The concept of investment attractiveness of the enterprise. Analysis of the investment attractiveness of the enterprise

The ratio of the life cycle stages and the attractiveness of the company

Assessment of business attractiveness by SOFIA and life cycle stages

Focused financial analysis to assess attractiveness

Influence of the management level on the degree of investment attractiveness

As a summary

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

The investment attractiveness of an enterprise is indeed an important step in the activities of professional investors interested in effective investments. The attractiveness of the company as an investment object is the result of a set of diagnostic and evaluation activities carried out after the selection of companies in the long list of analysts' industry interests. Every investor wonders what criteria investment attractiveness it should be applied in order not to make a mistake with the choice of an object. And first of all, you should pay attention to the current stage life cycle companies as a diagnostic criterion.

The well-known authority on the theory of the life cycle (LC) of a corporation, Dr. Yitzhak Calderon Adizes, observes two large phases in the life cycle: growth and aging. We are more interested in such stages as "courtship-birth", "infancy-childhood", "youth", "early bloom" and "late bloom" in the growth phase. The stages of aging are "decline", "aristocratism", etc. are of much less interest, since investing at this stage is already less attractive, unless the stages of “decline” or “aristocratism” precede the start of a new, more powerful cycle with the organizational and technological re-equipment of the business that accompanies it.

Life cycle stages according to I.K. Adizes

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

How to determine the current stage of the company's life cycle? There are various methods for this. First of all, it is necessary to collect the performance indicators of the enterprise, preferably for the last five years with a quarterly breakdown and analyze their dynamics according to the following analytical sections:

the volume of sales of products;
currency of the balance sheet asset;
size equity companies;
EBIT, EBITDA, net retained earnings.

An analysis of the investment attractiveness of an organization based on the life cycle factor should be started with a financial analytical study using the SOFIA method. The method involves the study of how the company makes major financial decisions. Assessment of strategic decision making (or decisions of the "S" type) includes activities that simultaneously represent methods for assessing investment attractiveness. They include the following analytical slices.

Economic value added EVA. If the value of EVA systematically demonstrates a positive trend, this means that the market value of the enterprise is growing above book value net assets. Therefore, the investment attractiveness of the company is high.
The market value of the company, determined by one of the available methods. For the investor, the income method (in terms of the possible sale of the business) and valuation by analogy are preferable.
Models of sustainable growth (development) BCG. This method involves the analysis of the correspondence between the identities of the growth rates and the increase in revenue, profit, assets, equity and debts of the enterprise. The most pronounced and synchronous dynamics of indicators is typical for the stages of "Youth" and "Early flowering", which makes them especially attractive for investment.
Matrices of financial strategic models. The selected financial strategy of the company serves as an indirect indicator to the investor on the formed trend, how successfully the direction was chosen in the two-factor matrix of economic and financial results. financial activities. Under the zone of success is understood the direction towards the creation of liquid funds, and under the zone of deficits - their consumption.
DuPont model. This analytical model is more than a hundred years old. There are two-factor and three-factor DuPont models. They are based on a detailed analysis of the profitability of the company's assets.

Factors of investment attractiveness are present not only in the selected financial strategy companies. Of great importance is operating system operational financial planning (solutions of the "O" type). The field of regular management in the field of finance is no less important for an investor who is considering a business for investment. By it we understand the system of budgetary management and the system of rationing.

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

Established architecture financial management company using the SOFIA methodology allows you to determine the stage of the life cycle and get complete information on the profitability and prospects of investments. In addition to the financial aspect, diagnostics of organizational behavior at the enterprise is also useful for understanding the moment of development of the company. The relationship between types of management practices and life cycle stages is presented in tabular form below.

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

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

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

Summary table of indicators for the analysis of investment attractiveness

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

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

The most liquid part of the assets are cash. Given this circumstance, absolute liquidity ratios are of particular importance for both investors and suppliers. The most favorable option is considered when this indicator exceeds the value of 0.5, and its optimal value is 0.25. Different kinds profitability indicators serve as a separate analytical unit for assessing the attractiveness of a company. Normative values vary greatly by industry, depend on seasonality and, as already noted, on the stage of the life cycle.

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

However, financial analytics must be confirmed by indirect methods and methods, without which the assessment of the investment attractiveness of the enterprise and local projects is not entirely complete. In addition to the above-mentioned diagnostics of organizational behavior in a company, it is advisable to clarify the type of the current organizational culture. To some extent, it indicates the stage of the life cycle and the level of development of management in the company, reflects the current management paradigm.

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

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

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

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

The initiating companies at first do not want, and only then “cannot” be transparent to potential investors.
Regulated governance is often truly shell, mock and formal, including TQM and ISO certifications.
Investors need to learn how to convince, analyze and evaluate the investment potential of truly attractive enterprises.

Sometimes it seems that the investment attractiveness of an enterprise, as well as the composition of the true values of the fundamental indicators of its activity, are hidden not only from the eyes of investors, but also from the business owners themselves. double standards in the economy it is high time to put a barrier. The most interesting thing is that monopolies and oligopolies as subjects also suffer from the fact that medium and small businesses are shackled by the dregs of tax maneuvering. It is as much a matter of state sovereignty as it is of national security. For some reason, it is believed that the breaking of the foundation will happen, and the quality and volume of investments in real sector gain new strength.

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

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MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

FEDERAL STATE AUTONOMOUS

EDUCATIONAL INSTITUTION OF THE HIGHER

PROFESSIONAL EDUCATION

"KAZAN (VOLGA) FEDERAL UNIVERSITY"

INSTITUTE OF MANAGEMENT, ECONOMICS AND FINANCE

DEPARTMENT OF FINANCIAL MANAGEMENT

COURSE WORK IN THE DIRECTION

Analysis of the investment attractiveness of the enterprise

Is done by a student

Gr.14.6-231 3 course

A.F. Kamaletdinova

scientific adviser

Doctor of Economics, Associate Professor of the Department

financial management

A.I. Bikchantaeva

Kazan 2015

INTRODUCTION

The assessment of the investment attractiveness of an enterprise plays an important role for an economic entity, since potential investors pay considerable attention to this characteristic of an enterprise, while studying financial and financial indicators. economic activity for at least 3 years. Also, for a correct assessment of investment attractiveness, the investor evaluates the enterprise as part of the industry, and not as a separate economic entity in the environment, compares the enterprise in question with other enterprises in the same industry.

The activity of investors largely depends on the degree of stability of the financial condition and economic viability of the enterprises in which they are ready to invest. It is these parameters that mainly characterize the investment attractiveness of the enterprise. Meanwhile, at present, the methodological issues of assessing and analyzing investment attractiveness are not sufficiently developed and require further development. This is precisely the reason for the relevance of the topic of this term paper"Investment attractiveness of the enterprise".

Almost every line of business in our time is characterized by high level competition. In order 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, periodically there comes a moment when the management of the organization realizes that further development is impossible without an influx of investments. Attracting investment gives a company a competitive advantage and is often the most powerful means of growth. The main and most common goal 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 activities.

Investment attractiveness is important for investors, since the analysis of the enterprise and its investment attractiveness allows minimizing the risk of improper investment.

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

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

The purpose of this work is to analyze the investment attractiveness of OJSC "Lukoil" on the basis of the basic indicators of financial statements, indicators of liquidity and solvency.

The purpose of the study allowed us to formulate the tasks that were solved in this work:

1. reveal the concept of investment attractiveness;

2. determine the factors influencing investment attractiveness;

3. provide an algorithm for monitoring the investment attractiveness of the enterprise;

4. to analyze the liquidity and solvency of the enterprise's activities on the example of OAO "LUKOIL";

5. to analyze the investment attractiveness of the enterprise on the example of OJSC "LUKOIL";

6. develop ways to increase the investment attractiveness of the enterprise.

This work consists of an introduction, two chapters, a conclusion, a list of references and an appendix.

When writing a term paper, the following methods of scientific research were used: comparative method; study of relevant literature, articles; analytical method.

The information base was educational literature on this topic, periodicals of economic journals, information sites. To perform the analytical part of the work, information and financial statements of OAO LUKOIL were taken.

1. THEORETICAL ASPECTS OF ANALYSIS OF INVESTMENT ATTRACTIVENESS OF AN ENTERPRISE

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

AT economic literature there are a sufficient number of works that address the problems of defining and understanding the "investment attractiveness" of an enterprise.

Until now, there has not been a consensus regarding the definition and evaluation of the investment attractiveness of enterprises. The opinions of domestic authors on this topic differ in some respects, but at the same time they significantly complement each other.

Having studied the approaches to the essence of the investment attractiveness of an enterprise, it is possible to combine the currently existing interpretations into four blocks according to a certain criterion:

1. investment attractiveness as a condition for the development of an enterprise;

The investment attractiveness of an enterprise is the state of its economic development, which assumes, taking into account a high degree of probability, that investments are able to satisfy the required level of profitability within a time frame acceptable to the investor or another positive effect is possible.

2. investment attractiveness as a condition for investment;

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

3. investment attractiveness as a set of indicators;

The investment attractiveness of an enterprise is presented as a combination of economic and financial indicators enterprises that determine the possibility of obtaining the maximum profit as a result of capital investment with minimal investment risks.

4. investment attractiveness as an indicator of the effectiveness of investments Igonina, LL Investments [Text] / LL Igonina / / Tutorial.-2006.-p.288.

Investment efficiency is interconnected with the concept of investment attractiveness, it is a key link in determining investment attractiveness, while the latter determines investment activity. The higher the efficiency of investments, the higher will be the level of investment attractiveness and the larger investment activities, and vice versa, respectively.

Thus, generalizing the classification proposed above, it is possible to formulate the most general definition of the investment attractiveness of an enterprise and its consideration as a system that includes economic relations between economic entities regarding the effectiveness of business development and support for its competitiveness.

From the position of an investor, the investment attractiveness of an enterprise is a combination of quantitative and qualitative factors that characterize the solvent demand of an enterprise for investments.

Demand for investment (together with supply, price level and degree of competition) is the basis for determining the investment market conditions.

In order to avoid doubts about the reliability of the information used to develop an investment strategy, a systematic approach is needed in studying the market situation, starting from the macro level (the investment climate of the state) and ending with the micro level (assessment of the investment attractiveness of an individual investment project). With the help of such a sequence, investors can solve the problem of choosing enterprises that have the best development prospects in the event of the implementation of the proposed investment project, providing the investor with the planned return on invested capital from existing risks. Along with this investor, it is considered which industry the enterprise belongs to (developing or depressed industry) and what is its position in the territorial plan (region, federal district). The industry and territory, in turn, have their own levels of investment attractiveness, which include the investment attractiveness of enterprises.

Thus, each object of the investment market has its own investment attractiveness, but at the same time, each of them is located among the “investment field” of all objects on the investment market. The investment attractiveness of an enterprise, in addition to its “investment field”, is influenced by the investment impact of the industry, regions, and the state. Meanwhile, the totality of enterprises forms an industry that affects the investment attractiveness of the entire region, and the attractiveness of the regions forms the attractiveness of the state. All the changes that take place in systems at a higher level (political instability, changes in tax legislation and others) are directly reflected in the investment attractiveness of the enterprise.

Investment attractiveness also depends on external factors, which characterize the level of development of the industry and the region in which the enterprises in question are located, and from internal factors: activities within the enterprises themselves. Katasonov, V.Yu. Investment potential of the economy [Text] / V.Yu. Katasonov//Mechanisms for the formation of investment potential.-2005.-p.68

In order to make a decision regarding the placement of funds, an investor should evaluate many factors that determine the effectiveness of future investments. Taking into account the range of options for combining different values of these factors, the investor evaluates the total impact and results of the interaction of these factors, that is, evaluates the investment attractiveness of the socio-economic system and, based on it, makes a decision on the contribution of his funds.

Therefore, it becomes necessary to quantitatively identify the state of investment attractiveness, and the following point must be taken into account: in order to make an investment decision, an indicator that characterizes the state of investment attractiveness of an enterprise must make economic sense and be comparable to the price of the investor's capital. Therefore, it is possible to determine the requirements regarding the methodology for disclosing the indicator of investment attractiveness:

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

The indicator should reflect the expected return on investment;

The indicator should be comparable with the price of the investor's capital.

The methodology for assessing the investment attractiveness of an enterprise, built taking into account these requirements, will provide the investor with a high-quality and reasonable choice of the object of capital investment, the investor will be able to control the effectiveness of investments and adjust the process of implementing investment measures in adverse situations.

The investment potential of Russian enterprises can be characterized as having a satisfactory level of development of production potential, in particular, the growth of the material and technical equipment of the enterprise; volume growth industrial products and growth in demand for the products of Russian enterprises; growth of activity of enterprises in the market valuable papers and direct price increase Russian shares; decrease in the efficiency of managing the enterprise's activities, which is revealed in the values of indicators characterizing the financial position of enterprises; sufficient volume and qualification of the labor force; uneven development of enterprises in different industries. It can be said that the activity of the Russian investor is falling, while the interest of the foreign investor in industrial enterprises Russia rises.

One of the most important factors of investment attractiveness of an enterprise is investment risk.

Investment risk includes the following subtypes of risk: lost profits, reduced profitability, direct financial losses.

The risk of lost profits is associated with the onset of indirect (collateral) financial damage (lost profits) if an activity is not carried out.

The risk of yield reduction arises when the amount of interest and dividends on portfolio investments, deposits and loans decreases.

Yield downside risk includes the following subspecies: interest rate risk and credit risk.

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

· production and technological;

resource;

· institutional;

· regulatory and legal;

infrastructural;

· export potential;

· business reputation and others.

Each of these factors can be characterized various indicators often having the same economic nature.

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

formal (calculation is carried out on the basis of data financial reporting);

Informal (management competence, commercial reputation).

Investment attractiveness from the point of view of an individual investor can be determined by a different set of factors that are of the greatest importance in choosing one or another investment object.

1.2 Methodological approaches to the analysis of the investment attractiveness of an enterprise

In the current economic conditions, there are several approaches to assessing the investment attractiveness of enterprises. The first is based on indicators for assessing the financial and economic activities and competitiveness of enterprises. The second approach operates with the concept of investment potential, investment risk and assessment methods investment projects. In the third approach, the value of enterprises is estimated. Each of the approaches and methods has its advantages, disadvantages and limits of use. It should be noted that the use of various approaches and methods in the assessment provides the highest probability of an objective reflection of the investment attractiveness of the enterprise.

The investment attractiveness of the enterprise includes the following components:

General characteristics of the technical base of the enterprise;

Product range;

Productive capacity;

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

Characteristics of the control system;

Authorized fund, owners of the enterprise;

The structure of production costs;

The amount of profit and the direction of its use;

Assessment of the financial position of the enterprise.

The control system for various processes should be based on objective assessments of the state of their flow. The main characteristic of the investment process is the state of the investment attractiveness of the system. That is why it is necessary to assess the investment attractiveness of the economic system. The main tasks of assessing investment attractiveness economic systems consist in:

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

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

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

Additional tasks are:

Finding out the reasons that affect the investment attractiveness of economic systems;

Monitoring investment attractiveness.

One of the fundamental factors of the investment attractiveness of an enterprise is the availability of the necessary capital or investment resources. The structure of capital allows you to determine its price, but this is not a necessary and sufficient condition for the effective functioning of the enterprise. At the same time, the lower cost of capital generates a greater attractiveness of the enterprise. The price (cost) of capital reflects the rate of return (profitability threshold) or the rate of profit that an enterprise needs to ensure in order to prevent a decrease in its market value.

The return on invested funds is determined by the ratio of profit or income to invested funds. At the micro level, an indicator of income can be an indicator of net profit, which remains at the disposal of the enterprise (formula 1).

Formula 1

Thus:

K1 = Pr / V (1)

where K1 is the economic component of the investment attractiveness of the enterprise, in fractions of a unit;

Pr - the amount of profit for the period under review.

In situations where there is no information on investments in fixed capital, it is recommended to use the return on fixed capital as an economic component, since this indicator reveals the efficiency of using funds previously invested in fixed capital.

The indicator of investment attractiveness of the investment object is calculated according to the following formula:

Formula 2

Si = N / Ri (2)

where Si is an indicator of investment attractiveness (value) of the i-th object;

Ri - resources of the i-th object participating in the competition;

H is the value of the consumer order.

In this case, the role of the key parameter of the entire rating system belongs to the consumer order. Depending on the extent to which it will be correctly formed, the degree of reliability of the calculated indicators of Guskov, T.N. Assessment of the investment attractiveness of objects by statistical methods [Text] / T.N. Guskova / / Investments.-1999.-p.278.

Within the framework of the enterprise, the attraction of additional technological, material, financial, and other resources is necessary to solve a specific problem - the introduction of new foreign technology in the form of a license and know-how, the acquisition of new imported equipment, foreign experience management in order to improve the quality of products and improve methods of entering the market, expanding the output of those types of products that the market, including the world, needs. The attraction of material resources from abroad is also necessary in order to introduce their own technical developments, the application of which is hampered due to the lack of the required equipment.

Making investments in Russian enterprises is determined by the presence of interrelated conditions: low competitive level on the part of enterprises receiving investments; a high level of information asymmetry and frequent situations of using essential, proprietary information; low level of information transparency of companies; high conflict between the investor and the management of the enterprise; the lack of tools to protect the interests of the investor from the dishonest behavior of the company's managers.

Table 1.1. a comparison of some methods that are used in domestic and world practice is given. As can be seen, in many methods one of the important factors assessment and forecasting of the future state of the company in question - assessment of its management system. This trend is in line with theoretical studies that directly link the state of the company, the effectiveness of its management and control by shareholders regarding the adoption of managerial decisions.

Table 1.1 Comparative analysis methods for assessing the investment attractiveness of an enterprise

Method name	Sides of the enterprise, analyzed using quantitative indicators	Aspects of the enterprise's activities analyzed using qualitative indicators	Purpose of the analysis
Integrated economic analysis Moscow State University M.V. Lomonosov (KEA)	Analysis of the use of production facilities; Analysis of the use of material resources; Analysis of the use of labor and wages; Analysis of the size and structure of the advanced capital; Analysis of the cost of production; Analysis of the turnover of production assets; Analysis of the volume, structure and quality of products; Analysis of profit and profitability of products; Analysis of the profitability of economic activity; analysis of financial condition and solvency	Analysis of the organizational and technical level, social, natural, foreign economic conditions of production	Evaluation of the effectiveness of the enterprise
Methodology of the Bank of France	Performance evaluation; Credit case assessment; Solvency assessment	Executive evaluation
Bundesbank methodology	Evaluation of profitability payback; Liquidity assessment		Assessment of the reliability of the enterprise as a borrower
Bank of England methodology	Market risk;	Market risk; Control; Organization; Control
US Federal Reserve Methodology	Capital, assets, profitability, liquidity	Management	Assessment of the reliability of a commercial bank

However, as can be seen from the above analysis of the methods, none of the methods is fully capable of covering the possible field of factors that affect the investment attractiveness, determined on the basis of the theoretical model of the company chosen for the purposes of this study.

Analyzing the FEA methodology, it should be noted that its strength lies in the presentation of the most complete and detailed recommendations for analyzing the financial position based on the company's financial statements, as well as the most complete set of financial indicators that focus on assessing the financial condition and business performance of the company in question.

When evaluating investment attractiveness, the effectiveness of investments is evaluated.

The effectiveness of investments is determined using a system of methods that reflect the ratio of costs and results associated with investments. Using these methods, one can judge the economic attractiveness of investment projects and the economic advantages of one project over another. Krylov E.N., Vlasova V.M., Egorova M.G. Analysis of the financial condition and investment attractiveness of the enterprise [Text] / Krylov E.N., Vlasova V.M., Egorova M.G.//Finance and Statistics.-2003.-p.130 11.

By type of economic entities, the methods may reflect:

Economic (national economic) efficiency in terms of interests National economy in general, as well as the regions, industries and organizations involved in the implementation of projects;

Commercial efficiency (financial justification) of projects, which is defined as the ratio of financial costs and results for projects as a whole or for individual participants, taking into account their contributions;

Budget efficiency, revealing the impact of the project on the income and expenditure of the relevant federal, regional and local budgets.

An enterprise with an average degree of investment attractiveness is distinguished by the fact that it has an active marketing policy aimed at the efficient use of existing potential. Moreover, those enterprises in which the management system is aimed at increasing the value, successfully position themselves in the market, those in which they do not pay due attention to the factors of value formation, suffer the loss of their competitive advantages. Enterprises with below-average investment attractiveness have the characteristics of low capital growth opportunities, which, of course, is associated with the inefficient use of existing production potential and market opportunities.

Enterprises with low investment attractiveness can be considered unattractive, since the invested capital does not give an increase, only acting as a temporary source of maintaining viability, not determining the economic growth of the enterprise. For such enterprises, an increase in investment attractiveness is possible only through a qualitative change in the management and production system, in particular, in reorienting the production process to meet market needs, which will increase the company's image in the market and form new or develop existing competitive advantages.

Potential investors, directly the management of the enterprise, are interested not only in the dynamics of changes in the investment attractiveness of the enterprise over the past period of time, but also in the trends of its changes in the future. Knowledge of the trend of changes in this indicator, on the one hand, prepares for difficulties and the adoption of measures aimed at stabilizing production, or, on the other hand, to use the moment of growth in the indicator of investment attractiveness in order to attract a new investor. It also allows timely input Newest technologies and improve outdated ones, expand production and sales market, improve the efficiency of the enterprise in weak metas, and so on.

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

The construction of a monitoring system for controlled indicators covers the following main stages:

1. The construction of a system of informative reporting indicators is based on financial and management accounting data.

2. The development of a system of generalizing (analytical) indicators that reflect the actual results of achieving the specified quantitative control standards is carried out in strict accordance with the system of financial indicators.

3. Determination of the structure and indicators of forms of control reports (reports) of performers is intended to form a system of control information carriers.

4. Determination of control periods for each type, each group of controlled indicators. The specification of the control period for groups of indicators is determined by the “urgency of response” necessary for effective management investment attractiveness of the enterprise.

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

positive deviation;

Negative "permissible" deviation;

Negative "unacceptable" deviation.

6. Identification of the main causes of deviations of the actual results of controlled indicators from the established standards is carried out for the enterprise as a whole and for individual "responsibility centers".

The introduction of a monitoring system at an enterprise can significantly increase the efficiency of the entire process of managing investment processes, and not only in terms of the formation of investment attractiveness.

The basis for the formation of a monitoring system is the development of a system of indicative indicators that make it possible to identify the emergence and complexity of the problem. In terms of content, the system of indicators is focused on studying the features that characterize the dependence of the management of the investment attractiveness of an enterprise on the external and internal environment, assessing their quality and forecasting.

It is advisable to divide the entire system of indicators for monitoring investment attractiveness into the following groups:

1. Indicators of the external environment. The external environment of enterprises operating in market conditions is characterized by a number of hallmarks: firstly, all factors are taken into account simultaneously; secondly, enterprises need to take into account the multidimensional nature of management; thirdly, it is characterized by an aggressive pricing policy; fourthly, the environment is determined by the dynamics of the market development, when the positions of competitors and the alignment of forces are changing at an increasing speed.

2. Indicators that characterize the manifestation of the social efficiency of the enterprise at the public level. Social efficiency draws attention from the entire group of socio-economic indicators, because it is its side, reflecting the impact of economic measures on the most complete satisfaction of the needs of society.

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

4. Indicators that reflect the effectiveness of the development of investment processes in enterprises. As part of assessing the investment attractiveness of enterprises, the group of indicators that directly reflect the effectiveness of investment process management is of the greatest interest.

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

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

The monitoring of investment attractiveness carried out in this way allows not only to identify problematic moments in the formation of conditions for the activation of investment processes at enterprises, but also to identify probable changes in the economic potential of the enterprise and minimize the likelihood of destruction of the company's value. Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V. Organizations and financing of investments [Text] / Sergeev, N.V., Veretennikova, I.N., Yanovsky V.V.//Finance and Statistics.-2003.-p.225

liquidity solvency investment algorithm

2. ORGANIZATIONAL AND ECONOMIC CHARACTERISTICS OF AN ENTERPRISE (ON THE EXAMPLE OF OAO "LUKOIL")

2.1 General characteristics of OAO Lukoil

OAO LUKOIL is one of the largest international vertically integrated oil and gas companies, which was established in 1991. The main activities of the company are as follows: exploration and production of oil and gas, production of petroleum products and petrochemical products, marketing of manufactured products. The main part of the company's activities in the exploration and production sector is carried out on the territory of the Russian Federation, the main resource base is Western Siberia. LUKOIL owns modern oil refineries, gas refineries and petrochemical plants located in Russia, Eastern and Western Europe, and neighboring countries. The company sells most of its products on the international market. The company sells petroleum products in Russia, Eastern and Western Europe, neighboring countries and the USA.

The considered joint-stock company is the second largest private oil and gas company in the world in terms of hydrocarbon reserves. The company's share in global oil reserves is about 1.1%, in global oil production - about 2.3%. The company plays a key role in the Russian energy sector, accounting for 18% of Russia's total oil production and 19% of Russia's total oil refining.

The indicators are given from the profit and loss report (Appendix 2).

The main performance indicators of OAO “LUKOIL” for 3 years are shown in Table 2.1.

Table 2.1 Key Performance Indicators of OAO “LUKOIL”

Indicators				Absolute deviation

Volume of products, works, services (revenue), million rubles
Cost of products, works, services, mln.
Average annual cost of fixed assets, million rubles
Average annual cost of working capital, million rubles
Gross profit, million rubles
Net profit, million rubles
Basic earnings per share, RUB
return on assets
capital intensity
Working capital turnover ratio
Product profitability, %
Return on sales, %

As can be seen from the table, basically all indicators had an upward trend over last years. Revenue decreased by 6.58% and amounted to 242,880 million rubles in 2014, gross profit decreased by 15330 million rubles. (by 6.37%) compared to 2013. Net profit increased in 2014 compared to 20013 by 77% and amounted to 371,881 million rubles, compared to 2012 - by 12%. Basic earnings per share increased significantly compared to 2013 and 2012, by 77.19% (190.48 rubles) and 70.74% (181.15 rubles), respectively. Despite the fact that the return on assets in 2014 compared to 2012 increased by 22.8%, it slightly decreased relative to 2013, therefore, we can talk about a decrease in the efficiency of using fixed assets at the enterprise. The turnover ratio fluctuates as its value increased sharply compared to 2012, but then fell sharply. Here we can conclude the fact that the assets of the enterprise are used inefficiently and irrationally. Since current assets occupy one of the main places in the production cycle and cash flow largely depends on their turnover, the resulting deviation cannot be considered positive. Profitability of products and sales tend to increase, despite the crisis situation in the country.

The cost structure of OAO LUKOIL for 2014 is shown in Diagram 2.1.

Diagram 2.1 Cost structure of OAO “LUKOIL” for 2014

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

These tables allow us to conclude that the total assets for the period under review increased by 48.1% (compared to 2013). The share of non-circulating capital decreased by 8.8% and in 2014 amounted to 66.26% of the total assets, while the share of working capital increased from 24% to 33%, respectively.

In outside current assets a significant share belongs to long-term financial investments (98%), since the company actively directs funds to purchase securities of other enterprises, and also issues long-term loans. In current assets, the predominant share is occupied by short-term financial investments (57%), this is due to deposits in credit organizations, issuance of loans, government securities. Accounts receivable takes about 30% of current assets. The remaining items make up an insignificant share in total current assets.

Total liabilities for 2012-2014 increased by an average of 513,365 million rubles. In the structure of liabilities, the largest share is occupied by capital and reserves (64.6%). For such a capital-intensive enterprise, this is a very good indicator, since it indicates the financial stability of the enterprise and the ability to operate mainly at the expense of its own resources. For the period 2013-2014 one can trace the trend of a significant increase in the amount of capital and reserves (by 31%). The values of long-term and short-term liabilities differ and in 2014 they account for 13.01% and 22.4%, respectively. This provision is due to the fact that the company has a fairly stable position in order to have short-term debt, despite the company's long production cycle, which assumes the priority of long-term obligations. It should be noted that long term duties in 2014 relative to 2013 increased by 208.08% and amounted to 228448 million rubles, and as for short-term, their value also increased, but not so significantly: by 9%. In general, we can talk about the trend of a gradual increase in the amount of borrowed capital and an increase in the amount of own capital.

In the structure of capital and reserves, the largest share falls on retained earnings (98.8% of total capital). This means that the company has available funds, which it can direct to the development, purchase of physical assets, companies.

Retained earnings are one of the main sources of finance for new investments in the economy. In the structure of short-term debt, the largest share is occupied by borrowed funds, as well as accounts payable, in particular the debt to other creditors, which is 72.4% of the total accounts payable of the enterprise. It reflects the amount of rental obligations and debts to special funds. In order to more clearly trace the dynamics of changes in the value of the balance sheet, we will construct the following diagram (diagram 2.2.).

This diagram shows that the value of assets and liabilities in 2014 increased by 47.771% compared to 2012 and by 35.426% compared to 2013. There is a fairly even increase in the balance sheet every year.

Diagram 2.2. Dynamics of change in the value of the balance sheet currency for 2012-2014 (million rubles)

2.2 Analysis of liquidity and solvency of OAO Lukoil

The liquidity of a company lies in its ability to turn its assets into cash in order to cover all necessary payments as they fall due.

The liquidity of the balance sheet is determined by the extent to which liabilities are covered by assets, the terms of their transformation into monetary form meet the maturity dates.

There are several ways to analyze the liquidity of the balance sheet.

· Building a compacted (aggregated) balance sheet.

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

A large share in the structure of assets is occupied by hard-to-sell assets: 56.8% in 2012, 75.1% in 2013, 66.3% in 2014, although the variation in the deviations of this indicator over the years is not so large. Non-current assets grow due to the growth of long-term financial investments. The value of the most liquid assets in 2013 decreased by about 2.56 times, and in 214 increased by 1.9 times, which, of course, is a positive thing, since funds allow you to immediately pay off current liabilities in case of urgent need, as well as are resources that ensure continuous production.

Table 2.2 Grouping of assets by degree of liquidity

The indicator of the most sold assets decreased slightly, and the value of slowly sold assets varies unevenly, and their share in total assets is the smallest (about 0.175%), that is, the company does not have many inventory balances and receivables, the maturity of which is more than a year, and this indicates an effective policy for the formation and storage of stocks and a policy for managing settlements with buyers. Liabilities of the balance are grouped according to the degree of urgency of their payment (table 2.3.).

Table 2.3 Grouping of liabilities according to the degree of urgency of their payment

In the structure of liabilities, a significant share falls on permanent liabilities (on average 64.5%), the value of which over this period of time increased only in 2013 by 4%, in 2014 it returned to its original value in 2012. Accounts payable remains unchanged for three years, and short-term liabilities tend to decrease relative to the entire liability, but at the same time, long-term liabilities have an upward trend.

Next, you need to draw a ratio between the assets and liabilities of the balance sheet of the enterprise. The balance is absolutely liquid if the following condition is met: A1>P1, A2>P2, A3>P3, A4<П4. Рассмотрим данное соотношение применимо к нашему предприятию (таблица 2.4).

Table 2.4 The ratio between assets and liabilities of the balance sheet

Based on the obtained results, we can say that the balance sheet of the enterprise is not absolutely liquid. But all individual ratios are true. A1>P1 for all three years, and this indicates the solvency of the organization at the time of the balance sheet. The organization has sufficient funds to cover the most urgent obligations absolutely and the most liquid assets. The inequality A2 > P2 is not feasible, that is, quickly realizable assets do not exceed short-term liabilities and the organization cannot be solvent in the near future, taking into account untimely settlements with creditors, receiving funds from the sale of products on credit. The inequality A3 > P3 is not feasible, which means that in the future, if cash from sales and payments is not received on time, the organization may be insolvent for a period equal to the average duration of one turnover of working capital after the balance sheet date. Only in 2012, stable liabilities are greater than hard-to-sell assets, in all other cases the correct ratio does not appear, which means that in an unstable situation, when liquidity and solvency come to the fore, the company may become insolvent, since equity capital does not cover non-current assets .

· Calculation of absolute indicators of liquidity of the enterprise.

The calculation data are given in Table 2.5.

Table 2.5 Absolute liquidity ratios

P*-indicators, T- current liquidity, P- prospective

The current liquidity indicator should be positive, but in this case it is negative in 2013, therefore, this indicates that the company in 2013 could not pay its obligations on time. But this indicator returned to normal by 2014, which is a plus. The prospective liquidity indicator is also negative, and in 2014 it decreased by 2,835,152,624,504 thousand rubles. in comparison with 2013. Prospective liquidity necessarily implies continuous efficient operation of the enterprise during the entire planning period, which is called into question in the company Lukoil, based on the data obtained.

· Calculation of relative liquidity indicators (table 2.6).

Table 2.6 Relative liquidity ratios

Indicators	Absolute deviation
	2014 compared to 2012	2014 compared to 2013
Absolute liquidity
Quick liquidity
Current liquidity

Restoration of solvency
Solvency costs

The absolute liquidity ratio shows that in 2014 the entire short-term debt can be repaid in the near future at the expense of cash and short-term financial investments. This indicator changed quite significantly over the analyzed period.

The critical liquidity ratio shows that in 2014 the company is also able to repay in full short-term debt in general for 2014, which is 61% more than in 2013 and 35% more than in 2012.

Current liquidity ratio for 2012-2014 is in 2014 at the level of the normal value, which is equal to 1.5-2, in 2014 it is equal to 1.51, and there was a growth trend, which indicates some improvement in the situation at the enterprise. This means that the amount current liabilities the company can repay loans and settlements by mobilizing all working capital.

The equity ratio was positive for the period of 2012, but could not maintain its norm by 2014, which indicates financial fluctuation on enterprises and insufficient own funds.

The solvency recovery ratio for the period under review was less than the normal value during 2012-2013. and in 2014 it began to recover and came to a value of 2.05, so we can say that the company is not able to restore solvency within 6 months.

In 2012, 2014 the solvency loss ratio is greater than 1, so we can conclude that the company has real opportunity not lose your solvency.

2.3 Analysis of the investment attractiveness of OAO Lukoil

The investment attractiveness of an enterprise is determined by each individual investor differently, since each of them takes into account various factors that affect investment attractiveness.

OAO LUKOIL is one of the largest international oil and gas companies with a huge sales network (25 countries). In recent years, LUKOIL has been a leader in the rating of long-term investment attractiveness of oil and gas companies.

The investment potential of Russian enterprises is quite high. But lately activity Russian investors declining while interest foreign investors is increasing, especially towards industrial enterprises.

There are several approaches to assessing the investment attractiveness of an enterprise. The first of them, formal, is the analysis of indicators of the financial and economic activities of the enterprise. Tryasitsina, N.Yu. Comprehensive assessment investment attractiveness of enterprises [Text] / N.Yu. Tryasitsyn//Economic analysis.-2006.-№18.-p.40

According to the analysis of the financial activities of OAO "LUKOIL", the following points can be distinguished.

Sales revenue increases every year (in 2014 it amounted to 242,882 million rubles. Net profit also increases; only in 2014 compared to 2013 it increased by 154,073 million rubles. Earnings per share has the same trend of change, as well as net profit, that is, there was an increase in 2013, in 2014.

Table 2.7

Cash flow from investing activities

	2012 (million rubles)	2013 (million rubles)	2014 (million rubles)
Sale of non-current assets
From loan repayment
Dividends, % on debt financial investments
Acquisition of non-current assets
Acquisition of shares
Acquisition of debt securities
Other payments

The table shows that the net cash used in investment activities is decreasing every year and in 2014 the difference between payments and receipts amounted to 133,649 million rubles in favor of payments. This indicates the active investment activity of the company: OAO Lukoil is taking actions to acquire shares and debt securities in order to generate income in the future. On the positive side, most of the proceeds come from the repayment of loans, which indicates an effective policy for managing the counterparties of the enterprise.

To analyze the investment attractiveness, it is necessary to determine the return on invested funds according to the following formula given in the first chapter:

Where K1 is the economic component of the investment attractiveness of the enterprise, in fractions of a unit;

V - the volume of investments in the fixed capital of the enterprise;

Pr - the amount of profit for the analyzed period.

In our case, we take the net profit of the enterprise as an indicator of income. Let's calculate this figure for 2014.

K1 \u003d 371881 / 1187984 \u003d 0.31,

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

It is also possible to use instead of the economic component of the investment attractiveness of the enterprise the indicator of return on fixed capital, since this indicator reflects the efficiency of the use of previously invested funds in fixed capital. Regarding the company "Lukoil", the profitability indicator is determined by formula 3.

Formula 3

C - average capital

Rc = 371881 / 999138 = 0.37.

Therefore, the return on fixed capital for 2014 is 37%.

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

To ensure the activities of OAO LUKOIL, the following management and control bodies have been established:

· Governing bodies:

The Meeting of Shareholders is the supreme management body of the Company;

Board of Directors;

The sole executive body is the President (General Director);

The collegial executive body is the Board.

Control body:

Audit committee.

The following factors also play a decisive role in determining the high investment attractiveness of OAO LUKOIL:

Production and technological (in the production of oil and gas, as well as in the production of products, modern equipment is used, scientific developments are continuously introduced, which make it possible to increase the efficiency of the work being carried out);

Resource;

infrastructure;

Export potential

Business reputation and some others.

2.4 Ways to increase the investment attractiveness of the enterprise

The enterprise can take measures to increase its investment attractiveness (in order to better meet the requirements of the investor). The main activities in this regard can be concluded as follows:

· development of a long-term development strategy;

business planning;

legal expertise and bringing title documents in accordance with the law;

creation credit history;

· Carrying out measures for reforming (restructuring).

In order to determine which of the activities required by a particular enterprise to increase investment attractiveness, it is advisable to analyze the current situation (diagnosing the state of the enterprise). It is used to define:

Strengths of the company;

Risks and weaknesses in the current state of the company, including from the point of view of the investor;

In the process of diagnostics, various areas of the enterprise's activity should be considered: sales, production, finance, management. The sphere of activity of the enterprise is singled out, which is associated with the greatest risks and has the greatest number of weaknesses, measures are formed to improve the situation in the selected areas.

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

Indicators

Absolute deviation

Indicators

2008 compared to 2007

2008 compared to 2006

1) Financial independence ratio

2) Self-financing ratio

3) Coefficient of financial tension

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

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

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

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

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

3. Methods based on the analysis of both external and internal factors (the so-called combined approach). A classic example the combined approach is a ratio that compares the price of a share with earnings per share (Price earnings ratio, PER) - an indicator often used by analysts stock market and investment managers.

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

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

, (105)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Some important assets are not included in the balance sheet ( trade marks, highly skilled labor force, etc.);

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

2.2. cash flows companies. This approach to estimating the value of a company uses information contained in another accounting report - a cash flow statement. Here the key indicator is the amount of money received by the company from operating activities(cash flow from operations, CFFO). Some analysts also use a measure such as "company free cash", which is CFFO less acquisition costs and overhaul fixed assets.

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

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

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

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

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

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

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

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

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

Earnings and capital employed may be deliberately misrepresented,

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

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

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

Yes, for ABC

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

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

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

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

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

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

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

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

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

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

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

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

The advantages of using the described indicator include the following:

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

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

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

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

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

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

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

PER cannot be applied to companies operating at a loss.

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

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

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

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

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

Attractiveness of products;

Personnel attractiveness;

Innovative attractiveness;

financial attractiveness;

Territorial attractiveness;

Environmental attractiveness;

social attraction.

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

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

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

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

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

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

Personnel attractiveness enterprises are characterized by three terms;

1. Business qualities of the leader and his team

2. The quality of the personnel core

3. The quality of staff renewal in general.

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

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

key managers;

Board of Directors;

Supervisory Board;

consultants and other professionals.

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

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

decision makers - president, directors, heads of departments;

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

Development managers, etc.

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

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

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

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

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

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

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

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

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

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

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

1. Selection of a system of indicators directly or indirectly characterizing innovative activity enterprises.

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

3. Choice general criterion for express analysis. Can be offered the following systems indicators of the innovative attractiveness of the enterprise:

a) the structure of fixed assets:

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

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

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

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

b) the efficiency of the use of fixed assets;

c) sources of technical renovation of production;

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

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

The indicators of financial attractiveness were considered by us above.

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

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

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

Socio-political stability;

Development prospects economic region;

The level of infrastructure development in the region;

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

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

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

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

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

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

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

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

Ecological attractiveness of the natural environment of the enterprise;

Environmental attractiveness of the products;

The environmental attractiveness of the products produced at the enterprise.

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

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

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

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

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

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

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

Working conditions

Organization and pay

Development of social infrastructure.

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

The following indicators are usually taken into account:

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

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

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

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

federal agency of Education Russian Federation

Branch of the St. Petersburg State University of Engineering and Economics in Vologda

Department of Economics and Management

COURSE WORK

discipline: "Investments"

on the topic:

"Analysis of the investment attractiveness of the enterprise"

Introduction

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

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

1.2 Methodological approaches to the analysis of the investment attractiveness of an enterprise

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

2. Economic characteristic enterprises (on the example of OAO LUKOIL)

2.1 General characteristics of the enterprise

2.2 Analysis of liquidity and solvency

2.3 Financial sustainability analysis

2.4 Analysis business activity

3. Analysis of investment attractiveness at the enterprise (on the example of OJSC "LUKOIL")

4. Ways to increase the investment attractiveness of the enterprise

Conclusion

Bibliography

Application

Introduction

The assessment of the investment attractiveness of an enterprise plays an important role for an economic entity, since potential investors pay attention to this characteristic of an enterprise, while studying the indicators of financial and economic activity for at least 3-5 years. Also, in order to correctly assess the investment attractiveness, investors evaluate the enterprise as part of the industry, and not as a separate economic entity in the environment, comparing the enterprise under study with other enterprises in the same industry.

Almost any line of business in our time is characterized by a high level of competition. In order 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, periodically there comes a moment when the management of the organization realizes that further development is impossible without an influx of investments. Attracting investment gives a company a competitive advantage and is often the most 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 activities.

Investment attractiveness is important for investors, since the analysis of the enterprise and its investment attractiveness allows minimizing the risk of improper investment.

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

The purpose of the study allowed us to formulate the tasks that were solved in this work:

1. to reveal the concept of investment attractiveness; 2. to determine the factors influencing investment attractiveness;3. provide an algorithm for monitoring the investment attractiveness of the enterprise;4. analyze the financial and economic activities of the enterprise on the example of OAO "LUKOIL";5. to analyze the investment attractiveness of the enterprise on the example of OJSC "LUKOIL";6. to develop ways to increase the investment attractiveness of the enterprise. This work consists of an introduction, four chapters, a conclusion, a list of references and an application. The following research methods were used when writing a term paper: a comparative method; study of relevant literature, articles; analytical method. The educational literature on this topic, periodicals of economic journals, and information sites served as the information base. To perform the analytical part of the work, information and financial statements of OAO LUKOIL were taken.

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

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

In the economic literature, there are a sufficient number of works by various scientists devoted to the problems of determining and understanding the "investment attractiveness" of an enterprise.

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

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

1) investment attractiveness as a condition for the development of an enterprise;

The investment attractiveness of an enterprise is the state of its economic development, in which, with a high degree of probability, investments can give a satisfactory level of profitability or another positive effect can be achieved within an acceptable timeframe for the investor.

2) investment attractiveness as a condition for investment;

Investment attractiveness is a combination of various objective features, properties, means, opportunities that determine the potential effective demand for investments in fixed capital.

3) investment attractiveness as a set of indicators;

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

4) investment attractiveness as an indicator of investment efficiency.

The effectiveness of investments determines investment attractiveness, and investment attractiveness determines investment activity. The higher the efficiency of investments, the higher the level of investment attractiveness and the larger the investment activity, and vice versa.

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

From the point of view of investors, the investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterize the solvent demand of an enterprise for investments.

Demand for investments (together with supply, price level and degree of competition) determines the investment market conditions.

In order to obtain reliable information for the development of an investment strategy, a systematic approach is needed to study the market situation, starting from the macro level (from the investment climate of the state) and ending with the micro level (assessment of the investment attractiveness of an individual investment project). This sequence allows investors to solve the problem of choosing exactly such enterprises that have the best development prospects in the event of the implementation of the proposed investment project and can provide the investor with the planned return on invested capital from existing risks. At the same time, the investor considers the company's belonging to the industry (developing or depressed industries) and its territorial location (region, federal district). Industries and territories, in turn, have their own levels of investment attractiveness, which include the investment attractiveness of enterprises.

Thus, each object of the investment market has its own investment attractiveness and at the same time is in the "investment field" of all objects of the investment market. The investment attractiveness of the enterprise, in addition to its "investment field", is experiencing the investment impact of the industry, region and state. In turn, the totality of enterprises forms an industry that affects the investment attractiveness of the whole region, and the attractiveness of the state is formed from the attractiveness of the regions. All changes occurring in higher-level systems (political instability, changes in tax legislation, and others) are directly reflected in the investment attractiveness of the enterprise.

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

When deciding on the placement of funds, the investor will have to evaluate many factors that determine the effectiveness of future investments. Given the range of options for combining different values of these factors, the investor has to evaluate the combined impact and results of the interaction of these factors, that is, evaluate the investment attractiveness of the socio-economic system and, based on it, make a decision on investing.

Therefore, there is a need for quantitative identification of the state of investment attractiveness, and it should be taken into account that for the adoption investment decisions an indicator characterizing the state of the investment attractiveness of an enterprise should make economic sense and be comparable to the price of the investor's capital. Therefore, it is possible to formulate the requirements for the methodology for determining the indicator of investment attractiveness:

The indicator of investment attractiveness should take into account all factors of the external environment that are significant for the investor;

The indicator should reflect the expected return on investment;

The indicator should be comparable with the price of the investor's capital.

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

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

One of the main factors of the investment attractiveness of the enterprise are investment risks.

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

The risk of lost profits is the risk of indirect (collateral) financial damage (lost profit) as a result of not implementing any activity.

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

Yield downside risk includes the following varieties: interest rate risks and credit risks.

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

· production and technological;

resource;

· institutional;

· regulatory and legal;

infrastructural;

· export potential;

· business reputation and others.

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

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

Formal (calculated on the basis of financial reporting data);

· informal (management competence, commercial reputation).

1.2 Methodological approaches to the analysis of the investment attractiveness of an enterprise

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

The investment attractiveness of the enterprise includes:

General characteristics of the technical base of the enterprise;

Product range;

production capacity;

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

Characteristics of the control system;

Authorized fund, owners of the enterprise;

The structure of production costs;

The amount of profit and the direction of its use;

Assessment of the financial condition of the enterprise.

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

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

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

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

Additional tasks:

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

Monitoring of investment attractiveness.

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

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

Thus:

K 1 \u003d P / I, (1)

In cases where there is no information on investments in fixed capital, it is recommended to use the return on fixed capital as an economic component, since this indicator reflects the efficiency of using funds previously invested in fixed capital.

The indicator of investment attractiveness of the investment object is calculated by formula 2:

S i = N / F i , (2)

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

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

H is the value of the consumer order.

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

Within the enterprise, attraction of additional technological, material and financial resources is necessary to solve a specific problem - the introduction of new foreign technology in the form of a license and know-how, the acquisition of new imported equipment, attracting foreign management experience in order to improve product quality and improve methods of entering the market, expanding the output of those types of products that are needed market, including the global one. The attraction of material resources from abroad is also required for the implementation of our own technical developments, the use of which is hindered due to the lack of the necessary equipment.

The implementation of investment in Russian enterprises is characterized by the following interrelated conditions: low competitiveness on the part of enterprises - recipients of investments; a high level of information asymmetry and frequent use of insider information; low information transparency of companies; high level of conflict between investors and enterprise management; lack of mechanisms to protect the interests of investors from dishonest actions of enterprise managers.

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

Table 1.1.

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

Method name	Sides of the enterprise, analyzed using quantitative indicators	Aspects of the enterprise's activities analyzed using qualitative indicators	Purpose of the analysis
System of complex economic analysis of Moscow State University. M.V. Lomonosov (KEA)	Analysis of the use of production facilities; Analysis of the use of material resources; Analysis of the use of labor and wages; Analysis of the size and structure of the advanced capital; Analysis of the cost of production; Analysis of the turnover of production assets; Analysis of the volume, structure and quality of products; Analysis of profit and profitability of products; Analysis of the profitability of economic activity; analysis of financial condition and solvency	Analysis of the organizational and technical level, social, natural, foreign economic conditions of production	Evaluation of the effectiveness of the enterprise
Methodology of the Bank of France	Performance evaluation; Credit case assessment; Solvency assessment	Executive evaluation
Bundesbank methodology	Evaluation of profitability payback; Liquidity assessment		Assessment of the reliability of the enterprise as a borrower
Bank of England methodology	Market risk;	Market risk; Control; Organization; Control
US Federal Reserve Methodology	Capital, assets, profitability, liquidity	Management	Assessment of the reliability of a commercial bank

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

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

In the course of assessing investment attractiveness, the effectiveness of investments is evaluated.

The effectiveness of investments is determined using a system of methods that reflect the ratio of costs associated with investments and results. The methods make it possible to judge the economic attractiveness of investment projects and the economic advantages of one project over another.

By type of economic entities, the methods may reflect:

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

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

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

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

Enterprises with low investment attractiveness can be considered unattractive, since the invested capital does not grow, but only acts as a temporary source of viability, not determining the economic growth of the enterprise. For such enterprises, an increase in investment attractiveness is possible only through qualitative changes in the management and production system, in particular, in reorienting the production process to meet market needs, which will improve the image of enterprises in the market and create new or develop existing competitive advantages.

A potential investor, partner and directly the management of the enterprise are interested not only in the dynamics of changes in the investment attractiveness of the enterprise over the past period of time, but also in the trends of its change in the future. Knowing the trend in this indicator means, on the one hand, being prepared for difficulties and taking measures to stabilize production, or, on the other hand, using the moment of growth in the investment attractiveness indicator to attract new investors, timely introduce the latest and improve outdated technologies, and expand production. and the sales market, improving the efficiency of the enterprise in weak markets, and so on.

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

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

Building a monitoring system for controlled indicators covers the following main stages:

1. The construction of a system of informative reporting indicators is based on financial and management accounting data.

2. The development of a system of generalizing (analytical) indicators that reflect the actual results of achieving the stipulated quantitative control standards is carried out in strict accordance with the system of financial indicators.

3. Determination of the structure and indicators of forms of control reports (reports) of performers is intended to form a system of control information carriers.

4. Determination of control periods for each type, each group of controlled indicators. The specification of the control period for groups of indicators is determined by the "urgency of response" necessary for the effective management of the investment attractiveness of the enterprise.

positive deviation;

Negative "permissible" deviation;

Negative "unacceptable" deviation.

It is advisable to divide the entire system of indicators for monitoring investment attractiveness into the following groups:

1. Indicators of the external environment. For the external environment of enterprises operating in market conditions, a number of distinguishing features are characteristic: firstly, all factors are taken into account simultaneously; secondly, enterprises should take into account the multidimensional nature of management; thirdly, an aggressive pricing policy; fourthly, the dynamism of market development, when the positions of competitors and the alignment of forces are changing at an increasing speed.

2. Indicators characterizing the manifestation of the social efficiency of the enterprise at the public level. Social efficiency stands out from the entire group of socio-economic indicators as that side of it that reflects the impact of economic measures on the most complete satisfaction of society's needs.

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

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

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

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

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

2. Organizational and economic characteristics of the enterprise (on the example of OJSC "LUKOIL")

2.1. General characteristics of the enterprise

OAO LUKOIL is one of the largest international vertically integrated oil and gas companies established in 1991. The main activities of the Company are the exploration and production of oil and gas, the production of petroleum products and petrochemical products, as well as the marketing of manufactured products. The main part of the Company's activities in the exploration and production sector is carried out on the territory of the Russian Federation, the main resource base is Western Siberia. LUKOIL owns modern oil refineries, gas refineries and petrochemical plants located in Russia, Eastern and Western Europe, as well as neighboring countries. The main part of the Company's products is sold on the international market. LUKOIL sells petroleum products in Russia, Eastern and Western Europe, neighboring countries and the USA.

LUKOIL is the second largest private oil and gas company in the world in terms of proven hydrocarbon reserves. The Company's share in global oil reserves is about 1.1%, in global oil production - about 2.3%. The company plays a key role in the Russian energy sector, accounting for 18% of Russia's total oil production and 19% of Russia's total oil refining.

The main performance indicators of OAO “LUKOIL” for the last 3 years are shown in Table 2.1.

Table 2.1

Key Performance Indicators of OAO LUKOIL

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

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

The cost structure of OAO LUKOIL for 2008 is shown in Diagram 2.1.

Diagram 2.1. Cost structure of OAO LUKOIL for 2008

From this diagram it can be seen that a large share of the costs falls on the cost of purchased oil, gas and products of their processing (40.3%), as well as excises and transport duties (22.7%).

These tables allow us to conclude that the total value of assets for the period under review increased by 48.1% (compared to 2006). The share of non-circulating capital increased by 6.2% and in 2008 amounted to 78.1% of the total assets, while the share of working capital decreased accordingly.

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

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

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

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

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

Diagram 2.2. Dynamics of value change

balance currency for 2006-2008

2.2. Liquidity and solvency analysis

The liquidity of an organization is its ability to turn its assets into cash to cover all necessary payments as they fall due.

The liquidity of the balance sheet is the degree to which liabilities are covered by assets, the period of conversion of which into cash corresponds to the maturity of liabilities.

There are several ways to analyze balance sheet liquidity.

1. Building a compacted (aggregated) balance sheet.

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

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

Table 2.2.

Grouping of assets by degree of liquidity

The indicator of the most sold assets slightly decreased, while the value of slowly sold assets varies unevenly, and their share in the total assets is the smallest (5% in 2008).

Liabilities of the balance are grouped according to the degree of urgency of their payment (table 2.3.).

Table 2.3.

Grouping liabilities according to the degree of urgency of their payment

In the structure of liabilities, a significant share falls on permanent liabilities (70.4%), the value of which increases over a given period of time. All other groups of liabilities also increase evenly.

Table 2.4

The ratio between assets and liabilities of the balance sheet

Based on the obtained results, we can say that the balance sheet of the enterprise is not absolutely liquid.

2. Calculation of absolute indicators of liquidity of the enterprise.

The calculation data are given in Table 2.5.

Table 2.5.

Absolute liquidity indicators

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

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

Table 2.6

Relative liquidity ratios

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

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

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

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

The coefficient of provision with own funds is negative for a given period of time, which indicates a lack of own funds at the enterprise.

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

During 2006-2008 the enterprise has the possibility of losing solvency, in order to avoid this, it is necessary to take various measures to restore it.

2.3 Financial stability analysis

This analysis is based on the analysis of the ratio of own and borrowed capital of the enterprise.

There are 3 ways to analyze financial stability.

1. Using simple ratios.

Its essence lies in the fact that if the equity is more than half the size of the balance sheet, then the company is financially stable.

Let's produce this ratio (table 2.7).

Table 2.7.

The ratio between the balance sheet and equity capital

This ratio helps to determine that the company is financially stable for the entire period under consideration.

2. The use of absolute indicators of financial stability.

The calculations of these indicators are presented in Table 2.8.

Table 2.8

Absolute indicators of financial stability

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

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

In the course of calculations, a lack of own working capital for the formation of reserves and costs was revealed; surplus of functional capital for the formation of stocks and costs (decrease in 2008); excess of the total value of sources for the formation of reserves and costs (slight reduction).

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

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

Table 2.9

Relative indicators of financial stability

The calculation of these indicators once again confirms that the situation in 2008 has become better. The coefficients for 2008 exceed the normative values, which testify to the financial stability of the enterprise, the possibility of self-financing, and low financial tension.

Therefore, the company can be called financially stable.

2.4. Business activity analysis

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

1. Turnover indicators (Appendix 3).

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

This table shows that working capital, receivables at the enterprise began to be used more efficiently; the cash turnover ratio decreased significantly (by 32.9) in 2008 compared to 2007, but increased by 13.5 compared to 2006; the duration of the turnover of stocks has decreased; own capital, as well as borrowed capital, began to be used more efficiently than before; the turnover of accounts payable decreased compared to 2006.

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

2. Indicators of profitability.

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

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

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

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

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

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

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

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

The product profitability ratio decreased by 4.4% compared to 2007. It shows that 14.6 cents of profit falls on 1 dollar of production cost.

Table 2.10

Profitability indicators

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

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

Sales have become less efficient by 4.4% compared to 2007. This means that 11.5 cents of profit falls on 1 dollar of the company's revenue.

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

The profitability of borrowed capital has significantly decreased, that is, borrowed funds have been used less efficiently. In 2008, this figure is 46.3%, which is 10.1% less than in 2007. This means that 46.3 cents of profit falls on 1 dollar of borrowed capital.

The return on assets also decreased by 3.6% compared to 2007 and is equal to 14.0%, which means that for every dollar of invested assets there is 14 cents of profit.

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

3. Analysis of the investment attractiveness of the enterprise

(on the example of JSC "LUKOIL")

The investment attractiveness of an enterprise is determined by each individual investor differently, since each of them takes into account various factors that affect investment attractiveness.

The investment potential of Russian enterprises is quite high. But lately the activity of Russian investors has been declining, while the interest of foreign investors is increasing, especially in industrial enterprises.

According to the analysis of the financial activity of OAO “LUKOIL” carried out in the second chapter, the following points can be singled out.

Sales proceeds are increasing every year (in 2008 they amounted to USD 107,680 million). Net income is also rising; only in 2008, compared to 2007, it slightly decreased and amounted to USD 9,144 million. there was a slight drop ($10.88 in 2008).

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

Funds at the enterprise are used efficiently, as evidenced by the turnover rates.

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

Table 3.1

Cash flow from investing activities

( million USD)


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

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

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

K 1 \u003d P / I,

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

And - the volume of investments in the fixed capital of the enterprise;

P - the amount of profit for the analyzed period.

In our case, we take the net profit of the enterprise as an indicator of income. Let's calculate this figure for 2008.

K 1 \u003d 9 144 / 48 966 \u003d 0.187,

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

R k \u003d PE / sr.vel. cap.,

R k \u003d 9 144 / 45 776.5 \u003d 0.20.

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

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

To ensure the activities of OAO LUKOIL, the following management and control bodies have been established:

· Governing bodies:

The Meeting of Shareholders is the supreme management body of the Company;

Board of Directors;

The sole executive body is the President (General Director);

The collegial executive body is the Board.

Control body:

Audit committee.

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

Production and technological (in the production of oil and gas, as well as in the production of products, modern equipment is used, scientific developments are constantly being introduced to improve the efficiency of the work being done);

Resource;

infrastructure;

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

Business reputation and some others.

4. Ways to increase the investment attractiveness of the enterprise

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

· development of a long-term development strategy;

· business planning;

legal expertise and bringing title documents in accordance with the law;

creation of a credit history;

· Carrying out measures for reforming (restructuring).

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

Determine the strengths of the company's activities;

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

In the process of diagnostics, various areas of the enterprise's activity are considered: sales, production, finance, management. The sphere of activity of the enterprise is singled out, which is associated with the greatest risks and has the greatest number of weaknesses, measures are formed to improve the situation in the selected areas.

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

Ownership of 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 cleanliness and correctness of accounting for rights to the company's securities.

Based on the results of the examination, inconsistencies in these areas with modern legislation are revealed. Eliminating these inconsistencies is an extremely important step, since any investor attaches great importance to due diligence when analyzing an enterprise.

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a general development plan, which is usually developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and the functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. The strategy allows the enterprise to plan for no 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 conditions of the enterprise's operation (both internal and external).

Having a long-term development strategy, the company proceeds to the development of a business plan. In the business plan, all aspects of the activity are considered in detail and in detail, the volume of necessary investments and the financing scheme, and the results of investments for the enterprise are substantiated. 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, the business plan is the basis for assessing the value of the enterprise and, accordingly, assessing the value of the capital invested in the enterprise, and substantiating the potential for its development.

For all groups of investors, the credit history of the enterprise is of great importance, since it allows one to judge the experience of the enterprise in the development of external investments and the fulfillment of obligations to creditors and investor-owners. In this regard, it is possible to carry out activities to create such a story. For example, an entity may issue and redeem a relatively small bond issue with a short maturity. After the loan is repaid, the enterprise in the eyes of investors will move to a qualitatively different level, 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 future bond issues and direct investments on more favorable terms.

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

1. Reformation of the share capital.

This direction includes measures to optimize the capital structure - splitting, 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. Changing the organizational structure and management methods.

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

3. Reformation of assets.

As part of the restructuring of assets, one can single out the restructuring of the property complex, the restructuring of current assets. This direction of restructuring involves any change in the structure of its assets in connection with the sale of surplus, non-core and the acquisition of necessary assets, optimization of the composition of financial investments, reserves, receivables.

4. Reformation 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, services; increasing their competitiveness, expanding the range or re-profiling.

A comprehensive restructuring of an enterprise includes a combination of activities related to several of the above areas.

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

Conclusion

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

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

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

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

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

In the current economic conditions, there are several approaches to assessing the investment attractiveness of enterprises. The first is based on indicators of financial and economic activity of the enterprise. The second approach uses the concept of investment potential, investment risk and methods for evaluating investment projects. The third approach is based on the valuation of the enterprise. Each of the methods has its advantages and disadvantages, and the more approaches and methods are used in the evaluation process, the more likely it is that the final value will be an objective reflection of the investment attractiveness of the enterprise.

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

An analysis of the financial and economic activities of the enterprise was carried out on the example of OAO LUKOIL, one of the largest oil and gas companies. The main performance indicators of the enterprise for the period under review (2006-2008) increased. So net profit for the period increased by 22.2%. The value of assets and liabilities of the balance sheet (balance sheet currency) also increased by 48.1% and amounted to 71,461 million US dollars in 2008. The company's balance sheet is not absolutely liquid. The enterprise is recognized as financially stable, the coefficient of financial tension is insignificant. A positive growth in the turnover of funds indicates their effective use at the enterprise. Profitability indicators for the last year have slightly decreased, which was probably caused by the negative impact of the current economic situation.

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

The ways of increasing the investment attractiveness of the enterprise are revealed. Among them are the following: development of a long-term development strategy, as well as a business plan; conducting legal expertise; creating a positive credit history; carrying out measures to reform or restructure the enterprise. The enterprise forms a program of measures to increase investment attractiveness, based on individual characteristics and the current situation on the capital markets.

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* 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 are legally Limited Liability Companies. 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.

Let's try to understand what is the essence of this activity?What is an increase in investment attractiveness?I confess that several definitions that I have found do not quite adequately answer the question.

Here 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 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 financial reporting data, and informal indicators that 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.

You read this and “everything at once” becomes clear! Only after reading, one involuntarily recalls the song of V. Vysotsky, written back in 1972, “Comrade Scientists”:

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.

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 is the "investment attractiveness" of an enterprise through a simple, but logical, well-built reflection.

Speaking “in a boyish way”, then in my understanding, “the investment attractiveness of an enterprise” is ... this is ... This is when you look at the financial performance of an enterprise and 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 funds, targeted bank deposits, shares, shares and other securities, technologies, machinery, equipment, licenses, including those for trademarks, loans, any other property or property rights, intellectual values invested in objects of entrepreneurial and other types of 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

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 dispose of them. Manage in such a way that after the implementation of the investment project, get a qualitative (or quantitative) leap in the quality of products, production volumes, increase in market share, etc. What, 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 “spend” money, everyone can, but “skillfully manage”, not everyone ...

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 line of potential buyers or potential investors for you. This is the bitter (with sourness) truth of life!

However, most business owners or start-up 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 them.

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 businesses 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 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 be used to purchase real estate. Otherwise, the timing should be adjusted upwards.

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

2. Deplorable financial condition. Despite the presence of certain assets, the financial condition of the enterprise is in a deplorable state, leading specialists have fled for a long time. There are those who have nowhere to run. A kind of legal half-corpse with worn-out management and technological equipment, but with claims for millions of investments, faith in oneself and “foreign countries that will help us”, although abroad has already said its word ...

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

4. Other reasons

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.

If “no”, then there is no need to fool investors with rainbow-colored projects that look more like “business fiction”. Utopian ideas, alas, are extremely rarely funded! 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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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.