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Boslovyak Sergey Vasilievich

Investment attractiveness in the context of harmonizing the financial interests of the investor and the recipient enterprise// Modern control technologies. ISSN 2226-9339. — . Article number: 5502. Publication date: 2015-07-08. Access mode: https://site/article/5502/

Introduction

The transition to market relations and the associated shortage of own investment resources necessitates the expansion of the investment market of the state and individual economic entities in particular. The most important criterion and basis for making a positive decision by an investor is the investment attractiveness of a particular business entity.

The works of such authors as U.F. are devoted to the study of investment attractiveness at the micro level. Sharp, I.A. Blank, M.N. Kreinina, L.S. Valinurova, E.I. Krylov, V.M. Vlasova, D.A. Endovitsky, V.A. Babushkin, Yu.V. Sevryugin, A.V. Korenkov, E.N. Staroverova, N.V. Smirnova and others.

Without diminishing the importance of existing research results, it should be noted that many issues of generating, transforming, assessing and managing investment cash flows that arise in the process of attracting investment by an enterprise remain insufficiently developed.

Characteristics of existing approaches to the category “investment attractiveness of an enterprise”

The very concept of investment attractiveness of an enterprise is multifaceted and is interpreted ambiguously.

Approaches to the investment attractiveness of an enterprise by foreign scientists and practitioners are based on considering this category through the prism of the attractiveness of its securities, which is determined by the investor himself, taking into account the relationship between risk and profitability, as well as subjective preferences. However, an explicit definition of this term is not given in foreign literature.

Russian and Ukrainian researchers define the meaning of this economic category differently, assigning to it a set of certain characteristics. Thus, at the initial stages of the transition to the market, the so-called traditional approach to the category under study, which is based on its identification with individual components of the financial condition of the enterprise, became widespread. For example, M.N. Kreinina emphasizes the dependence of the investment attractiveness of an enterprise on a set of coefficients characterizing its financial condition. Rusak N.A. and Rusak V.A. give the following definition: “ Investment attractiveness of the enterprise– the feasibility of investing free funds in it.” A similar opinion is expressed by T.N. Matveev. Investment attractiveness, from his point of view, is “a complex indicator characterizing the feasibility of investing in a given enterprise.”

L.S. Valinurova considers the investment attractiveness of an enterprise as “a set of objective signs, properties, means and opportunities that determine the potential effective demand for investment.” According to Sevryugin Yu.V. “The investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterizes the effective demand of an enterprise for investment.” It is impossible not to note the great breadth of such interpretations, however, in our opinion, their negative side is their vagueness and abstractness.

A more complete and reasonable definition is given by E.I. Krylov, V.M. Vlasova, M.G. Egorov, I.V. Zhuravkova. They talk about the investment attractiveness of an enterprise as “an independent economic category, characterized not only by the stability of the financial condition of the enterprise, return on capital, stock price or the level of dividends paid” and note its dependence on the competitiveness of products, the customer focus of the enterprise, expressed in the most complete satisfaction of consumer demands, as well as the level of innovation activity of an economic entity.

In general, the position of these authors is shared by D.A. Endovitsky, V.A. Babushkin and N.A. Baturina regarding the connection between investment attractiveness and financial condition. According to the authors, this assumption is valid both for project organizing organizations and for business entities issuing securities. .

A number of researchers in determining the investment attractiveness of an enterprise note the importance of assessing the level of investment attractiveness of the country, industry and region.

So, A.V. Korenkov gives the following definition: “the investment attractiveness of an industrial enterprise is the presence of investment conditions, determined both by the stock and fundamental indicators of the business entity, and the economy of the industry, region and country as a whole, and allowing a potential investor with a high probability to count on the effectiveness of investments in the chosen investment strategy".

According to Payusov A.V. "Under financial and investment attractiveness of an economic entity it is necessary to understand not only the quantitative indicators of its activities, which encourage potential investors to invest capital in the company’s investment project, abandoning alternative investments both now and in the future, but also the economic state of the operating environment of the business entity.”

Staroverova E.N. is considering investment attractiveness as “a comprehensive characteristic of an enterprise—an investment object, reflecting competitive potential, investment and social efficiency, taking into account changes in the regional and country investment climate.”

Some definitions pay more attention to the enterprise attracting investment and the prospects for its development. So, Lavrukhina N.V. expresses the opinion that “the investment attractiveness of an enterprise is, first of all, its ability to arouse commercial or other interest from a real investor, including the ability of the enterprise itself to “accept investments” in order to obtain a real economic effect - an increase in the market value of the enterprise.” According to N.A. Zaitseva, “investment attractiveness is characterized by the condition of the object, its further development, prospects for profitability and growth.” In the definition given by Smirnova N.V., “investment attractiveness is an assessment of the objective possibilities of the condition of the object and directions of investment, formed in preparation for the investor’s decision-making.” . However, the systemic interaction of an enterprise attracting investment with potential investors is not traced in these definitions.

Systematizing the presented points of view on the definition of the category “investment attractiveness of an enterprise,” we can distinguish several approaches to determining its economic essence:

• identifying the investment attractiveness of an enterprise with the attractiveness of its securities;
• consideration of the investment attractiveness of an enterprise as a derivative of its financial condition;
• presentation of the investment attractiveness of an enterprise in the form of a combination of various factors (quantitative and qualitative, internal and external);
• investment attractiveness as the ability of the enterprise itself to attract investment.

Thus, investment attractiveness is interpreted differently depending on the factors and indicators taken into account, while insufficient attention is paid to important aspects that determine the essence of the category under study. Thus, existing approaches do not reflect aspects of interaction between investors and recipient enterprises, as well as their capabilities for the further use of investment resources, since a significant part of researchers consider this economic category only from the position of a potential investor. In addition, such essential characteristics of investment attractiveness as specific ways for an enterprise to attract funds from potential investors are not taken into account.

It seems appropriate and even necessary, in order to further improve the methodological support for assessing investment attractiveness, to more fully reveal the economic essence of this category. To do this, we will consider the content of the basic categories that form the systemic basis of external investment in the activities of an enterprise: investor, investment recipient, investment object, instrument for attracting investments, method of external investment in an enterprise.

Critical analysis and adjustment of basic categories of external investment

According to the Law of the Republic of Belarus dated July 12, 2013 No. 53-Z “On Investments,” an investor is any person (legal or individual) making investments in the territory of the Republic of Belarus. According to the Law of the Republic of Belarus dated March 12, 1992 No. 1512-XII “On Securities and Stock Exchanges,” an investor is an individual or legal entity that owns securities.

As E. Malenko and V. Khazanova note, “all investors can be divided into two groups: creditors interested in receiving current income in the form of interest, and business participants (owners of shares in the business) interested in receiving income from the growth of the company’s value.” At the same time, in economic practice, it is generally accepted to divide investor-participants depending on the degree of influence on decision-making on the organization’s activities into strategic and portfolio (financial). A strategic investor is an investor interested in acquiring a large block of shares in order to participate in management or gain control over a company. A portfolio investor is an investor interested in maximizing profits directly from securities, and not in controlling the enterprise.

Based on the foregoing, the classification of investors depending on the conditions for the provision of investment resources and strategic investment priorities is promising for research and practical application. On this basis, strategic, financial and credit investors are distinguished. Shaposhnikov A.A. the state adds to their number.
It should be noted that the aforementioned Law “On Investments” does not regulate relations regarding the provision of funds to an enterprise in the form of a loan, a loan (these economic relations are regulated by the Banking Code), the acquisition of securities, except for shares (regulated by the Law “On Securities and Stock Exchanges” ) i.e. credit investors are absent in the legal investment field of the Republic of Belarus. However, in our opinion, it is advisable not to exclude the category of credit investors, despite the presence of a separate legal regulation, from consideration among potential investors providing investment resources to recipient enterprises.

Classification of investors according to this criterion is important, since each category of investors has different requirements for the recipient enterprise, factors and assessment of its investment attractiveness.

The term “investment recipient” in relation to an enterprise is rarely used in economic literature and practice. Its etymology comes from the field of international investment, where differentiation into donor countries and recipient countries of foreign direct investment is generally accepted..

Ershova I.V. and Bolotin A.V. give the following definition of an investment recipient in relation to an enterprise - “a legal or natural person (or their association) that is the recipient of investment resources.” At the same time, the authors note that “the recipient does not necessarily direct the received investment resources for investment purposes itself,” citing as an example the acquisition by an investor of shares of an enterprise on the secondary market. Thus, according to the authors, if shares of an enterprise are purchased from an existing shareholder, the latter will be the recipient of the investment. However, the company issuing shares will not attract investment resources as a result of such a transaction.

All this leads to the conclusion that the term “investment recipient” is more correctly applied to an enterprise that acts as an object for assessing investment attractiveness, if it has the possibility of actually attracting investment resources (cash or property contributions).

The economic content of the category “investment object” is also interpreted ambiguously. Ershova I.V. and Bolotin A.V. define an investment object as “a specific element of an enterprise’s assets (both tangible, intangible and financial), into which the received investment resources are transformed, and the exploitation of which ensures the investor achieves his investment goal.” In this understanding, the economic content of this category coincides with the economic content of the more common category of “investment object” in economic practice and characterizes the further use of investment resources by the recipient enterprise.

However, for an investor, investments in the authorized capital or debt obligations of another enterprise will be a financial asset and, accordingly, an investment object. Returning to the previous example, for an investor, the securities of the issuing company will be an investment object, regardless of whether they are purchased in the primary or secondary market, since they have a valuation and certify certain rights.

In our opinion, the presented definition of an investment object also needs to be clarified and reduced to the level of interaction between the recipient and the investor. Thus, when making external investment in an enterprise investment object – this is a potential financial asset of the investor and at the same time a share in the authorized capital or a specific type of long-term obligations of the recipient enterprise.

Ershova I.V. and Bolotin A.V. propose a definition of an investment instrument: “a complex of financial and economic objects that ensure the transfer of investment resources from the investor to the investment recipient, accompanied by the definition and legal consolidation of such rights and obligations of participants in the investment process both in relation to each other and to third parties, in which the most effective coordination of the goals and interests of participants in the investment process occurs.”

At the same time, in the financial and economic literature there is often a confusion of the concepts of “investment object”, “investment instrument”, “financial instrument”. In addition, in the above definition, clarification requires “a complex of financial and economic objects”, which can have a very broad interpretation.

All this leads to the conclusion that a more correct and clearly defined term in relation to the recipient enterprise is “a tool for attracting investment”, by which we agree to mean a certain method of formalizing financial and legal relations with an investor, used to attract funds and (or) property contributions on a long-term basis.

Clarification of the term “instrument for attracting investment” makes it possible to propose a more capacious and correct definition of an investment recipient enterprise. An investment recipient enterprise is a legal entity that, in the process of financial interaction with an investor through instruments for attracting investments, forms or replenishes available investment resources.

Specific instruments for attracting investments, depending on the organizational and legal form of the recipient enterprise, can be shares in the authorized capital, shares in property, shares, bonds, investment loans, investment loans, and other long-term obligations.

The use of one or another investment attraction tool determines the content of the relevant ways of external investment in an enterprise, which, based on empirical information about investment methods, as well as on the basis of research conducted by I.V. Ershova and A.V. Bolotin, it is proposed to differentiate depending on the possibility of generating investment resources from the recipient enterprise into the following groups (Figure 1).

Figure 1 – Classification of methods of external investment in an enterprise

The result of applying the methods of external investment presented on the left side of the figure is a change in the structure of the owners or creditors of the enterprise. For example, the acquisition of a block of shares owned by the state leads only to institutional changes (a change in the owner of the block of shares), but does not in any way affect the amount of available investment resources of the recipient enterprise itself.

Whereas, with the direct financial participation of the investor, the subsequent transformation of the investment cash flow into the assets of the recipient enterprise creates objective prerequisites for increasing its value, and, consequently, the ability to generate higher profits and better meet the investor’s expectations.

Based on the above, we can formulate condition for harmonizing the financial interests of the investor and the recipient enterprise: identity in the process of external investment of investment objects (for the investor) and tools for attracting investments (for the recipient), as a consequence, the use of forms of direct financial participation of investors in the activities of the recipient enterprise.

This condition can be illustrated in Figure 2.

Figure 2 – Interaction between the investor and the recipient enterprise in the process of attracting investment resources

The figure clearly shows that only if the investment objects correspond to the instruments for attracting investments, the free funds, property or property rights of the investor are transformed into the investment resources of the recipient enterprise.

Thus, the essential characteristics of the category “investment attractiveness of an enterprise” must correspond to the concept of “the ability to attract investment resources” and contribute to a clear reflection of the goals of the investor and the recipient enterprise.

As a result of comprehension and systematization of existing approaches to the basic categories that form the systemic basis of external investment in the activities of an enterprise, a critical analysis of empirical information on investment methods, we consider the following definition appropriate and more correct: investment attractiveness of the enterprise — a set of characteristics and factors that determine the current state of the recipient enterprise, as well as factors and mechanisms for transforming attracted investment resources with the direct financial participation of the investor, ensuring the harmonization of the financial interests of the investor and the investment recipient.

The adjusted definition of the investment attractiveness of an enterprise makes it possible to justify the differentiation of the factors that determine it into the following groups: factors that determine the conditions for external investment, factors that transform attracted investment resources into the financial results of the recipient enterprise, and factors that ensure return on investment.

With the direct financial participation of the investor in the activities of the recipient enterprise, the role of transformation factors increases significantly, which emphasizes the relevance of developing a methodology for dynamic assessment of the investment attractiveness of enterprises, which will allow assessing changes in the value of the recipient enterprise, taking into account the specific form of direct participation of the investor and the volume of external investment.

Conclusion

Thus, the article systematizes the main existing approaches to determining the investment attractiveness of an enterprise, clarifies the economic essence of the basic categories that form the systemic basis of external investment in the activities of an enterprise: investment object, investment attraction tool, recipient enterprise. This made it possible to differentiate the methods of external investment depending on the possibility of generating investment resources from the recipient enterprise and on the basis of this, for the first time, to formulate the condition for harmonizing the financial interests of the investor and the recipient.

The economic essence of the category “investment attractiveness of an enterprise” has been clarified. A distinctive feature of the proposed definition is taking into account the factors and mechanisms for transforming investment resources attracted by the recipient enterprise with the direct financial participation of the investor into its financial results.

The practical significance of the results lies in the formation of a basis for further improvement of methodological support for assessing investment attractiveness, taking into account the financial interests of investors and recipient enterprises.

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*Calculations use average data for Russia

What is investment attractiveness? What kind of enterprise can be called investment-attractive, and in what properties is this expressed? The questions are not idle, but also not “Newton’s binomial”, of course.

Imagine two stalls in a market. One sells diapers, another sells Snickers, or two stalls selling shawarma. Both trays from a legal point of view are Limited Liability Companies. Which tray/stall is most attractive from an investment point of view? The one with the bigger “counter” or the more beautiful saleswoman? Nope.

From an investment point of view, the tray with the highest profit is attractive! Being a specialist in the field of investment consulting and valuation, I somehow came across a consulting service in the vast expanses of the Internet that intrigued me extremely. What kind of service is this? This is... increasing the investment attractiveness of the enterprise. In some cases, this service also sounds differently - managing the investment attractiveness of an enterprise.

Considering that in Russia they like to manage at least something, I would introduce another service, which in my opinion is quite in demand - “mind management”. Why is that? Yes, because with “reasonableness” in the field of “investing” everything is not so smooth with us. I would also introduce a new specialty - investment psychotherapist! But, I digress.

Let's try to figure out what the essence of this activity is?What is increasing investment attractiveness?I admit that several definitions I found do not quite adequately answer the question.

These are the definitions:

Investment attractiveness of the enterprise is a system of economic relations between business entities regarding the effective development of business and maintaining its competitiveness. These relationships are assessed by a set of indicators of the effectiveness of aspects of the enterprise's activities, which are divided into formal indicators, calculated on the basis of financial reporting data, and informal indicators, which do not have a clear set of initial data and are assessed by experts.

Under investment attractiveness of the enterprise understand the level of satisfaction of financial, production, organizational and other requirements or interests of the investor for a specific enterprise, which can be determined or assessed by the values ​​of relevant indicators, including integration assessment.

Once you read this, “everything at once” becomes clear! Only after reading it, I involuntarily remember the song by V. Vysotsky, written back in 1972, “Comrade Scientists”:

Comrades scientists, associate professors and candidates!
You're tired of the X's, you're confused by the zero's,
Sit, break down molecules into atoms,

Forgetting that potatoes are decomposing in the fields.

It feels like the song was written just yesterday, and little has changed in academic science, especially in its economic field. Therefore, let's try to figure out what the “investment attractiveness” of an enterprise is through simple but logical, correctly structured reflection.

If we speak “in a boyish way,” then in my understanding, “the investment attractiveness of an enterprise” is... this... This is when you look at the financial indicators of an enterprise and you want to shout: “I want, I want, I want...”. In the sense of buying, of course.

Well, what if we turn to the regulatory (legislative) framework? It’s not at all difficult to do this, and the “Law on Investment Activities in the RSFSR” No. 1488 will help us with this. The following is written there:

Investments are cash, targeted bank deposits, shares, shares and other securities, technologies, machines, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values ​​invested in business and other objects types of activities in order to generate profit (income) and achieve a positive social effect.

Investment activities- this is an investment, or investment, and a set of practical actions for the implementation of investments. Investment in the creation and reproduction of fixed assets is carried out in the form of capital investments

Based on these definitions, it can be assumed that the investment attractiveness of an enterprise is, first of all, its ability to arouse commercial or other interest from a real investor, including the ability of the enterprise itself to “accept investments” and skillfully manage them. Arrange in such a way that after the implementation of the investment project, you will receive a qualitative (or quantitative) leap in the quality of products, production volumes, increase in market share, etc. Which ultimately affects the main economic indicator of a commercial enterprise - net profit.

Perhaps this definition is not entirely scientific, but it becomes clear that not all enterprises can arouse “commercial or other interest” from a potential investor. And even more so, not everyone is able to “skillfully manage” investments. No, in the sense of “spending” money, everyone can, but not everyone can “manage it skillfully”...

Answering the previously formulated question about increasing investment attractiveness, we can assume that “investment attractiveness management” is a series of consistent actions aimed at increasing the profitability of a business and increasing its so-called liquidity. But at the moment, Russian business is such that there is no queue of potential buyers or potential investors waiting for you. This is the bitter (sour) truth of life!

However, most business owners or aspiring entrepreneurs think differently. For some reason, they naively believe that if they have conceived something “global” or not very global (in their understanding), then the investor simply has no other options but to take a step towards meeting them.

There are situations when in a particular business idea, the rational component remains somewhere behind the scenes, and in my practice there are many such cases. In my native Rostov-on-Don, for about 8 years now one of the inventors has been trying to sell a patent for a spinner for 1,000,000 euros or find investors to organize the production of spinners... But something doesn’t work out.

At the same time, he could not even clearly answer several quite reasonable questions:

What will be the cost of the spinner (plus/minus bast shoes)?

What will be its selling price?

How many of his spinners can theoretically, hypothetically, fantastically be bought per year in Russia?

And they have been looking for an investor for years, sometimes without even having a simple business plan in hand. At the same time, they try with all their might, by hook or by crook, to convey their ideas “on fingers” and eye to eye to the investor, so that no one “stole” their idea (God forbid)! They turn to banks, to “private investors”, but... for some reason they do not find understanding among those to whom they turn. The question is why?

There may be a lot of reasons for this, but I would like to focus on the main ones:

1. The enterprise is not investment-attractive

An enterprise may be attractive for investment in the following cases:

• The invested funds or assets should bring the enterprise to a qualitatively different level in terms of production volumes (increase by several times), technologies, product quality, etc. That is, everything is according to the definition described above. Therefore, it is clear that a free-standing shoemaker’s workshop or grocery store is initially unattractive for a potential investor.

With a quick return on investment. In my opinion, the payback period for different types of business in the current economic conditions should be close to the following values ​​for: trade enterprises - from 1 to 2.5 years, service enterprises - from 1.5 to 3 years, manufacturing enterprises from 3 to 3 years 5 years, innovative business areas - from 1 to 3 years. At the same time, I will make a significant addition - all investments imply that they will not purchase real estate. Otherwise, the deadlines should be adjusted upward.

High business liquidity, i.e. the opportunity to sell the business as a whole at a market price quickly and without any major headaches.

Availability of opportunities for enterprise development. The ability of the enterprise to develop in related areas, increasing sales volumes, product range, market share, etc. according to the principle: “today we make a diode, tomorrow we make transistors, the day after tomorrow we make microcircuits, etc.”

The business idea is commercially very controversial.

2. Deplorable financial condition. Despite the presence of certain assets, the financial condition of the enterprise is in a deplorable state; leading specialists fled long ago. There are those left who have nowhere to run. A kind of legal half-corpse with worn-out management and technological equipment, but with claims to millions of investments, self-confidence and “foreign countries that will help us,” although foreign countries have already had their say...

3. Limited market. The market in which the enterprise operates is limited (locally, legally, etc.) and there are no opportunities for its growth. Or it is simply uninteresting from the point of view of capacity and profitability.

4. Other reasons

Thus, it turns out that business owners first of all need to answer honestly a fairly simple question: “is their enterprise investment-attractive or not”? Is their business idea commercially, technically, financially, organizationally feasible? Yes or no? At the same time, you need to look at your capabilities quite soberly, impartially and critically. Illusions must remain aside.

If “yes,” then you need to thoroughly study the business idea, the possibility of expanding the business, prepare an investment project (business plan), look for investors, partners and convince them that their money will not be spent in vain and will return with significant profit.

If “no,” then there is no need to fool investors with rosy projections that are more like “business fiction.” Utopian ideas, alas, are extremely rarely financed! In this case, the search for investors will be more like a kind of manic behavior, when a particular individual replicates his investment illusions to the outside world.

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Competition and competitiveness - what do these terms mean? By what indicators can one judge that one company is more competitive than another? Let's answer these questions.

What is a technological deadlock, and which businesses are at risk? In this article we will talk about this using the example of technologies that are used now. For example, sales technologies.

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

Currently, enterprises use many tools to attract financing. The most common ways to attract investment are:

Loans from credit institutions.

Attracting investments in the stock market: bond issue, IPO and SPO.

Attracting a strategic investor.

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

Attracting investments in the stock market and searching for a strategic investor require open reporting, control over financial flows, and business transparency from the enterprise. The higher the investment attractiveness of an enterprise, the greater the likelihood of receiving investment.

The most complete definition of investment attractiveness is given: investment attractiveness is “an economic category characterized by the efficiency of using the property of an enterprise, its solvency, the stability of its financial condition, its ability to self-development on the basis of increasing the return on capital, the technical and economic level of production, the quality and competitiveness of products.”

Each investor pursues his own goals when investing in an enterprise. Depending on the goals, investors can be divided into two groups: financial and strategic investors.

Financial type investor:

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

does not seek to acquire a controlling stake;

does not seek to change the company's management.

Strategic type investor:

seeks to obtain additional benefits for its main activity;

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

actively participates in the management of the company;

mainly seeks to invest in companies from related industries;

takes “participation” in investing, often not limited to specific terms.

The Russian specificity of strategic investment is that the investor strives to gain full control over the financed business. Typically, a company whose activities are related to the business of the acquired company acts as a strategic investor.

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

External factors– these are factors that do not depend on the results of the economic activity of the enterprise. These factors include:

1. Investment attractiveness of the territory, which includes the following parameters: the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the development of infrastructure, and the human potential of the territory. 2. Investment attractiveness of the industry, including:

level of competition in the industry;

current development of the industry;

dynamics and structure of investments in the industry;

stage of industry development.

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

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

macroeconomic environment;

environmental Safety;

state of infrastructure;

level of production process in the industry;

personnel component;

financial environment.

TO internal factors These include factors that directly depend on the results of the enterprise’s economic activities. Therefore, it is internal factors that are the main lever of influence on the investment attractiveness of an enterprise. Let's take a closer look at the internal factors:

1. Financial condition of the enterprise, assessed on the basis of the following indicators: debt-to-equity ratio, current liquidity ratio, asset turnover ratio, return on sales on net profit, return on equity on net profit.

2. Organizational structure of the company's management: the share of minority shareholders in the structure of the company's owners the degree of influence of the state on the company the degree of disclosure of financial and management information the share of net profit paid out by the company in recent years.

3. The degree of innovation of the company's products.

4. Stability of cash flow generation.

5. Level of diversification of the company's products.

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

External sources of information: bank archives, reports from consulting and audit agencies, information about the enterprise in the media, stock market data, information from the enterprise's partners.

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

The entire PPI analysis can be divided into the following components:

potential profit analysis– research of alternative investment options, comparison of profitability and risk level;

the financial analysis– study of the financial stability of the enterprise; forecasting the development of an enterprise based on available data;

market analysis– assessment of the product’s prospects on the market, market saturation with similar products (market capacity, promotion to it);

technological analysis– study of technical and economic alternatives for the project, various options for using available technologies;

searching for the optimal technological solution for a given investment project; management analysis

– assessment of the organizational and administrative policies of the enterprise, as well as the development of recommendations regarding the organizational structure, organization of activities, staffing and training of personnel; environmental analysis

– assessment of potential environmental damage by the project and identification of necessary measures to mitigate and prevent possible consequences; social analysis

– determining the suitability of project options for residents of the region as a whole (increasing the number of jobs, changing cultural and living conditions, improving living conditions).

Investment attractiveness of the company Investment attractiveness is an integral characteristic of an investment object (company, project) from the standpoint of development prospects, return on investment and level of investment risks. There is no single approach to assessing the investment attractiveness of a company. When choosing one or another technique, 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. Typically, a company is assessed based on several criteria.– a process based largely on subjective assessments and experience of analysts using two groups of methods: coefficient analysis and factor assessment of investment attractiveness. The main task of such an assessment is to identify the profitability and risk of investment. Most investors strive to optimize the risk/return ratio. The assessment process considers the following factors that influence the return and risk associated with investing capital:

product attractiveness;

informational appeal;

personnel attractiveness;

innovative appeal;

financial attractiveness;

territorial attractiveness;

environmental attractiveness;

social attractiveness.

Attractiveness of the company's products for any investor is determined by its competitiveness in the market - a multidimensional characteristic formed on the basis of indicators, factors, prerequisites and final criteria: quality level products and price level on it in relation to the prices of competitors and the prices of substitute goods, as well as level of diversification products.

Information attractiveness of the company is determined by its external image, which is significantly influenced by business and social communications, as well as the reputation of the brands that the company owns. The value of the information component of investment attractiveness is constantly increasing.

Personnel attractiveness of the company characterized by:

business qualities of the manager and his team;

quality of the personnel core;

the quality of personnel renewal in general.

A general criterion for investment attractiveness personnel core of the company is the share and growth dynamics of the number of highly qualified workers and specialists in the industrial production personnel.

Innovative attractiveness of the company– an important component of investment attractiveness, since many investors associate investment prospects with innovations. It is determined based on an assessment of the effectiveness of medium- and long-term investments in company innovations. To assess innovative attractiveness you need:

selection of a system of indicators that directly or indirectly characterize the company’s innovative activities;

differentiated ranking of companies based on grouping of selected indicators and determination of place by their sum;

selection of a general criterion for express analysis.

The financial attractiveness of a company is the central element of investment attractiveness. For any investor, it is to obtain a stable economic effect from financial and economic activities. If this effect is unstable, financial risk is inevitable when investing. Financial attractiveness criteria are indicators characterizing the financial position of the company (liquidity, financial stability and solvency) and the level of its business activity (asset turnover, profitability of products and production).

Three main groups of methods for assessing the investment attractiveness of companies, based on the analysis of coefficients:

market approach, based on an analysis of external information about the company, evaluates changes in the market value of the company's shares and the amount of dividends paid. This approach is predominant among shareholders, allowing them to calculate the effectiveness of their own investments in the company;

accounting approach, based on inside information analysis, uses accounting data such as earnings or cash flow. This approach is preferred by accountants and financial specialists because the data used for analysis can be easily obtained from traditional reporting;

combined approach, based on an analysis of both external and internal factors.

Territorial attractiveness of the company– a system of criteria for the geospatial position and development of a company that is beneficial for an investor: the macroeconomic position of the city or region where it is located in the national and international market economy, as well as the microgeographical position of the company within the city. When assessing the macroeconomic situation, the investor takes into account the general investment climate in the region. Microgeographical location is assessed based on transport coefficient indicators; coefficient of distance from the city center; land prices; coefficient of potential intensification of the company's territory.

Environmental attractiveness of the company determined based on an assessment of environmental attractiveness:

the company's natural environment;

production process;

manufactured products.

Social attractiveness of the company is a criterion of a company’s competitiveness, its prestige for employment, and its attractiveness to investors. When analyzing the social climate, pay attention to:

working conditions;

organization and payment of labor;

development of social infrastructure.

Investment attractiveness can be the object of targeted management.

Figure 1. Methods for assessing the investment attractiveness of a company

Figure 2. Identification of the company as an investment object

If an enterprise needs to attract investment, management must formulate a clear program of measures to increase investment attractiveness.

Almost any line of business nowadays is characterized by a high level of competition. To maintain their positions and achieve leadership, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, a moment periodically comes when the company's management understands that further development is impossible without an influx of investment. Attracting investment to a company gives it additional competitive advantages and is often a powerful means of growth.

The main and most general goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds with proper management should be an increase in the value of the company and other indicators of its activity.

Separately, it is worth mentioning situations when, in the interests of the owners of the company, it is necessary to sell it at the highest possible price. This intention arises, as a rule, when the owners strive to change their field of activity, having received sufficient funds for new investments upon the sale of the business. Activities aimed at achieving these goals are called pre-sales preparation and will also be discussed in this work.

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

Investing in a company's equity capital (direct investment)

The main forms of attracting investments in equity capital are:

investments by financial investors;

strategic investing.

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

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

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

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

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

Investment in the form of provision of borrowed funds

The main instruments are loans (banking, trade), bond loans, leasing schemes. (Leasing schemes can be classified as investments in the form of borrowed funds with some reservations, since at its core leasing is a form of transfer of property for rent. However, in terms of the form of income received by the lessor (in the form of interest), leasing is close to bank loans.) The volume of attracted financing may be from several tens of thousands of dollars (loans) to tens of millions of dollars. Financing terms can also range from several months to several years. With this form of financing, the main goal of the investor is to obtain interest income on the invested capital at a given level of risk. Therefore, this group of investors is interested in the further development of the enterprise from the point of view of its ability to fulfill obligations to pay interest and repay the principal amount of the debt.

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

The investment attractiveness of an enterprise for each group of investors is determined by the level of income that an investor can receive on invested funds. The level of income, in turn, is determined by the level of risks of non-return of capital and non-receipt of income on capital. In accordance with these criteria, investors determine the requirements for enterprises when investing. It is obvious that the main requirement for investor-creditors is confirmation of the enterprise’s ability to fulfill obligations to repay capital and pay interest, and for investors participating in the business, confirmation of the ability to absorb investments and increase the value of the investor’s shareholding.

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

development of long-term development strategy;

business planning;

legal examination and bringing title documents into compliance with the law;

creating a credit history;

carrying out reform (restructuring) measures.

To determine which measures are necessary for an enterprise to increase its investment attractiveness, it is advisable to analyze the existing situation (diagnostics of the state of the enterprise). This analysis allows:

identify the strengths of the company’s activities;

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

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

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

ownership rights to land plots and other property;

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

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

Based on the results of the examination, inconsistencies in these areas with modern legislative norms are identified. Eliminating these inconsistencies is an extremely important step, since when analyzing a company, any investor attaches great importance to a legal audit. Thus, for a lender, an important stage in the process of negotiations with an enterprise is confirmation of ownership rights to the property provided as collateral. For direct investors purchasing blocks of shares in an enterprise, an important point is the rights of shareholders and other aspects of corporate governance, which directly affect their ability to control how the invested funds are spent.

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a master development plan, which is usually developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. Strategy allows an enterprise to plan for shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the enterprise’s vision of its long-term prospects and the adequacy of the enterprise’s management to the operating conditions of the enterprise (both internal and external). In our practice, there have been cases when an investor did not consider local projects of an enterprise, despite their good financial performance, since the projects were not related to the general concept of development of the enterprise. However, if the strategy provided for the implementation of local projects and gave reason to consider their implementation expedient for the enterprise as a whole, the decision to finance the enterprise was made positively. Obviously, having a clear strategy is of greatest importance for investors interested in the long-term development of the enterprise, namely, those participating in the business.

Having a long-term development strategy, the company moves on to developing a business plan. The business plan examines in detail all aspects of the activity, substantiates the volume of necessary investments and the financing scheme, and the results of investments for the enterprise. The cash flow plan, calculated in the business plan, allows you to assess the ability of the enterprise to return the borrowed funds to the investor from the group of creditors and pay interest. For investor-owners, a business plan is the basis for assessing the value of an enterprise and, accordingly, assessing the value of capital invested in the enterprise and justifying its development potential. For example, one of the leading enterprises in the North-West, operating in the glass industry, worked with a venture investor to develop a comprehensive business plan for its project. Despite the low value of the enterprise's assets compared to the amount of required investment, the investor assessed the enterprise as investment attractive, since the business plan justified the growth potential of the enterprise for the investor and the increase in the cost of capital.

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

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

Directions:

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

2. Changes in organizational structure and management methods. This direction of reform is aimed at improving management processes that provide the basic functions of an effectively operating enterprise, and the organizational structures of the enterprise, which must comply with new management processes. Restructuring of enterprise management systems and organizational structure may include:

separation of some areas of business into separate legal entities, formation of holdings, and other forms of changing the organizational structure;

finding and eliminating unnecessary links in management;

introduction of missing links into management processes and related organizational structures;

establishing information flows in terms of management information;

carrying out other related activities.

3. Asset reform. As part of asset restructuring, we can distinguish the restructuring of the property complex, the restructuring of long-term financial investments and the restructuring of current assets. This direction of enterprise restructuring involves any change in the structure of its assets in connection with the sale of redundant, non-core and acquisition of necessary assets, optimization of the composition of financial investments (short-term and long-term), inventories, and accounts receivable.

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

discontinuation of unprofitable products, if there are no feasible investment projects to reduce costs, increase the competitiveness of products, etc.;

expansion of production and sales of profitable products;

development of new commercially promising products or services;

other events.

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

In the process of increasing investment attractiveness, one of the largest Russian jewelry enterprises carried out a comprehensive reform of its management system. The reform was a forced step for the company's management, since it was unable to attract investment in the required volume. As a result of the reform, the efficiency of the cost control system, budgeting, and control over the implementation of plans was increased. The result of the measures taken was an increase in the profitability of the activity and there were real reasons for the investor to consider the enterprise as capable of effectively absorbing investments.

It is worth mentioning separately the situation when the goal of increasing investment attractiveness is to sell the enterprise. This process is called pre-sale preparation and is aimed at increasing investment attractiveness and at the same time increasing its value for potential buyers.

In general, pre-sale preparation involves the following activities:

Analysis of the industry in which the enterprise operates, as well as the industries that are consumers and suppliers for it. The purpose of the analysis is to identify companies and associations occupying leading or close to leading positions. At the same time, information about consolidation processes, mergers and acquisitions in the analyzed industries is monitored.

Assessing the value of a business, identifying the main factors influencing the cost.

Determining the key characteristics of the company that are attractive to target groups of investors. Depending on the specific situation, such characteristics may include: access to certain resources, new technologies, an extensive sales network, high potential profitability subject to significant capital investments, etc.

Carrying out activities aimed at increasing the investment attractiveness of the company. At this stage, all of the above activities can be carried out; the required set of them and the sequence of implementation depend on the desired timing of preparing the enterprise for sale and the initial presence of investor interest in the enterprise.

Preparation of an information memorandum to present the company to investors, posting press releases in information services, interaction with investment institutions operating in the mergers/acquisitions market and investors directly.

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

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Investment attractiveness is not so much a financial and economic phenomenon as a model showing actual quantitative and qualitative indicators of the existing external environment within an enterprise, industry, federal subject or state as a whole.

In various economic sources you can find different definitions of this phenomenon. Until now, there has not been a consensus among academic theorists and practical investors.

Firstly, there is a position in which the assessment of investment attractiveness must clearly show which project the investor should invest in.

Secondly, the investment attractiveness of a particular asset can be understood as a set of heuristic assessment methods that are associated with ranking the investment objects being studied.

Thirdly, some financiers evaluate it solely in connection with assessing the effectiveness of the investment projects under consideration.

However, no matter what point of view the investor adheres, he, without a doubt, pays great attention to this financial and economic factor in his activities.

Investment attractiveness is a set of financial indicators that determine the assessment of the current situation, position in the markets, as well as the potential risks and profitability of the investment object under consideration.

There are a huge number of variables that influence this indicator. At the same time, the investor must be aware that in each industry the attractiveness factor should be assessed differently, based on its specifics. When planning to invest money, you need to remember the main thing; in each individual situation you must evaluate how profitable the investments in the investment projects under consideration will be.

In addition, you must always remember that investment attractiveness depends not only on financial structures, but also on regions, industries and countries.

Therefore, investors should consider the attractiveness factor on several levels. The macro level considers the state of affairs in the economy of the state as a whole. The meso level analyzes the situation that has developed in a separate subject of the federation and in the municipality. The micro level is associated with the analysis of the investment attractiveness of a specific operating company.

Enterprise level

The investment attractiveness of a company is a set of indicators that clearly demonstrate the effectiveness and possible profitability of investments in the implementation of a given project. The main factor that all potential investors definitely pay attention to is the moment of stable profitability of the enterprise in question in the medium term, or better yet, the long term.

In conditions of a difficult economic situation and the global crisis, almost all medium and large companies need an influx of capital from external sources. Competition in the investment market is extremely fierce. Almost always, funds will be invested in an enterprise whose financial position is clear. In this case, investors can predict their future earnings.

The assessment of such attractiveness of a company is usually carried out by resorting to calculations of financial indicators. These include:

• liquidity factor or how quickly an investor can sell a given company if necessary;
• indicator of property status, which reflects the ratio of current and non-current assets as part of the company’s property;
• a factor of business activity, characterized by a set of financial processes that simultaneously take place in an enterprise and bring its owners the main income;
• an indicator of financial dependence, which demonstrates the company’s real dependence on third-party investors and how much it can exist without such financial support from the outside;
• profitability factor, reflecting how effectively the enterprise uses its own investment and financial capabilities.

Investment attractiveness cannot be considered in isolation from the existing level of risks. In practice, they may be associated with a decrease in income, changes in pricing policy or market conditions, increased competition within the industry, loss of liquidity, and so on.

Assessment methods

Economic science identifies several basic methods that allow you to correctly assess the investment attractiveness of a company. This means that each new project requires its own individual approach and its own methodology.

Cash flow discounting

This technique is based on the assumption that the price that investors can pay should be determined based on an analytical forecast. This approach will largely allow us to predict the future state of affairs in the economy.

Indicators characterizing cash flows are calculated at the time of the study. This is done by discounting at a specific rate that best reflects the existing risks. As a result, the investor can calculate the objective cost of the analyzed project. In other words, it can calculate its current investment attractiveness. Based on the data obtained, a decision is made to implement the project.

Often this method is used when you need to select one of the most promising companies from a whole group.
The disadvantages of the technique include its time limitation. In other words, the results of the research can be used exclusively in the short term. This is due to changes in numerous third-party factors: market prices, the adoption of new laws, etc.

Regulatory methodology

It can be characterized by a specific set of financial documents that are most closely related to the company's existing reporting in the long term. For example, over the past few years.

In practice, the investor applies real methodological recommendations related to determining an effective investment project.

This method is actively used in developed Western countries. For example, in Europe, Canada and the USA. In Russia, the regulatory methodology is practically not used.

External and internal analysis

This technique is based on the collection and subsequent analysis of a number of indicators both within the enterprise itself and outside it. The Delphi method allows you to implement such a research model. Within its framework, a regressive model of investment attractiveness factors is built.

The advantage of this method is a comprehensive view of the investment object. Its disadvantage is the large number of assumptions and, consequently, the insufficient accuracy of the assessment made.

Practical attraction of external investors

When a company needs additional sources of financing, specific steps must be taken that will promptly increase the investment attractiveness of the business entity.

Of course, there is always the option of selling the existing company at a favorable price. As a result, the proceeds can be used to implement a new investment project.

However, if an investor wants to develop his current company, then in case of a serious lack of financial resources, he can take one of two paths.

Firstly, the possibility of the enterprise’s participation in any state target program should be considered. Naturally, this requires that the company operate in one of the priority sectors of the national economy and fully comply with the stated requirements.

Targeted government investment programs are a stable source of financing. In addition, they contribute to increasing the economic, defense, and technological potential of the Russian Federation.

Secondly, any company can always take the path of becoming a joint stock company. If implemented correctly, this method can provide external sources of financing for the enterprise.

Thus, investment attractiveness at the enterprise level is one of the decisive factors that make it possible to attract funds from third-party investors.