Natalia Zaitseva Head of Corporate Borrower Analysis Department, TransCreditBank OJSC, postgraduate student of the State Financial Academy
Magazine "BDM. Banks and the business world”, No. 12, 2007

However, if we consider the distribution of investments by industry, a certain imbalance is noticeable, which can be explained, first of all, by differences in the level of profitability and risk of enterprises. The most attractive for investors are still the commodity sector, industrial production and transport.

There is no need to dwell in detail on how positively the attraction of investment resources. It is obvious. In the most general view, to the number positive consequences experts attribute the possibility of expanding production, updating fixed production assets, developing and implementing new technologies, improving the quality and competitiveness of products, and so on. On the other hand, the benefit of the investor, received in the form of income and compensation for the risk assumed, is also well known.

However, the investor and the "potential investment object" do not always find each other in a complex system of investment relationships. Why? The investment process is complicated by several factors that the investor faces in the decision-making process. One of them is the choice of an investment object, or, in other words, an investment-attractive enterprise. Everyone knows that when making such a decision, the investor is based on the ratio of risk and income. However, in the presence of a large amount of information and many enterprises operating in the market, it is extremely difficult to make an objective and most effective decision.

When investing in securities of issuers of the "first", and in individual cases and "second tier" the issue of assessing investment attractiveness is rhetorical and does not require any explanation. Such investments are considered low-risk and bring the investor, although stable, but far from the highest income. For example, the total income of holders of "second tier" bonds, according to experts, amounted to 8-10% in 2006. The highest yield- more than 12% per annum is brought by bonds of issuers of the "third tier", however, investments in them are associated with increased risk, which means that a thorough preliminary analysis is necessary.

What is investment attractiveness

In order to determine the maximum efficiency of an investment decision, the concept of the investment attractiveness of an enterprise is introduced. The concept is quite new, appeared relatively recently in economic publications and is used mainly in the characterization and evaluation of investment objects, rating comparisons, comparative analysis processes. The study of various points of view on its interpretation made it possible to establish that in modern ideas there is no single approach to the essence of this economic category.

One of the most common points of view is the comparison of investment attractiveness with the feasibility of investing in an enterprise of interest to the investor, which depends on a number of factors that characterize the activity of the entity. Although the definition is correct, it is rather vague, and does not give grounds to talk about the assessment.

More accurately economic entity investment attractiveness is given in the definition of L. Valinurova and O. Kazakova. They understand this term totality objective signs, properties, means and opportunities that determine the potential effective demand for investments. This definition is broader and allows taking into account the interests of any participant in the investment process.

There are other points of view (including L. Gilyarovskaya, V. Vlasova and E. Krylov and others). Here, investment attractiveness is understood as an assessment of the effectiveness of the use of equity and borrowed capital, an analysis of solvency and liquidity (a similar definition is the structure of equity and borrowed capital and its placement between various types property, as well as the efficiency of their use).

Assessing the investment attractiveness in terms of income and risk, it can be argued that this is the presence of income (economic effect) from investing funds with a minimum level of risk.

The role of this concept in characterizing the investment environment and investment activity in general can be seen in the following diagram:

Thus, it becomes obvious that, regardless of the approach to definition used by an expert or analyst, most often the term "investment attractiveness" is used to assess the feasibility of investing in a particular object, choosing alternative options and determining the efficiency of resource allocation.

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

Assessment Methods

The formation of a methodology for assessing the investment attractiveness of enterprises in Russia is at an early stage. This can be judged not only by the small number of publications on this problem, but also by the almost complete absence of specific working methods.

One of the most common is the analysis of investment attractiveness based on a single analytical indicator of the level of profitability of own assets. Such an approach, apparently, can take place to select the policy of the organization, determine the most effective ways to use capital in the investment process, and form certain areas investment activity. Since it requires the study of a minimum set of factors influencing decision making, its advantage is relative efficiency, especially if there is a large amount of information on homogeneous investment objects. At the same time, almost any investment object can be evaluated. But this approach also has noticeable drawbacks - first of all, a high probability of inaccurate estimates, the inability to compare the results of the analysis due to the lack of a single information base, forming indicators. There is also an individual approach to the evaluation of investment objects. In fact, the process in this case comes down to a subjective assessment of a particular object by one or another investor, which in turn increases both the time and cost costs of conducting an analysis, and, in addition, greatly complicates the identification of the desired parameters, criteria and main factors influencing her. It is also known that many companies sometimes deliberately overestimate the values ​​of current costs, which means that real profitability data is distorted and, accordingly, the efficiency indicator decreases.

In practice, the assessment of investment attractiveness is often reduced to the analysis financial condition proposed investment objects. This approach has not only a theoretical justification, but a practical effect. The degree of complexity and complexity of the analysis depends on who conducts it. Nevertheless, as an illustrative example, we will give the criteria for assessing the investment attractiveness of the issuer of bills, which are used by a number of analytical services.

Calculations of this kind are a concise form of financial analysis that allows the investor to quickly determine the expediency of further consideration of an enterprise as a potential investment object. However, such an analysis (as well as a detailed the financial analysis) allows us to estimate only the current financial position enterprises, but at the same time does not answer a number of questions that are extremely important for the investor.

• What are the factors of investment attractiveness of the enterprise?
• What is the current market price enterprises?
• What is the value of future cash flows from those carried out in this moment investment?

It is extremely difficult to answer such questions; this requires the development of complex complex methods. For example, when evaluating the factors of investment attractiveness, the investor should pay attention to the following points:

• the level of professionalism of the management team;
• the presence or absence of a unique business concept, a clear understanding of the company's development strategy, a detailed business plan;
• the presence or absence of competitive advantages, i.e., the potential for market leadership;
• the presence or absence of significant potential to increase the company's revenues;
• the degree of financial transparency, compliance with corporate governance principles or the company's commitment to transparency;
• characteristics of the ownership structure that provides protection for share capital;
• the presence or absence of the potential to receive high income on invested capital.

And this is only a small part of what needs to be found out. In order to reliably and effectively assess the investment attractiveness, the list of factors will have to be significantly expanded - it should cover all areas of the enterprise.

Expert assessment is most effective in such cases, but today this is an infrequent phenomenon. Meanwhile, it is she who should become integral part integrated assessment investment attractiveness of the enterprise.

Answers to two recent questions- about the current market value and future cash flows - it is quite difficult to get. But it is necessary, since it is the current market value of the enterprise that makes it possible to characterize the possible potential for its growth, and hence the possibility of generating income in the future.

In the future, the methodology for assessing investment attractiveness will be significantly expanded and supplemented. The simplest financial analysis no longer meets the requirements of the investors making the decision. In accordance with this, new methods and approaches are being developed to determine the investment attractiveness of an enterprise and the formation of an investment decision. In particular, it is planned to develop a set of assessment measures, which, in addition to financial analysis, will include qualitative and quantification factors of investment attractiveness and use several approaches to business valuation in order to determine cash flows in the future.

1 The main figures are presented in RZB No. 3 (330), 2007.

2 RZB No. 3 (330), 2007.

In any kind of business, decisions on investing capital in a particular project are made in most cases not on some kind of intuition or intuition, but on the basis of quite reasonable and logical conclusions.

It is natural to assume that the base of such investment decisions is based on a certain strategy, one of the main parts of which is what is called the attractiveness of an asset in order to invest capital there.

It should be noted, however, that not always the factors of investment attractiveness of an enterprise are a priority in choosing a portfolio option for investing assets, since there are diverse motives that guide an investor or his goal-setting system. For example, beneficial in terms of economic efficiency investment project may not comply with the principles of the investor himself for various reasons (environmental, humanitarian or social).

This article will talk about both the very concept of the investment attractiveness of a company, and what ways to increase the investment attractiveness of an enterprise have been developed by modern business practice, and how all this can be used in real business.

In determining the investment attractiveness of a company, a multi-factor evaluation model is based on several fundamental principles, presented in the diagram below:

As can be seen from this diagram, first of all, the characteristic of the investment attractiveness of an enterprise is based on the following points:

1. Financial indicators. financially economic criteria The investment attractiveness of an enterprise is the ability to generate a positive liquidity flow over a given period of time. This includes indicators such as:

• Liquidity- the demand for the company's assets in the market, for example, its shares or debt instruments
• Solvency– sufficiency level equity enterprises for settlement on long-term or short-term borrowings
• Financial stability- ability existing model business to withstand adverse market changes, such as a seasonal decline in consumer demand for agricultural enterprises.
• Business activity— a set of measures taken by the company in order to stay on the market, marketing policy, tactics and strategy to fight competitors

1. Production potential. Managing the investment attractiveness of an enterprise is not possible without relying on modern technologies production and continuous renewal. Here, factors such as:

• Investment policy directly related to the renewal of the means of production, constant monitoring of innovations in the economic sector and the use of the most advanced achievements in this area
• Improving the technologies themselves for using the means of production within the company, optimizing the use of intellectual and labor resources

1. Management quality(cm. ). One of the fundamental factors, without which the management of the investment attractiveness of the enterprise is impossible. This factor consists of such important elements as:

• The general ability of the company's management to make correct decisions in market conditions
• Relations with counterparties in the market, the practice of doing business with them
• The reputation of the company in the market, the decision-making system in the company in relation to customers and partners
• The brand of the company, the value of "goodwill" and the degree of trust both on the part of customers and, for example, creditors, counterparties or partners

1. Market stability. This group includes criteria for the investment attractiveness of an enterprise, which determine the ability of a business to occupy a certain market position in accordance with its development strategy. This can include indicators such as:

• Market conditions - market situation, supply and demand factors, elasticity of demand for products, macroeconomic situation
• The life cycle of a company's product or service, how much will be in demand what the business produces in the long term.

It is natural to assume that the factors affecting the investment attractiveness of an enterprise are not limited to those listed above. In many ways, everything depends on the market and the type of business.

But in any case, an idea of ​​what moments have a primary impact on the formation of the investment attractiveness of an enterprise can help to find right ways increasing the investment attractiveness of enterprises.

Ways to increase the investment attractiveness of the enterprise

There are currently so many different types business, markets and types of management, it is not possible to offer a universal universal way that could unequivocally increase the attractiveness of a business for investors.

However, in order to have an idea of ​​the main directions investment policy, there are several important concepts:

• the funds invested in the enterprise should bring it to a qualitatively new level in terms of production volumes, technologies, product quality, etc.;
• quick payback of invested funds is a relative concept, but for most investors working, for example, in emerging markets, this matters
• high liquidity of the company's assets - in this category of methods it should be noted, first of all, such instruments as the quoted shares on stock exchange, demand, or, for example, the cost of franchise agreements, etc.;
• the presence of conditions for the development of the enterprise - includes a wide range of measures of the company's investment policy, ranging from methods of intra-corporate management to public relations in the form government agencies or public organizations.

Rating of enterprises by investment attractiveness

The rating assessment of the enterprise's activity is largely related to the general level of investment attractiveness of the country or region. This, of course, seems logically correct, since it is difficult to imagine that investors would invest money even in very profitable business, for example, not guaranteed property rights?

In the generally accepted world practice, it is customary to use special techniques rating agencies(S&P, Fitch etc.), which include a set of indicators of the investment attractiveness of the enterprise.

In addition to this, many investors, when making decisions about investing in a particular business, track the investment ratings of entire countries, developed by many reputable international agencies or research companies. For example, the annual rating of investment attractiveness of countries according to the International Business Compass.

In total, 174 countries are represented in the BDO International Business Compass ranking. The leader of the rating is Switzerland. Followed by: Singapore, Hong Kong, Norway, Denmark, the Netherlands, Canada, UK, Sweden and New Zealand. Germany is on the 11th line of the ranking, the USA -14. Investment attractiveness Belarus improved in 2015: the country moved from 115th to 85th position in the ranking over the year.

The last place in the rating of investment attractiveness is occupied by Sudan. The study website reports that the attractiveness of a country was determined by the level of its development and the combination of economic, political, legal and socio-cultural factors. The entire rating can be found at bdo-ibc.com.

Investment attractiveness is not only financial economic indicator, and the model of quantitative and qualitative indicators - assessments of the external environment (political, economic, social, legal) and internal positioning of the object in the external environment, a qualitative assessment of its financial and technical potential, which allows varying the final result.

In modern economic literature there is practically no clarity in determining the essence of investment attractiveness and right system her ratings. So, Glazunov V.I. argues that the assessment of investment attractiveness should answer the question of where, when and how much resources an investor can direct in the process of investing. Rusak N.A. and Rusak V.A. reduce the definition of the investment attractiveness of an object mainly to heuristic methods related to the ranking of the objects under study based on the assessment of specialists (experts). Hence, investment attractiveness concerns the comparison of several objects in order to determine the best, worst, average.

Many experts equate investment attractiveness with evaluating the effectiveness of investment projects.

The investment attractiveness of the enterprise is a certain set of characteristics of its production, as well as commercial, financial, to some extent managerial activities and features of a particular investment climate, the results of which indicate the expediency and necessity of investing in it. As a rule, the investment-attractive object in which investments are made wins.

So, the primary task, the fulfillment of which predetermines success in this very difficult competition, is the maximum qualitative increase in investment attractiveness.

The first step in solving this problem will be to determine the necessary parameters of the existing level of investment attractiveness within the framework of a particular object. That is, there is a need for a qualitative and qualified assessment of multi-level investment attractiveness, namely: international, domestic, sectoral, intersectoral, intrasectoral, specific enterprise, project.

The main objectives of assessing investment attractiveness are:

Determination of the current state of the enterprise and prospects for its development;

Development of measures to significantly increase investment attractiveness;

Attracting investments within the framework of the relevant investment attractiveness and volumes of receipt integrated approach for a positive effect from the development of attracted capital.

The final stage in the process of studying the investment market is a qualitative analysis and an objective assessment of investment attractiveness for individual companies and firms considered as potential investment objects.

Such a range of assessments is carried out by the investor when determining the need and feasibility of capital investments in the process of expansion and technical re-equipment at operating enterprises; selection for acquisition of alternative objects of privatization; as well as when buying shares of individual companies. But every business entity must show its capabilities to attract foreign investment. Therefore, the assessment of investment attractiveness is analyzed in external and internal financial analysis.

Analysis of the assessment of investment attractiveness

Western scientists and economists have determined that in order to assess the investment attractiveness of an enterprise as an investment object, the most important and priority is a complete analysis of the following vital aspects of its activities:

1. Analysis of asset turnover. The effectiveness of the start of investment is largely determined by the fact how quickly the invested funds manage to turn around in the course of a particular enterprise.

2. Analysis of return on capital. One of the main goals at the time of investment is the mandatory provision of high profits in the process of using invested material resources. But in modern conditions enterprises can largely manage profitability indicators (due to depreciation policy, tax planning efficiency, etc.), and in the context of the analysis process, it is possible to quite fully explore the potential for its formation in comparison with the initially invested capital.

3. Analysis financial stability. This analysis makes it possible to evaluate investment risk associated with the structural formation of investment resources, as well as to identify the optimal financing of current economic activity.

4. Analysis of liquidity of assets. Estimating the liquidity of assets allows you to determine the ability of an enterprise to pay its short term liabilities, prevent the possibility of bankruptcy due to the rapid implementation certain types assets. In other words, the state of assets characterizes the level of existing investment risks within the short term. Moreover, the assessment of the investment attractiveness of the enterprise according to the indicated indicators is carried out taking into account the stages of its development. life cycle, since at different stages the values ​​of the same indicators have different values ​​for the enterprise and its investors.

* Calculations use average data for Russia

What is investment attractiveness? What enterprise can be called investment-attractive, and in what properties is it expressed? The questions are not idle, but not "Newton's binomial", of course.

Imagine there are two stalls in the market. One sells diapers, the other Snickers, well, or two stalls selling “shawarma”. Both trays from a legal point of view - Companies with limited liability. Which tray / stall is the most attractive from an investment point of view? The one who has a larger "counter" or a saleswoman more beautiful? Nope.

From an investment point of view, the tray that has the most profit is attractive! Being a specialist in the field of investment consulting and valuation, I somehow stumbled upon a consulting service in the vast expanses of the Internet, which I was extremely intrigued by. What is this service? This is ... increasing the investment attractiveness of the enterprise. In some cases, this service sounds differently - management of the investment attractiveness of the enterprise.

Considering that in Russia they like to control at least something, I would introduce another service that, in my opinion, is quite in demand - “control of the mind or “mind”. Why is that? Yes, because with “reasonableness” in the field of “investment”, things are not going so smoothly for us. I would also introduce a new specialty - an investment psychotherapist! But, I digress.

Here are the definitions:

Investment attractiveness of the enterprise is a system economic relations between business entities about effective development business and maintain its competitiveness. These relations are evaluated 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 data financial reporting, and informal ones, which do not have a clear set of initial data and are evaluated by experts.

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

Comrade scientists, associate professors with candidates!
You are tormented with Xs, confused in zeros,
Sit, decompose molecules into atoms,

Forgetting that potatoes are decomposing in the fields.

Speaking "in a boyish way", then in my understanding, "investment attractiveness of an enterprise" is ... this is ... This is when you look at financial indicators enterprises and I want to shout: "I want, I want, I want ...". I mean buy, of course.

Well, what if we turn to the regulatory (legislative) framework? It is 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 funds intended bank deposits, shares, shares and other securities, technologies, machines, equipment, licenses, including those for trademarks, loans, any other property or property rights, intellectual values ​​invested in objects of entrepreneurial and other activities in order to make a 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

There are situations when in a particular business idea, a reasonable component remains somewhere behind the scenes, and there are many such cases in my practice. In my native Rostov-on-Don, for about 8 years, 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 does not add up.

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

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

What will be its selling price?

How many of his spinners can theoretically, hypothetically, fantastically buy a year in Russia?

And they have been looking for an investor for years, sometimes without even having a simple business plan in their hands. At the same time, they do their best, by hook or by crook, to tell the investor “on the fingers” and eye to eye, 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 can be many reasons for this, but I would like to focus on the main ones:

1. The company is not investment-attractive

An investment-attractive enterprise can be in the following cases:

• The invested funds or assets should bring the enterprise to a qualitatively new level in terms of production volumes (an increase by several times), technologies, product quality, etc. That is, everything according to the above definition. Therefore, it is clear that a stand-alone shoe shop or a 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 sector enterprises - from 1.5 to 3 years, manufacturing enterprises from 3 to 5 years, innovative business lines - from 1 to 3 years. At the same time, I will make a significant addition - all investments imply that they will not be used to purchase real estate. Otherwise, the timing should be adjusted upwards.

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

Availability of opportunities for the development of the enterprise. 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 transistors, the day after tomorrow microcircuits, etc.”.

The business idea in commercial terms is highly controversial.

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

If “yes”, then you need to thoroughly work out 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 be well spent and will return with a significant profit.

1316 people are studying this business today.

For 30 days, this business was interested in 58275 times.

One of the main questions that aspiring entrepreneurs need to answer is: “Are you going to do business as a business or business as self-employment?

The cost of developing a business plan for an investment project and the timing of its writing depend on many pricing factors that a potential customer sometimes does not even suspect.

AT modern world businesses operate in a highly competitive environment. For sustainable development, an enterprise needs to constantly develop, quickly adapt to changing environmental conditions, offering the market a modern, high-quality product that satisfies the consumer. The constant development of the organization requires regular investments both in fixed assets and scientific and technical developments, as well as for other purposes aimed at obtaining a positive effect. To attract these investments, the company needs to monitor investment attractiveness.

The investment attractiveness of an enterprise is a complex indicator characterizing the expediency of investing in this 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, staff qualifications, financial performance, etc. .

Per last years a lot of works of foreign authors appeared on the issues of assessing the attractiveness of investment, which include Van Horn, Behrens V, Birman G., Schmidt S., Sharp W., Norcott D., Havranek P. However, the conditions and specifics of the development of the Ukrainian investment market are not allow, for the time being, to use with sufficient efficiency overseas experience investment management .

It should be noted a large number of works of Ukrainian and Russian authors on issues and problems of investment management, the most famous are Blank I.A., Idrisov A.B., Kreinina M.N., Melkumov Y.S., Peresada A.A., Savchuk V. P. and others . However, they often largely use foreign approaches and methods without proper adaptation to the conditions of the domestic investment market, they lack a sufficient research base and practical experience of individual companies and firms in investment sphere. Insufficient attention is paid in publications to the issues and problems of real investment, which, as we have already noted, in modern conditions forms the basis of the investment activity of most domestic investors.

Currently, enterprises use a variety of tools to attract funding. The most common ways to attract investments are:

Loans in credit institutions;

Attracting investments in the stock market: issuing bonds; conducting IPO and SPO;

Attracting a strategic investor.

The first option is the easiest, but at the same time one of the most expensive. In this case, attraction Money through registration bank loan the main terms of the loan (volume, term, value interest rate etc.) are determined by the creditor, that is, the bank, on the basis of the credit policy. Therefore, such financing is provided only to companies that have confirmed their solvency and provided required collateral, the cost of which more credit. In case of failure innovative project the company repays the loan own funds, authorized capital, sales of fixed assets.

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

Each investor pursues his goals by investing in the enterprise. Depending on the objectives of investors can be divided into two groups: financial and strategic.

Financial Investor:

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

Does not seek to acquire a controlling stake;

Does not seek to change the management of the company.

In Ukraine financial investors presented investment companies and funds, venture capital funds. Most of the transactions of such investors take place on secondary market and do not directly bring additional investment to the company, but the purchase of the company's securities leads to an increase in the company's market capitalization. These investors make a profit from dividends or coupons paid by the company, and from the appreciation of the company's securities.

Strategic investor:

Strives to obtain additional benefits for its core business;

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

Actively participates in the management of the company;

Mainly seeks to invest in companies from related industries;

Takes "participation" in investing, often not limited to specific terms.

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

The entire analysis of the IPP can be broken down into the following components:

1) analysis of potential profit - the study of alternative investment options, comparison of profitability and risk level;

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

3) technological analysis - the study of technical and economic alternatives to the project, various options use of available technologies; search for the optimal technological solution for this investment project;

4) management analysis– assessment of organizational and administrative policy to the enterprise, as well as the development of recommendations regarding, organizational structure, organization of activities, acquisition and training of personnel;

5) environmental analysis - assessment of potential damage to the environment by the project and determination of the necessary measures to mitigate and prevent possible consequences.

Thus, if an enterprise needs to attract investments, management must form a clear program of measures to increase investment attractiveness. Almost every line of business in our time is characterized by high level competition. Attracting investment in a company gives it additional competitive advantages and is often the most powerful means of growth.

Consequently, only an effectively operating and promising investment project is a potential object for investment and a source of profit for the investor.

Literature

1) Tereshchenko O.O. Financial reorganization and bankruptcy of enterprises: Navch. helper. – K.: KNEU, 2000.- 412 p.

2) Investment management: In 2 volumes. V.1. / V.V. Sheremet, V.M. Pavlyuchenko, V.D. Shapiro and others - M .: Higher School, 2008. - 416 p.

3) Krylov E. I., Vlasova V. M., Egorova M. G., Zhuravkova I. V. Analysis of the financial condition and investment attractiveness of the enterprise: Proc. manual for universities - M. : Finance and statistics, 2003. - 190 p.