Indicators for assessing investment attractiveness. Analysis of the investment attractiveness of the enterprise. Comprehensive Assessment Method

Investment attractiveness

1. The concept of investment attractiveness and its components

2. Methods for determining investment attractiveness

3. Investment attractiveness of economic sectors

4. Investment attractiveness of enterprises

The processes of regional development in modern Russia determine the degree of investment attractiveness of the region for domestic and foreign potential investors. The interest of investors in investing in projects in the Russian Federation is directly related to the level of development of various subsystems of the regional economy. The choice by the investor of the location of a particular object depends on many factors. Their correct and objective assessment predetermines the effectiveness of the implementation and operation of the project at all stages of its life cycle. Without formalized analytical tools for assessing the situation in the regions where an object can potentially be located, investors often decide on the place of its implementation based on a subjective idea of ​​the investment attractiveness of a particular region.

At the present stage of development, it is necessary to take into account the global trends of deepening the integration of national and regional economies, the free movement of investment capital and, as a result, the interest of potential investors in the implementation of various projects on the territory of the Russian Federation. Currently, there is a need for detailed, well-structured information about the economic, financial, socio-political state of the regions of the Russian Federation, which could be used by potential investors. Obviously, this information must be obtained from reliable sources, evaluated using modern analytical methods and models, and presented in a form convenient for a potential consumer.

In the economic literature, such concepts as "investment climate" and "investment attractiveness" are very often identified. We cannot agree with this, because. the investment climate includes both investment attractiveness and investment activity, determined by the volume of capital investments per capita in the region, the rate of change in investment volumes, etc.

The investment climate includes the objective possibilities of the country or region (investment potential) and the conditions of the investor's activity (investment risk). The investment potential is formed as the sum of objective prerequisites for investment, which depends both on the availability and diversity of areas and objects of investment, and on economic “health”. Regional investment climate is a system of socio-economic relations that are formed under the influence of a wide range of interrelated processes at the macro-, micro- and proper regional levels of government and create the prerequisites for the emergence of sustainable investment motivations.

Investment attractiveness- is a set of investment-friendly factors that characterize the investment climate of the region and distinguish this region from others.

The investment attractiveness (climate) of the region is determined by the investment potential and investment risk.

Investment potential of the region- these are the potential opportunities of the region for the development of the economy. The investment potential takes into account the readiness of the region to receive investments with appropriate guarantees for the safety of capital and profit for investors. It includes the following components, i.e. private potentials:

Resource and raw materials (weighted average supply of balance reserves of the main types of natural resources);

Labor (labor resources and their educational level);

Production (gross regional product);

Innovative (the level of development of fundamental, university and applied science with an emphasis on the implementation of its results in the region);

Institutional (degree of development of market economy institutions);

Infrastructural (economic and geographical position of the region and its infrastructure provision);

Financial (the volume of the tax base and the profitability of enterprises in the region);

Consumer (total purchasing power of the population of the region).

Investment risk is the probability (possibility) of capital loss.

Investment risk is calculated according to the following components:

Economic risk (trends in the economic development of the region);

Financial risk (the degree of balance between the regional budget and the finances of the enterprise);

Political risk (distribution of political sympathies of the population based on the results of the last parliamentary elections, authority of local authorities);

Social risk (level of social tension);

Environmental risk (level of environmental pollution, including radiation);

Criminal risk (the level of crime in the region, taking into account the severity of crimes);

Legislative risk (legal conditions for investing in certain areas or industries, the procedure for using individual factors of production). When calculating this risk, a combination of federal and regional laws and regulations regarding investments is used.

The inaccuracies in the analysis of the integral potential and integral risk of regions using this method are mainly related to the determination of the weights (shares) of the potential and risk components.

The authors of the methodology assigned the greatest weight to consumer, labor, production potentials, legislative, political and economic risks, the least weight - to natural resource, financial and institutional potentials, and environmental risk.

Investors attach particular importance (as polls have shown) to labor and consumer potentials; they are primarily interested in the quality of local labor and the possibility of expanding production and salesgoods.Of the regional risks, investors are afraidmoreof all legislative and political risks associated with each other.

The process of making a decision on investing in a particular region is based on a detailed analysis of information on the investment attractiveness of this region, on the state of its investment complex. Most of the leading foreign and domestic economic publications (Euromoney, Fortune, The Economist, Expert, etc.), as well as large consulting companies, regularly monitor information on the state of national and regional investment complexes. On its basis ratings of investment attractiveness of national economies and regions are published. Methods for compiling such ratings are offered in a variety of ways.

Statistical data on the development of regions, legislative acts related to the regulation of investment activity, the results of regional studies and surveys, and publications in the press are used as initial information for compiling investment attractiveness ratings.

When compiling almost all ratings, expert assessments are used to one degree or another. Domestic and foreign experts are involved in the formation of a set of indicators by which the investment attractiveness of the region will be assessed and the weights of these indicators in the resulting integral assessment.

1. A set of indicators is selected and justified, most accurately, according to experts, reflecting the state of the investment complex of the region.

2. Each indicator or group of homogeneous indicators is assigned weighting coefficients corresponding to its (their) contribution to the investment attractiveness of the region.

3. An integral assessment of investment attractiveness for each region is calculated.

Let us consider some well-known methods for assessing the investment attractiveness of Russian regions, developed by domestic and foreign experts: the methodology of the consulting agency "Expert" (Fig. 1) and the methodology of the Economic Department of the Bank of Austria. (Fig. 2).

It should be noted that both methods provide for the need to form a fixed set of indicators and regularly calculate, on its basis, an integral assessment that characterizes the state of the investment climate of the regions and their attractiveness for potential investors. Their advantage lies in the ability to track the dynamics of economic, economic, social and other regional processes based on an unchanged set of criteria. This method is used by well-known rating agencies and in some cases it can be said that the use of the same set of evaluation criteria from year to year justifies itself, because. over time, such ratings become universal indicators in assessing the state of the economies of states and regional entities. An obvious difficulty is the selection and justification of the effectiveness of using a specific set of evaluation criteria. There is also a certain difficulty in interpreting the results obtained as a result of the assessment. It is not always possible to see causal relationships and trends in the development of the regional investment complex behind the final integral value.

A distinctive feature of the methods is that they all use a grouping of assessment indicators according to investment potentials and risks. The main problem in their use is the complexity of the formation and justification of a set of evaluation factors.

The general, in our opinion, limitations of the existing methods for assessing the investment attractiveness of the regions of the Russian Federation is their excessive “rigidity”. An expert using this or that method does not have the opportunity to introduce new and/or exclusions proposed by the developer, factors or their groups into the evaluation procedure. Also, the developers limit the user to the framework of standard calculation procedures.

As can be seen from the above diagrams, the results of rating assessments are presented in different ways.

In the case of the study by the Expert agency, the result of the work was a matrix of distribution of Russian regions by investment conditions, where a classification was introduced vertically according to the level of investment risk, and horizontally - according to investment potential. In accordance with the agency's methodology, all regions are divided into 12 groups.

	maximum				reduced	minor
moderate
minimum
extreme

In accordance with the methodology of the Economic Department of the Bank of Austria, each region receives three assessments:

2. The place of the region in the Russian Federation in accordance with the obtained assessment of investment attractiveness.

3. Definition of the investment situation in the region as belonging to one of the 6 classes.

The main goal of studying the investment attractiveness of economic sectors is to ensure the diversification of their activities, especially in the field of real investment. For an investor making an investment decision, it is important to determine in which industry a particular investment project can be implemented with the greatest efficiency, which investment areas will have the best prospects and provide a high return on invested capital.

Assessment and forecasting of the investment attractiveness of economic sectors are carried out by the same methods and in the same sequence as at the macroeconomic level (monitoring a system of informative indicators; building a system of analytical indicators, their analysis and evaluation; forecasting investment attractiveness).

When evaluating and forecasting the investment attractiveness of sectors of the economy, it is important to take into account the role of individual sectors in the country's economy, the prospects and effectiveness of their development, the degree of state support for this development, the level of investment risks characteristic of various industries, and other synthetic (generalizing) indicators. Each of the synthetic indicators is evaluated by the totality of its analytical components, the calculation of which is based on statistical data and predictive estimates.

When assessing the level of efficiency of the industry, as an analytical indicator can be taken the level of profitability of the assets used. It is calculated as the ratio of profit from the sale of products (or balance sheet profit) to the total amount of assets used. Besides, the factor of inflation, the policy of taxation of products and profits, the level of costs, selling prices for products and other factors should be taken into account.

The prospects for the development of the industry as one of the most important criteria for assessing investment attractiveness are studied on the basis of indicators of profitability and risk, directions, rates and forms of privatization, assessment of the level of export potential of products and the level of their price protection from imports, inflation protection of manufactured products, etc..

The assessment of the level of prospects for the development of the industry is carried out according to the following analytical indicators:

The significance of the industry in the economy (actual and projected share of products in GDP, taking into account the structural restructuring of the economy);

Resilience of the industry to the economic downturn in the economy as a whole (indicators of the ratio of the dynamics of the industry's production volume and the country's GDP);

The social significance of the industry (indicator of the number of employed workers);

Security of growth prospects with own financial resources (volume and share of capital investments at the expense of the industry's own funds, share of own capital in assets used).

In the process of assessing and forecasting the investment attractiveness of industries, it is important to take into account their life cycle consisting of 5 phases:

1. Birth phase characterizes the development and implementation of fundamentally new types of goods and services, the need for which is caused by the construction of new enterprises, which later constitute an independent sub-sector, and then an industry. This phase is characterized by significant investment volumes, minimal profits and the absence of dividend payments on shares.

2. growth phase associated with the recognition by consumers of new types of goods, the rapid growth in demand for them. In this phase, investments are made at a high rate, profits of the enterprise grow, shares are issued, and dividends are often paid in the form of additional shares.

3. Expansion phase is the period between high growth in the number of new enterprises in the industry and the stabilization of this growth. At this stage, investment in new construction continues, but the bulk of investment is directed to the expansion of existing production facilities, the growth in the number of new enterprises stabilizes, the issue of new shares continues, and the payment of dividends in cash begins. However, the main direction in the dividend policy during this period involves the payment of dividends in the form of additional shares, the splitting of existing shares.

4. Maturity phase determines the period of greatest demand for goods in the industry, improving the quality characteristics of products. You direct the main volume of investments to the modernization of equipment and technical re-equipment of production. This is one of the longest stages of the industry life cycle. For goods of constant demand, not affected by scientific and technological progress, the maturity phase is the last in the life cycle (for example, agricultural production, raw materials industry, etc.). Enterprises in industries that are in the maturity phase receive the maximum amount of profit, pay high dividends in cash.

5. Fall phase completes the life cycle of the industry and characterizes the period of a sharp decrease in demand for products due to the development of new industries, the goods of which replace obsolete ones. Usually this stage is typical for industries whose products are largely influenced by scientific and technological progress.

The change in the stages of the life cycle of industries is mainly associated with the policy of structural restructuring of the economy, aimed at introducing the latest achievements of science and technology, ensuring the competitiveness of its own production in the world market, improving the balance of the economy, accelerated development of industries that increase export potential, increasing the social orientation of production, reducing energy intensity. , development of intersectoral cooperation, etc.

The end result of assessing and forecasting the investment attractiveness of industries is their grouping and ranking according to the degree of their attractiveness.

The final stage of studying the investment market is the analysis and evaluation of the investment attractiveness of enterprises as potential investment objects. Such an assessment is carried out by the investor to determine the feasibility of capital investments in new construction, expansion, reconstruction or technical re-equipment of existing enterprises, the selection of alternative privatization objects, the search for acceptable investment projects in the field of real estate, the purchase of shares in individual enterprises, etc.

The development of the enterprise takes place sequentially in time in a combination of cycles of various products of its activity. This Cycle can be divided into periods with different turnovers and profits: childhood (slight increase in turnover, negative financial results); youth (rapid growth in turnover, first profit); maturity (slowdown in turnover growth, maximum profit); old age (turnover and profits fall). The general period of the life cycle of an enterprise is determined at about 20-25 years, after which it ceases to exist or is reborn on a new basis with a new composition of owners and managers.

The concept of the life cycle of an enterprise allows us to identify various problems that arise during its development and evaluate its investment attractiveness.

During childhood the enterprise faces mainly survival problems in the form of financial difficulties, when it is necessary to find short-term means of financing, as well as sources of investment for future development. During youth the first profit allows the company to shift from profitability to economic growth. Now, to sustain economic growth, it needs medium-term and long-term sources. At maturity the company is trying to extract maximum profit from the production, technical and commercial potentials. The ability to self-finance is quite significant. Given the aging of goods, enterprise managers must find new development opportunities through industrial investment or financial participation, for example, in the activities of another enterprise. In this case, there is a gradual transformation of the enterprise into a holding, i.e. into a financial enterprise engaged in the management of a portfolio of securities.

The most investment-attractive enterprises are those that are in the process of growth in the first two stages of the life cycle. Enterprises in the stage of maturity are also investment attractive in the early periods, until the highest point of economic growth is reached. In the future, investment is advisable if the company's products have sufficiently high marketing prospects, and the volume of investments in modernization and technical re-equipment is relatively small and the invested funds can pay off in the shortest possible time. At the stages of old age, investment, as a rule, is inexpedient, except for cases when a large-scale diversification of products is planned, a re-profiling of the enterprise. At the same time, some savings in investment resources are possible in comparison with new construction.

Determining the stage of the life cycle of an enterprise is carried out as a result of a dynamic analysis of indicators of production volume, total assets, equity capital and profits over the past few years. By the pace of their change, one can judge the stage of the life cycle of an enterprise. The highest growth rates of indicators are typical for the stages of adolescence and early maturity. Stabilization of indicators occurs at the stage of final maturity, and a decrease - at the stage of old age.

Evaluation of the investment attractiveness of enterprises also involves a financial analysis of their activities. Its purpose is to assess the expected return on invested funds, the timing of their return, as well as to identify the most significant investment risks in terms of financial consequences.

Evaluation of the financial activity of an enterprise is carried out in the process of analyzing a system of interrelated indicators that characterize the effectiveness of financial activity in terms of compliance with the strategic goals of the business, including investment ones. The most important results characterizing the unity of the tactical and strategic goals of the enterprise development are revealed in the analysis of asset turnover, capital profitability, financial stability and liquidity of assets.

Investment attractiveness is the level of profit received by the entrepreneur on the invested capital. The amount of income is determined by the possibility of non-return of investments, therefore, for the investor, the main thing is that the enterprise is competitive, maintains optimal growth rates, and has investment activity.

Based on this, the analysis and evaluation of the investment attractiveness of an enterprise is one of the important economic concepts, and it is better to study it as an independent task to raise funds for development. Every company should develop measures to increase attractiveness.

The attractiveness of a company in terms of investment is a set of characteristics that characterize a company from various angles:

• commercial;
• production;
• managerial;
• financial.

All these characteristics describe the basis on which the decision is made whether to invest in the company or not. That is, the main task in the fierce competition is the analysis of the investment attractiveness of the organization and its subsequent increase.

Objects of analysis of investment attractiveness:

1. A project requiring investment.
2. Direct operating company.
3. Industry.
4. Region, country.

The goals achieved by the analysis of the effectiveness of investment attractiveness:

• identification of the state of the enterprise in the present and future;
• formation of steps to improve the efficiency of the company;
• development of investments and improvement of attractiveness for investments.

Analysis of investment attractiveness solves the following tasks:

1. It studies the social and financial parameters of the object, how much they need investments.
2. It reveals the impact of the expediency of investments on the inflow of funds and the subsequent improvement of the object.
3. Develops measures to improve the operation of the facility and attract investments.
4. Determines the indicators that affect the feasibility of investing in the object under consideration.
5. Monitors the feasibility and timeliness of investments.

Important! The attractiveness of an organization for investment depends on a large number of factors, primarily on the personal opinion of the investor and his expectations, the specifics of the transaction.

What is important to understand for studying

Methodological approaches to the analysis of investment attractiveness are:

1. Study of the internal environment.
2. The study of the external environment.

Analysis of the investment attractiveness of investment projects, enterprises consists of:

• general study of the technical equipment of the organization;
• determination of the range of manufactured goods;
• analysis of production capacities;
• market research where the company operates;
• analysis of the management system;
• studying the structure of production costs;
• the level of profit and ways of its application;
• studying the financial position of the organization.

Methods for analyzing investment attractiveness include the study of such important indicators:

1. Asset turnover. The feasibility of an investment is largely determined by how quickly the investment will turn around during operation.
2. Profitability of capital. One of the goals in the investment process is to maintain a sufficiently high level of profit.
3. Financial stability. This will make it possible to determine the indicators of the investment risk of the invested capital, to determine the optimality of investments in current activities.
4. Liquidity of assets. This analysis will make it possible to determine whether the investment object will be able to cover its debts in the short term.

Important! The attractiveness of an organization in terms of investment depends on the external environment: how the industry, region develops; competitive environment. Therefore, an analysis of the investment attractiveness of the regions is also necessary, as well as a study of the company itself.

Economic indicators come to the rescue

Based on the indicators considered earlier, the analysis of investment attractiveness forms the conditions for the results obtained:

• it takes into account all the features of the environment, which are the most important for the one who invests;
• shows the desired return on invested capital;
• indicator is comparable to the cost of investment.

The methods of analyzing the investment attractiveness of an enterprise formed in this way will give the investor a chance:

1. Identify the most optimal investment object.
2. Tighter control over the expenditure and use of their funds.
3. If necessary, quickly adjust the investment process.

One of the main indicators of attractiveness for investment is the optimal level of equity or borrowed resources. Its price makes it clear that the liquidity threshold that the company must provide in order to maintain its market price.

Return on investment is calculated as follows: K1=P/I

Where:

• K1 - the economic component included in the analysis of the investment attractiveness of the organization, is calculated as a fraction of a unit;
• And - the amount of invested funds;
• P - the level of income for the analyzed period.

If there is no data on invested capital, the profitability of fixed assets is taken to analyze the feasibility of investments, because this indicator demonstrates the feasibility of previously invested funds: Si = N / Fi

Where:

• Si is an indicator that demonstrates the feasibility of investing in the i-th object;
• Фi – resources of the object;
• H is the value of the order. The reliability of the coefficient depends on its level.

Indicators that exert pressure

The analysis of investment attractiveness at the enterprise consists in the study of one of the most important indicators - the risk of investment.

It consists of the following varieties:

• the risk of lost profits. Caused by some indirect damage that may occur if any action does not occur;
• downside risks. Appears if the level of income on deposits, shares, loans decreases;
• risks of loss.

The indicators included in the analysis of investment attractiveness, as one of the most important:

• resources;
• production and technological;
• legal;
• infrastructure;
• export potential;
• business contacts and reputation.

These factors characterize the object of analysis from various angles, showing attractiveness for investment.

The analysis of investment attractiveness is also studied according to the following indicators:

• informal (goodwill, level of management education of the object of analysis);
• formal (the analysis is carried out based on the official financial statements of the object of study).

Important! The main source for determining whether an investment is attractive is its financial statements.

conclusions

It turns out that the fundamental analysis of investment attractiveness is the determination of the effectiveness of investments.

Companies with the optimal level of attractiveness stand out:

• a well-developed marketing policy;
• an effective management system that aims to increase the value of the company;
• competent positioning in the market.

If the attractiveness is below average, then the company:

• few opportunities for capital gains;
• illiterate use of existing industries and the opportunities that the market provides.

Organizations in which the analysis of the effectiveness of investment attractiveness showed its absence are unattractive for investments, because investments will not receive an increase, but will only temporarily support the enterprise afloat.

Increase investment attractiveness:

1. By applying qualitative transformations in the enterprise and production management system.
2. Re-profiling production to other areas that the market needs. This will provide an opportunity to improve the image of the company, creating new advantages for it.

The investor, as well as the manager, is interested not only in the analysis of investment attractiveness at the enterprise in the present or past period of time, but also in the dynamics of the indicator in the future.

This will allow:

1. Prepare for possible changes (difficulties) and take the necessary measures.
2. During the period of growth of the indicator, use the chances to obtain additional loans, expand production capacities, replace obsolete technologies, and increase the economic activity of the company.

That is, the existing methods of enterprise analysis take the management system in the company as an object of assessment.

Investment attractiveness- this is an integral characteristic of the industry (enterprise, project) from the standpoint of development prospects, return on investment and the level of investment risks.

First of all, it should be noted that there is no single approach to assessing the investment attractiveness of enterprises. Each investor uses his own methods and approaches. Among researchers in this field of financial analysis, there is still heated debate about which approach is better. In this regard, it seems reasonable to consider as many different approaches as possible and compare them with each other.

There are three main groups of methods for assessing the investment attractiveness of enterprises:

1. Methods based on the analysis of external information about the company (the so-called market approach). They evaluate only changes in the market value of the company's shares and the amount of dividends paid. This approach prevails among shareholders, allowing them to calculate the effectiveness of their own investments in the enterprise.

2. Methods based on the analysis of internal information (the so-called accounting approach). They use accounting data such as profit or cash flow. This approach is preferred by accountants and financial professionals, since the data used for analysis can be easily obtained from traditional financial statements.

3. Methods based on the analysis of both external and internal factors (the so-called combined approach). A classic example of a combined approach is the Price Earnings Ratio (PER), a measure often used by stock market analysts and investment managers.

1. Market Approach to the analysis of the investment attractiveness of enterprises, as a rule, is based on the following indicators.

1.1. Total return on investment in company shares (total shareholders returns, TSR) - it is the income that a shareholder receives for a certain period of time during which he owns the shares of a particular company. This ratio (as a percentage) is calculated as follows:

, (105)

where P 1 - the price of one share at the end of the period, P 0 - the price of one share at the beginning of the period, D - dividends paid during the period.

For example, if ABC's share price was $2 at the beginning of the year and $2.2 at the end of the year, and the dividend paid during the year was $0.2, then the company's TSR would be: investments in ABC shares amounted to 20% per annum. But how do you know if it's too much or too little? As a rule, for this it is necessary to analyze the profitability of investments in shares of other companies. If the average TSR for shares of other companies for the year under review was 30%, then it is obvious that the return on investment in ABC shares is not very high. Conversely, with an average TSR value of 10%, investments in ABC shares will be considered quite attractive.

The value of TSR can be broken down into two components - income from the growth of the share price of CG and income from the payment of dividends DY.

CG shows the growth percentage for the period. Although the income from rising stocks may appear to be "unrealized" income, this "unrealized" income can always be turned into real money by selling shares at a higher price.

DY is an indicator that is especially popular among stock market analysts. Analysts generally prefer businesses with higher DYs.

Along with the obvious advantages, the described method for calculating the effectiveness of investments in company shares has some disadvantages.

Firstly. TSR is a relative indicator that shows the percentage of return on investment, and not the amount of return. Therefore, the use of TSR in certain situations can lead to wrong decisions.

What is more profitable to invest 90 thousand dollars with a return on investment of 20% or 100 thousand dollars with a return of 19%? Most investors will prefer the second option, although from a TSR point of view, the first option is more preferable.

Second, TSR does not take into account the risk inherent in each investment. For example, one company took a big risk to get more income, while another company took a smaller income, but the risk was less. In this case, it is difficult to say which company's efficiency was higher. The answer to this question depends on the willingness of a particular investor to take a certain risk in order to obtain the desired return on investment.

Thirdly, the value of TSR largely depends on which reference point is chosen. The lower the initial share price, the higher the TSR value.

1.2. Market value added on equity (market value added, MVA). This indicator is calculated as follows:

MVA = market value of the company - capital employed by the company

So, if the market value of the company is $50 million and the employed capital is $30 million, then the MVA will be $20 million.

Thus, MVA is the difference between a company's market value (share price times the number of shares) and the value of capital employed (share capital plus long-term debt). At the same time, the used capital represents the investments attracted by the company, and the market capitalization characterizes the efficiency of using these investments from the point of view of market participants. If the company pays dividends, then MVA should not change, since both parts of the equation will decrease by the same amount of dividends paid.

MVA, on the one hand, forces managers to strive to increase the company's market capitalization, and on the other hand, managers are forced to also monitor the amount of equity capital (ie, keep track of the funds invested in the company). At the same time, the use of this indicator is difficult due to the following reasons:

In accordance with modern accounting rules, many intangible assets of the company remain unaccounted for or are taken into account but at an unrealistic value. Such assets include trademarks, licenses, company name, reputation, availability of a highly skilled workforce, etc. At the same time, the company's market capitalization largely depends on estimates of the value of just such assets and liabilities;

As a rule, assets are recorded in the balance sheet at their historical cost (acquisition price). At the same time, if an asset was acquired several years ago, then its historical value may not match its current value;

Company managers can manipulate the balance sheet values ​​of assets and liabilities in such a way as to increase the value of MVA.

1.3. Weighted average capital cost (WACC). As a rule, enterprises use both their own and borrowed funds to finance investment projects. The difference between them is as follows:

1. Borrowed funds do not change the structure of the owners of the enterprise and do not affect the strategic control and operational management of the project.

2. Attraction of borrowed funds increases the risk of non-fulfillment by the firm of its obligations, which can lead to insolvency and the threat of bankruptcy.

3. Interest on the loan is paid out of taxable income and thus reduces the taxable base. Dividends are paid to owners from net profit, after all resources are paid, the cost of which, according to the law, cannot be attributed to the cost of products (services), and the investment needs of the company are satisfied. Therefore, attracting loans, as a rule, is cheaper for the enterprise than financing from its own funds.

Thus, the use of borrowed capital increases cash flow and at the same time increases the risk of investing. The use of various sources of financing should be taken into account when determining the cost of capital of an investment project.

The weighted average cost of capital (an acceptable discount rate for financing an investment project) from various sources can be obtained by weighting the cost of different sources of capital by the share of these sources in the total volume of investment resources.

where r d is the cost of borrowed capital (interest on a loan), r e is the cost of equity (the return required by shareholders), D is the amount of debt, E is the amount of equity capital, t is the income tax rate.

For example, you should determine the interest rate for an investment project. Enterprise ABC spends 2040 thousand rubles on the project. own funds and 21,060 thousand rubles. borrows at 15% per annum. Income tax rate is 30%, return on equity for the previous year was 8%. Let's use the weighted average cost of capital:

Thus, the acceptable rate of return under these financing conditions is 10.3% per annum.

The weighted average cost of capital is used by investors to assess the performance of the company, taking into account the risks inherent in this type of business. It is also used for managerial analysis, when managers decide on the direction of investment in new activities or. to new projects. Only projects that provide a greater return than the cost of capital are accepted.

The calculation of the cost of capital of the company is carried out in several stages. First, it is necessary to determine the structure of the involved capital of the company. Secondly, the cost of each component of the company's capital must be calculated. Then the weighted average cost of capital employed is determined.

2. Accounting approach to the analysis of investment attractiveness of companies can use the following indicators.

2.1. Net assets value (NAV). The company's balance sheet is used to calculate NAV. Some investors may consider this accounting report as a starting point for analyzing the company's value. The company's net assets are calculated by reducing the company's assets by the amount of its liabilities. The accuracy of the information contained in the balance sheet can be confirmed by an independent auditor.

However, as noted above, the information contained in the balance sheet may not reflect the real picture for the following reasons:

Some important assets are not included in the balance sheet (trademarks, highly skilled workforce, etc.);

Assets are often accounted for at historical (purchased), rather than at real cost.

2.2. Company cash flows. This approach to estimating the value of a company uses information contained in another accounting report - a cash flow statement. Here the key indicator is the amount of cash received by the company from operations (cash flow from operations, CFFO). Some analysts also use the company's free cash flow, which is CFFO less the cost of acquiring and refurbishing property, plant and equipment.

To determine the value of a company, analysts predict the company's free cash for several years ahead. These projections are then discounted (usually using WACC as the discount rate) and their net present value is calculated. The net present value of a company's future cash flows calculated in this way is considered to be indicative of the company's present value.

Cash flows generated by a company seem to be a more objective measure of a company's performance compared to profit for the following reasons:

It is believed that the values ​​of cash flows are more difficult to distort (unlike profits), although there are opportunities for manipulating cash flows;

Cash flows are a more sensitive tool for identifying and analyzing a company's liquidity problems.

2.3. Net profit. As a rule, net profit is used by analysts to evaluate the company's performance in the form of a ratio "earnings per share" (earnings per share, EPS). This ratio provides useful information for the owners of blocks of shares in various companies, as it shows how much of the company's profits come from their block. Sometimes, earnings give a better picture of a company's performance than cash flows.

2.4. Residual profit. Residual profit (sometimes also called economic profit) is an approach to assessing the performance of a company, in which net profit is reduced by the cost of capital employed (in absolute terms).

Let's assume that ABC made a profit before taxes and interest of $250,000 for the year. At the same time, the company used $2 million of capital to generate this profit. The weighted average cost of capital (WACC) for ABC is 10% per annum. Thus, the residual profit of the company will be equal to thousand dollars.

It is important to note that in this example, earnings before taxes and interest were used, as capital employed typically consists of debt and equity. However, if net income is used, then borrowed capital should be excluded from the capital employed, and the cost of equity (return on equity) should be used instead of WACC.

The use of the residual income indicator is associated with certain problems:

Earnings and capital employed may be deliberately misrepresented,

Capital employed may be underestimated if assets are carried at historical cost;

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

2.5. Accounting return on invested capital (accounted rate of return, ARR). This indicator is similar in economic content and calculation methodology to the static indicator of return on investment for a separate investment project. When calculating ARR, profit is divided by capital employed and the percentage earned is compared to the company's cost of capital percentage.

Yes, for ABC

The problems that arise when using ARR are identical to those when using residual income.

3. Combined approach to the analysis of the investment attractiveness of the company takes into account the following coefficients

3.1. The ratio of share price to earnings per share (price/earnings ratio, PER) is the most common metric used by investors to assess the value of a company. This indicator is calculated by dividing the market value of one share by the value of earnings per share (EPS).

For example, if ABC shares are worth $15 each and the EPS value is $3, then

PER shows the payback period for investing in a company's stock. That is, a PER value of 5 indicates that the investor, having bought the company's shares at a price of $15, can expect that the cost of acquiring the shares will pay off within 5 years. Of course, there is a certain amount of conventionality in these arguments, since it is unlikely that the company's EPS will be the same for 5 years.

Analysts often use PER to predict the future price of a company's stock. To do this, the forecasted values ​​of the company's earnings per share are multiplied by the current value of PER.

So, for example, if EPS is expected to be $4 next year, then with a current PER of 5, the company's share price would be $20.

The above calculations assume that the current value of PER will remain unchanged in the next year. But if there is reason to believe otherwise, then the calculations can be changed as follows.

Assume the PER value for company ABC. A value of 5 is not in line with the industry average of 6. If a company's PER is expected to catch up with the industry average, then the projected share price will be $24 instead of $20.

When evaluating the effectiveness of investments in shares, it is necessary to carefully analyze the reasons for the deviation of the PER value of a particular company from the industry average.

If the company's PER is below the industry average (as it was in the previous example), then the reasons for this may be either that the company lags behind other companies in the industry in terms of its key indicators, or that the company is undervalued by the market and, therefore, is a good target for investment.

If the company's PER is above the industry average, then the explanations for this can be the following: the company is ahead of other companies in the industry in terms of its main indicators, or it is overvalued and, therefore, investments in the shares of such a company will not bring much income.

The advantages of using the described indicator include the following:

Since the analysis of the company's value is carried out using profit analysis, this indicator can be applied to companies that do not pay dividends (high-growth companies);

Information about the value of the company's shares and earnings per share can be easily obtained from published reports;

When calculating PER, discounting is not used, thereby simplifying the calculation method;

PER can be used to value companies. To do this, the net profit of such a company is multiplied by the PER value of similar companies with a market quotation.

Among the shortcomings of PER, the following should be noted:

The use of coins in profit calculations will lead to distortion of the analysis results;

Typically, companies publish information about the results of their activities once a year - a few months after the reporting date. This may result in the PER calculated on last year's data being out of date during the next reporting period and not taking into account the latest changes in the company's financial position;

PER cannot be applied to companies operating at a loss.

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

3.3. Company value (enterprise value, EV). Recently, for analysis, company stock prices instead of market capitalization are increasingly using the value of the company. This is due to the increasing role of debt capital as a source of financing for companies, which leads to incomparability of companies with the same operating performance, but with different levels of debt. Therefore, indicators calculated using market capitalization as a basis for valuing a company (PER, PSR, etc.) do not allow estimating the price of a company's shares based on the price of shares of another company or a group of comparable companies. To obtain comparable values ​​of the indicators described above, the value of the company is used, calculated as the sum of the market capitalization of common and preferred shares and the market value of the company's debt obligations.

It is easy to see that from a large number of existing methods for analyzing the effectiveness of investments, it is difficult to choose one universal, suitable for all companies. Each of the described methods has certain advantages and disadvantages. When choosing one or another method, it is necessary to evaluate many factors, namely: the goals of the analysis, the availability of reliable information, the specifics of the business, company, etc. As a rule, a company is evaluated using several criteria.

Assessing the investment attractiveness of a company is a complex process in which a mathematical calculation is one of the elements. Much depends on the subjective assessments and experience of analysts.

In addition to the noted indicators of market value, other aspects of the investment attractiveness of the enterprise are also taken into account. These include:

Attractiveness of products;

Personnel attractiveness;

Innovative attractiveness;

financial attractiveness;

Territorial attractiveness;

Environmental attractiveness;

social attraction.

Product attractiveness enterprises for any investor - This its competitiveness in the market. The competitiveness of products is also a multidimensional component of indicators, factors, prerequisites and final criteria. The following are the most significant of them.

Product quality level - compliance with various standards, availability of quality certificates, reliability, prospects, “behavior” of products by the consumer, compliance with fashion, etc. The investor may also be interested in the product quality control system and the costs of its operation.

Price level on the company's products, its correlation with the prices of competitors and the prices of substitute goods.

Level of product diversification shows a system of coefficients reflecting the diversity of the company . A potential investor is interested in which of the types of manufactured products is in greatest demand on the market, what is the profitability of manufactured products. Therefore, the level of product diversification is considered to be one of the characteristics of its investment attractiveness.

A generalizing indicator of the competitiveness of products and, accordingly, its investment attractiveness is product price . Since the price is formed as a result of the interaction of supply and demand, it indirectly expresses competitiveness by comparing the cost of marketable products (supply) and sold products (demand).

When assessing the investment attractiveness of the company's products, it is also necessary to list the range of products: its "width", "depth" and "length". The "width" of the assortment is determined by the number of product groups. The "depth" of a product group is measured by the number of different products it includes. The "length" of the assortment is related to the total amount of goods produced by the enterprise. This is the number of groups multiplied by the number of products in each group, i.e. here we are talking about the most important characteristic, reflecting the scale of the enterprise.

Personnel attractiveness enterprises are characterized by three terms;

1. Business qualities of the leader and his team

2. The quality of the personnel core

3. The quality of staff renewal in general.

Business qualities of the leader and his team. Many investors make investment decisions based primarily on the quality of the management team. This is because the experience and skills of key managers significantly influence on long-term development of any company. But for this reason, investors and lenders pay great attention to the study of the ability of individual managers to work successfully in this business and the quality of building an internal management structure that should ensure maximum use of team resources.

When studying the business qualities of managers, investors pay attention to:

key managers;

Board of Directors;

Supervisory Board;

consultants and other professionals.

When evaluating the quality of key managers, such business qualities of the manager and his team as: his psychological features, competence, ethical characteristics, his attitude to work, ability to make decisions, incentives, etc. The main qualities of a leader for an investor are competence and enterprise (the ability to think innovatively), teams are well-coordinated actions of well-chosen individuals.

Among the key managers playing a role in the presentation of the investor , include:

decision makers - president, directors, heads of departments;

Key production managers - production manager, technical director, etc.;

Development managers, etc.

For investors, it is important that there is a place for a potential investor on the board of directors, because they are usually interested in having control over management and influencing the strategic development of the company.

There are cases when the company's management prefers not to include outsiders on the board of directors, but their experience, connections or image can be very useful to the company. In such situations, the usual solution is to set up a supervisory board, which has little to no legal power, but can be a significant help in the development of the company.

There is a misconception about consultants that only large companies need them. But highly qualified professionals have the opportunity to seriously help any business in such specific areas as: finance, tax planning, legal issues, etc. Moreover, consultants can do this at a higher level than regular employees of the company. The use of consultants can significantly improve the company's image in the eyes of potential investors.

Generalizing criterion of investment attractiveness personnel core of the enterprise is the proportion of highly skilled workers and specialists in the number of industrial and production personnel. When calculating this indicator, the dynamics of the personnel core of the enterprise is also taken into account.

The quality of personnel renewal in general can be expressed by the frame refresh rate. This indicator reflects quantitative trends in the change in the personnel composition.

Innovative Appeal is the effect of medium-term and long-term investments in innovations in the enterprise. The innovative attractiveness of an enterprise is an important component of the investment attractiveness of an enterprise, since many investors associate investment prospects with innovations.

When evaluating innovative attractiveness, investors usually , take into account the presence of:

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

Production financing programs from various sources : own funds, state and municipal budgets, bank and other loans;

A consistent policy for the use of accumulation funds at the enterprise.

For a direct assessment of innovative attractiveness, it is necessary:

1. Selection of a system of indicators that directly or indirectly characterize the innovative activity of the enterprise.

2. Differentiated ranking of enterprises based on the grouping of selected indicators and determining the place by their sum.

3. Selecting a general criterion for express analysis. The following systems of indicators of the innovative attractiveness of the enterprise can be proposed:

a) the structure of fixed assets:

The ratio of the accumulation fund to the value of fixed assets;

The ratio of the R&D fund to the value of fixed assets;

The ratio of foreign currency to the value of fixed assets;

The ratio of long-term loans and borrowings to the cost of fixed assets . When comparing the investment potential of several enterprises, a comparative table is compiled, then, according to the sum of places received by each enterprise, a general ranking of the investment potential of enterprises is carried out.

b) the efficiency of the use of fixed assets;

c) sources of technical renovation of production;

d) the share of profits for the technical re-equipment of the enterprise. A generalizing criterion for assessing the innovative potential of an enterprise can be considered an indicator of the share of funds for the technical re-equipment of production in net profit. The level of this indicator slightly exceeding 0.3 can be considered optimal. If the value of the indicator of the share of funds for the technical re-equipment of production in net profit is less than 0.3, the enterprise is at risk.

Financial attractiveness acts as a central component of the investment attractiveness of the enterprise. For any investor, financial attractiveness lies in minimizing financial costs and maximizing profits, i.e. in obtaining a stable economic effect from financial and economic activities. If this effect is unstable when investing, financial risk is inevitable.

The indicators of financial attractiveness were considered by us above.

Territorial attractiveness of the enterprise- this is a system of criteria for the geospatial position and development of the enterprise that is favorable for the investor.

The territorial attractiveness of an enterprise for an investor is determined, firstly, by the macroeconomic position of the city or region where the enterprise is located in the national and international market economy; and, secondly, the microgeographic location of the enterprise within the city.

When evaluating the first one, the investor takes into account the general investment climate in the region:

Socio-political stability;

Prospects for the development of the economic region;

The level of infrastructure development in the region;

The development of the system of benefits for the investor (organization of a license, tax preferences, municipal preferences, etc.)

The microgeographic position of the enterprise is also assessed by the investor based on several criteria:

The transport coefficient shows the proximity (remoteness) of the enterprise from the main transport routes, the availability of access roads for the transportation of goods and employees of the enterprise;

The coefficient of remoteness from the city center characterizes the proximity (remoteness) of the enterprise from the city center, where local authorities, various service commercial organizations are concentrated, the public utilities and the network of trade and socio-cultural services are most developed;

The price of land, which largely depends on the criteria mentioned above;

The coefficient of potential intensification of the territory of the enterprise - the saturation of the territory of the enterprise with fixed assets, which determines the impossibility of extensive and the need for intensive use of its industrial zone in the organization of new industries;

The share of transport, procurement and marketing costs in the cost of production. This indicator can be considered as a resultant one, since it reflects the level of development of production cooperation (regional, interregional, international), the stability and rhythm of deliveries, the choice of economical ways and means of delivery, the quality of storage facilities, the level of mechanization of loading and unloading operations, etc.

Environmental attractiveness of the enterprise is a multidimensional concept due to the complex nature of environmental problems. The environmental attractiveness of an enterprise is determined through:

Ecological attractiveness of the natural environment of the enterprise;

Environmental attractiveness of the products;

The environmental attractiveness of the products produced at the enterprise.

All components of environmental attractiveness are regulated by legal norms and standards. Environmental standards define the permissible level of its pollution (for example, maximum allowable emissions). Commodity standards characterize the maximum levels of harmful substances in manufactured products. Technology standards are environmental specifications for facilities, equipment, processes, etc.

To some extent, environmental attractiveness affects other components of investment attractiveness.

The attractiveness of products - the quality of products according to environmental standards has an impact on the volume of its implementation.

On innovative attractiveness - through the level of environmentally friendly technology at the enterprise.

On financial attractiveness - penalties, payments for environmental violations reduce financial attractiveness.

Territorial and social attractiveness - pollution of the territory affects the territorial attractiveness, as well as the social conditions of life of workers in adjacent microdistricts.

Social attractiveness of the enterprise- this is the final criterion by which the investor judges the state of affairs in the enterprise where he is going to invest or is already investing his funds. The social climate at the enterprise serves as a criterion for the competitiveness of the enterprise, its prestige for employment, attractiveness for investors. When analyzing the social climate in an enterprise, attention is paid to such characteristics as:

Working conditions

Organization and pay

Development of social infrastructure.

The analysis takes into account the social indicators of investment, which are based on monitoring deviations from standard or reference values.

The following indicators are usually taken into account:

Deviation of indicators of working conditions from sanitary and hygienic standards - negative values ​​will entail the need for additional investments;

Deviation of the wage intensity of products from the average for the industry or for related sub-sectors. Wage intensity is defined as the share of the wage fund in the cost of marketable products;

Deviation of the average salary at the enterprise from the minimum consumer basket of the region.

Thus, it is obvious that the investment attractiveness of an enterprise is a complex characteristic consisting of individual parameters. It should be noted that not all of these parameters are equal. Depending on the situation, one or another component of investment attractiveness will be given greater importance.

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

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

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

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

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

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

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

Business qualities of the leader and his "team";

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

The quality of the staff in general.

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

Strategies for the technical development of production, as the basis of 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, the sources of technical renovation of production, the share of profits 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 transport of goods;

Remoteness of the enterprise from the city center, where local authorities, leading organizations of market infrastructure, etc. are concentrated;

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

The social attractiveness of an enterprise is determined by the social security of the 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 wage of one employee to the cost of a rational consumer basket in the region.

Analysis of the financial attractiveness of the enterprise is to minimize costs and maximize profits. This is a multicomponent concept, consisting of many indicators calculated on the basis of the enterprise's reporting documents.

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

There are the following stages of assessing the financial attractiveness of the enterprise:

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

The second stage is methodological. It consists in grouping indicators according to 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 the assessment consists of two parts:

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

2) determination of the creditworthiness class of the borrower.

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

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

The property structure is analyzed on the basis of a comparative analytical balance sheet, which includes both vertical and horizontal analysis. The structure of the value of the property 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 the structural changes in assets and liabilities, we can conclude through which sources new funds were mainly received and in which assets these new funds were invested.

Balance liquidity analysis. The most important indicator of the financial position of the enterprise is the assessment of its solvency, which is understood as the ability of the enterprise to timely and in full to 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 and economic activities and repayment of its current (short-term) obligations is called liquidity. Moreover, liquidity can be considered both at the moment and in the future.

The liquidity of an asset is understood as its ability to 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 assets.

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

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

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

A 1 \u003d p. 250 + p. 260.

A 2 . Marketable assets - accounts receivable, payments for which are expected within 12 months after the reporting date: A 2 \u003d line 240.

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

A 4. Non-current assets = p. 190.

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1. The most urgent obligations - these include accounts payable: P 1 \u003d p. 620.

P2. Short-term liabilities are short-term borrowed funds, debts to participants for the payment of income, other short-term liabilities: P 2 \u003d 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 borrowings, as well as deferred income, reserves for future expenses and payments: P3 = line 590 + line 640 + line 650.

P4. Permanent, or stable, liabilities are the articles of section 3 of the balance sheet Capitals and reserves. If the organization has losses, then they are deducted: P4 \u003d p. 490.

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

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

Theoretically, this means that the company has 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 variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. As a rule, the lack of highly liquid funds is 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 is absolutely not liquid, the company is not solvent if there is a ratio opposite to absolute liquidity:

A1P1, A2P2, A3P3, A4P4.

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

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

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

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

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

b) the absence of overdue accounts payable.

For a generalized assessment of liquidity and solvency of the enterprise, special analytical coefficients are used. Liquidity ratios reflect the company's cash position and determine its ability to manage working capital, that is, at the right time, quickly turn assets into cash in order to pay off 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 assets, 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, 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 of insolvency of the enterprise.

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

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

Ktl \u003d (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 under which the value of this indicator may be higher, however, if the current liquidity ratio is more than 2-3, this, as a rule, indicates an irrational use of the enterprise's funds. The value of the current liquidity ratio below one indicates the insolvency of the enterprise.

The quick liquidity ratio, or "critical assessment" ratio, shows how much the company's liquid assets cover its short-term debt. Quick liquidity ratio is determined by the formula:

Kbl \u003d (A1 + A2) / (P1 + P2) (1.2)

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventories. This indicator determines what share of accounts payable can be repaid at the expense of the most liquid assets, that is, it shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement income. The recommended value of this indicator is from 0.7-0.8 to 1.5.

The absolute liquidity ratio shows what part of accounts payable the company can repay immediately. The absolute liquidity ratio is calculated by the formula:

Kal \u003d A1 / (P1 + P2) (1.3)

The value of this indicator should not fall below 0.2.

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

The financial stability of the 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 ratio of "own capital - borrowed funds." The presence of significant liabilities that are not fully covered by their own liquid capital creates the prerequisites for bankruptcy if large creditors demand the return of their funds. But at the same time, investing borrowed funds can significantly increase the return on equity. Therefore, when analyzing financial stability, one should consider a system of indicators that reflect the risk and profitability of the enterprise in the future.

Financially stable is such an economic entity that covers investments in assets (fixed assets, intangible assets, working capital) at its own expense, 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 growing or decreasing, does the state of its assets and liabilities meet the conditions of financial and economic activity? Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed enterprise is 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 between the value of sources of funds and the value of reserves and costs.

This refers to the security of certain types of sources of formation (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the results of the asset and liabilities of the balance sheet. To assess the state of reserves and costs, the data of the group of articles "Reserves" of the II section of the asset balance are used.

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

Equity ratio;

The coefficient 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 state of fixed assets and the degree of financial independence:

3) coefficient of autonomy;

4) coefficient of financial dependence;

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

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

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

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

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

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

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

The short-term debt ratio shows what proportion of the enterprise's assets is short-term debt to pay obligations. During the entire period, it behaves relatively stable.

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

The calculated actual coefficients are compared with standard values, with indicators of the previous period, with a similar enterprise, and thereby the real financial condition, strengths and weaknesses of the enterprise are revealed.

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 physical 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 angles, and an assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of this enterprise and related enterprises in terms of capital investment. Such qualitative, that is, non-formalizable criteria are:

Breadth of sales markets;

Availability of products for export;

The reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise.

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

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

The level of efficiency in the use of enterprise resources.

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

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

This dependency means that:

a) the economic potential of the enterprise increases;

b) the volume of sales increases at a higher rate;

c) profit increases at a faster pace.

For the implementation of the second direction, the following can be calculated: output, return on assets, turnover of inventories, duration of the operating cycle, turnover of advanced capital.

Generalizing indicators include the resource return index and the economic growth sustainability index.

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

The economic growth sustainability coefficient shows how, on average, the pace the enterprise can develop in the future (this indicator is for characterizing 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 activities (production, commercial, investment, etc.). They characterize the final results of management more fully than profit, because their value shows the ratio of the effect to cash or consumed resources. These indicators are used to assess the activities of the enterprise and as a tool in investment policy and pricing.

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

Profitability indicators can be combined into several groups:

Indicators characterizing the payback of production costs and investment projects;

Indicators characterizing the 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 the company has a profit from each ruble spent on the production and sale of products. It can be calculated for individual types of products and for the enterprise as a whole. When determining its level as a whole for the enterprise, it is advisable to take into account not only 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 activity refers to the amount of investment costs.

Profitability of 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 proceeds received. It characterizes the efficiency of production and commercial activities: how much profit the company has from the ruble of sales. This indicator is calculated as a whole for the enterprise and for individual types of products.

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

Return on operating capital is calculated as the ratio of profit from operating activities before payment of interest and taxes to the average annual amount of 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 in terms of 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 estimates:

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

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

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

Class IV - these are organizations of special attention, tk. there is a risk in dealing with them. Organizations that may lose funds and interest even after taking measures to improve the business;

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

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

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

Financial analysis is singled out 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 viability (liquidity indicators) are reflected , self-sufficiency);

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

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

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 the enterprise

Each of the criteria given in Table 1.2, such as: the attractiveness of products for the consumer, personnel, territorial, financial attractiveness, etc., are assessed using the level of attractiveness (A - high, B - medium, C - low). Each indicator value is assigned a specific 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 - the 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 - the number of indicators characterizing investment attractiveness.

Based on these considerations, the threshold values ​​of the point scale were determined:

Level A - 49 - 60 points;

Level B - 28 - 49 points;

Level C - 12 - 28 points.

In order to determine the final level of attractiveness of an economic entity, weight 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 mass, allows you to control changes in the financial condition of the enterprise by all participants in the economic process.

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

What is investment attractiveness

The set of financial, economic, commercial, qualitative indicators that show 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 implementation of this concept has the following goals:

• determination of 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 in 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.

Methods of determination

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

The definition of such a criterion can be carried out by various methods.

integral method

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

expert method

It is characterized by a set of universal evaluation criteria applied to a particular business entity in order to identify its strengths and weaknesses in the process of financial development and formation. Includes the current state of affairs, strategic planning, development, the possibility of reform.

Cash flow discounting

It is a set of estimates of future benefits in monetary terms from investment, as well as the value of the investment object in the future after the direction of cash flows. External and internal factors of influence are determined, recommendations are made to improve the financial attractiveness of the organization.

The choice of a specific assessment method is carried out based on the scope of the organization, the presence of the maximum number of indicators, using which you can comprehensively disclose economic activity, determine strengths and weaknesses, and show the reliability of investments.

Openness, reliability, stability, financial growth, increasing 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 should 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 capital investments for development. There is huge competition in this market segment. Therefore, in order to receive the desired money for development, it will be necessary to convince investors of their reliability, the benefits of investments, and guarantees of making a profit. To do this, you will have to perform a detailed analysis of the main aspects of economic activity, namely:

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

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

Factors for assessing the attractiveness of an enterprise

To determine the reliability and profitability of investing in a particular investment object, it is advisable to perform a comprehensive assessment of the financial, commercial, production, reparation state 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. Estimates of the financial position of the company. Cash flows, value indicators of existing assets, the presence of net profit, long-term contracts are checked.
2. Evaluation of the production aspects of the enterprise. The state of fixed production assets, their productivity, the need to update or replace the means of production.
3. Checking management factors. Organizational structure, labor costs, employee productivity, the ratio of labor costs to total costs at the current level of productivity.
4. Determining the market position of the firm. Availability of contracts with major suppliers, partners, sales volume, the possibility of competition with other similar companies, sales of products abroad, the level of business reputation.
5. Available legal factors. Availability of title documents, certificates, licenses, permits, expert opinions. Lack of open litigation with other companies, individuals for large sums.

The final conclusions regarding the manifestation of interest in a particular organization for the injection of new capital will be made on the basis of an analysis of all factors to be assessed. Qualitative analysis contributes to inclining the investor to your side and attracting the desired funds.

How to attract investors

The high level of competition in the investment market forces potential borrowers to use all available ways to raise new capital. But here you also need to take into account the wishes of the other side, be able to win attention, gain confidence, quickly show key performance indicators of your activities.

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

1. Decide what investment you are applying for. Foreigners, individuals, small and large companies, the state can act as investors in a business. Each of them pursues certain goals, sets conditions, terms for the return of invested money.
2. To convey to the potential addressee information 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 sales market, the needs for a product (service) play an important role in making a decision.
3. Preparation of information documents. The start of any project begins with documentation. It is necessary 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 carried out). We need only up-to-date information. Do not overload with unnecessary papers - this is annoying and causes rejection.
4. Preparation of a distribution plan for future investments, as well as forecasts of their payback. This should be done with reference to real prices on the day of the offer.
5. Flexibility. You can always find a compromise solution, you should learn how to quickly adapt to the needs of a potential partner. It is possible that a potential investor may have their own vision for the project. There is no need to immediately reject such proposals.
6. Acceptance of criticism. Perseverance, perseverance and determination will undoubtedly be appreciated by the future investor, but you should not take a stand and show offense if you point to specific mistakes or shortcomings.

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

How to increase investment attractiveness

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

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

You can increase the chance of receiving investments by confirming the ability to quickly adapt to the requirements of the modern market, having a clear action plan for this, as well as taking specific steps towards its implementation.

You can get investments in business development only when 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, think through every step on the path to improvement. This is the only way to make a profit, as well as to ensure the profitability of investors' investments.