The investment business, unlike the standard business model, basically contains the concept of the work of capital, without the direct participation of the investor in the operational activities of the invested business. This approach puts before the investor the task of carefully working out an investment decision, taking into account the information available to him and his analytical abilities as an expert.

AT general view The methodology for researching a business in which capital is supposed to be invested is based on a multi-factor analysis model and involves work in the following areas:

• Studying the fundamental conditions of business operation— macroeconomic and political factors
• Studying market conditions for doing business
• Technical aspects of the enterprise— technological level and power supply, logistics, availability of resources

• Financial Performance, the ability of the enterprise to generate a positive cash flow for a given period of investment time
• Analysis of organizational capabilities of the invested business, quality human capital and the ability of management to make adequate and timely decisions
• Information component of business, which implies the presence of intellectual property, integration into the global information space
• Asset security, the company's ability to withstand adverse economic, financial and social factors.

The methods that use these inputs are usually specified in each individual case, and in order to effectively conduct an investor, the investor will have to use several methods, which will be discussed below.

Methods for assessing the level of investment attractiveness and practical aspects of their application

Among the many ways investment analysis there are many simple practical methods.

For practical purposes, the methodology for assessing investment attractiveness can be presented as:

• expert, i.e. with the involvement of specialists who understand the specific conditions of the company's activities, the market situation, etc.
• comparative methods of analysis– for example, well-known benchmarking when identical business models are compared
• financial and analytical- the use of financial ratios and comparative characteristics to determine the ability of a business to generate a steady stream of profit for the entire period of investment in the enterprise
• techniques using development scenarios and business process modeling
• information and analytical when special software products and algorithms

In order to understand how these techniques work in practice, let's look at some of the most critical metrics that investors use to make their decisions. Analysis of the fundamental factors of the attractiveness of the business environment.

The factors studied and analyzed include such categories as:

• Legal protection of private capital in the country
• Availability of independent economic arbitration for unbiased resolution of commercial disputes
• The tax regime and its predictability
• The level of corruption and crime in the field of economic relations
• macroeconomic indicators such as inflation, unemployment, interest rates,
• Availability of modern business infrastructure — offices, communications, banking system, stock markets, financial transactions, etc.

All these indicators can be in the form of both analytical data and not explicit. Therefore, for fundamental analysis, for example, of the external environment, the methodology for assessing the investment attractiveness of a country or region can be built both at the expert level and using special ratings that are published by special independent analytical agencies (for example, S&P, Fitch).

The above table of expert assessments of the investment attractiveness of the region shows that, in addition to specific data, approximate value judgments about the significance of a particular factor are used.

Another equally important element in the analysis of the attractiveness of a business for an investor is its ability to bring the expected income in a given period of time. For the most part, several methods are used for this. financial analysis ranging from simple statistical methods to complex regression analysis models built on the study of a thesaurus of historical data.

In its own functional expression, this block of methods can be represented by the following scheme (for clarity):

As can be seen from this diagram, the analytical efforts of the investor and his team are based on the study of the dynamic ability of the invested business to produce added value, not only in terms of obtaining market profit from the products sold, but also in terms of increasing the value of the business as an integral asset in the market. For example, the level of capitalization of share capital, valued through market value shares in the stock market.

Another methodological approach to determining how worthwhile an enterprise is to invest capital in it is a deeper study of its financial activities based on information related to its operational work. In general, the functional scheme of such an analysis can be represented by the following scheme:

The general indicator of investment attractiveness for this model is determined taking into account the weight coefficients of the properties of the first and second levels.

Each factor is characterized by two parameters: weight (significance) and an assessment of its value in points on a ten-point scale. The overall score for each factor is the product of its normalized weight and value. In table. 1 shows the results of the assessment as an example financial condition real enterprise according to the proposed method.

In continuation of this scheme, an analysis and assessment of the market position of the company and its business environment is carried out, for example, as presented in Table 2.

As can be seen from this table, such factors as the general business climate of the region and the competitive business model of the company make the greatest contribution to the attractiveness of the business. The only low indicator is the remoteness of the sales market, and for an investor who invests his capital in this company, there should be a question for management about organizing a logistics scheme that can level this weak link in common system added value.

In the same way, it is possible to identify and evaluate the absolute indicators of the economic efficiency of the enterprise.

The scoring of the absolute performance indicators (example) of the enterprise is carried out taking into account their dynamics for 3 reporting years and is presented in Table. 3. The indicator of net profit and paid dividends is of the greatest importance. Sales revenue is of less importance, as it does not always lead to an increase in profits.

Conclusion

In conclusion of this article, it should be noted that the methods presented in the material for assessing the investment attractiveness of enterprises are in no way limited to the examples shown. And most importantly, the search for methods should not serve as an end in itself, because the main question that an investor must find an answer to is whether to invest in a business or not.

Evgeny Malyar

bsadsensedynamick

# Investments

Evaluation formulas and examples

Article navigation

• What is meant by investment attractiveness
• Objective indicators of investment attractiveness
• Comparative analysis of various methods for assessing the investment attractiveness of an enterprise
• Cash flow discounting
• Calculation by impact factors
• Seven Factor Model
• Analysis by internal indicators
• Comprehensive Assessment Method
• Legal Analysis
• The specifics of assessing the investment attractiveness of the project
• conclusions

Almost every business needs to raise capital from outside. The willingness of third parties to invest in the development of an enterprise is determined by its investment attractiveness. This category is subject to objective evaluation.

An article about what criteria and methods are used to determine the investment attractiveness of an entrepreneurial structure.

What is meant by investment attractiveness

The word invest is translated from Latin as "to invest". An investment is a set of values ​​provided from the outside into the circulation of a financial structure in order to make a profit or achieve another useful result.

There are several definitions of investment attractiveness, each of which, to one degree or another, expresses the essence of this parameter. In a generalized form, they can be reduced to the following formulation: investment attractiveness is the result of assessing a set of indicators of the state of an enterprise in terms of the expediency of investing in it.

When analyzing and developing common solution possible financial risks and their relationship to potential benefits, as well as other objective indicators necessary to analyze the sustainability of the investment object should be taken into account.

Objective indicators of investment attractiveness

Like any other economic category, attractiveness in the eyes of investors is subject to digital evaluation. The primary criteria that influence the decision to invest in an enterprise are indicators of overall economic efficiency. They can be used to judge the viability of the investment object and its potential. These criteria include efficiency and return on investment.

Overall Efficiency capital investments. This indicator is a coefficient and is calculated by the formula:

Where:

P - the amount of profit for the billing period;
KV - the amount of capital investments.

Payback period of capital investments. The reciprocal of the efficiency of capital investments (the higher it is, the shorter the payback period):

Where:
SO - payback period;
EKV - efficiency of capital investments;
KV - the amount of capital investments;
P - the amount of profit for the billing period.

Among other similar indicators are profitability ratios, capital productivity, capital turnover, liquidity of securities and other numerical characteristics that indicate the degree of success of an economic entity. In other words, the more efficiently the enterprise uses the capital already at its disposal, the more attractive it is for the investor.

Factors that determine investment prospects are divided into internal and external. They differ in the degree of possible influence of management measures on the financial outcome of the activity.

Since the managers of the enterprise cannot influence external (macroeconomic) factors, the analysis is mainly carried out by internal characteristics, which mean the production potential of the company (technology, the state of fixed assets, the availability of trained personnel, etc.). The competitive situation that has developed in the market, related to external factors, is also taken into account.

Comparative analysis of various methods for assessing the investment attractiveness of an enterprise

Analysis and assessment of the attractiveness of an enterprise for investors can be carried out by various methods, including speculatively, “by eye”. There is no single approved method for determining the effectiveness of an investment, but there are several most used algorithms that allow you to predict it with the highest reliability.

Cash flow discounting

The method is based on the assumption of annual cost growth commercial organization after investing and identifying its commercial potential, taking into account inflation, expressed as a discount rate. The calculation will require data on revenue, profit and other expense and income items. The value of the enterprise is determined by the formula:

Where:
SP - the value of the enterprise;
CR - the price of the enterprise after the end of the billing period (with reversion);
SD - annual discount rate (depreciation of the monetary unit);
DP - current incoming cash flow;
n is the number of years in billing period(usually 3 to 5);
i is the number of the current year in the billing period.

The method does not provide 100% accuracy, since it assumes the dynamics to remain unchanged throughout the entire calculation period. However, with an annual adjustment, its use makes it possible to fairly realistically predict the growth in the value of the enterprise.

Calculation by impact factors

The degree of influence of external and internal factors on financial results operating enterprise is different. To determine the intensity of the influence of each of them, a special sequence of actions is used. There are four stages in total:

1. Sorting the most influential factors influencing investment attractiveness according to the Delphi method.
2. Analysis of the intensity of the impact of individual factors.
3. Creation of a regression multifactorial model of an enterprise as a management object (in the form of a "black box") and forecasting a further increase or decrease in its investment attractiveness.
4. Development of recommended actions.

In addition to these actions, it is necessary to analyze other factors, mostly internal, that affect the possibility of making a decision to invest in a company:

• current financial indicators that determine the state of the enterprise;
• efficiency of the organizational and managerial structure;
• the degree of progressiveness of the technology used;
• stability of cash flows;
• degree of diversification of supply and marketing processes.

The factorial method is good for its complexity and abstraction from formal approaches based solely on the figures indicated in the balance sheets and reports. It is bad because when using it, it is impossible to completely eliminate the element of subjectivity inherent in all expert assessments.

Seven Factor Model

The name of the method is conditional. There may be seven or fewer factors by which the investment attractiveness of a business is assessed, but in modern conditions An analysis for a going concern typically includes eight indicators:

1. The amount of profit from the sale of products.
2. The total amount of the sale.
3. The size of current assets.
4. Amount of short-term accounts payable.
5. Sum accounts receivable.
6. The volume of credit obligations of the enterprise.
7. The amount of borrowed capital.
8. The total amount of assets in monetary terms.

Many domestic and foreign methods for predicting the effectiveness of investments are based on a seven-factor analysis. At its core, this is a rating assessment that takes into account several basic economic indices firms.

For example, an indicative methodology is included in methodological foundations assessing the investment attractiveness of the bank when issuing targeted loans aimed at expanding and modernizing the enterprise.

In general, the formula for calculating the integral index of investment attractiveness IIN looks like the product of several (for example, seven) coefficients:

In order not to tire the reader by re-deciphering the components of this polynomial, we consider them separately. They are not unique and are widely used in economic calculations.

RP - profitability of implementation. It is calculated according to the formula:

OK - capital turnover:

TL - current liquidity of the enterprise:

KD - the ratio of accounts payable and receivable:

DK - the ratio of all debts of the enterprise to the debts to it:

SP - coefficient of the structure of liabilities:

FOR - the share of borrowed capital in assets:

The method of the seven-factor model objectively describes Current state enterprise and its financial prospects, which is very important for every investment company.

After multiplying all the components, a product (IIN) is obtained, by the value of which we can draw the following conclusions:

IIN more than 1 - high investment attractiveness, positive dynamics.

IIN is equal to 1 - investment attractiveness is average, the dynamics is neutral.

IIN less than 1 - investment attractiveness is low, the dynamics is negative.

Analysis by internal indicators

The method provides for the assessment of business performance criteria based on:

• results of exploitation of available financial and physical resources;
• results of investment activity;
• financial viability;
• the intensity of the use of personnel;
• overall profitability.

In essence, this method is similar to the previously described seven-factor model, but in more draws attention to the rationality of management and the effectiveness of the applied organization scheme.

Also, an integral indicator of attractiveness for investors is calculated according to standard economic criteria, from which only internal ones are selected - this is the main drawback of the method.

Comprehensive Assessment Method

The name also does not quite reflect the essence of the method. All existing methods for determining investment attractiveness are complex in one way or another.

In this case, we mean the simultaneous assessment of the enterprise's activities in the following areas:

1. General analysis. It involves collecting information about the company's reputation, its dependence on supply and distribution channels, management structure and commercial strategy. The assessment is made in points according to the system adopted by the investor company.
2. A special analysis aims to determine the level of economic efficiency and the prospects for its increase as a result of investment.
3. A special matrix model is built, which takes into account the initial, and also predicts the intermediate and final results. This is followed by the phase of conducting a situational analysis for several scenarios of the development of events with the alignment of appropriate growth options.
4. The process of calculating activity indicators for selected areas of development (operational, innovation and investment, etc.) continues.
5. The analysis is completed by forecasting the increase in profitability and profitability.

As with the factor method, before assessing the investment attractiveness of an enterprise, one should take into account the high degree of subjectivity of the assessments. At the same time, the complexity of the approach provides a number of advantages due to the breadth of coverage of all possible predictable situations.

Legal Analysis

As the name implies, the assessment of investment attractiveness is based on legal norms. AT different countries laws are different. In the Russian Federation, the main documents regulating the process economic analysis, serve:

• FSFR Order No. 16 "On approval of guidelines for conducting an analysis of the financial condition of an organization" dated January 23, 2001.
• Government Decree No. 367 “On Approval of the Rules for Conducting a Financial Analysis by an Arbitrator” dated June 25, 2003.

These and some other documents provide the main criteria recognized by state authorities as determining the financial success of economic entities. According to these indicators, one can determine financial stability, liquidity, solvency, business activity and efficiency of capital use.

The specifics of assessing the investment attractiveness of the project

The investment attractiveness of a commercial project is determined by the ratio of allocated resources to the likely benefits and risks associated with its implementation.

For an objective assessment of investment prospects, a system of indicators is used:

• NPV, called net present value. The purpose of the parameter is to compare the profitability of the investment with the bank dividends that the depositor would receive if he kept the funds on deposit. If the difference is negative, there is no point in investing.
• IRR ( internal norm profitability). The calculation of this parameter allows you to determine the specific yield limit at which NPV=0.
• Pay-Back Period - the time for the return to the investor of all the amounts invested by him in the cumulative result.
• Discounted Pay-Back Period - the same indicator, but taking into account the current inflation index or bank discount rate.

Ideally, the goal of evaluating the attractiveness of a project should be a situation in which the investor is confident in the correct choice of the investment object. This is expressed in the following terms:

• the market value of the enterprise will increase as much as possible in the planned time frame;
• risks are taken into account and can be leveled;
• the size of the required resources is set correctly.

The methodology for assessing the commercial attractiveness of the project can be selected from a number of the above. The specificity, however, lies in the preference for expert approaches. The project can be venture, and then the probability of failure increases dramatically.

In any case, we are only talking about forecasting, and it is most often impossible to rely on real data confirming the viability of the enterprise.

The package attached to the application, which includes the following documents, can convince investors of the feasibility of investing:

• the investment project itself;
• feasibility study (feasibility study) of the project;
• business plan;
• legal substantiation of the project on the basis of existing legal norms.

The calculations and arguments given in these documents must confirm:

• prospective financial stability of the enterprise based on the actual demand for a commercial product planned for production;
• optimal loading of the capacities formed as a result of the investment;
• lack of supply and marketing problems.

Each successful case of a feasibility study contains information about the net present value, the yield index, the method of paying dividends, the payback period, the expected risks and how to minimize them.

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

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

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

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

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

The first option is the easiest, but at the same time one of the most expensive. In this case, attraction Money by issuing a bank loan, the main (significant) terms of the loan (volume, term, value interest rate etc.) are determined by the creditor, that is, the bank, on the basis of 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 more credit. In case of failure innovative project the company repays the loan at its own expense, authorized capital, sales of fixed assets.

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

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

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

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

Financial type investor:

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

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

Strategic investor:

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

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

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

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

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

2. Investment attractiveness of the industry, including:

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

Analysis of these components is an important step in investment analysis. The investment attractiveness of the industry is characterized by a number of parameters, the most significant of which are: the growth rate of production volumes, the growth rate of prices for production factors, the financial condition of the industry, the availability of innovations and the degree of R&D.

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

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

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

Let's take a closer look at internal factors:

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

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

The degree of innovation of the company's products.

Stability of cash flow generation.

The level of diversification of the company's products.

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

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

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

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

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

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

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

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

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

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

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

Literature:

1. 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.
2. Asaul A. N., Voynarenko M. P., Ponomareva N. A. , Faltinskiy R. A. Corporate securities as a tool for investment attractiveness of companies. - M.: ANO "IPEF", 2008.
3. Body Zvi, Kane Alex, Marcus Alan. Principles of investment: Per. from English. - M.: Williams Publishing House, 2002.
4. Endovitsky D. A. Analysis of the investment attractiveness of the organization. - M.: Publishing house "KnoRus", 2010.

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

Tarasova Tatyana Mikhailovna, candidate economic sciences, associate professor of the department accounting, analysis and statistics FSBEI HPE "Samara State University of Communications", Samara [email protected]

Comprehensive assessment investment attractiveness of the enterprise

Annotation. The article considers approaches to assessing the investment attractiveness of enterprises. The existing Russian market computer programs for calculation and comparative analysis investment projects, both domestic and foreign production. Key words: investment attractiveness, evaluation, comprehensive analysis, evaluation, scoring. Section: (04) economics.

There are various approaches to assessing the investment attractiveness of enterprises, each of which represents certain methods of calculation carried out according to specifically selected indicators. In one of the approaches, it is proposed to evaluate the absolute and relative investment attractiveness: the absolute one is considered when analyzing a specific investment project and is considered positive if the mass of profit for the entire depreciation cycle is 0; certain normative values. The assessment of investment attractiveness in some cases is based on the calculation of a certain integral indicator. The use of this indicator has its advantages: it makes it possible to compare the level of investment attractiveness of various enterprises and the choice the best option investment for the investor from a number of alternatives; takes into account eight separate indicators for the investor in the overall assessment of investment attractiveness; makes it possible to combine qualitative and quantitative indicators in the overall assessment. In practice, eight individual indicators in the overall assessment are established by expert means (by creating and polling an expert commission or investors ). Many domestic experts recommend the use of the technique of L.V. Dontsova and N.A. Nikiforova. Its essence lies in the classification of enterprises according to the degree of risk based on the actual level of financial stability indicators and the rating of each indicator, expressed in points: 1.I class - enterprises with a good margin of financial stability, allowing you to be sure of the return of borrowed funds (100 -94 points) .2.II class - enterprises that demonstrate some degree of debt risk, but are not yet considered as risky (93-65 points). 3.III class - problem enterprises. There is hardly any risk of loss of funds, but the full receipt of interest is doubtful (64-52 points). Class IV - enterprises with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing all their funds and interest (51-21 points). 5.V class - enterprises highest risk, practically insolvent (20–0 points). Based on the results of the financial analysis, an assessment of the organization's activities as a whole is carried out, specific factors that have had a positive and negative impact on its results are established, and options are developed for making optimal management decisions, both for the company's management and for her business partners. Also popular is the analysis of coefficients using the spectrum of the scoring method. It involves the analysis of financial ratios by comparing the obtained values ​​with the recommended normative values, which play the role of threshold standards. The farther the values ​​​​of the coefficients from the normative level, the lower the degree of financial well-being of the enterprise and the higher the risk of falling into the category of insolvent enterprises. The selection of financial ratios is carried out with a focus on the following criteria: 1. Availability of initial information and ease of calculation of estimated indicators. 2. Elimination of duplicate coefficients, that is, coefficients associated with an obvious linear relationship. As a result, it is necessary to select the 16 most significant coefficients that give a capacious and complete picture of the financial and economic situation of the enterprise. All coefficients are divided into 5 groups in accordance with the most significant characteristics of the financial and economic state. The indicators are calculated, their distribution by risk zones gives an initial idea of financial position enterprises. The next step is to reduce several indicators of each group to one resulting parameter K1.1, K1.2, K1.3 to K1, etc. Thus, each side of the enterprise's activity is qualified by some generalized assessment. Based on these data, conclusions are drawn about the state of the enterprise. In view of the rapid development of IT technologies and general computerization over the past 10 years, the use of various kinds of programs has become popular to save time, simplify and automate calculations. Today, there are about a dozen computer programs on the Russian market for calculating and comparative analysis of investment projects, both domestic and foreign production. Among the domestic ones, the following can be distinguished: INEK.3.AltInvest of the company Alt (St. Petersburg).4.TEOINVEST of the Institute of Management Problems of the Russian Academy of Sciences and others.Among foreign ones: 1.COMFAR (Computer Model For Feasibility Analysis and Reporting) .2.PROPSPIN ”(Project Profile Screening and Preappraisal information system). Of the above, the most famous in Russia have become Project Expert and COMFAR. These programs allow you to quickly and accurately develop a business plan, analyze an investment project, determine the need for raising funds and simulate financing schemes, justify the investor the effectiveness of investing in a project, analyze the profitability of units and planned products, determine the beginning of the financial year and the principles of inventory accounting, create project libraries, work with several employees on one project, ensure its protection, convert prepared reports to HTML format, quantify project risks, take into account seasonal and abrupt price changes, discounts, write off the internal structure of the company and the degree of participation of each division in production when describing the sale of products products, predict and evaluate the cost of the planned business, etc. Also interesting in these programs is that in a qualitative analysis it is proposed to evaluate the project's capabilities in 40 positions. Answers are evaluated on a point scale, after which the scores are summed up. You can offer an assessment to several experts, then the average assessment is calculated, while it is possible to set up different scoring systems and assign importance coefficients to all or several issues. As a result, you can draw up a strategic development plan for any company for a period of interest, conduct a statistical analysis of the project under uncertain (random) conditions data, as well as prepare detailed and detailed analytical reports. Data are used for calculations financial statements and methodology recommended by the International Development Bank. The results are presented in accordance with international standards However, despite a lot of conveniences, when using these programs, it is difficult for users to follow the process of calculating all indicators. This is due to the fact that when entering a large amount of information, it is impossible to check all the results obtained and edit them due to the complete closeness of the program core. Many investors are reluctant to consider financial reports created under these programs. The reason for this is that in order to verify the reliability of the data provided, their specialists have to build cash flows in Excel, and, as a rule, manually calculated results differ from those obtained using the program. Undoubtedly, these methods have many advantages, but they have their own difficulties in practical implementation. Combining the advantages of these methods and supplementing them, we get a comprehensive assessment of the investment attractiveness of the enterprise, based on the analysis of the main indicators of the investment attractiveness of the enterprise. The figure shows a diagram of a comprehensive analysis of investment attractiveness. It can be seen from the figure that a comprehensive analysis is based on an assessment of the main financial indicators investment attractiveness not only of enterprises, but also of the industry in which they operate. This allows us to give a more comprehensive assessment of the attractiveness of firms. The algorithm for a comprehensive analysis of investment attractiveness is as follows: 1. For each single factor of investment attractiveness, private indicators are calculated that characterize this factor. Based on the obtained scoring of factors of investment attractiveness, conclusions are drawn about the level of investment attractiveness of enterprises.

Rice. Algorithm for a comprehensive analysis of investment attractiveness

Before calculating financial indicators and scoring directly on the enterprise, an analysis of the region and industry in which it operates is carried out. This is necessary in order to show the dynamics of the development of enterprises as a whole, and not for individual sectors of production and processing. The method of scoring for the industry and for the enterprise is different, since the goal is not to calculate the integral indicator as such, but to use certain components of the calculation, namely the scoring estimates, for clarity of the data obtained on the investment attractiveness of the enterprises and industry in question. For the industry, a method is used in which each selected indicator is analyzed for the period and at the end a score is given depending on the increase or decrease in the growth rate of the indicator. Based on the scores, conclusions are drawn about the level of development and attractiveness of the industry. This assessment is of great importance, since the more investment attractive the industry under study, the more likely it is to receive investments for enterprises operating in it. After that, for the same period, the main indicators for selected enterprises are calculated, the scores for which are set using comparison tools. enterprises Calculation of the main indicators for the industry: 1. Volume of production 2. Volume of sales of products 3. Foreign market price of sales of products 4. Internal market price of sales of products Calculation of the main financial indicators for the enterprise: 1. Financial stability 2. Solvency 3. Business activity 4. Profitability . To evaluate the indicators, we use the following scoring system: 2 points - the indicator fully meets the established requirements; 1 point - the indicator partially meets the requirements (for example, the profitability of the enterprise is below average, but has a positive trend, which indicates a change for the better of this indicator in the future); 0 points - the indicator does not meet the standard values. Further, for individual groups of indicators (solvency, profitability, etc.), for each year under consideration, the already set points are summed up, the average scores are calculated from them, which are summed up by years and, based on the results, I and II places are given for each enterprise under consideration. From such scoring of the industry and enterprises, conclusions are drawn about how investment-attractive the industry under consideration and the specific enterprises operating in it are.

Tarasova Tatiana, Candidate of Economic Sciences, Associate Professor of Accounting, Analysis and Statistics, Samara State Transport University, [email protected] assessment of investment potentialAbstract. Analyzed existing in the Russian market computer programs for calculating and comparative analysis of investment projects, both domestic and foreign production. Key words: investment attractiveness, assessment, comprehensive analysis, evaluation, assessment ballroom.

COMPREHENSIVE ASSESSMENT OF INVESTMENT ATTRACTIVENESS OF ENTERPRISES

N.Yu. TRYASTSINA, Candidate of Economic Sciences, Associate Professor, Oryol State Agrarian University

The investment attractiveness of an enterprise is characterized as a set of indicators of its activity, which determines for the investor the area of ​​preferred values ​​of investment behavior. Investment attractiveness has a number of aspects, including: technical, commercial, environmental, institutional, social, financial. Of particular importance is, of course, financial aspect characterizing the concept of financial attractiveness.

The assessment of investment attractiveness must be approached from the standpoint of a systematic approach, which involves a comprehensive study and evaluation of activities and investment opportunities business entities in order to scientific justification upcoming economic development goals and choices best ways their implementation.

In this regard, it seems appropriate to use a system of indicators combined into blocks: 1) a block for evaluating the effectiveness of activities and the use of resources; 2) proportionality evaluation unit economic growth(sustainability of development); 3) a block for assessing the organizational and technical level of production development.

At the first stage, it is necessary to assess the pace of development of an economic entity and determine to what extent it has approached the highest level of resource use and performance. The most acceptable method at this stage is the matrix diagnostic analysis described by A.A. Bachurin. Its essence is reduced to the construction of a dynamic matrix model, the elements of which are indices of the characteristics of the enterprise:

Si" = Irii = . (1)

business parameters. For greater objectivity of the analysis, it is possible to use not indices, but average annual growth rates. A comprehensive assessment of the effectiveness of production and economic activities is carried out on the basis of a generalizing indicator of the level of efficiency according to the formula of arithmetic average indices of the target elements of the matrix:

The characteristics of the activity C.. = (B./A) are defined as the ratios of the main indicators specified in the column of the matrix to the initial indicator in the row. Indicators should reflect final, intermediate and initial

P, (2) where 1s. - elements of the index matrix located under the main diagonal; n is the number of initial parameters of the matrix.

A positive value of the index indicates an increase in the efficiency of the organization's economic activity.

We will use the matrix method to determine the effectiveness of one of the agricultural firms in the Oryol region - CJSC Maslovo.

We will give the parameters under study in the sequence - profit (P), sales proceeds (B), costs (I), working capital (OB), fixed assets (OS), number of employees (H). These initial parameters can be combined into three groups: final, characterizing the result of activity (profit, revenue); intermediate, linking the production process and its result (costs); initial, characterizing the amount of resources used (current and fixed assets, number of employees) (Table 1)

The general indicator of the level of efficiency according to the formula (2) is equal to:

2XX 1s"1 2*17 36

1o - \u003d 17.36 \u003d 1.16.

Since the index is greater than one, it can be concluded that the level of efficiency in the enterprise is increasing. Efficiency is ensured by positive changes in indicators of the 4th, 5th and 6th orders. That is, development is conditioned by the efficient use of resources (an increase in the average annual output by 35%,

Table 1

Local elements of the performance efficiency index matrix of CJSC Maslovo (2005/2004)

B -J A. P V I OB OS H

V 1P/V = C12 0.94 1

I 1P/I=C13 0.94 1B/I=C23 0.99 1

OB 1P/OB=S14 0.97 1V/OB=S24 1.03 Sh/OB=S34 1.03 1

OS I P/OS=C15 1.23 I V/OS=C25 1.32 I I/OS=C35 1.33 I OB/OS 1.3 1

Ch I P/Ch=C16 1.26 I V/Ch=C26 1.35 I I/Ch=C36 1.35 I OB/Ch=C46 1.31 I OS/Ch=C56 1.02 1

chi fixed assets - by 32% and the turnover of working capital - by 3%), reducing the cost-intensity of production. However, it should be noted that the indicators of the 1st and 2nd orders have a negative (albeit insignificant) change. Thus, in 2005, in comparison with 2004, the profitability of sales (С12 = 0.94) and the profitability of the main activity (С12 = 0.94) decreased by 6%, the cost recovery decreased by 1% (С23 = 0.99) .

Thus, as a result of the matrix analysis, an increase in the level of efficiency of CJSC Maslovo by 16% was established, but some negative aspects were also identified in the ratio of effective performance indicators.

At the second stage (second block), it is proposed to assess the proportionality of economic growth using a dynamic normative series. Here you can use the "golden rule" of the economy of the enterprise:

TP at TV at TA at 100%, (3)

where TP, TV, TA - the rate of change in profits, sales volumes and assets (total capital).

In addition, it is possible to use the proposed V.V. Kovalev and O.N. Volkov system of normative values ​​of absolute indicators based on official financial statements and an assessment of the degree of closeness of the relationship between the actual time series of ranks and the reference ones:

GJ~1 GT~1 GT~1 GT~1 GT~1 GY1 GT~1 YY1

ST y Tpr y Tv y TA y T3 y Tk y Td y TDD,

where TCHP, TPR, TV, TA, T3, TK, Td, TDD - the rate of change, respectively, of net profit, sales profit, revenue, assets, average annual borrowings, average annual short-term accounts payable, average annual receivables, average annual long-term receivables debt.

Let's determine for the enterprise CJSC "Maslovo" compliance with the normative ratios (3) and (4).

From the data in Table. 2 shows that the "golden rule of the economy" is observed, therefore, the efficiency of the enterprise is quite high. But it should be noted the unfavorable situation in CJSC Maslovo with the repayment of accounts receivable (the rate of its increase, equal to 4.7 times, significantly outpaces the growth rate of revenue, equal to 145%, and net profit - 136%), which indicates the untimely receipt of funds from buyers and customers.

Let's compare the reference system of normative values ​​of indicators (4) with the actual growth rates of these indicators. The deviation of the real (actual) dynamics of indicators from the reference will be expressed in terms of the linear correlation coefficient of these two series, which will be determined using the Microsoft Ecxel "Data Analysis" software package. The results are presented in table. 3.

table 2

Evaluation of the ratios of indicators of proportionality of the economic growth of the enterprise

Enterprise Ratio - The "Golden Rule" Valuation Extended Ratio Valuation

CJSC Maslovo TP U TV U TA Implemented Ptp< ТПР У ТВ У ТА < Т3 У Тк < ТД Не выполняется

Table 3

Integral assessment of the enterprise development dynamics according to reporting data

Table 4

Partial indicators of OTU for the development of production

Standard CJSC "Maslovo"

Reference 1.00

ZAO Maslovo -0.04 1.00

As can be seen from the data in Table. 4, enterprises have feedback with the reference system, although it is insignificant in strength. This is due to the faster growth of accounts receivable compared to other performance indicators and the faster growth of borrowed capital compared to assets.

At the third stage, the organizational and technical level (OTL) should be assessed, since an important factor in increasing the economic efficiency of production is technical and organizational development. Evaluation of the GST of production can be carried out by the method of partial coefficients. With the help of significance indices with partial coefficients, we determine the generalizing indicators of the organizational and technical level and the complex indicator of OTU produced by CJSC Maslovo (Table 4).

General indicator of the technical level of production (Ktup):

Ktup \u003d TsshU, (5); \u003d 1

where n is the number of particular indicators of the technical level; a; - coefficient of significance of the /-th private indicator of the technical level; Y - /-th partial indicator of the technical level of production.

Ktup was 0.918. This is close to one and indicates the high technical potential of the enterprise.

General indicator of the organizational level (Corg):

korg \u003d X in. (6)

For the enterprise, it amounted to 0.986. This value indicates rather high possibilities for the effective use of existing equipment and technology.

When determining the complex indicator of the OTC of production (Kotu), the weight coefficient of significance of the generalizing organizational indicator was determined by an expert at the level of 0.5, and the coefficient of significance of the technical level was 0.5.

Kotu = aktup + $Korg. (7)

K was 0.952. Indicator value

close to unity, indicates enough

Indicator Values ​​X, Y. Weight coefficients(A, B)

Technical level indicators: specific gravity machinery under the age of 5 years: combines tractors trucks 0.21 0.08 0.32 0.15 0.15 0.15

update rate factor 3.51 0.15

BFA shelf life 0.9 0.15

level of mechanized labor in total labor costs 0.66 0.25

Organizational level indicators: retention rate 0.71 0.2

working time utilization factor 0.62 0.2

share of arable land in the area of ​​agricultural land, 0.80 0.1

average hourly output in the production of the main types of products: - grain, centner/person-hour - milk, centner/person-hour 1.67 0.88 0.25 0.25

high organizational and technical level of development for agricultural enterprises. But one should also take into account the rather low coefficient of utilization of working time and the degree of renovation of tractors, indicating that the production system of the enterprise requires some improvement in the organizational and technical elements of production.

A comprehensive assessment of the investment attractiveness of an enterprise (^inv) will include private assessments of efficiency, development sustainability and organizational and technical level:

K inv = Kef + Bush + Kotu. (eight)

According to ZAO Maslovo Kine = 1.024 (0.952+(1-0.04) +1.16). Since the indicator is greater than 1, therefore, the surveyed enterprise is a very attractive business entity for investment.

LITERATURE

1. Aksenova Z.I., Bachurin A.A. Analysis of the production and economic activities of motor transport enterprises: A textbook for universities. - M.: Transport. - 1990. - 255 p.

2. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. Textbook. - M.: LLC "TK Velby", 2002. - 424 p.

3. Makarova N.V., Trofimets V.Ya. Statistics in Excel: Proc. allowance. - M.: Finance and statistics, 2002. - 368 p.