Table 1 - Indicators for analyzing profit from sales of products of OJSC MPZ

Table 4 - Indicators for calculating the autonomy coefficient and the financial stability coefficient of MPZ OJSC

Table 8 - Calculation of capital structure coefficients in OJSC MPZ

Table 9 - Indicators for calculating the rate of return on invested capital and the absolute liquidity ratio in OJSC MPZ

Investment attractiveness of the enterprise

Methods for assessing the investment attractiveness of an enterprise

How to attract investors

Investing in the form of borrowed funds

Indicators of the financial performance of the organization

Bibliography

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

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

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

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

liquidity - shows how quickly a company can turn its assets into cash when necessary;
property status - reflects the share of current and non-current working capital V common property enterprises;
business activity - the indicator characterizes everything financial processes at the enterprise, on which the profit of the enterprise in turn depends;
financial dependence - shows the dependence of the enterprise on external sources of financing and whether it is possible to operate without additional funds;
profitability - reflects the efficiency of the enterprise's use of its financial capabilities.

It is worth remembering that the assessment of investment attractiveness includes indicators of resource availability, product profitability, number of personnel, level of production capacity utilization, depreciation of fixed assets, availability of fixed and production assets, and others.

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

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

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

There are many ways to attract a large number of, but this does not indicate the effectiveness of attraction. An ideal option would be to sell one business to open a new and potentially effective business.

First you need to sell existing option at the highest possible cost. The development of the future project depends on the sale. As practice shows, such investors are people who want to invest their money in a profitable business, some of them have extensive experience behind them. In such cases, profit maximization will most likely be observed.

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

investments from financial investors;
strategic type of investment.

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

The investor's main income will come from selling shares, and in turn, the investment attractiveness of the organization will increase. This option will suit both the investor and the manager.

Strategic investing is based on the investor acquiring a large block of shares for a long time, where the investor becomes another of the owners of the company. The main goal of a strategic investor is to purchase an existing company or merge with his company. This option saves in crisis situations, but it takes away the owner’s powers and the company becomes financially dependent on other sources of financing.

The enterprise does not want outsiders to interfere in its management; in this case, there are bank loans, leasing, borrowing funds from legal and individuals.

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

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

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

any enterprise that seeks to develop, first of all, is long term strategies, which can be used as a guide in the future;
is definitely required, where the goals and ways to achieve profit maximization will be clearly expressed;
there must be documentation of a legal examination in accordance with legislative norms;
the company must create credit history(this is very easy to do by registering small loan in banking institutions and return it in a short period of time);
putting in order documents on the ownership of certain land plots and firms in general;
ensure that the rights of shareholders and the powers of owners are spelled out in the charter documents of the enterprise;

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

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

In conclusion, we can say that the investment attractiveness of an enterprise depends on rational management. In order to obtain capital, maximum effort is required.

MINISTRY OF EDUCATION OF THE REPUBLIC OF BELARUS

EE "BELARUSIAN STATE ECONOMIC UNIVERSITY"

Department of Economics of Industrial Enterprises

COURSE WORK

by discipline: Economics of an organization (enterprise)

on the topic of: Investment attractiveness of the enterprise: assessment and areas for improvement

MINSK 2012

Essay

Course work: 51 pp., 13 tables, 20 sources, 1 appendix.

investments, investment attractiveness, profitability, creditworthiness, financial stability, capital

Object of study- investment attractiveness of the enterprise.

Subject of study-factors influencing the investment attractiveness of the enterprise.

Goal of the work: assessing the investment attractiveness of the enterprise and determining ways to increase it.

Research methods: systemic, analytical, comparison and analysis.

Research and development: the essence of investment attractiveness was considered, an analysis of the investment mechanism and methods for assessing the investment attractiveness of an enterprise was carried out, and proposals for its improvement were developed.

The author of the work confirms that the analytical material presented in it correctly and objectively reflects the state of the process under study, and all theoretical, methodological and methodological provisions and concepts borrowed from literary and other sources are accompanied by references to their authors.

Introduction

The concept and essence of the investment attractiveness of an enterprise

Financial analysis and its results as the main component of the investment attractiveness of an enterprise

1 The essence of financial and economic analysis, goals and methods of analysis

1.1 Analysis of the profitability (profitability) of the enterprise

1.2 Analysis of the financial stability of the enterprise

1.3 Analysis of the creditworthiness of the enterprise

1.4 Analysis of capital use , odds business activity enterprises

1.5 Analysis of the level of self-financing of the enterprise

2 Methodology for assessing the investment attractiveness of enterprises

Ways to increase the investment attractiveness of an enterprise

Conclusion

List of sources used

Application

Introduction

To maintain competitiveness and market share, the company constantly needs to reconstruct production facilities, update existing material and technical base, increasing volumes production activities, development of new types of activities. To reconstruct old equipment and purchase new equipment, an enterprise needs a large investment of money, which is most often unavailable due to a lack of available funds. That is why an enterprise needs investments to start its activities, and then for subsequent development.

One of the most important and responsible stages of the investment process is the choice of the enterprise into which investment resources will be invested. The choice of an investment object is mainly influenced by such a category as the investment attractiveness of the enterprise. Based on this, it should be noted that effective investment is possible only by determining and comparing the investment attractiveness of various enterprises. Thus, in the absence of this economic category, the investment process objectively loses its meaning.

For an enterprise that requires an injection of capital from external sources, the most important task is to increase investment attractiveness. Only if its value is high, the enterprise will receive sufficient funds to operate, expand production, release new products or change the field of activity (if the enterprise is sold). This is precisely what determines the relevance of the topic of this course work, “Investment attractiveness of an enterprise: assessment and areas for improvement.”

IN modern conditions For the effective operation of an enterprise, the problem of mobilization and effective use of investments is particularly relevant. Investment activity is an integral part of the business activity of economic entities, which also includes production, innovation, market, marketing and other activities. Forming investment attractiveness, developing a clear investment strategy, defining it priority areas, the mobilization of all sources of investment is the most important condition for the sustainable and high-quality development of enterprises in today's difficult conditions.

An analysis of economic literature and business practice gives grounds to assert that an enterprise cannot refuse to invest. This contradicts its life cycle and makes it completely unprotected compared to other competing enterprises. It is even right to say that failure to invest is the most significant risk to which an enterprise can expose itself. It is in many ways tantamount to the bankruptcy of an enterprise. The implementation of an investment project allows an enterprise to adapt to macroeconomic realities and changes in the external environment, anticipating them.

Consequently, investment cannot be considered as a passive element of economic action. Rather, on the contrary, they are an active element that allows the enterprise not only to adapt, but also to adapt the external environment. Investment decisions therefore must take into account the parameters of not only the internal, but also the external environment.

In a crisis, the main source of investment for an enterprise can only be external borrowing, including in the form bank loan. To reduce banking risk, as well as other investment risks, there is an urgent need to assess the creditworthiness of enterprises. This is especially difficult in conditions of information secrecy and the absence of any information systems for resident companies. Therefore, the practical significance of issues related to determining the investment attractiveness of enterprises is beyond doubt, because Without investment injections into economic units, it is impossible to stabilize the economy and exit from economic crisis. The viability of the enterprise depends on the solution to this problem. The main component in the methodology for determining investment attractiveness is the use financial analysis as the main mechanism for ensuring the financial stability of the enterprise and assessing its attractiveness for potential investors.

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

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

Based on the foregoing, we can formulate the main goal of this course work: to explore the investment attractiveness of an enterprise in modern conditions and to propose ways to increase investment attractiveness. This study will be conducted using the example of the open joint-stock company Minsk Bearing Plant. Open joint-stock company "Minsk Bearing Plant" (hereinafter - OJSC "MPZ"), founded in 1948. The main goals of OJSC MPZ are: carrying out business activities aimed at making a profit. OJSC MPZ also carries out foreign economic activities in the manner established by the legislation of the Republic of Belarus.

To achieve this goal, the following tasks were set:

Provide a theoretical justification for investments and the investment attractiveness of the enterprise;

analyze methods of assessment and indicators of investment attractiveness;

propose ways to increase the investment attractiveness of an enterprise.

1. The concept and essence of the investment attractiveness of an enterprise

Any economic process represents the transformation of resources into an economic product and proceeds according to the scheme “resources - factors of production - product economic activity" Natural, labor, capital, information resources, united by entrepreneurial initiative, under the influence of management are involved in production and gradually become its factors. The production process occurring as a result of the action of factors leads to the formation and creation of an economic product in the form of products, goods, work performed, services.

Conversion economic resources the operating factors of production have a certain duration in time, that is, between the involvement of resources in production and their direct participation as an agent, a factor in the production process, a certain time passes, necessary for the transformation of the original resource into a factor.

The time interval between the investment of funds, the involvement of resources and their transformation into active factors of production can vary significantly for different factors of production.

Since these resources are invested in a specific business and can no longer be used for other purposes, investments lead to the diversion of funds during the transformation of resources into factors of production and economic activity.

Thus, it is permissible to consider any resources used in the economy as investments in the economy, since, regardless of the nature of their use, resources do not immediately become factors of production. But more often, investments are understood as diverted resources that undergo deep, long-term transformations before they become factors of production.

Investments in fixed capital (fixed means of production), in inventories, reserves, as well as in other economic objects and processes that require the diversion of material and monetary resources for a long time are called investments.

Before analyzing the concept and essence of the investment attractiveness of an enterprise, let us turn to the concept of “investment policy”, which is an integral part of the general financial strategy enterprise, which determines the choice and method of implementing the most rational ways to expand and update its production potential. The existence and effective operation of an enterprise in market economic conditions is unrealistic without well-established management of its capital, that is, the main types financial resources(investment resources) in the form of material and monetary resources, various types financial instruments. The capital of an enterprise is, on the one hand, a source, and on the other, a result of the enterprise’s activities. The financial resources of the enterprise are directed towards financing current expenses and investments, which represent the use of financial resources in the form long-term investments capital in order to increase assets and generate profits.

The term investment comes from the Latin word “invest,” which means “to invest.” Investments are a set of long-term costs of financial, labor and material resources in order to increase assets and profits. This concept covers real investment (capital investments), and financial (portfolio) investments.

Investments ensure the dynamic development of the enterprise and allow solving the following tasks:

Expansion of your own entrepreneurial activity through the accumulation of financial and material resources;

acquisition of new businesses;

diversification due to the development of new areas of business.

The expansion of one’s own business activity indicates the enterprise’s strong position in the market, the presence of demand for the products produced, the work performed or the services provided.

Investments can be:

Cash, earmarked bank deposits, shares, shares, bonds and other securities;

movable and real estate(buildings, structures, machines, equipment, etc.);

land use rights, natural resources, as well as any other property.

Any investment is associated with the investment activity of an enterprise, which is a process of justification and implementation of the most effective forms capital investments aimed at expanding the economic potential of the enterprise.

To carry out investment activities, enterprises develop investment policies. This policy is part of the enterprise development strategy and the overall profit management policy. It consists in selecting and implementing the most effective forms of capital investment in order to expand the volume of operating activities and generate investment profits.

In the economic literature, the problem of investment has been and is being given quite a lot of attention, including revealing the essence of investment policy. However, in most scientific works There are no clear definitions of the concept “investment policy of an enterprise.” Meanwhile, the precise definition of this concept is quite important from both theoretical and practical positions, as it allows for more targeted scientific research and real management of the investment process.

So, according to G.V. Savitskaya, investment policy is an integral part of the financial strategy of an enterprise, which consists in choosing and implementing the most rational ways to expand and update production potential.

P.L. Vilensky defines investment policy as a system of economic decisions that determine the volume, structure and directions of investments both within an economic entity (enterprise, firm, company, etc.), region, country, and outside, with the goal of developing production, entrepreneurship, making a profit or other final results.

In modern economic dictionary B.A. Raizberg gave the following definition of the enterprise’s investment policy: “ Investment policy- component economic policy carried out by enterprises in the form of establishing the structure and scale of investments, directions of their use, sources of receipt, taking into account the need to update fixed production assets and increase their technical level.”

In order to determine the maximum efficiency of an investment decision, the concept of investment attractiveness of an enterprise has been introduced. The concept is quite new; it appeared in economic publications relatively recently and is used mainly in the characterization and assessment 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 feasibility of investing in an enterprise of interest to the investor, which depends on a number of factors characterizing the activity of the entity. The definition, although correct, is quite vague and does not provide grounds for discussing the assessment.

Assessing investment attractiveness from the point of view of income and risk, it can be argued that this is the presence of income (economic effect) from investing at a minimum level of risk.

Thus, it becomes obvious that regardless of the approach to 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, select alternative options and determine the efficiency of resource allocation.

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

There are the following main types of financing an enterprise from external sources: investing in equity capital and providing borrowed funds.

The main forms of attracting investments in equity capital are:

investments by financial investors;

strategic investing.

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

The investor in this case receives the main income through the sale of his stake (that is, by exiting the business).

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

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

Industry leading enterprises and large enterprise associations usually act as strategic investors. The main goal of a strategic investor is to increase the efficiency of their own business and gain access to new resources and technologies.

Investment in the form of provision of borrowed funds uses the following instruments - loans (bank, trade), bond loans, leasing schemes. With this form of financing, the main goal of the investor is to obtain interest income on the invested capital at a given level of risk. Therefore, this group of investors is interested in the further development of the enterprise from the point of view of its ability to fulfill obligations to pay interest and repay the principal amount of the debt.

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

The investment attractiveness of an enterprise for each group of investors is determined by the level of income that an investor can receive on invested funds. The level of income, in turn, is determined by the level of risks of non-return of capital and non-receipt of income on capital. In accordance with these criteria, investors determine the requirements for enterprises when investing. It is obvious that the main requirement for investor-creditors is confirmation of the enterprise’s ability to fulfill obligations to repay capital and pay interest, and for investors participating in the business, confirmation of the ability to absorb investments and increase the value of the investor’s shareholding. An investor puts forward various requirements for an enterprise when making an investment decision. At the same time, experience shows that enterprises quite often do not meet the listed investor requirements. This once again emphasizes the relevance of assessing the real financial condition of the enterprise, the issues of which are discussed in subsequent sections of the work. Particularly noteworthy is the role of investment as a source of economic growth and within national economy generally.

2. Financial analysis and its results as the main component of the investment attractiveness of an enterprise

2.1 The essence of financial and economic analysis, goals and methods of analysis

Managing any object requires, first of all, knowledge of its initial state, information about how the object existed and developed in the periods preceding the present. Only by obtaining sufficiently complete and reliable information about the activity of an object in the past, about the prevailing trends in its functioning and development, can management decisions, business plans and development programs of objects for future periods be developed.

The need for analysis always exists, regardless of the type of economic relations developing in society, but the emphasis placed in its process is different, they depend on socio-economic conditions.

In conditions market economy subjects economic activity resort to analysis of the financial condition of an enterprise periodically in the process of regulation, control and monitoring of the state and operation of enterprises, drawing up business plans and programs, as well as in special situations. At the same time, in conditions of an economic crisis, an objective assessment of the financial condition of an enterprise is not only and not so much in demand by the enterprise itself, but by its economic partners, primarily potential investors, including the state.

The main goal of financial analysis is to obtain several key (the most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors.

Analysis of the financial condition of an enterprise is a deep, scientifically based study of financial relations, the movement of financial resources in a single production and trading process, and allows you to track the trend of its development, give comprehensive assessment economic and commercial activities and thus serves as a link between the development of management decisions and production and entrepreneurial activity itself.

The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), use financial resources and capital, fulfillment of obligations to the state and other economic entities.

Movement of any goods material assets, labor and material resources are accompanied by the formation and expenditure of funds, therefore the financial condition of an economic entity reflects all aspects of its production and trading activities. Characteristics of the financial condition of an economic entity include:

profitability analysis;

financial stability analysis;

credit analysis;

analysis of capital use;

analysis of the level of self-financing.

Financial condition analysis is carried out using the following basic techniques: comparison, summary and grouping, chain substitutions, differences. In some cases, methods of economic and mathematical modeling (regression analysis, correlation analysis) can be used.

The method of comparison is to compare financial indicators reporting period from their planned values(standard, norm, limit) and with the indicators of the previous period. In order for the comparison results to give correct analysis conclusions, it is necessary to establish the comparability of the compared indicators, that is, their homogeneity and same quality. The comparability of analytical indicators is associated with the comparability of calendar periods, assessment methods, working conditions, inflationary processes, etc.

The method of summary and grouping consists in combining information materials into analytical tables, which makes it possible to make the necessary comparisons and conclusions. Analytical groupings allow, in the process of analysis, to identify the relationship between various economic phenomena and indicators; determine the influence of the most significant factors and discover certain patterns and trends in the development of financial processes.

The technique of chain substitutions is used to calculate the magnitude of the influence of individual factors in general complex their impact on the level of the aggregate financial indicator. This technique is used in cases where the relationship between indicators can be expressed mathematically in the form of a functional relationship. The essence of the method of chain substitutions is that, sequentially replacing each reporting indicator with a basic one, all others are considered as unchanged. This replacement allows us to determine the degree of influence of each factor on the overall financial indicator. The number of chain substitutions depends on the number of factors influencing the aggregate financial indicator. Calculations start from the initial base, when all factors are equal to the base indicator, so the total number of calculations is always one more than the number of determining factors. The degree of influence of each factor is established by sequential subtraction: the first is subtracted from the second calculation; from the third - the second, etc.

The use of chain substitutions requires a strict sequence of determining the influence of individual factors. This sequence lies in the fact that, first of all, the degree of influence of quantitative indicators characterizing the absolute volume of activity, the volume of financial resources, the volume of income and costs is determined, and secondly - qualitative indicators characterizing the level of income and costs, the degree of efficiency of use of financial resources .

The method of differences is that the absolute or relative difference (deviation from baseline) according to the factors studied and the aggregate indicator. This deviation (difference) for each factor is then multiplied by the absolute value of other interrelated factors. When studying the influence of two factors (quantitative and qualitative) on an aggregate indicator, it is customary to multiply the deviation for the quantitative factor by the basic qualitative factor, and the deviation for the qualitative factor by the reported quantitative factor.

The method of chain substitutions and the method of differences are a type of method called “elimination.” Elimination is a logical technique used in the study of functional connections, in which the influence of one factor is consistently isolated and the influence of all others is excluded. The use of analysis techniques for specific purposes of studying the state of the analyzed business entity constitutes the analysis methodology.

2.1.1 Analysis of the profitability (profitability) of the enterprise

The profitability of an economic entity is characterized by absolute and relative indicators. The absolute indicator of profitability is the amount of profit, or income. The relative indicator is the level of profitability.

In the process of analysis, the dynamics of changes in the volume of net profit, the level of profitability and the factors that determine them are studied. The main factors influencing net profit are the volume of revenue from sales of products, the level of cost, the level of profitability, income from non-sales operations, the amount of income tax and other taxes paid from profits.

An analysis of the profitability of a business entity is carried out in comparison with the plan and the previous period based on the data of the year.

Factor analysis of profit from product sales:

) Calculation of the total change in profit (DP) from product sales:

DP = P 1 - P 0 , (1)

where P 1 is the profit of the reporting year, rub.;

P 0 - profit of the base year, rub.

) Calculation of the impact on profit of changes in selling prices for sold products (DP 1):

DP 1 = S g 1 p 1 - Sg 1 p 0 , (2)

where S g 1 p 1 - sales in the reporting year in prices of the reporting year (p - price of the product; g - number of products);

Sg 1 p 0 - sales in the reporting year in base year prices.

) Calculation of the impact on profit of changes in production volume (DP 2):

DP 2 = P 0 K 1 - P 0 = P 0 (K 1 - 1), (3)

where K 1 is the growth rate of product sales volume estimated at the base cost:

K 1 = S g 1 c 0 / S g 0 c 0 , (4)

whereS g 1 c 0 - actual cost products sold behind reporting year in prices of the base year, rub.;

S g 0 c 0 - cost of the base year, rub.

) Calculation of the impact on profit of changes in product costs:

DP 3 = S g 1 c 1 - S g 1 c 0 , (5)

where S g 1 c 1 is the actual cost of products sold for the reporting year, rub.

The sum of factor deviations gives the total change in profit from sales for reporting period:

DP = P 1 - P 0 = DP 1 + DP 2 + DP 3 = S DP i , (6)

where: DP i is the change in profit due to the i-th factor.

Based on the data in the application, we will compile Table 1 and conduct a factor analysis of profit from sales of products at MPZ OJSC.

Million rub.

Conclusion: Profit from sales of products at OJSC MPZ in 2011 compared to 2010 decreased by 18,020 million rubles, including due to:

increase in selling prices, the company’s profit increased by 99,658 million rubles;

decrease in the volume of products sold, the enterprise’s profit decreased by 46,494 million rubles;

increase in production costs, the enterprise's profit decreased by 71,184 million rubles.

Factor analysis of profitability levels:

Profitability indicators are important characteristics of the factor environment for generating profit and income of enterprises. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool for investment policy and pricing.

Let us denote the profitability of products of the base and reporting periods by R vп0 and R vп1, respectively. By definition we have:

(9)

(10)

DR vп = R vп1 - R vп0 (11)

where P 0, P 1 - profit from sales of the base or reporting periods, respectively, rubles; р0, V р1 - sales of products, respectively; 0, S 1 - production cost, respectively, rub.;

DR vп - change in profitability for the analyzed period.

The influence of the factor of price changes on products is determined by calculation (using the method of chain substitutions):

(12)

Accordingly, the influence of the cost change factor will be:

(13)

The sum of factor deviations gives the total change in profitability for the period:

DR vп = DR vп1 + DR vп2. (14)

Based on the application data, we will compile Table 2 and conduct a factor analysis of profitability levels at MPZ OJSC.

Table 2 - Indicators for factor analysis of the level of profitability at OJSC MPZ

Note - Source: own development

Conclusion: the profitability of sales at OJSC MPZ in 2011 increased compared to 2010 by 0.021 million rubles.

2.1.2 Analysis of the financial stability of the enterprise

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the general financial structure enterprise, the degree of its dependence on external creditors and investors.

A financially stable business entity is one that, using its own funds, covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time. Main in financial activities are the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, these issues are given the main attention.

Financial stability analysis includes the following subsections:

) Analysis of the composition and placement of the company's assets.

An important indicator for assessing financial stability is the growth rate real assets. Real assets are actually existing own property and financial investments at their actual value. Real assets do not include intangible assets, depreciation of fixed assets and materials, use of profits, borrowed funds.

The growth rate of real assets characterizes the intensity of property growth and is determined by the formula:

(15)

where A is the growth rate of real assets, %;

C - fixed assets and investments excluding depreciation, trade margins on unsold goods, intangible assets, used profits;

Z - inventories and costs;

D - cash, settlements and other assets excluding used borrowed funds;

indices “0 / 1” - previous (base) / current (reporting) year.

Based on the application data, we will compile Table 3 and calculate the growth rate of real assets in MPZ OJSC.

Table 3 - Indicators for calculating the growth rate of real assets in OJSC MPZ

Note - Source: own development

Conclusion: the growth rate of real assets in OJSC MPZ was 30.91%.

) Analysis of the dynamics and structure of the company’s sources of financial resources.

In this analysis of the company’s sources of financial resources, it is necessary to pay special attention to the qualitative composition of the sources of equity capital, as well as the ratio of equity, borrowed and borrowed funds, taking into account the specifics, nature and type of activity of the company.

To assess the financial stability of a business entity, the autonomy coefficient and the financial stability coefficient are used.

The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources funds. It shows the share of own funds in total amount sources:

where K a is the autonomy coefficient;

S I - total amount of sources, rub.

The minimum value of the autonomy coefficient is taken at 0.5. K a ³ 0.5 means that all obligations of a business entity can be covered by its own funds. The growth of the autonomy coefficient indicates an increase financial independence and reducing the risk of financial difficulties.

The financial stability ratio is the ratio of equity and borrowed funds:

where K y - financial stability coefficient;

M - own funds, rub.;

Z - borrowed funds, rub.;

K - accounts payable and other liabilities, rub.

The excess of own funds over borrowed funds means that the business entity has a sufficient margin of financial stability and is relatively independent of external financial sources.

Then the dynamics and structure of own working capital and accounts payable are studied separately. Sources of formation of own funds are authorized capital, Extra capital, deductions from profits (to the reserve fund, to special-purpose funds - the accumulation fund and the consumption fund), targeted financing and revenues, rental obligations. Targeted financing and revenues represent a source of funds for an enterprise intended for the implementation of targeted activities: for the maintenance of children's institutions and others.

Based on the data of OJSC MPZ (Appendix), we will compile Table 4 and calculate the autonomy coefficient and the financial stability coefficient of the enterprise.

Note - Source: own development

Conclusion: The autonomy coefficient at OJSC MPZ in 2010 and 2011 was ³ 0.5. This means that all obligations of a business entity can be covered by its own funds. An increase in the autonomy coefficient indicates an increase in financial independence and a decrease in the risk of financial difficulties.

Also in 2011, compared to 2010, there was an increase in the financial stability ratio. The excess of own funds over borrowed funds means that the business entity has a sufficient margin of financial stability and is relatively independent of external financial sources.

) Analysis of the availability and movement of the enterprise’s own working capital.

This analysis involves determining the actual size of funds and factors influencing their dynamics (replenishment reserve fund, growth in the amount of funds used by savings funds, consumption funds, etc.). Having its own working capital is very important for a company important and shows what part of mobile assets is financed from own funds and by how much Current activity Firms depend on external sources of financing.

An increase in the amount of own working capital indicates that the business entity has not only retained existing funds, but has also accumulated an additional amount.

) Analysis of the presence and movement of accounts payable.

Any company must monitor the size and timing of payment of its accounts payable, preventing the occurrence of an unjustified part of it, the presence of which indicates an unstable financial condition.

Unjustified accounts payable include debt to suppliers for settlement documents not paid on time. Long-term debt is also analyzed.

) Analysis of the availability and structure of working capital.

Analysis of working capital is carried out in the direction of studying their dynamics and composition. The analysis compares the amounts of working capital at the beginning and end of the reporting period and identifies the legality and feasibility of diverting funds from circulation.

The most important is the analysis of the use of funds invested in production inventories (stocks of raw materials and materials), in inventory and cash in hand. The amount of working capital is affected by changes in revenue from product sales and inventory standards in days.

) Analysis of accounts receivable.

In the process of analysis, it is necessary to study accounts receivable, establish its legality and timing, and identify normal and unjustified debt. The financial condition of an economic entity is influenced not by the presence of receivables, but by their size, movement and form, that is, what caused this debt. The emergence of accounts receivable is an objective process in economic activity under a non-cash payment system, as well as the appearance of accounts payable. Accounts receivable are not always formed as a result of violation of the payment procedure and do not always worsen the financial condition. Therefore, it cannot be considered in full as a diversion of own funds from circulation, since part of it serves as the object of bank lending and does not affect the solvency of the business entity.

There is a distinction between normal and unjustified debt. Unjustified debt includes debt for claims, compensation for material damage (shortages, theft, damage to valuables), etc. Unjustified receivables are a form of illegal diversion of working capital and violation of financial discipline.

When analyzing the financial condition, it is advisable to study the correct use of one’s own working capital and identify their immobilization. Immobilization of own working capital means using them for other purposes, that is, in fixed assets, intangible assets and long-term financial investments. In a market economy, an economic entity independently manages its own and borrowed funds. Therefore, the analysis of the immobilization of own working capital is carried out only with a sharp decrease in own funds during the reporting period.

) Analysis of the solvency of the company.

The solvency of an enterprise refers to its ability to withstand losses.

When assessing the solvency of a company, the main focus is on equity capital. It is due to equity, of course, within reason, losses that may arise in the course of economic activity are covered.

When a company's assets exceed it borrowed capital, i.e. when equity capital has a positive value, the enterprise is called solvent. And accordingly, if the borrowed capital exceeds the assets, that is, when, in the event of a possible closure, the company will not be able to pay all its creditors, then it is considered insolvent. In international practice, solvency means sufficiency liquid assets to repay at any time all its short-term obligations to creditors.

An idea of the solvency of an enterprise can be obtained by calculating its solvency ratio:

It is impossible to say in general what value of the solvency ratio of an enterprise can be considered satisfactory. As a rule, with a certain degree of convention, if the solvency ratio of a trading or manufacturing company is equal to or greater than 50%, then it is considered that there is no reason to worry about its solvency. In fact, this largely depends on how realistically the assets of the enterprise are valued in the balance sheet.

Based on the indicators in Table 4, we will calculate the solvency ratios of MPZ OJSC in 2010-2011.

Conclusions: Because the solvency ratio is greater than 50%, therefore, the enterprise is solvent. In 2011, compared to 2010, there was a slight increase in the solvency of the enterprise.

The solvency of an enterprise should be calculated only on the basis of intra-economic factors, as a system of indicators (coefficients) according to current reporting data. They should reflect three states of the enterprise’s financial resources: sustainability financial situation; efficiency of use of funds; current solvency (liquidity of funds).

The selected system of coefficients (relative indicators) includes 20 indicators, six in each group and two indicators outside the groups: the amount of capital of the enterprise; his reputation. The choice of coefficients for the presented groups significantly reduces the impact of inflation and averages possible deviations for unforeseen, random reasons. When calculating them, a methodology is used that gives a unidirectional result: an increase in indicators is equivalent to an improvement in solvency. This allows you to use the enterprise rating score in the future. Indicators of the first group, characterizing the stability of the financial position of the enterprise, are presented in Table 5.

Indicators of the first group are taken into account as points for the rating, taking into account the long-term impact of their impact, with a correction factor of 0.8.

Table 5 - Indicators of financial stability

Indicator name		Calculation method
Autonomy coefficient, K 1	Independence from external sources of financing	Equity / Book value of assets
Fund mobility coefficient, K 2	Potential opportunity to turn assets into liquid funds	Cost of mobile means / Cost of non-mobile means
Vehicle maneuverability coefficient (net mobility), K 3	Absolute opportunity to turn assets into liquid funds	Mobile funds minus current liabilities / Mobile funds
Ratio of equity to total debt, K 4	Securing debt with equity	Equity / Debt on loans and borrowings plus accounts payable
Ratio of equity to long-term debt, K 5	Securing long-term debt with equity.	Equity / Long-term debt
Own funds ratio, K 6	Providing current assets of own. sources	Equity minus non-current assets / Current assets

Note - Source:

Indicators of the second group, reflecting the efficiency of use of funds, are presented in Table 6. In this group of indicators there are no generally accepted standards, therefore the enterprise rating in points is determined as the ratio of the indicator at the end of the period or on average for the period to the indicator at the beginning of the year. It is also necessary to take into account that increasing the efficiency of using an enterprise’s funds does not immediately increase solvency, and therefore an adjustment factor of 0.9 is applied.

Table 6 - Indicators of efficiency of use of funds

Indicator name	Economic content of the indicator
Ratio of sales revenue to the amount of non-mobile funds, K 7	Return on assets: sales of non-mobile funds per ruble	Sales revenue (net), i.e. net of taxes / Amount of non-mobile funds per asset
Ratio of sales revenue to the amount of mobile funds, K 8	Turnover of funds, sales of mobile (working) funds per ruble	Sales revenue (net) / Amount of mobile funds on the balance sheet asset
Profitability ratio to sales revenue, K 9	Profitability (profitability) of sales	Balance sheet profit/ Sales revenue (net)
Profitability ratio to total capital, K 10	Profitability (profitability) of all capital, investments in the development of the enterprise	Balance sheet profit / Value of the enterprise's assets on the balance sheet
Profitability to equity ratio, K 11	Profitability (profitability) of the enterprise's equity capital	Balance sheet profit / Equity value (balance sheet liability)
Ratio of net profit to balance sheet profit of the enterprise, K 12	The ability of the enterprise to self-finance	Net profit(net of taxes) / Balance sheet profit:

Note - Source:

Indicators of the third group, reflecting the current solvency of the enterprise, are presented in Table 7.

Table 7 - Indicators of current solvency

Indicator name	Economic content of the indicator	Calculation method

Debt coverage ratio, K 13		The amount of liquid assets of the enterprise / The amount of short-term debt
Total liquidity ratio, K 14		The amount of liquid funds (except commodity-material valuables) / Amount of short-term debt
Absolute liquidity ratio, K 15		Cash liquidity / Amount of short-term debt
Ratio of short-term receivables and payables, K 16		Short-term accounts receivable / Short-term accounts payable
Ratio of long-term receivables and payables, K 17		Long-term accounts receivable / Long-term accounts payable
Ratio of loans and credits repaid on time to the total amount of loans and credits, K 18	Timely fulfillment of obligations to credit system	Amount of loans and credits repaid on time / Total amount of loans and credits

Note - Source:

In this group of indicators, rating points are calculated with an increasing factor of 1.3 (taking into account the immediate impact on the solvency of the enterprise). The indicators of this group have a decisive impact on overall assessment solvency of the enterprise.

The method for calculating them is generally accepted. First of all, on the basis of the enterprise’s balance sheet, a liquidity balance sheet is drawn up. Active and passive in it has four sections.

The assets include:

) Quickly selling assets;

) Assets of average marketability;

) Assets that are slowly being sold;

) Hard to sell assets (not mobile assets).

The first section is used to calculate the absolute liquidity ratio, the sum of the first and second - to calculate the total liquidity ratio, and the sum of the first, second and third asset sections - to calculate the debt coverage ratio (numerator).

In the passive:

) Short-term liabilities;

) Obligations of medium urgency;

) Long term duties;

) Permanent liabilities (funds).

The sum of the first and second sections is used to calculate all three indicators: coverage ratios, total liquidity, absolute liquidity (denominator).

The last two indicators that are outside the groups are the size and reputation of the enterprise. The size of the enterprise as an additional factor of stability is assessed by its authorized capital.

The reputation of the enterprise is assessed by experts based on accumulated data commercial bank, investment fund, local administration, enterprise partner. Accepted following criteria: bad reputation - 50 points, average - 100 points, good - 150 points. The overall score on which the enterprise rating depends is determined as the arithmetic mean: the sum of points, taking into account correction factors, is divided by 20 (the number of indicators used). According to the rating, enterprises are divided into five classes:

Highest class - more than 100 points;

First class - from 90 to 100 points;

Second class - from 80 to 90 points;

Third grade - from 70 to 80 points;

Fourth grade - below 70 points.

Analysis of the company's solvency is also carried out by comparing the availability and receipt of funds with essential payments. Solvency is characterized by the solvency ratio, which is defined as the ratio of the company's most liquid assets (cash) to priority debts.

If the solvency ratio is equal to or more than one, this means that the company is solvent.

Methods for assessing solvency:

The possibilities of obtaining loans and other borrowed funds, as well as their price for the enterprise, depend on one of the most important aspects of the financial condition - the solvency of the enterprise. If an enterprise wants to have borrowed funds in its turnover, it must ensure a sufficiently high level of solvency at which creditors provide it with these borrowed funds.

There are traditional measures called solvency ratios: absolute liquidity ratio, intermediate coverage ratio and total coverage ratio.

Until recently, it was generally accepted that an enterprise was sufficiently solvent if it had an absolute liquidity ratio (the ratio of cash and short-term financial investments to short-term debt) of at least 0.2; the intermediate coverage ratio (the ratio of cash, short-term financial investments and funds in settlements to short-term debt) is not lower than 0.7; the overall coverage ratio is not lower than 2, although with a very high turnover of working capital it was considered sufficient at the level of 1.5.

But, as a rule, cash and short-term financial investments are significantly below 10%, and material current assets are less than half of current assets due to high accounts receivable. The structure of working capital of enterprises, in addition, can sharply decrease in certain periods.

This means that establishing any standards for the solvency ratio in the current conditions is impossible. Based on the above, there are no solvency criteria for the absolute liquidity ratio and the intermediate coverage ratio. It is generally inappropriate to focus on their level. The only real measure of the level of solvency of an enterprise is the total coverage ratio (comparing the value of all current assets with the total amount of short-term debts), which, regardless of the structure of current assets, answers the question of whether the enterprise is able to pay off its short-term obligations without creating difficulties for further work.

But this does not mean at all that fulfilling this condition requires ensuring a level of overall coefficient of 2 or 1.5. For some enterprises the sufficient level may be lower, for others it may be higher. It all depends on the structure of working capital, as well as on the state of material working capital and accounts receivable.

It is important whether the enterprise has excess material current assets, and if so, whether they are sufficiently liquid, i.e. can actually be sold and turned into money. If an enterprise, in specific operating conditions (delivery interval, reliability of suppliers, conditions of product sales, etc.) requires more material resources than is on its balance sheet, this is also important for assessing its solvency using the overall coverage ratio.

In addition, it is important whether the company has bad receivables, and if so, how many.

An assessment of the state of inventories and accounts receivable can be made by enterprise specialists. It is important as a justification of solvency to creditors.

Thus, currently, assessing the level of solvency of enterprises requires an individual approach. Without serious analytical work, neither the enterprise nor its partners, including banks and potential investors, will be able to answer the question of whether this enterprise solvent. And without an answer to this question, it is difficult to establish correct economic relationships with the enterprise, to decide whether and on what terms it is advisable to provide it with loans and credits, to make financial investments in its capital.

Indicators of solvency or capital structure.

Solvency indicators characterize the degree of protection of the interests of creditors and investors with long-term investments in the company. They reflect the company's ability to repay long-term debt. Sometimes the ratios of this group are called capital structure ratios.

Most important indicators from the point of view of financial management are the following indicators:

The ownership ratio characterizes the share of equity capital in the company's capital structure, and, consequently, the relationship between the interests of the owners of the enterprise and creditors.

As a rule, a normal ratio that ensures a fairly stable financial position with other equal conditions in the eyes of investors and creditors, the ratio of equity capital to total funds is 60%. The gearing ratio reflects the share of borrowed capital in sources of financing. This coefficient is the inverse of the property coefficient.

The financial dependence ratio characterizes the firm's dependence on external loans. The higher the indicator, the more long-term liabilities the company has and the riskier the current situation, which can lead to bankruptcy of the company, which must pay not only interest, but also repay the principal amount of the debt. A high level of the ratio also means the potential danger of a cash shortage for the company.

In general, this coefficient should not exceed one. High dependence on external loans can significantly worsen the position of our enterprise in the context of a slowdown in sales, since the cost of paying interest on borrowed capital is a constant expense, which, other things being equal, the company will not be able to reduce in proportion to the decrease in sales volume.

Based on the data from OJSC MPZ (Appendix), we will compile Table 8 and calculate these coefficients.

Note - Source: own development

Conclusion: in OJSC MPZ there is a significant excess of equity capital over borrowed capital, which increases even more in 2011, which indicates a fairly stable financial position of the enterprise.

investment profitability creditworthiness financial

2.1.3 Analysis of the creditworthiness of the enterprise

The creditworthiness of a business entity means that it has the prerequisites to receive a loan and repay it on time. The borrower's creditworthiness is characterized by his accuracy in making payments on previously received loans, current financial condition and ability, if necessary, to mobilize funds from various sources. The bank, before providing a loan, determines the degree of risk that it is willing to take on and the size of the loan that can be provided. Analysis of lending conditions involves studying:

) “Solidity” of the borrower, which is characterized by the timeliness of payments for previously received loans, the quality of the reports submitted, the responsibility and competence of management.

) The borrower’s “ability” to produce competitive products.

) "Income". At the same time, an assessment is made of the profit received by the bank when lending to specific costs of the borrower, in comparison with the average profitability of the bank. The level of bank income must be linked to the degree of risk in lending. The bank evaluates the amount of profit received by the borrower from the point of view of the possibility of paying interest to the bank while carrying out normal financial activities.

) “Goals” for using large resources.

) “Amounts” of the loan. This study is carried out on the basis of the borrower’s balance sheet liquidity measures and the ratio between equity and borrowed funds.

) "Repayments". This study is carried out by analyzing the repayment of the loan through the sale of material assets, provided guarantees and the use of collateral rights.

) “Securing” the loan, that is, studying the charter and regulations from the point of view of determining the bank’s rights to take the borrower’s assets, including securities, as collateral for the loan issued.

When analyzing creditworthiness, a number of indicators are used. The most important are: rate of return on invested capital and liquidity.

The rate of return on invested capital is determined by the ratio of the amount of profit to the total amount of liabilities on the balance sheet:

Where P is the rate of profit;

P - amount of profit for the reporting period (quarter, year), rub.;

Total amount of liabilities, rub.

The growth of this indicator characterizes the trend of the borrower’s profitable activity and its profitability.

The liquidity of a business entity is its ability to quickly repay its debt. It is determined by the ratio of the amount of debt and liquid funds, that is, funds that can be used to pay off debts (cash, deposits, securities, sellable elements of working capital, etc.). Essentially, the liquidity of a business entity means the liquidity of its balance sheet. Balance sheet liquidity is expressed in the degree to which the obligations of an economic entity are covered by its assets, the period of transformation of which into money corresponds to the period of repayment of obligations. Liquidity means the unconditional solvency of a business entity and presupposes constant equality between assets and liabilities, both in total amount and in terms of maturity.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liability obligations, grouped by their maturity and in ascending order. Depending on the degree of liquidity, that is, the speed of conversion into cash, the assets of a business entity are divided into the following groups:

A 1 - the most liquid assets. These include all funds of a business entity (cash and in accounts) and short-term financial investments (securities).

A 2 - quickly realizable assets. This includes accounts receivable and other assets.

And 3 - slowly selling assets. These include the articles of Section II of the asset “Inventories”, with the exception of the article “Deferred expenses”, as well as the article “Long-term financial investments” from Section I of the asset.

And 4 - difficult to sell assets. These are “Fixed assets”, “Intangible assets”, “Construction in progress”.

Balance sheet liabilities are grouped according to the degree of urgency of payment:

P 1 - the most urgent liabilities. These include accounts payable and other liabilities.

P 2 - short-term liabilities. They cover short-term loans and borrowings.

P 3 - long-term liabilities. This includes long-term loans and borrowed funds.

P 4 - permanent liabilities. They include items from section IV of the liability “Capital and reserves”. To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the item “Deferred expenses”.

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities. The balance is considered absolutely liquid if:

A 1 ³ P 1, A 2 ³ P 2, A 3 ³ P 3, A 4 £ P 4

The liquidity of a business entity can be quickly determined using the absolute liquidity ratio, which is the ratio of funds available for payments and settlements to short-term liabilities.

(23)

Where K l is the absolute liquidity ratio of a business entity;

D - cash (in cash, on a current account, in a foreign currency account, in settlements, other funds), rub.;

B - securities and short-term investments, rub.,

K - short-term loans and borrowed funds, rub.;

Z - accounts payable and other liabilities, rub.

This coefficient characterizes the ability of a business entity to mobilize funds to cover short-term debt. The higher this ratio, the more reliable the borrower. Depending on the value of the absolute liquidity ratio, it is customary to distinguish:

a creditworthy business entity with K l >1.5;

limited creditworthiness with K l from 1 to 1.5;

uncreditworthy at K l< 1,0.

Based on the data of OJSC MPZ (Appendix), we will compile Table 9 and calculate the rate of return on invested capital and the absolute liquidity ratio of the enterprise.

Note - Source: own development

Conclusion: An increase in the rate of return on invested capital characterizes the trend in the profitable activity of the borrower and its profitability. At the same time, there is a decrease in the absolute liquidity ratio, which characterizes the enterprise as uncreditworthy.

It should be kept in mind that all banks use credit scores. However, each bank forms its own quantitative assessment system, which constitutes a commercial secret of the bank, in the distribution of borrowers into three categories: reliable (creditworthy), unstable (limitedly creditworthy), unreliable (uncreditworthy). A borrower recognized as “reliable” is credited on general terms; in this case, preferential lending procedures may be applied. If the borrower turns out to be an “unstable” client, then when concluding a loan agreement, measures are provided for monitoring the borrower’s activities and the repayment of the loan (guarantee, surety, monthly check of collateral, conditions of collateral, increase interest rates and etc.). If the loan applicant is recognized as an “unreliable” client, then lending to him is inappropriate. The bank can provide a loan only on special conditions stipulated in the loan agreement.

The main reasons for the failure to ensure the liquidity and creditworthiness of a business entity are the presence of accounts receivable and, especially, unjustified debt, violation of obligations to customers, accumulation of excess production and inventory, low efficiency of economic activities, slowdown in turnover of working capital.

2.1.4 Analysis of the use of capital, business activity ratios of the enterprise

Capital investment must be effective. The efficiency of capital use refers to the amount of profit per ruble of invested capital. Capital efficiency is a complex concept that includes the use of working capital, fixed assets, and intangible assets. Therefore, an analysis of the use of capital is carried out on its individual parts, then a consolidated analysis is made.

Business activity ratios allow you to analyze how efficiently a company uses its funds. As a rule, these indicators include various turnover indicators, which are of great importance for assessing the financial position of the company, since the speed of turnover of funds, i.e. the speed of their conversion into monetary form has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds, other things being equal, reflects an increase in the production and technical potential of the company.

) The efficiency of using working capital is characterized, first of all, by their turnover. The turnover of funds refers to the duration of passage of funds through individual stages of production and circulation. The time during which working capital is in circulation, i.e., sequentially moving from one stage to another, constitutes the period of turnover of working capital.

The duration of one turnover in days is the ratio of the amount of the average balance of working capital to the amount of one-day revenue for the analyzed period:

where Z is the turnover of working capital, days; is the average balance of funds, rub.; is the number of days of the analyzed period (90.360); is revenue from sales of products for the analyzed period, rub.

The average balance of working capital is determined as the average chronological instant series, calculated from the totality of the indicator values at different points in time:

O = 0.5 O 1 + O 2 +…+0.5 O p / (P - 1) , (25)

where O 1, O 2, O n - the balance of working capital on the first day of each month, rub.;

P - number of months.

The capital turnover ratio characterizes the amount of revenue from sales per one ruble of working capital. It is defined as the ratio of the amount of revenue from product sales to the average balance of working capital according to the formula:

where K 0 - turnover ratio, turnover; - revenue from sales of products for the analyzed period, rub.;

O - average balance of working capital, rub.

The capital turnover ratio is the capital productivity of working capital. Its growth indicates a more efficient use of working capital. The turnover ratio simultaneously shows the number of turnovers of working capital for the analyzed period and can be calculated by dividing the number of days of the analyzed period by the duration of one turnover in days (turnover in days):

where K 0 - turnover ratio, revolutions; - number of days of the analyzed period (90, 360);

Z - turnover of working capital in days.

2) The efficiency of using fixed assets is measured by indicators of capital productivity and capital intensity. The capital productivity of fixed assets is determined by the ratio of the volume of revenue from sales of products to the average cost of fixed assets:

Where F is capital productivity, rub.; is the volume of revenue from sales of products, rub.;

C - average annual cost of fixed assets, rub.

The average annual cost of fixed assets is determined for each group of fixed assets, taking into account their commissioning and disposal. The capital intensity of production is the reciprocal of capital productivity. It characterizes the costs of fixed assets advanced per ruble of revenue from product sales.

Where F e - capital intensity of production, rub.;

C - average annual cost of fixed assets, rub.; - volume of revenue from sales of products, rub.

A decrease in the capital intensity of products indicates an increase in the efficiency of use of fixed assets.

The capital productivity indicator is closely related to labor productivity and capital-labor ratio, which is characterized by the cost of fixed assets per employee.

We have:

V = V / H, (30)

F V = S / H, (31) = V * H, (32)

C = F V * H, (33)

F = V / C = V * H / F V * H = V / F V, (34)

Where B is labor productivity, rub.,

N - number of employees, people,

Ф В - capital-labor ratio, rub.,

F - capital productivity of fixed assets, rub.

) The efficiency of use of intangible assets is measured, like the use of fixed assets, by indicators of capital productivity and capital intensity.

) Efficiency of capital use in general. Capital as a whole is the sum of working capital, fixed assets, and intangible assets. Efficiency in the use of capital is best reflected by its profitability. The level of return on equity is measured as a percentage of book profit to capital.

The level of return on capital can be expressed by the following formula characterizing its structure:

(35)

where R is the level of return on capital, %;

P - balance sheet profit, rub.,

K 0 - working capital turnover ratio, revolutions;

F - capital productivity of fixed assets, rub.;

Fn - capital productivity of intangible assets, rub.

The formula shows that the level of return on capital is directly dependent on the level of book profit per ruble of revenue, the working capital turnover ratio, capital productivity of fixed assets, and capital productivity of intangible assets. An analysis of the influence of these factors on the level of return on capital is determined using the method of chain substitutions.

2.1.5 Analysis of the level of self-financing of the enterprise

Self-financing means financing from your own sources: depreciation charges and profits. The principle of self-financing is implemented not only on the desire to accumulate one’s own financial sources, but also on the rational organization of the production and trading process, the constant renewal of fixed assets, and a flexible response to market needs. It is the combination of these methods in the economic mechanism that makes it possible to create favorable conditions for self-financing, i.e. allocating more of its own funds to finance its operating and capital needs.

The level of self-financing is assessed using the following coefficients:

) Financial stability coefficient (K y) is the ratio of one’s own and other people’s funds:

where M is own funds, rub.;

K - accounts payable and other borrowed funds, rub.;

Z - borrowed funds, rub.

The higher the value of this coefficient, the more stable the financial position of the business entity.

The sources of formation of own funds are the authorized capital, additional capital, deductions from profits (to the accumulation fund, to the consumption fund, to the reserve fund), targeted financing and revenues, lease obligations.

) Self-financing coefficient (K s):

where P is profit directed to the accumulation fund, rub.;

A - depreciation deductions, rub.;

K - accounts payable and other borrowed funds, rub.;

Z - borrowed funds, rub.

This coefficient shows the ratio of sources of financial resources, i.e. how many times own sources financial resources exceed borrowed and attracted funds aimed at financing expanded reproduction.

The self-financing coefficient characterizes a certain margin of financial strength of an economic entity. The higher the value of this coefficient, the higher the level of self-financing. When the self-financing ratio decreases, the business entity carries out the necessary reorientation of its production, trade, technical, financial, organizational, managerial and personnel policies.

) Coefficient of sustainability of the self-financing process (K):

(38)

The sustainability coefficient of the self-financing process shows the share of own funds allocated to finance expanded reproduction. The higher the value of this coefficient, the more stable the process of self-financing in an economic entity, the more effectively this method of a market economy is used.

) Profitability of the self-financing process (P):

(39)

where PE is net profit, rub.

The profitability of the self-financing process is nothing more than the profitability of using one’s own funds. Level R shows the amount of total net income received from one ruble investment of one’s own financial resources, which can then be used for self-financing.

The excess of own funds over borrowed and attracted funds shows that the business entity has a sufficient margin of financial stability and the financing process is relatively independent of external financial sources.

The financial stability coefficient of MPZ OJSC was calculated above. Based on the data of OJSC MPZ (Appendix), we will compile Table 10 and calculate the remaining coefficients characterizing the level of self-financing of the enterprise.

Federal agency of Education Russian Federation

Branch of the State Educational Institution of Higher Professional Education "St. Petersburg State Engineering and Economic University" in Vologda

Department of Economics and Management

COURSE WORK

discipline: "Investments"

on the topic of:

“Analysis of the investment attractiveness of an enterprise”

Introduction

1. Theoretical aspects analysis of the investment attractiveness of the enterprise

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

1.2 Methodological approaches to analyzing the investment attractiveness of an enterprise

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

2. Economic characteristics enterprises (using the example of OAO LUKOIL)

2.1 general characteristics enterprises

2.2 Analysis of liquidity and solvency

2.3 Financial stability analysis

2.4 Business activity analysis

3. Analysis of investment attractiveness at the enterprise (using the example of OAO LUKOIL)

4. Ways to increase the investment attractiveness of an enterprise

Conclusion

Bibliography

Application

Introduction

Assessing the investment attractiveness of an enterprise plays a big role for an economic entity, since potential investors pay considerable attention to this characteristic of the enterprise, studying the indicators of financial and economic activity for at least 3-5 years. Also, to correctly assess investment attractiveness, investors evaluate the enterprise as part of the industry, and not as a separate economic entity in environment, comparing the enterprise under study 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 an enterprise. Meanwhile, at present, methodological issues of assessing and analyzing investment attractiveness are not sufficiently developed and require further development.

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

Investment attractiveness is important for investors, since analysis of the enterprise and its investment attractiveness allows us to reduce the risk of incorrect investment to a minimum.

The purpose of this work is to analyze the investment attractiveness of a particular enterprise based on certain indicators.

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. identify factors influencing investment attractiveness;3. provide an algorithm for monitoring the investment attractiveness of an enterprise;4. analyze the financial and economic activities of an enterprise using the example of OAO LUKOIL;5. analyze the investment attractiveness of an enterprise using the example of OAO LUKOIL;6. develop ways to increase the investment attractiveness of an enterprise. This work consists of an introduction, four chapters, a conclusion, a list of references and an appendix. The following methods were used when writing the course work scientific research: comparative method; study of relevant literature, articles; analytical method. The information base was educational literature on this topic, periodicals of economic journals, and information sites. To carry out the analytical part of the work, information and financial statements of OAO LUKOIL were taken.

1. Theoretical aspects of analyzing the 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 by various scientists devoted to the problems of determining and understanding the “investment attractiveness” of an enterprise.

In these works there is no consensus regarding the definition and assessment of the investment attractiveness of an enterprise. The opinions of domestic authors on this topic are somewhat different, but at the same time they significantly complement each other.

Having studied existing approaches to the essence of the investment attractiveness of an enterprise, it is possible to systematize and combine existing interpretations into four groups according to the following signs:

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, in which high share it is probable that, within a time period acceptable to the investor, the investment may produce a satisfactory level of profitability or another positive effect may be achieved.

2) investment attractiveness as a condition for investment;

Investment attractiveness is a set of various objective signs, properties, means, opportunities that determine the potential effective demand for investment in fixed capital.

3) investment attractiveness as a set of indicators;

investment attractiveness of an enterprise is a set of economic and financial indicators of an enterprise that determine the possibility of obtaining maximum profit as a result of investing capital with minimal investment risk.

4) investment attractiveness as an indicator of investment efficiency.

Investment efficiency determines investment attractiveness, and investment attractiveness determines investment activity. The higher the efficiency of investments, the higher the level of investment attractiveness and the larger the scale - investment activities, and vice versa.

Thus, generalizing the classification proposed above, we can formulate the most general definition of the investment attractiveness of an enterprise - this is a system economic relations between business entities regarding the effective development of business and maintaining its competitiveness.

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

The demand for investments (together with supply, price levels and the degree of competition) determines the conditions of the investment market.

In order to obtain reliable information for developing an investment strategy, a systematic approach to studying market conditions is required, starting from the macro level (from the investment climate of the state) to the micro level (assessing the investment attractiveness of an individual investment project). This sequence allows investors to solve the problem of choosing precisely those enterprises that have the best development prospects in the event of the implementation of the proposed investment project and can provide the investor with the planned return on invested capital from the existing risks. At the same time, the investor considers the enterprise’s belonging to the industry (developing or depressed industries) and its territorial location (region, federal district). Industries and territories, 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 and at the same time is in the “investment field” of all objects of the investment market. The investment attractiveness of an enterprise, in addition to its “investment field,” is subject to the investment influence of the industry, region and state. In turn, the set 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 occurring in higher-level systems (political instability, changes in tax legislation and others) directly affect the investment attractiveness of the enterprise.

Investment attractiveness depends on both external factors, characterizing the level of development of the industry and the region of location of the enterprise in question, and from internal factors - activities within the enterprise.

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

Therefore, there is a need to quantitatively identify the state of investment attractiveness, and it should be taken into account that in order to make investment decisions, an indicator characterizing the state of investment attractiveness of an enterprise must have economic meaning and be comparable to the price of the investor’s capital. Therefore, we can formulate the requirements for the methodology for determining the investment attractiveness indicator:

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

The indicator should reflect the expected return on investment;

The indicator must be comparable to the investor's cost of capital.

A methodology for assessing the investment attractiveness of enterprises, built taking into account these requirements, will provide investors with a high-quality and informed choice of investment object, monitor the effectiveness of investments and adjust the implementation process investment projects and programs in case of an unfavorable situation.

The investment potential of Russian enterprises is characterized by a satisfactory level of development of production potential, in particular, the growth of the material and technical base of enterprises; growth in the volume of industrial products and growth in demand for products of Russian enterprises; an increase in the activity of enterprises in the securities market and a direct increase in value Russian shares; a decrease in the efficiency of management of the enterprise’s activities, which is reflected in the values of indicators characterizing the financial condition of enterprises; sufficient volume and qualifications work force; uneven development of enterprises various industries industry. The activity of Russian investors is declining, while interest foreign investors to industrial enterprises of the Russian economy is increasing.

One of the main factors of an enterprise's investment attractiveness is investment risks.

Investment risks include the following subtypes of risks: risk of lost profits, risk of decreased profitability, risk of direct financial losses.

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

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

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

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

· production and technological;

· resource;

· institutional;

· regulatory and legal;

· infrastructural;

· export potential;

· business reputation and others.

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

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

· formal (calculated based on data financial statements);

· 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 greatest importance in choosing a particular investment object.

1.2 Methodological approaches to analyzing the investment attractiveness of an enterprise

In the current economic conditions, several approaches to assessing the investment attractiveness of enterprises have emerged. The first is based on indicators for assessing the financial and economic activities and competitiveness of the enterprise. The second approach uses the concept of investment potential, investment risk and methods for evaluating investment projects. The third is based on an assessment of the enterprise's value. Each approach and each method has its own advantages, disadvantages and limits of application. The more approaches and methods are used in the assessment process, the greater the likelihood that the final value will be an objective reflection of the investment attractiveness of the enterprise.

The investment attractiveness of the enterprise includes:

General characteristics of the technical base of the enterprise;

Product range;

Production capacity;

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

Characteristics of the control system;

Authorized capital, owners of the enterprise;

Production cost structure;

The volume of profit and directions of its use;

Assessment of the financial condition of the enterprise.

Management of any process must be based on objective assessments of the state of its progress. The main characteristic of the investment process is the state of the investment attractiveness of the system. In this regard, it is necessary to assess the investment attractiveness economic systems. The main tasks of assessing the investment attractiveness of economic systems:

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

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

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

Additional tasks:

Finding out the reasons influencing the investment attractiveness of economic systems;

Monitoring investment attractiveness.

One of the main factors of investment attractiveness of enterprises is the presence required capital or investment resource. The capital structure determines its price, however, it is not a necessary and sufficient condition for the effective functioning of the enterprise. At the same time, the lower the price of capital, the more attractive the enterprise. The price (cost) of capital characterizes the rate of return (profitability threshold) or rate of profit that an enterprise must provide in order not to reduce its market value.

Return on investment is defined as the ratio of profit or income to investment. At the micro level, the net profit remaining at the disposal of the enterprise can be used as an indicator of income (formula 1).

Thus:

K 1 = P / I, (1)

In cases where information on investments in fixed capital is not available, it is recommended to use return on fixed capital as an economic component, since this indicator reflects the efficiency of using funds previously invested in fixed capital.

The indicator of investment attractiveness of an investment object is calculated using formula 2:

S i = N / F i , (2)

where S i is an indicator of investment attractiveness (cost) of the i-th object;

Ф i – resources of the i-th object participating in the competition;

N – value of the consumer order.

In this case, the role of the key parameter of the entire rating system is played by the consumer order. The degree of reliability of the calculated indicators depends on the extent to which it is formed correctly.

Within the enterprise, the attraction of additional technological, material and financial 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 attraction of foreign management experience in order to improve product quality and improve methods for entering market, expanding the output of those types of products that the market, including the global one, needs. Attracting material resources from abroad is also required to implement our own technical developments, the use of which is hampered by the lack of necessary equipment.

Investment in Russian enterprises is characterized by the following interrelated conditions: low competition on the part of enterprises that receive investments; high level of information asymmetry and frequent cases of use of insider information; low information transparency of companies; high level of conflict between investors and enterprise management; lack of mechanisms to protect the interests of investors from dishonest actions of enterprise managers.

Table 1.1. a comparison of some techniques used in domestic and world practice was carried out. As can be seen from the comparison, in many methods one of the main factors in assessing and predicting the future state of the analyzed organization is the assessment of its management system. This trend goes in the same direction with theoretical studies that directly link the state of an organization with the effectiveness of its management and shareholder control over management decisions.

Table 1.1.

Comparative analysis methods for assessing the investment attractiveness of an enterprise

Name of the technique	Aspects of the enterprise's activities analyzed using quantitative indicators	Aspects of the enterprise's activities analyzed using qualitative indicators	Purpose of the analysis
System of comprehensive 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 labor use and wages; Analysis of the amount and structure of advanced capital; Product cost analysis; Analysis of turnover of production assets; Analysis of volume, structure and quality of products; Analysis of profit and profitability of products; Analysis of profitability of economic activities; analysis of financial condition and solvency	Analysis of the organizational and technical level, social, natural, foreign economic conditions of production	Assessing the efficiency of an enterprise
Bank of France methodology	Performance assessment; Credit case assessment; Solvency assessment	Manager Assessment
Bundesbank methodology	Cost-benefit assessment; Liquidity assessment		Assessing the reliability of the enterprise as a borrower
Bank of England methodology	Market risk;	Market risk; Control; Organization; Control
Methodology of the Federal reserve system USA	Capital, assets, profitability, liquidity	Management	Assessing the reliability of a commercial bank

However, as can be seen from the above analysis of methods, none of them fully covers the possible field of factors influencing investment attractiveness, determined on the basis of the theoretical model of the company chosen for the purposes of this study.

Considering the FEA methodology, it should be noted that its strong point is that it provides the most complete and detailed recommendations for analyzing the financial condition based on the company’s financial statements, as well as the most complete set of financial indicators aimed at assessing the financial condition and business performance of the analyzed company.

During the assessment of investment attractiveness, the effectiveness of investments is assessed.

The effectiveness of investments is determined using a system of methods that reflect the ratio of investment-related costs and results. The methods allow us to judge the economic attractiveness of investment projects and the economic advantages of one project over another.

Depending on the type of business entity, the methods may reflect:

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

Commercial viability(financial justification) of projects, determined by the ratio of financial costs and results for projects as a whole or for individual participants, taking into account their contributions;

Budget efficiency, reflecting the impact of the project on the revenues and expenses of the relevant federal, regional and local budgets.

Enterprises with an average degree of investment attractiveness are distinguished by an active marketing policy aimed at the effective use of existing potential. Moreover, those enterprises whose management system is focused on increasing value successfully position themselves in the market, while those that do not pay due attention to the factors of value formation lose their competitive advantages. Enterprises with investment attractiveness below average are characterized by low opportunities for capital growth, which is associated, first of all, with the ineffective use of existing production potential and market opportunities.

Enterprises with low investment attractiveness can be considered unattractive, since the invested capital does not grow, but only acts as a temporary source of maintaining viability, without determining the economic growth of the enterprise. For such enterprises, increasing investment attractiveness is possible only through qualitative changes in the management and production system, in particular in reorienting the production process to meet market needs, which will improve the image of enterprises in the market and create new ones or develop existing competitive advantages.

A potential investor, partner and direct 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 in its change in the future. Know the changing trend this indicator- means, on the one hand, to be prepared for difficulties and take measures to stabilize production, or, on the other hand, to use the moment of growth in the investment attractiveness indicator to attract new investors, timely introduce new and improve outdated technologies, expand production and sales markets, improve the effectiveness of the enterprise’s work in weak metas, and so on.

Thus, in many methods for assessing the investment attractiveness of an enterprise, one of the main factors in assessing and predicting the future state of the analyzed organization is the assessment of its management system, but none of them fully covers the possible field of factors influencing investment attractiveness, determined on the basis theoretical model of the firm chosen for the purposes of this study.

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

Construction of a system for monitoring 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 reflecting the actual results of achieving the provided quantitative control standards is carried out in strict accordance with the system of financial indicators.

3. Determining the structure and indicators of the 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 effective management investment attractiveness of the enterprise.

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

Positive deviation;

Negative “tolerable” deviation;

Negative “unacceptable” deviation.

6. Identification of the main reasons for deviations of the actual results of controlled indicators from 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 creating 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 occurrence and complexity of the problem. In terms of content, the system of indicators is focused on studying the signs that characterize the dependence of managing 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 must take into account the multidimensional nature of management; thirdly, aggressive pricing policy; fourthly, the dynamism of market development, when the positions of competitors and the balance of power change with increasing speed.

2. Indicators characterizing the manifestation of the social efficiency of an enterprise at the public level. Social efficiency stands out from the entire group of socio-economic indicators as that aspect that reflects the impact of economic measures on the fullest satisfaction of the needs of society.

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

4. Indicators characterizing the effectiveness of the development of investment processes at the enterprise. In assessing the investment attractiveness of enterprises, the group of indicators that directly reflect the effectiveness of investment process management is of greatest interest.

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

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

Monitoring investment attractiveness carried out in this way will not only identify problem areas in the formation of conditions for intensifying investment processes at the enterprise, but also identify probable changes in economic potential enterprises and minimize the likelihood of destruction of the company's value.

2. Organizational and economic characteristics of the enterprise (using the example of OAO LUKOIL)

2.1. General characteristics of the enterprise

OJSC LUKOIL is one of the largest international vertically integrated oil and gas companies, established in 1991. The Company's main activities are exploration and production of oil and gas, production of petroleum products and petrochemical products, as well as 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 processing and petrochemical plants located in Russia, Eastern and Western Europe, as well as neighboring countries. The bulk of the Company's products are sold at international market. LUKOIL sells petroleum products in Russia, Eastern and Western Europe, neighboring countries and the USA.

LUKOIL is the second largest private oil and gas company in the world in terms of proven 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 all-Russian oil production and 19% of all-Russian oil refining.

The main performance indicators of OAO LUKOIL over the past 3 years are shown in Table 2.1.

Table 2.1

Key performance indicators of OAO LUKOIL

Indicators				Absolute deviation
Indicators
1) Volume of products, works, services (revenue), million dollars.
2) Cost of products, works, services, million dollars.
3) Average annual cost of fixed assets, million dollars.
4) Average annual cost of working capital, million dollars.
5) Gross profit, million dollars.
6) Balance sheet profit, million dollars.
7) Net profit, million dollars.
8) Basic earnings per share, dollars.
9) Return on assets
10) Capital intensity
11) Working capital turnover ratio
12) Product profitability, %
13) Return on sales, %

As can be seen from the table, basically all indicators had an upward trend over last years. Revenue increased by 58.1% and amounted to $107,680 million in 2008, gross profit increased by $3,657 million (36.4%) compared to 2006. Net profit increased in 2008. compared to 2006 by 22.2% and amounted to $9,144 million. Basic earnings per share decreased slightly compared to 2007, but compared to 2006 increased by $1.82 and amounted to 10 .88 dollars. The capital productivity indicator has increased slightly over this period of time, therefore, we can talk about an increase in the efficiency of using fixed assets in the enterprise. The turnover ratio is growing every year, although unevenly. The profitability of products and sales in 2008 decreased by an average of 3%, which was probably caused by the crisis situation in the country and the fall in oil prices.

The cost structure of OAO LUKOIL for 2008 is presented in diagram 2.1.

Diagram 2.1. Cost structure of OJSC LUKOIL for 2008

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

The table data allows us to conclude that the total value of assets during the period under review increased by 48.1% (compared to 2006). The share of non-working capital increased by 6.2% and in 2008 amounted to 78.1% of total assets, and the share of working capital decreased accordingly.

In outside current assets a significant share belongs to fixed assets (70.1%). In current assets, the predominant share is occupied by accounts receivable and bills receivable (7.1%), as well as inventories (5.2%).

Since the amount of liabilities is equal to the amount of assets, it should be noted that the total volume of liabilities for 2006-2008. also increased by $23,224 million (48.1%). In the structure of liabilities, a large share is occupied by capital and reserves. Over this period of time, one can trace a trend of a slight increase in the amount of capital and reserves (by 1.3% compared to 2006), which in 2008 amounted to 70.1% of the total liabilities. The value of long-term and short-term liabilities is approximately at the same level, and in 2008 they accounted for 14.8%, respectively. For the period from 2007-2008. short-term liabilities decreased by 1.5%, and long-term liabilities by only 0.2%. In general, we can talk about a trend towards a gradual decrease in the amount of borrowed capital and an increase in the amount of equity capital.

In the structure of capital and reserves, a large share belongs to retained earnings(64.3% of total liabilities). In the structure of long-term debt, the largest share falls on long-term debt on loans and borrowings (9.2% in 208 or $6,577 million). Larger share in short-term liabilities accounts payable (in 2008, its size amounted to $5,029 million).

In order to more clearly trace the dynamics of changes in the value of the balance sheet currency, we will construct the following diagram (diagram 2.2.).

This diagram shows that the value of assets and liabilities in 2008 increased by 48.1% compared to 2006 and by 19.8% compared to 2007. There is a uniform increase in the balance sheet currency every year.

Diagram 2.2. Dynamics of change in value

Balance sheet currencies for 2006-2008

2.2. Liquidity and Solvency Analysis

Liquidity of an organization is its ability to convert its assets into cash to cover all necessary payments as they come due.

Balance sheet liquidity is the degree to which liabilities are covered by assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities.

There are several ways to analyze balance sheet liquidity.

1. Construction of a compacted (aggregated) balance sheet.

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

A large share in the structure of assets is occupied by hard-to-sell assets (93.1%), and their value increased in 2008 compared to 2006 by 55%. The value of the most liquid assets increased by approximately 3.5 times.

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 changes unevenly, and their share in the total volume of assets is the smallest (5% for 2008).

Balance sheet liabilities 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 (70.4%), the value of which is increasing over a given period of time. All other groups of liabilities increase equally.

Next, it is necessary to draw a relationship between the assets and liabilities of the enterprise’s balance sheet. 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 relationship between assets and liabilities of the balance sheet

Based on the results obtained, we can say that the company’s balance sheet is not absolutely liquid.

2. Calculation of absolute liquidity indicators of the enterprise.

The calculation data is given in Table 2.5.

Table 2.5.

Absolute liquidity indicators

The current liquidity ratio should be positive, but in our case it is negative, therefore, this indicates that the company cannot pay its obligations on time in the current period. The prospective liquidity indicator is also negative, and it decreased in 2008 by $2,835 million compared to 2007.

3. Calculation of relative liquidity indicators (Table 2.6).

Table 2.6

Relative liquidity indicators

Indicators	Absolute deviation
Indicators	2008 compared to 2007	2008 compared to 2006
1) Absolute liquidity ratio
2) Critical liquidity ratio
3) Current ratio
4) Equity ratio
5) Solvency recovery rate
6) Loss of solvency ratio

The absolute liquidity ratio shows that in 2008, 26% of short-term debt can be repaid in the near future through cash and short-term financial investments. This indicator changed slightly over the period under review.

The critical liquidity ratio shows that in the near future the company can repay only 74% of short-term debt for 2008 as a whole, which is 15% less than in 2006.

Current ratio for 2006-2008 less than the normal value, which is equal to 2, in 2008 it was equal to 1.14, and there was a downward trend, which indicates a slight deterioration in the situation at the enterprise, which was provoked by the difficult situation in the international market. This means that 114% of current obligations on loans and payments can be repaid by mobilizing all working capital.

The equity ratio is negative for a given period of time, which indicates a lack of equity in the enterprise.

The solvency restoration coefficient for the period under review is less than the normal value, and in 208 it became equal to 0.64, so we can say that the enterprise will not be able to restore solvency within 6 months.

During 2006-2008 The company faces the possibility of losing its solvency; to avoid this, it is necessary to take various measures to restore it.

2.3 Financial stability analysis

This analysis is based on an analysis of the ratio of equity and debt capital of an enterprise.

There are 3 ways to analyze financial stability.

1. Using simple ratios.

Its essence is that if equity capital is more than half the size of the balance sheet currency, then the enterprise is financially stable.

Let's make this ratio (Table 2.7).

Table 2.7.

The relationship between balance sheet currency and equity

This ratio helps determine that the enterprise is financially stable over the entire period of time under consideration.

2. Use of absolute indicators of financial stability.

Calculations of these indicators are presented in Table 2.8.

Table 2.8

Absolute indicators of financial stability

Indicators	Absolute deviation
Indicators	2008 compared to 2007	2008 compared to 2006

As can be seen from the table, the amount of own working capital decreased significantly (by $4,838 million compared to 2007). Functional capital decreased over this period and in 2008 amounted to only $5,058 million. Compared to 2006, the amount of inventories and costs increased slightly, but decreased compared to 2007 (by $1,965 million). The amount of inventories and costs themselves decreased in 2008 by $874 million compared to 2007.

During the calculations, a lack of own working capital for the formation of reserves and costs was revealed; excess functional capital for the formation of inventories and costs (decrease in 2008); excess of the total amount of sources for the formation of reserves and costs (minor decrease).

As a result, a three-dimensional model (0;1;1) was formed, which indicates the normal financial stability of the enterprise in these economic conditions.

3. Relative indicators of financial stability, the calculation of which is given in table 2.9.

Table 2.9

Relative indicators of financial stability

The calculation of these indicators once again confirms that the situation in 2008 became better. The coefficients for 2008 exceed standard values, which indicates the financial stability of the enterprise, the possibility of self-financing, and low financial tension.

Therefore, the enterprise can be called financially stable.

2.4. Business activity analysis

Analysis of business activity is based on analysis of turnover and profitability indicators.

1. Turnover indicators (Appendix 3).

The higher the turnover ratio, the shorter the duration of the turnover, therefore, the more efficiently the funds are used in the enterprise.

From this table it can be seen that working capital and accounts receivable at the enterprise began to be used more efficiently; the cash turnover ratio decreased significantly (by 32.9) in 2008 compared to 2007, but increased by 13.5 compared to 2006; the duration of inventory turnover has decreased; own capital, as well as borrowed capital, began to be used more efficiently than before; accounts payable turnover decreased compared to 2006.

In general, we can note a positive growth in these indicators, which means that most of the funds in the enterprise began to be used more efficiently, and the business activity of the enterprise increased.

2. Profitability indicators.

Profitability is the most important relative indicator of the financial performance of any enterprise, which is why it is necessary to analyze various profitability indicators (Table 2.10.).

Product profitability is defined as the ratio of gross profit to production cost.

Production profitability is defined as the ratio of gross profit to the sum of the average value of fixed and working capital.

Return on sales can be represented as the ratio of profit from sales to revenue.

Return on equity is the ratio of net profit to average equity.

Return on debt capital is defined as the ratio of net profit to the average amount of borrowed capital.

Return on assets can be represented as the ratio of net profit to the average value of non-current and current assets.

In 2008, there was a decrease in all profitability indicators compared to previous years, which is likely due to the impact of the global financial crisis.

The product profitability indicator decreased by 4.4% compared to 2007. It shows that per 1 dollar of production cost there are 14.6 cents of profit.

Table 2.10

Profitability indicators

Indicators	Absolute deviation
Indicators	2008 compared to 2007	2008 compared to 2006
1) Product profitability, %
2) Production profitability, %
3) Return on sales, %
4) Return on equity, %
5) Return on debt capital, %
6) Return on assets, %

The production profitability indicator decreased by 3.4% compared to 2007. It shows that for every dollar invested in fixed and working capital, the company receives 22.6 cents of profit (for 2008).

Sales have become less efficient by 4.4% compared to 2007. This means that for every $1 of company revenue there are 11.5 cents of profit.

Return on equity decreased in 2008 compared to 2006 by 5.1% and became equal to 20.0%. This means that for every dollar of equity, there is 20 cents in profit.

The return on debt capital decreased significantly, that is, borrowed funds began to be used less efficiently. In 2008, this figure is 46.3%, which is 10.1% less than in 2007. This means that 1 dollar of borrowed capital accounts for 46.3 cents of profit.

Return on assets also fell 3.6% from 2007 to 14.0%, meaning that for every dollar of assets invested, there were 14 cents in profit.

Negative changes in profitability indicators indicate that the company has become less efficient in using its funds in recent years. Perhaps in the future the situation will change for the better, since at present the activities of enterprises, and especially enterprises in this industry, are negatively affected by the financial crisis.

3. Analysis of the investment attractiveness of the enterprise

(using the example of OJSC LUKOIL)

The investment attractiveness of an enterprise is determined differently by each specific investor, since each of them takes into account various factors influencing the investment attractiveness.

OJSC LUKOIL is one of the largest international oil and gas companies with a huge sales network (25 countries around the world). 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 recently, the activity of Russian investors has been decreasing, while the interest of foreign investors has been increasing, especially in industrial enterprises.

There are several approaches to assessing the investment attractiveness of an enterprise. The first of them, formal, is an analysis of the indicators of the financial and economic activity of the enterprise.

According to the analysis of the financial activities of OJSC LUKOIL carried out in the second chapter, the following points can be highlighted.

Sales revenue increases every year (in 2008 it amounted to $107,680 million). Net profit also increases; only in 2008, compared to 2007, it decreased slightly and amounted to $9,144 million. Basic earnings per share have the same trend of change as net profit, that is, there was an increase in 2007, and in 2008 there was a slight drop ($10.88 in 2008).

Based on the ratio of the enterprise's own funds and the value of the balance sheet currency, we can draw a conclusion about the financial stability of the enterprise. This is also confirmed by calculations of absolute and relative indicators of financial stability.

The company's funds are used efficiently, as evidenced by turnover indicators.

The profitability of products, production, sales, equity and borrowed capital, and assets is quite high. Only in 2008 there was a slight decrease in these indicators, which was caused by the crisis situation in the international financial market.

Table 3.1

Cash flow from investing activities

( million US dollars)


Purchasing licenses
Capital expenditures
Proceeds from the sale of fixed assets
Acquisition of financial investments
Sale of shares in subsidiaries and affiliates
Acquisition of companies and interests of minority shareholders (including advances on acquisitions), excluding acquired cash
Net cash used in investing activities

The table shows that net cash used in investing activities is increasing every year and in 2008 amounted to $13,559 million. A large share of cash is accounted for by capital expenditures.

To analyze investment attractiveness, it is necessary to determine the return on investment using the following formula:

K 1 = P / I,

where K 1 is the economic component of the investment attractiveness of the enterprise, in fractions of one;

I is the volume of investment in the enterprise’s fixed capital;

P – volume 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 2008.

K 1 = 9,144 / 48,966 = 0.187,

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

You can also use the return on fixed capital indicator instead of the economic component of the investment attractiveness of an enterprise, since this indicator reflects the efficiency of using previously invested funds in fixed capital.

R k = state of emergency / average vel. cap.,

Rk = 9,144 / 45,776.5 = 0.20.

Consequently, the return on fixed capital for 2008 is 20%.

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

To support the activities of OAO LUKOIL, the following management and control bodies have been created:

· Controls:

The meeting of shareholders is the highest management body of the Company;

Board of Directors;

Sole executive body – President (General Director);

The collegial executive body is the Management Board.

· Control body:

Audit committee.

Also, the high investment attractiveness of OAO LUKOIL is determined by the following factors:

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 constantly being introduced to increase the efficiency of the work being carried out);

Resource;

Infrastructure;

Export potential (currently a wide sales network has been established - supplies to 25 countries of the world, which will expand in the future);

Business reputation and some others.

4. Ways to increase the investment attractiveness of an enterprise

An enterprise can carry out a number of activities to increase its investment attractiveness (better compliance with investor requirements). The main activities in this regard could be:

· development of a long-term development strategy;

· business planning;

· legal examination and bringing of title documents in accordance with the law;

· creating a credit history;

· carrying out reform (restructuring) measures.

To determine what measures are needed for a particular enterprise to increase investment attractiveness, it is advisable to analyze the existing situation (diagnostics of the state of the enterprise). This analysis allows:

· identify the strengths of the company's activities;

· identify risks and weaknesses in the current state of the company, including from the investor’s point of view;

During the diagnostic process, various areas of the enterprise’s activities are considered: sales, production, finance, management. The area of activity of the enterprise that is associated with the greatest risks and has the largest number of weaknesses is identified, and measures are taken to improve the situation in the identified areas.

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

· ownership rights to land plots and other property;

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

· legal purity and correctness of accounting of rights to the company's securities.

Based on the results of the examination, inconsistencies in these areas with modern legislative norms are identified. Eliminating these inconsistencies is an extremely important step, since when analyzing a company, any investor attaches great importance to a legal audit.

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a master development plan, which is usually developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. Strategy allows an enterprise to plan for shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the enterprise’s vision of its long-term prospects and the adequacy of the enterprise’s management to the operating conditions of the enterprise (both internal and external).

Having a long-term development strategy, the company moves on to developing a business plan. The business plan examines in detail all aspects of the activity, substantiates the volume of necessary investments and the financing scheme, and the results of investments for the enterprise. The cash flow plan, calculated in the business plan, allows you to assess the ability of the enterprise to return the borrowed funds to the investor from the group of creditors and pay interest. For investor-owners, a business plan is the basis for assessing the value of an enterprise and, accordingly, assessing the value of capital invested in the enterprise and justifying its development potential.

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

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

1. Reform of share capital.

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

2. Changes in organizational structure and management methods.

This direction of reform is aimed at improving management processes that provide the basic functions of an effectively operating enterprise, and the organizational structures of the enterprise, which must comply with new management processes.

3. Asset reform.

Within the framework of asset restructuring, we can distinguish the restructuring of the property complex and the restructuring of current assets. This direction of restructuring involves any change in the structure of its assets in connection with the sale of redundant, non-core and acquisition of necessary assets, optimization of the composition of financial investments, inventories, and receivables.

4. Reform of production.

This direction of restructuring is aimed at improving the production systems of enterprises. The goal in this case may be to increase the efficiency of production of goods and services; increasing their competitiveness, expanding their range or repurposing.

Comprehensive enterprise restructuring includes a combination of activities related to several of the areas listed above.

An enterprise can formulate a program of measures to increase investment attractiveness, based on its individual characteristics and the current situation in the capital markets. The implementation of such a program allows us to speed up the attraction of financial resources and reduce their cost. It should also be noted that the measures described above do not require significant material costs, but the result of their implementation, in addition to the own growth of investor interest in the company, is also an increase in the efficiency of its work.

Conclusion

In this work, I examined the essence of the category “investment attractiveness”. There are several interpretations of this definition, but, summarizing them, we can formulate the following definition of the investment attractiveness of an enterprise - this is a system of economic relations between business entities regarding the effective development of a business and maintaining its competitiveness. Based on the accumulated domestic and foreign experience, it has been proven that the investment attractiveness of enterprises is the main mechanism for attracting investment into the economy.

Investment attractiveness depends on external (level of development of the region and industry, location of the enterprise) and internal (activities within the enterprise) factors.

One of the main factors of the investment attractiveness of an enterprise is investment risks (risk of lost profits, risk of decreased profitability, risk of direct financial losses).

Also, factors influencing investment attractiveness are divided into: production and technological; resource; institutional; regulatory; infrastructure; business reputation and others.

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

In the current economic conditions, several approaches to assessing the investment attractiveness of enterprises have emerged. The first is based on indicators of the financial and economic activities of the enterprise. The second approach uses the concept of investment potential, investment risk and methods for evaluating investment projects. The third approach is based on assessing the value of the enterprise. Each method has its own advantages and disadvantages, and the more approaches and methods are used in the assessment process, the greater the likelihood that the final value will be an objective reflection of the investment attractiveness of the enterprise.

The paper provides an algorithm for monitoring the investment attractiveness of an enterprise.

An analysis of the financial and economic activities of the enterprise was carried out using the example of OAO LUKOIL, one of the largest oil and gas companies. The main performance indicators of the enterprise for the period under review (2006-2008) increased. Thus, net profit for this period increased by 22.2%. The value of assets and liabilities of the balance sheet (balance sheet currency) also increased by 48.1% and amounted to USD 71,461 million in 2008. The company's balance sheet is not completely liquid. The enterprise is recognized as financially stable, the financial stress ratio is insignificant. A positive increase in funds turnover indicators indicates their effective use in the enterprise. Profitability indicators over the past year have decreased slightly, which was likely caused by the negative impact of the current economic situation

OAO No. LUKOIL has sufficient investment attractiveness, which is confirmed by a number of factors.

Ways to increase the investment attractiveness of the enterprise have been identified. Among them are the following: development of a long-term development strategy, as well as a business plan; conducting legal due diligence; creating a positive credit history; carrying out measures to reform or restructure the enterprise. The enterprise creates a program of measures to increase investment attractiveness, based on individual characteristics and the current situation in the capital markets.

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15. Information sites.

"Everything for an accountant", 2013, N 6

The work of an accountant in modern conditions involves not only competent accounting of the company’s property and capital, timely payment of taxes and fees, generation and submission of reports, but also conducting a current analysis of the state of the company, its investment attractiveness and development opportunities.

The methodological stage of assessing the investment attractiveness of a commercial enterprise is a combination of all data according to groups of indicators. First, a study of the financial position of the enterprise is carried out on the basis of financial statements, including:

analysis of the balance sheet structure;
profitability analysis and planning;
analysis of the property status of the enterprise.

Analysis of the structure of the property status of the enterprise is carried out on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis. The structure of property value gives a general idea of the financial condition of the enterprise; it shows the share of each element in assets and the ratio of borrowed and equity funds covering them in liabilities. By comparing structural changes in assets and liabilities, we can draw a conclusion about through which sources new funds mainly arrived and in what assets these new funds were invested.

Analysis and planning of liquidity and solvency. Liquidity is the ability of an enterprise to fulfill its short-term (current) obligations at the expense of its current (current) assets or the ability to liquidate (repay) debt with available funds. According to the accounting (financial) statements, it is possible to calculate the ability of an enterprise to cover its obligations for the near term with available funds (absolute liquidity ratio) and the ability to provide short-term obligations with current funds (coverage ratio). When quick assets are equal to or greater than current liabilities, the quick ratio is equal to or greater than 1, which is normal.

The solvency of an enterprise plays an important role in the financial condition of the enterprise and its attractiveness to investors. The solvency of the balance sheet is understood as the ability of the organization to pay with the available cash and cash equivalents at the end of the reporting year with debts incurred at the end of the same year.

It is customary to group assets according to the time they are converted into cash, and liabilities - according to the timing of debt payments:

A1 - the most liquid assets, i.e. short-term financial investments plus cash;

A2 - quick-selling assets - receivables, payments for which are expected within 12 months. after the reporting date;

A3 - hard-to-sell assets (inventories, accounts receivable), payments for which are expected in more than 12 months. after the reporting date;

A4 - non-current assets.

Balance sheet liabilities are grouped according to the degree of their payment:

P1 - the most urgent obligations - accounts payable;

P2 - short-term liabilities - short-term borrowed funds and other liabilities;

P3 - long-term liabilities (long-term borrowed funds);

P4 - stable (permanent) liabilities - equity capital (result of section 3 of the balance sheet).

The balance is considered absolutely liquid if the following inequalities are satisfied: A1 >= P1, A2 >= P2, A3 >= P3, A4<= П4.

If some inequalities have the opposite sign from that indicated, then the balance cannot be considered absolutely liquid.

Analysis and planning of financial stability. Financial stability represents the ability of an enterprise in the future to provide itself with the necessary funds to fulfill the production plan. When analyzing financial stability, the dependence of the enterprise on borrowed capital is considered.

A financial situation can be considered stable when all indicators are normal. The situation is considered critical when the indicators are below normal, and borrowed funds predominate in the functioning capital. The financial situation is unstable when equity capital is equal to or slightly exceeds borrowed funds.

Table 1

Note. SK - equity capital; K - total capital; PC - attracted capital; ZK - borrowed capital.

Profitability analysis and planning. Profitability is a relative indicator that determines the level of profitability of a business. Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various areas of activity (production, commercial, investment, etc.). That is why investors attach great importance to the profitability of an organization. To obtain more accurate information about the profitability of a commercial organization, it is necessary to calculate the following indicators:

return on equity;
return on fixed capital;
profitability of product sales;
cost effectiveness;
return on fixed capital;
return on equity.

Return on equity shows the efficiency of using your own invested funds and is calculated as a percentage. Calculated using the formula:

where is return on equity;

Net profit;

Average equity capital.

Return on equity shows how long it will take to recoup the equity invested in capital. The coefficient is indicated in years and is calculated using the formula:

where is the return on equity;

Average annual amount of equity capital;

Net profit.

A high return on fixed capital indicates the correct use of the company's funds. The result is determined as a percentage. To determine this coefficient, the formula is used:

where is the return on fixed capital;

Net profit;

Main capital.

The return on fixed capital - how many years will it take for investments in the organization's capital to pay off - is determined by the formula:

where is the return on fixed capital;

Average annual amount of fixed capital;

Net profit.

The profitability of product sales shows the general state of affairs of the company:

where is the profitability of product sales;

Revenue from sales;

Revenues from sales.

Return on costs shows how much profit is generated per 1 ruble. costs:

where is the profitability of costs;

P - profit before tax;

PS is the total cost of goods sold.

The result is obtained as a percentage. This calculation can be made for the entire product, for each group of products, or for one specific product.

When analyzing indicators, it is necessary to take into account the dynamics of improvement or deterioration of coefficients over a number of years. This will help to more holistically assess the sustainability of the organization. For investment purposes, you should study the competitive environment of the enterprise and the performance of competing enterprises.

Economic indicators for the investor are the main ones, but for a complete analysis and risk reduction, a comprehensive analysis of the investment attractiveness of the organization is also important. To do this, the following aspects are considered: attractiveness of the enterprise’s products, personnel, innovation, financial, territorial and social attractiveness, investment risk.

Assessing the attractiveness of a commercial enterprise's products lies in the competitiveness of the product. The competitiveness of a product is the ability of a product to be attractive in comparison with other products of a similar type and purpose due to better compliance of its characteristics with the requirements of a given market and consumer ratings.

The product offered by the organization must be of appropriate quality, certified (if it requires certification), comply not only with Russian but also international standards, be convenient, meet the requirements of modern views on products, etc.

Any commercial organization must diversify production in a timely manner, i.e. An organization will be attractive to an investor if it:

expands the product range;
can reorient itself in the sales area in a timely manner;
develops new directions in products and sales.

The presence of regular customers (a constant sales market) is a reliable indicator of high competitiveness.

The main indicator when assessing attractiveness is price. Naturally, the price of a product must be competitive not only in the domestic but also in the foreign market. It is also necessary that prices in the region for similar and substitute goods be regularly monitored. A general indicator of product attractiveness for consumers is calculated using the formula:

where is a general indicator of product attractiveness;

Demand for products;

Pr - proposal.

The personnel attractiveness of a commercial enterprise lies in the business qualities of the company's management, the professionalism of its employees, the potential, desire and desire to obtain an overall positive result for all personnel of the organization. Summary coefficient:

where is the personnel attractiveness of a commercial enterprise;

Received frames;

Personnel dismissed;

Average number of personnel.

The enterprise must be technically developed. It is necessary for investment in production to take place and diversification to be carried out in a timely manner. These factors will affect innovative attractiveness. The innovative attractiveness of an enterprise must be calculated using the formula:

where is the investment attractiveness of the enterprise;

Savings Fund;

Net profit.

To increase the customer base, an important factor is the location of the organization. For customers in other regions, it must be located close to major highways. For territorial attractiveness, it is important that the place of sale is in the city center and not far from the leading points of sale (shops, markets, hypermarkets, etc.). A convenient parking location for both buyers and cargo delivery will have a positive impact on the territorial attractiveness.

Social attractiveness depends mainly on the leaders of the organization. Workers must be given the rights to realize their own opportunities in the field of work, social support for those temporarily unable to work must be provided, decent wages must be paid, etc. The social attractiveness level coefficient is calculated using the formula:

where is the coefficient of the level of social attractiveness;

Average salary per employee;

Living wage.

The financial position of an organization is the most important factor for making a positive investment decision. It is based on an analysis of the documentation of a commercial organization, financial results and conclusions from the analysis. The general coefficient of financial attractiveness will be profit divided by assets.

Every investor expects maximum profit when investing. But one cannot ignore possible risks. All criteria for investment attractiveness have not only a planned indicator, the excess of which indicates the attractiveness of the enterprise according to this criterion, but also a degree of risk. If the indicator approaches the normal risk threshold, the investor may refuse to contribute to the organization. The actual personnel attractiveness indicator should not be negative or equal to zero. Financial attractiveness according to the planned indicator should be greater than 0.15. It is necessary that all workers are 100% socially protected.

Retail trade is an intermediary relationship between producers and final buyers. As a rule, goods purchased at retail are not intended for further sale. Therefore, there are features of the analysis of investment attractiveness at retail enterprises.

The main thing for retail sales is the point of sale, therefore, when analyzing the investment attractiveness of retail enterprises, it is necessary to pay great attention to the point of sale. The first thing you should pay due attention to is the location. It should not be removed from the leading points of sale. Convenient approach, access, parking location, proximity to public transport stops will also affect sales volume.

A good indicator for choosing a sales location is an analysis of the territory's traffic per unit of time. The floor location and proper interior layout also affect the purchasing power of the buyer. If retail sales are carried out via the Internet, by mail or by telephone, you need to pay attention to the places where goods are issued. They should be conveniently located. It is necessary to pay attention to this when analyzing the investment attractiveness of retail trade, since in wholesale trade, for example, products are mainly transferred for further resale. Wholesale organizations work with manufacturers and, as a rule, with a specific customer base. The “convenient warehouse factor” and loading and unloading locations are important to them.

When analyzing the investment attractiveness of retail enterprises, special attention is paid to the competitiveness of the organization, which may depend not only on the price level, but also on the quality of service. It is at retail points of sale that salespeople directly communicate with customers, so every salesperson must be qualified and prepared to work with the buyer.

The seller must know the range of goods, understand and understand the features and differences of the products offered. He must also be ready to provide information and consulting assistance.

Every client will be pleased to see a responsive, friendly, interested and active seller. When studying the work of an organization, an investor needs to pay attention to two aspects - internal and external.

As for the internal aspect, it is necessary to study the remuneration system, bonuses, additional incentive payments, career opportunities, relationships in the team for the organization’s employees, i.e. those factors that directly affect workplace satisfaction.

The external aspect refers to the view of the trade organization through the eyes of the buyer. To do this, you need to be present during the sales process and analyze customer satisfaction with service. The most effective way to analyze service is to visit stores as a mystery shopper.

The trading organization must be modern. Modernity means not only the sale of new products, but also the use of new forms of attracting customers. These, for example, could be discount cards that provide a percentage or monetary discount, the possibility of purchasing with a “gift certificate”, while this is developed in the perfume and jewelry trade. Buying on credit can also interest and attract customers.

It is important for the buyer to be able to check the product, try it on or sample it. Payment by plastic cards also applies to modern sales methods. Any improvement in service and sales will increase the store's attractiveness to customers and, as a result, to investors.

In the total volume of retail trade turnover, an important role is assigned to retail chains. According to the analytical company Infoline, the turnover of the 100 largest retail chains in Russia in 2011 increased by 20.8%, or up to 3.1 trillion rubles. Large retail chains attract customers, threatening small retailers. If the enterprise analyzed by the investor does not belong to retailers (from the English word retailer - retail operator, i.e. a company with a network of retail facilities), a market analysis should be carried out to determine the presence of retail networks with similar goods in the same region or in nearby areas.

If we make a comparison between wholesale trade, manufacturing enterprises and retail trade, we can conclude that retail trade is more dependent on the region. Manufacturing enterprises, as a rule, sell their goods not only within the region, but also far beyond its borders, which is more difficult to do in retail trade.

When making capital investments, each investor chooses the most sustainable enterprise. Stability is tested based on many factors. One of the important indicators is the life of the company. Newly formed companies are an interesting investment project, but risky, and it is impossible to conduct an analysis of all attractiveness criteria for such organizations. Firms that have extensive experience, have withstood crises and remained in trade have shown a sufficient level of financial stability and diversification.

The cash flow depends on inventory turnover; it can be calculated for a year, six months, a quarter, a certain period, and also by quantity: in pieces, weight, meters. In addition, it is assessed for each product individually or for a group of products, according to the cost and turnover of all inventories.

Turnover shows how quickly a product is sold, i.e. How long does it take for it to go through the stages from receipt at the warehouse to sale? This analysis will help determine those goods that most quickly pass through the stages: goods - money - goods.

The analysis will show in which type of goods “stagnation” has occurred.

Comparing the inventory turnover rate for previous periods with the current period will reveal an increase or decrease in demand for a product. Each organization has its own optimal turnover indicator. Growth (acceleration of this indicator) allows us to talk about a high level of sales, which has a positive effect on the investment attractiveness of the organization.

A decrease (slowdown in the turnover ratio) shows that the organization is stockpiling. This indicates the presence of poor quality goods or a large quantity of seasonal goods, as well as improper accounting and control over the turnover of goods and purchases of goods that are not in demand. In this case, it is very difficult to increase the inventory turnover ratio. Stockpiling of unclaimed goods may turn off a potential investor.

We also note that the independence of the organization is expressed in the ability to make decisions independently. Commercial freedom of retail organizations implies freedom to choose products for sale, directions and methods of sale, as well as freedom in pricing. However, it is worth considering the fact that there is no absolute independence in the economy, since trade is constrained by competitors, customer needs, and legislation. Having independence, the organization takes responsibility for possible violations: fulfillment of obligations under the supply and sales agreement, tax obligations, etc. However, if an organization is independent, its level of dedication increases - this attracts investors.

Thus, the investment attractiveness of an enterprise is a complex indicator characterizing the feasibility of investing in a given enterprise. The model for analyzing the investment attractiveness of an enterprise according to accounting (financial) statements includes:

comparative analytical balance (vertical and horizontal analysis);
analysis and planning of liquidity and solvency;
analysis and planning of financial stability;
profitability analysis and planning.

All this should be taken into account in their work by both heads of organizations, accountants and economists.

Indicators

Absolute deviation

Indicators

2008 compared to 2007

2008 compared to 2006

1) Financial independence ratio

2) Self-financing ratio

3) Financial stress ratio

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M.V.Bespalov

Candidate of Economic Sciences,

chief accountant's assistant

Tambov State University