
The return on assets shows the amount of net profit that falls per unit of assets, the standard value is more than 0.
1. Regulation of return on capital is reduced to the impact on the profitability of products and asset turnover. If it is impossible to increase the profitability of products, then by increasing the turnover of attracted resources, they increase the profitability of capital.
2. In the context of economic downturns that are typical for our country, it is very important to focus on enterprises that remain profitable in any difficult economic situation. Such information can be obtained on the basis of the dynamics of the enterprise's profit for a certain number of previous periods according to the profit and loss statements.
3. Based on the data of the same report, the ratios of the coefficients for increasing the proceeds from the sale of goods, services and the total value of assets are determined. If we observe that the growth rates of revenue are greater than the growth rates of assets, then we can safely declare an increase in the efficiency of the use of enterprise resources. If, on the other hand, the value of assets increased faster than sales proceeds, then the conclusion is that the efficiency of resource use was falling.
4. The presence or absence of the company's own working capital is extremely important. The amount of these funds is determined as the difference between current assets and short-term liabilities. The presence of own working capital is the most important indicator of the financial strength of the enterprise and reliability for partners.
5. Analysis of the range of manufactured products is of undoubted interest to investors. Such an analysis is considered from the point of view of the interaction of fixed and variable costs in the system of its cost. Businesses that have a very high level of fixed costs in their total amount of production are extremely susceptible to the slightest changes in sales volume.
Fixed costs are those costs, the amount of which does not change with a change in the volume of production. These include, for example: rent for premises, salaries of managers, etc.
In the event that the volume of sales of goods falls, fixed costs will remain at the same level, and as a result, profits will fall even more than revenue. Variable costs change in the same way as the volume of production. Thus, we can conclude that the business risk in enterprises where there are more fixed costs is much higher than where variable costs prevail.
6. In the reports of the enterprise, special attention should be paid to the presence of losses, loans and credits not repaid on time, and necessarily overdue receivables and payables.
The formation of information and analytical support for assessing the attractiveness of an enterprise on these principles will help reduce risk and improve the efficiency of investment and financial decisions.
In the course of assessing the attractiveness of an enterprise, the effectiveness of investments is evaluated.
Investment efficiency is determined using a system of methods that reflect the ratio of costs and benefits associated with investments. The methods make it possible to judge the economic attractiveness of investment projects and the economic advantages of one entity over another.
The set of methods used to assess the effectiveness of investments can be divided into two groups: dynamic (taking into account the time factor) and static (accounting).

Rice. 1. Classification of investment analysis methods
The most important of the static methods is the “payback period”, which indicates the liquidity of a given project. The disadvantage of static methods is the lack of consideration of the time factor.
Dynamic methods that allow taking into account the time factor reflect the most modern approaches to assessing the effectiveness of investments and prevail in the practice of large and medium-sized enterprises in developed countries. In the economic practice of Russia, the use of these methods is also due to the high level of inflation.
Dynamic methods are often called discount methods, since they are based on determining the current value (ie, discounting) of cash flows associated with the implementation of an investment project.
In doing so, the following assumptions are made:

cash flows at the end (beginning) of each project implementation period are known
an estimate is determined, expressed as an interest rate (discount rate), in accordance with which funds can be invested in this project. As such an assessment, the following are usually used: the average or marginal cost of capital for an enterprise; interest rates on long-term loans; the required rate of return on invested funds, etc. Significant factors influencing the value of the assessment are inflation and risk.