When assessing investment attractiveness enterprises consider the following aspects: attractiveness of the enterprise’s products, personnel, innovation, financial, territorial, social attractiveness.

Analysis of the attractiveness of an enterprise's products for any investor is its competitiveness in the domestic and foreign markets. Product competitiveness is a multidimensional indicator composed of the following factors:

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

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

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

A general indicator for analyzing the competitiveness of a product and its investment attractiveness is price. It is formed under the influence of supply and demand and can indirectly express competitiveness by comparing them.

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

Business qualities of the manager and his “team”;

The quality of the “personnel core” (highly qualified workers);

The quality of the staff in general.

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

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

Production investment programs from various sources.

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

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

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

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

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

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

Analysis of the financial attractiveness of an enterprise consists of minimizing costs and maximizing profits. This is a multi-component concept, consisting of many indicators calculated on the basis of the enterprise’s reporting documents.

Indicators of the financial position of an enterprise are the most significant for investors.

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

The first stage involves working with such reporting documents as balance sheet and income statement. On their basis, indicators characterizing various aspects of financial attractiveness are calculated;

The second stage is methodological. It consists in grouping indicators according to general criteria. Five main directions for analyzing the financial position of an enterprise are proposed:

1) property structure;

2) liquidity indicators;

3) indicators of long-term financial stability;

4) indicators of business activity;

5) profitability indicators;

The third stage of assessment consists of two parts:

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

2) determination of the borrower's creditworthiness class.

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

The assessment of the current state must begin with an analysis of the property status of the enterprise, which is characterized by the composition and condition of the assets. When talking about the analysis of property status, one should keep in mind not only the objective and material characteristics, but also monetary value, which allows one to judge the optimality, possibility and expediency of investing financial results in the assets of the enterprise. The property and financial position of an enterprise represent two sides of economic potential that are closely interrelated.

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

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

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

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

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

The main sign of liquidity is the formal excess (in value) of current assets over short-term liabilities. The greater this excess, the more favorable the financial condition of the enterprise in terms of liquidity. If the value of current assets is not large enough compared to short-term liabilities, the current position of the enterprise is unstable and a situation may well arise when it does not have sufficient cash to pay its obligations.

The liquidity of an enterprise is most fully characterized by comparing assets of one or another level of liquidity with liabilities of one or another degree of liquidity.

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

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

A 1 = page 250 + page 260.

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

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

A 4. Non-current assets = page 190.

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

P1. The most urgent obligations - these include accounts payable: P 1 = line 620.

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

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

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

The balance sheet is absolutely liquid if for each group of obligations there is appropriate coverage by assets, that is, the company is able to pay off its obligations without significant difficulties. A lack of assets of varying degrees of liquidity indicates possible complications in fulfilling its obligations. Liquidity conditions can be presented in the following form: A1P1, A2P2, A3P3, A4P4.

The fulfillment of the fourth inequality is necessary if the first three are satisfied, since A1+A2+A3+A4=P1+P2+P3+P4.

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

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

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

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

A1P1, A2P2, A3P3, A4P4.

This state is characterized by the enterprise’s lack of its own working capital and the inability to pay off current obligations without selling non-current assets.

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

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

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

a) the presence of sufficient funds in the current account;

b) absence of overdue accounts payable.

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

The analysis allows us to identify the solvency of an enterprise, which is one of the quantitative measures of investment attractiveness. To characterize the solvency of an enterprise, a number of coefficients have been adopted.

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

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

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

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

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

Liquid assets of an enterprise include all current assets of the enterprise, with the exception of commodity inventories. This indicator determines what share of accounts payable can be repaid using the most liquid assets, i.e. it shows what part of the enterprise’s short-term liabilities can be immediately repaid using funds in various accounts, in short-term valuable papers ah, as well as income from settlements. The recommended value of this indicator is from 0.7-0.8 to 1.5.

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

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

The value of this indicator should not fall below 0.2.

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

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

A financially stable business entity is one that, using its own funds, covers investments in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables and pays its obligations on time.

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

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

This means the provision of certain types of sources of formation (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the totals of assets and liabilities of the balance sheet. To assess the state of inventories and costs, use the data from the group of articles “Inventories” of the second asset section of the balance sheet.

Except absolute indicators financial stability characterize and relative indicators, which can be divided into two groups. The first group combines indicators that determine the state of working capital, among them are:

Own funds ratio;

The ratio of provision of material reserves with own working capital;

The coefficient of maneuverability of own funds, etc.

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

3) autonomy coefficient;

4) financial dependence ratio;

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

6) ratio of equity and borrowed funds, etc.

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

The debt-to-equity matching ratio (capitalization ratio) gives the most overall assessment financial stability of the enterprise. It shows what proportion borrowed funds occupy in general structure capital.

By the coefficient of maneuverability of equity capital one can judge what part of one’s own working capital is used for financing current activities enterprises, that is, what part is invested in working capital, and what part is capitalized.

The coefficient of provision with own working capital characterizes the ratio of own and borrowed funds and determines the degree of provision with own working capital necessary for the financial stability of the enterprise.

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

The financial stability ratio shows what proportion of funds we can use in our activities for a long time. The financing ratio shows whether the company can provide loans and borrowings, and whether it is able to repay them at the beginning of the period. The ratio of inventory coverage with its own working capital shows whether the enterprise can provide financing for inventories with its own working capital. The structure coefficient of the total long-term capital shows what part of the fixed assets and capital investments financed by long-term borrowed funds.

The short-term debt ratio shows what share of the company's funds is occupied by short-term debt to pay obligations. Throughout the entire period it behaves relatively stable.

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

Calculated actual odds compared with standard values, with indicators previous period, with a similar enterprise, and thereby reveals the real financial condition, strengths and weak sides enterprises.

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

The activities of any enterprise can be characterized from various aspects, and an assessment of business activity at a qualitative level can be obtained by comparing the activities of this enterprise and related enterprises in the area of ​​investment of capital. Such qualitative, that is, non-formalized criteria are:

Width of sales markets;

Availability of products for export;

The reputation of the company, expressed, in particular, in the fame of clients using the services of the company.

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

The degree of implementation of the plan for key indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

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

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

This dependency means that:

A) economic potential enterprises are increasing;

b) sales volume increases at a faster rate;

c) profits are growing at a faster pace.

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

General indicators include the resource efficiency indicator and the sustainability coefficient economic growth.

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

Economic growth sustainability coefficient - shows at what, on average, pace the enterprise can develop in the future (this indicator is used to characterize joint-stock companies).

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.). They characterize the final results of business more fully than profit, because their value shows the relationship between the effect and the available or consumed resources. These indicators are used to evaluate the performance of an enterprise and as a tool in investment policy and pricing.

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

Profitability indicators can be combined into several groups:

Indicators characterizing the return on production costs and investment projects;

Indicators characterizing profitability of sales;

Indicators characterizing the profitability of capital and its parts.

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

Shows how much profit the company makes from each ruble spent on the production and sale of products. Can be calculated by certain species products and the enterprise as a whole. When determining its level for the enterprise as a whole, it is advisable to take into account not only sales, but also non-operating income and expenses related to core activities.

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

Return on sales (turnover) is calculated by dividing the profit from the sale of products, works, services before payment of interest and taxes by the amount of revenue received. Characterizes the efficiency of production and commercial activities: how much profit does the enterprise have from ruble sales. This indicator is calculated for the enterprise as a whole and for individual types of products.

Return on total capital is calculated by the ratio of gross profit before interest and taxes to average annual cost of the total total capital.

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

In the process of analyzing the profitability of an enterprise, one should study the dynamics of the listed profitability indicators, the implementation of the plan at their level, and conduct inter-farm comparisons with competing enterprises.

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

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

Class II - organizations that demonstrate a certain level of risk in debt and obligations and exhibit a certain weakness in financial performance and creditworthiness. These organizations are not yet considered risky;

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

IV class - these are organizations special attention, because There is a risk in relationships with them. Organizations that may lose funds and interest even after taking measures to improve their business;

V class - organizations highest risk, practically insolvent.

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

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

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

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

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

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

Table 1.2 - Parameters of the investment attractiveness of an enterprise

Each of the criteria given in Table 1.2, such as: product attractiveness for consumers, personnel, territorial, financial attractiveness, etc., are assessed using the level of attractiveness (A - high, B - medium, C - low). Each indicator value is assigned a certain score. The highest score should correspond to the most favorable value, the lowest score to the most critical. The value scale will look like this:

Level A coefficients - 10 points;

Level B coefficients - 6 points;

Level C coefficients - 2 points.

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

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

Based on these considerations, we determined threshold values point scale:

Level A - 49 - 60 points;

Level B - 28 - 49 points;

Level C - 12 - 28 points.

In order to determine the final level of attractiveness of a business entity, weighting coefficients are assigned to each component depending on its significance.

The proposed system of indicators is based on data from public reporting of enterprises. This requirement makes the assessment widespread and makes it possible to control changes in the financial condition of the enterprise by all participants in the economic process.

The existence and effective operation of an enterprise is impossible without well-established management of its capital, that is, the main types of financial assets (investment resources) in the form of material and monetary assets, various types of 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 both real investments (capital investments) and financial (portfolio) investments.

The Law of the Russian Federation “On investment activities in Russian Federation carried out in the form of capital investments" dated February 25, 1999. No. 39-FZ (as amended on December 12, 2011) gives the following definition: “investments - cash, securities, other property, including property rights, other rights that have a monetary value, invested in business and (or) other objects activities for the purpose of making a profit and (or) achieving a beneficial effect.”

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

Expanding your own business activities 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 company’s strong position in the market, the presence of demand for the products produced, the work performed or the services provided

Investments can be:

funds, targeted 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.

Most scientific works do not have clear definitions of the concept of “enterprise investment policy” and investment attractiveness. 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.

The most complete definition of investment policy is given, perhaps, only by I. A. Blank: “investment policy is part of the general financial strategy enterprise, which consists in selecting and implementing the most effective forms its real and financial investments in order to ensure high rates of its development and expand the economic potential of economic activity.”

In order to determine the maximum efficiency of an investment decision, the concept of investment attractiveness of an enterprise has been introduced. 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. There are other points of view (including L. Gilyarovskaya, V. Vlasova and E. Krylov and others). Here, investment attractiveness is understood as an assessment of the efficiency of using equity and borrowed capital, an analysis of solvency and liquidity (a similar definition is the structure of equity and borrowed capital and its placement between different types of property, as well as the efficiency of their use).

Assessing 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, the term “investment attractiveness” is most often used to assess the feasibility of investing in a particular object, select alternative options and determine the efficiency of resource allocation. There are other definitions of the concept of investment attractiveness (Table 1).

Table 1.

Determination of investment attractiveness

		Interpretation of the concept “Investment attractiveness of an enterprise”
	Belykh L.P.	Investment attractiveness of an enterprise - the ratio of risk level and rate of return
	Shchiborshch K.V.	The concept of “investment attractiveness of an enterprise” has different meanings for a creditor (bank) and an investor (shareholder). If for a bank the investment attractiveness of an enterprise is determined by its solvency, then for a shareholder - by the efficiency of economic activity (profit on total assets)
	Krylova E.I.	Investment attractiveness is an economic category characterized by the efficiency of use of an enterprise’s property, its solvency, and sustainability financial condition, the ability of the enterprise to self-develop on the basis of increasing the return on capital, the technical and economic level of production, the quality and competitiveness of products
	Sevryugin Yu.V.	From the position of investors, the investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterizes the effective demand of an enterprise for investment
	Valinurova L.S., Kazakova O.B.	The investment attractiveness of an economic system is a combination of various objective signs, properties, means, system capabilities, determining potential effective demand for investment. Investment attractiveness includes investment potential and investment risk and is characterized by the interaction of these categories

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 of economic development” and “investment attractiveness”. If the first determines the level of development of the object, the set economic indicators, then investment attractiveness is characterized by the condition of the object, its further development, profitability and growth prospects.

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 of financial investors represent the acquisition by an external professional investor (group of investors), as a rule, of a blocking, but not a controlling stake in a company in exchange for investments with the subsequent sale of this stake after 3-5 years (mainly venture capital and mutual funds) or 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.

Summarizing the above, we can say that the investment attractiveness of an enterprise is a complex indicator characterizing the feasibility of investing in a given enterprise. The investment attractiveness of an enterprise depends on many factors such as the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the economic situation in the industry, personnel qualifications, financial indicators, etc.

Fig.1. Main components of investment attractiveness

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

Correlation between life cycle stages and company attractiveness

The investment attractiveness of an enterprise is indeed an important step in the activities of professional investors interested in effective investments. The attractiveness of a company as an investment object is the result of a set of diagnostic and assessment measures carried out after selecting companies for the long list of industry interests of analysts. Every investor asks himself what criteria of investment attractiveness he should apply in order not to make a mistake in choosing an object. First of all, you should pay attention to the current stage life cycle companies as a diagnostic criterion.

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

Life cycle stages according to I.K. Adizes

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

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

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

Assessing the attractiveness of a business based on SOFIA and life cycle stages

It is advisable to begin an analysis of the investment attractiveness of an organization based on the life cycle factor with a financial analytical study using the SOFIA method. The method involves research into ways of adopting basic financial decisions. Assessment of strategic decision making (or “S” type decisions) includes activities that simultaneously present methods for assessing investment attractiveness. They include the following analytical sections.

1. Economic value added EVA. If the EVA value systematically shows positive dynamics, this means that market price enterprises are growing over book value net assets. Consequently, the investment attractiveness of the company is high.
2. The market value of the company, determined using one of the available methods. For the investor, the income method (from the point of view of the possible sale of the business) and valuation by analogy are preferable.
3. Models of sustainable growth (development) BCG. This method involves analyzing the correspondence between the growth rates and the increase in revenue, profit, assets, equity and debts of the enterprise. The most pronounced and synchronous dynamics of indicators are characteristic of the “Youth” and “Early Bloom” stages, which makes them especially attractive for investment.
4. Matrices of financial strategic models. The chosen financial strategy of the company serves as an indirect pointer to the investor to the formed trend, how successfully the direction has been chosen in the two-factor matrix of economic and financial activities. The zone of success is understood as the direction towards the creation of liquid funds, and the zone of deficits is their consumption.
5. Dupont model. This analytical model is more than a hundred years old. There are two-factor and three-factor DuPont models. They are based on a detailed analysis of the company's return on assets.

Factors of investment attractiveness are present not only in the company’s chosen financial strategy. Of no small importance is current system operational financial planning (type “O” decisions). The area of ​​regular management in the field of finance is no less important for an investor who is contemplating a business for investment. By this we mean the system budget management and a rationing system.

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

The existing architecture of financial management of a company using the SOFIA methodology allows us to determine the stage of the life cycle and obtain comprehensive information on the profitability and prospects of investments. Besides financial aspect To understand the moment of development of a company, diagnostics of organizational behavior in an enterprise are also useful. The relationship between types of management practices and life cycle stages is presented below in tabular form.

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

Focused financial analysis to assess attractiveness

The investment attractiveness of a business object is assessed during several iterations from different points of view. It is necessary for both sides of the negotiation evaluation process to understand that only a certain openness, subject to the conditions of information security, can lead to mutual success in raising funds. The investor must prove to the owners and management of the company that, acting in its business interests, it does not pose a competitive threat. The initiator of the investment on the part of the company must realize that it will be necessary to open the main aspects of the results of operations and the management system.

Indicators of profitability, liquidity, financial stability, and asset turnover serve as the basis for a focused analysis of the enterprise as a potential investment object. Based on these indicators, the investment attractiveness of the enterprise is assessed from the position of investment opportunities for investments in fixed capital or portfolio investments. The following presents the composition of the indicators used in the analysis, summarized in three groups.

Summary table of indicators for analyzing investment attractiveness

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

The investment attractiveness of an enterprise according to the first group of indicators allows an investment analyst to determine the potential for investor protection from the requirements of external obligations, thanks to the resources of its own funds. The second group shows the company’s ability to cover short-term liabilities through a short and liquid asset base. In this case, the overall coverage ratio is optimal within the indicator value of 2-2.5, and the intermediate ratio is at the level of 0.8.

The most liquid part of assets is cash. Taking into account this circumstance, the absolute liquidity ratio is of particular importance for both investors and suppliers. The most favorable option is considered when this indicator exceeds the value of 0.5, and its optimal value is 0.25. Different kinds profitability serve as a separate analytical unit for assessing the attractiveness of the company. Standard values ​​vary greatly across industries and depend on seasonality and, as already noted, on the stage of the life cycle.

The influence of management level on the degree of investment attractiveness

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

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

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

• a transparent and prescribed model of regulated business processes in the company, which gives the investor support in the subsequent control of procedural well-being;
• implementation electronic forms documentation support for management;
• obtaining opportunities to reach international markets based on clear and generally accepted procedures and standards;
• clear language and format for internal corporate communications, plans and reporting accepted by both company employees and investor representatives;
• production costs, which receive an optimization perspective along with process optimization procedures through functional cost analysis and business process reengineering.

As a summary

There are at least two parties involved in the investment process. One party, giving money for capital investments, is called an investor and expects a corresponding return. The other party initiates investment project, needs to be supported by means if own capital not enough. She is called the initiator of attracting an investor. Not only must both parties find each other somehow, but mutual choice is highly desirable in a win-win disposition. Unfortunately, the national pastime of Russian business consists of performing rituals that lead to losses.

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

1. The initiating companies first do not want, and only then “do not know how” to be transparent to potential investors.
2. Regulated management is often truly shell-like, imitative and formal in nature, including TQM and ISO certificates.
3. Investors need to learn how to persuade, analyze and evaluate the investment potential of truly attractive businesses.

Sometimes it seems that the investment attractiveness of an enterprise, as well as the composition of the true values ​​of the fundamental indicators of its activity, are hidden not only from the eyes of investors, but also from the business owners themselves. It’s time to stop double standards in economics a long time ago. The most interesting thing is that monopolies and oligopolies as entities also suffer from the fact that medium and small businesses are shackled in the murk of tax maneuvering. This is as much a matter of state sovereignty as national security. For some reason, it is believed that the foundation will be broken, and the quality and volume of investments in real sector will gain new strength.

Evgeniy Malyar

Bsadsensedinamick

# Investments

Evaluation formulas and examples

Article navigation

• What is meant by investment attractiveness
• Objective indicators of investment attractiveness
• Comparative analysis various methods for assessing the investment attractiveness of an enterprise
• Discounting cash flows
• Calculation based on impact factors
• Seven factor model
• Analysis by internal indicators
• Comprehensive assessment method
• Regulatory analysis
• Specifics of assessing the investment attractiveness of a project
• conclusions

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

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

What is meant by investment attractiveness

The word invest is translated from Latin as “to invest.” An investment is a set of values ​​provided from outside into circulation financial structure for the purpose of making a profit or achieving another useful result.

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

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

Objective indicators of investment attractiveness

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

Overall efficiency of capital investments. This indicator is a coefficient and is calculated using the formula:

Where:

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

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

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

Other similar indicators include profitability ratios, capital productivity, capital turnover, securities liquidity and other numerical characteristics indicating the degree of success of an economic entity. In other words, the more efficiently an enterprise uses the capital it already has at its disposal, the more attractive it is to investors.

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

Since enterprise managers cannot influence external (macroeconomic) factors, mainly internal characteristics are analyzed, which means the production potential of the company (technology, state of fixed assets, availability of trained personnel, etc.). The competitive situation in the market, related to external factors, is also taken into account.

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

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

Cash flow discounting

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

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

The method does not provide 100% accuracy, since it assumes unchanged dynamics throughout the entire calculation period. However, with annual correction, its use makes it possible to quite realistically predict the growth of the enterprise's value.

Calculation based on impact factors

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

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

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

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

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

Seven factor model

The name of the method is arbitrary. There may be seven or fewer factors by which the investment attractiveness of a business is assessed, but in modern conditions analysis for an operating enterprise usually includes eight indicators:

1. The amount of profit from the sale of products.
2. Total sales amount.
3. Size of current assets.
4. The amount of short-term accounts payable.
5. Amount of accounts receivable.
6. Volume credit obligations enterprises.
7. Amount of borrowed capital.
8. The total amount of assets in monetary terms.

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

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

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

In order not to bore the reader with repeated decoding of the components of this polynomial, we will consider them separately. They are not unique and are widely used in economic calculations.

RP – profitability of sales. It is calculated by the formula:

OK – capital turnover:

TL – current liquidity enterprises:

CD – ratio of accounts payable and receivable:

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

SP – liability structure coefficient:

FOR – share of borrowed capital in assets:

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

After multiplying all components, a product (IIN) is obtained, from the value of which the following conclusions can be drawn:

IIN greater than 1 – high investment attractiveness, positive dynamics.

IIN is equal to 1 – investment attractiveness is average, dynamics are neutral.

IIN is less than 1 – investment attractiveness is low, dynamics are negative.

Analysis by internal indicators

The method involves assessing business performance criteria based on:

• results of exploitation of available financial and physical resources;
• results of investment activities;
• financial solvency;
• intensity of personnel utilization;
• overall profitability.

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

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

Comprehensive assessment method

The name also does not fully reflect the essence of the method. All existing methods for determining investment attractiveness are, to one degree or another, complex in nature.

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

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

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

Regulatory analysis

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

• FSFO Order No. 16 “On approval methodological instructions on conducting an analysis of the financial condition of the organization" dated January 23, 2001.
• Government Decree No. 367 “On approval of the rules for conducting financial analysis by arbitration managers” dated June 25, 2003.

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

Specifics of assessing the investment attractiveness of a project

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

To objectively assess the prospects for investing funds, a system of indicators is used:

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

The goal of assessing the attractiveness of a project should ideally be a situation in which the investor is confident in the correct choice of the investment object. This is expressed by the following circumstances:

• the market value of the enterprise will increase as much as possible within the planned time frame;
• risks have been taken into account and can be mitigated;
• The size of the required resources is set correctly.

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

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

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

• the investment project itself;
• Feasibility study (feasibility study) of the project;
• business plan;
• legal justification of the project based on current legal norms.

Calculations and arguments presented in these documents must confirm:

• long-term financial stability of the enterprise based on the actual demand for the commercial product planned for production;
• optimal utilization of the capacities generated as a result of the investment;
• no supply or sales problems.

Each successful example of a feasibility study contains information about net present value, profitability index, method of dividend payment, payback period, expected risks and ways to minimize them.

conclusions

Current methods for assessing the investment attractiveness of enterprises and projects are based primarily on subjective forecasts.

Investments are the basis of the activities of any modern enterprise. In order for potential investors to agree to invest their money in the development of a company, it is necessary to demonstrate its stability, reliability, profitability, and competitiveness. For this purpose, qualitative indicators of investment attractiveness are used.

What is investment attractiveness

The set of financial, economic, commercial, quality indicators showing the stability of development and growth of the company, the positioning of the organization in the domestic and foreign markets is defined as the investment attractiveness of the enterprise.

The introduction of this concept pursues the following goals:

• determining the current state of the organization and the direction of its development in the future;
• preparing measures to attract new investors;
• direct attraction of additional funds for specific projects.

Investments can be made into existing resources (technical renovation of production facilities), develop new ones, and expand existing working areas.

In other words, investment attractiveness is a series of actions that must be performed in order to show a potential investor the real benefits and future prospects after injecting capital into a company.

Determination methods

Normal development of an enterprise requires constant updating of existing production assets and capacities. It is not always possible to do this at your own expense. Therefore, it is advisable to attract third-party capital for these purposes. To do this, it is necessary to prove that the company’s investment attractiveness is high enough.

Determination of such a criterion can be carried out using various methods.

Integral method

All activities of the organization are grouped into certain blocks and their effectiveness is assessed. Three main independent sections are combined - general, special, control. Market position, reputation, dependence on various suppliers, and management efficiency are considered.

Expert method

Characterized by a set of universal assessment criteria applied to a specific business entity in order to identify its strengths and weaknesses in the process financial development and becoming. Includes the current state of affairs, strategic planning, development, possibility of reform.

Cash flow discounting

It represents a set of estimates of future benefits in monetary terms from an investment, as well as the value of the investment object in the future after the direction of cash flows. External and internal influencing factors are identified, and recommendations are developed to improve the financial attractiveness of the organization.

The choice of a specific assessment method is based on the scope of the organization’s activities, the availability of the maximum number of indicators, using which you can comprehensively disclose economic activities, identify strengths and weaknesses, and show the reliability of investments.

Openness, reliability, stability, financial growth, and increased production have a positive effect on the interest of potential investors in the development of the enterprise. Indicators that influence the final decision of a potential investor must comprehensively disclose the activities of a particular unit. The main criterion is the presence of a stable income.

You need to understand that many people want to receive investment for development. There is huge competition in this market segment. Therefore, in order to get the desired money for development, you will need to convince investors of your reliability, the benefits of investments, and guarantees of profit. To do this, you will have to perform a detailed analysis of the main aspects of economic activity, namely:

• level of turnover of existing assets;
• real return on equity;
• level of financial stability;
• asset liquidity indicators.

Such data will help to present to a potential investor a real picture of the company’s life, the return on investment cycle, and the level of expected profitability.

Factors for assessing the attractiveness of an enterprise

To determine the reliability and profitability of investing in a specific investment object, it is advisable to perform comprehensive assessment financial, commercial, production, reparations status of the unit. To do this, it is necessary to gradually determine the performance and reliability of individual areas.

The criteria for investment attractiveness are determined in the process of performing the following actions:

1. Assessments of the financial position of the company. Cash flows, values ​​of existing assets, availability of net profit, long-term contracts.
2. Assessments of the production aspects of the enterprise. The state of fixed production assets, their productivity, the need to update or replace means of production.
3. Checking management factors. Organizational structure, maintenance costs work force, employee productivity, the ratio of labor costs to total costs at the existing level of productivity.
4. Determining the market position of the company. Availability of contracts with major suppliers, partners, sales volume, possibility of competition with other similar companies, sales of products abroad, level of business reputation.
5. Available legal factors. Availability of title documents, certificates, licenses, permits, expert opinions. No open litigation with other companies, individuals for large sums.

The final conclusions regarding the expression of interest in a particular organization for the injection of new capital will be made based on an analysis of all factors to be assessed. Qualitative analysis helps to persuade the investor to your side and attract the desired funds.

How to attract investors

The high level of competition in the investment market forces potential borrowers to use everything available methods attracting new capital. But here you also need to take into account the wishes of the other party, be able to win attention, gain trust, and quickly show key performance indicators of your activities.

To draw attention to your project and attract external capital, you should initially follow a few simple rules.

1. Decide what investments you are applying for. Foreigners, private individuals, small and large companies, state. Each of them pursues specific goals, sets conditions and deadlines for returning the money invested.
2. Convey information to the potential recipient about the reliability of the project. A well-formed business plan will show transparent indicators of the organization’s performance in terms of cash flow. A detailed analysis of the future market and the need for a product (service) play an important role in decision making.
3. Preparation of information documents. The start of any project begins with documentation. You need to prepare all the necessary documents (if you need to receive them, draw up a step-by-step plan for how all this will be accomplished). We only need up-to-date information. Do not overload with unnecessary papers - this is annoying and causes rejection.
4. Preparation of a plan for the distribution of future investments, as well as forecasts of their return on investment. This must be done in relation to actual prices on the day of the offer.
5. Flexibility. You can always find a compromise solution; you should learn to quickly adapt to the needs of a potential partner. It is possible that a potential investor may have his own vision for the project. There is no need to immediately reject such proposals.
6. Accepting criticism. Perseverance, perseverance and determination will undoubtedly be appreciated by a future investor, but you should not take a stand and show offense if specific mistakes or shortcomings are pointed out.

Only clearly thought out steps, a little pressure, perseverance, a correctly formed package of documents, constant communication with the right people will help you launch almost any project.

How to increase investment attractiveness

Additional capital is required not only by new but also by existing companies. To obtain it, it will be necessary to increase the level of economic and commercial reliability and create normal conditions for further long-term partnership cooperation. To do this, the company needs:

• analyze the level of the existing financial condition, identify factors that negatively affect the attraction of new investors;
• determine the demand for manufactured products (services provided) in the market, prepare measures for their adaptation to modern conditions;
• demonstrate openness financial system, the ability to track cash flows, transparency of accounting;
• take measures to optimize unprofitable assets, increase productivity levels, and reduce unproductive costs;
• provide high level business reputation, company recognition in the domestic and foreign markets (possibly by replacing the existing brand).

You can increase your chance of receiving investment by confirming your ability to adapt to requirements in a short time modern market, have a clear action plan for this, as well as taking specific steps towards its implementation.

It is possible to receive investments in business development only if potential investors notice real signs of positive development of the enterprise. To do this, you will need to study the current market, rebuild your production, and think through every step on the path to improvement. This is the only way to make a profit, as well as ensure the profitability of investors' investments.