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Abstract

Содержание

Introduction

Relevance of the topic. At the present stage of development of Ukraine's economy one of the key challenges is to attract investment. So increasing the volume of investment is a necessary condition for structural adjustment and economic growth. The presence of sufficient investment in the vital areas is the key to effective development and improvement of investment attractiveness of the different territorial levels.

But sustainable economic development is impossible without improving the condition of the enterprise, which requires modernization and introduction of new technology. This requires a significant investment, which is not enough due to low investment attractiveness of enterprises. In connection with various aspects of business in different directions and methods of improvement, the system requires coordination of management, aimed at providing investment potential. Therefore, investigation of the effective management of the investment attractiveness of enterprises is extremely relevant today.

Work purpose. The aim of this study is theoretical and methodological refinement of the provisions of improving the management of investment attractiveness.

Work subject – theoretical principles and methods of forming the investment attractiveness of enterprises.

Object of work – investment processes across the enterprise.

Research methods. Theoretical and methodological basis of master's work served as the fundamental assumptions of economic theory, scientific papers and methodological development of leading domestic and foreign scholars in the field of cost management in the enterprise. To solve the problems in the work we used common scientific and applied research methods: methods and comparison groups – to study and analyze the content of the category "Investment attractiveness of the enterprise" system analysis – to assess the impact of changes in financial institutions and investment attractiveness of enterprises on the macroeconomic development of the state; situational analysis – to study the approaches to the definition of investment potential, system analysis and the method of grouping – to improve the approach based on mathematical analysis of the economic and investment potential. The information base for the study are normative and legislative acts of Ukraine, the general situation of scientific works of domestic and foreign scientists in the framework of the topic, rapid information the State Statistics Committee of Ukraine, materials research conferences, periodicals and the Internet.

The scientific significance of the research is to improve the management of the investment attractiveness of the company, developing ways to improve the investment attractiveness.

Approbation of results of work. The basic scientific and practical provisions of work were presented at all Ukraine scientific and practical conferences: conference of students and young scientists "Modern problems of management of investment and innovative activity" in 2011-2012, "Donbass – 2020: prospects of development by eyes of young scientists" in 2012 and "Managing the innovation process in Ukraine: problems of commercialization of research and development" in 2012.

Main content of work

In introduction the actuality of a subject of a master's thesis is considered, the research objective, object, a subject and research methods are given, practical value of results reveals.

The first section of work "Theoretical Foundations of investment attractiveness" is devoted to the consideration of the essence of investment potential, methods of assessment of investment attractiveness of the enterprise and determination of the factors and the reserves of its increase.

Ensuring economic growth of the enterprise depends on the availability of sufficient investment, so the shortage of financial resources for their own businesses is necessary to attract investment. But for this it needs to be attractive for investors to invest, ie, must meet a number of characteristics. Thus, the company needs to strengthen its effectiveness in its different aspects. Because aspects of the enterprise may be different and how they can be improved in different directions, to achieve its goal requires coordination management, which is part of the management of investment attractiveness of the enterprise.

Investment attractiveness of the object management – is the financial and economic relations in the economic growth of the enterprise and meet the needs of the investor [1].

From this you can define the concept of "management of the investment attractiveness of the enterprise" as an activity guide, provides a purposeful, organizing effects on the financial and economic relations in the economic growth of the enterprise and meet the needs of the investor.

However, they all have certain disadvantages, namely a lot of methods borrowed from foreign authors, focused primarily on financial rather than real investments, borrowed methods related to real investment is designed to stable economic conditions, which clearly displayed by all economic laws are not adapted to the real economic situation in Ukraine, most of the methods is based on an analysis of unsystematic set of indicators of financial condition of the company, ie is retrospective in nature, whereas an investor interested in the results of future activities; many methods based on expert judgment and have the character of uncertainty because they reflect the subjective opinion of experts. The concept of "assessment" always involves a comparison of the object with a certain standard, standards, codes, or other object. Rating of investment attractiveness of the company should assume a comparison of the results of measurements with the results of measurement of investment attractiveness of other companies or with the maximum possible value of the indicator, if it can be installed in order to decide whether to invest[2].

Attracting investment is an important issue for the entire period of operation of enterprises requires management to continuously improve the level of economic activity and investment advantages compared to other companies. Particularly acute question of the effectiveness of investment management occurs in a time of financial crisis due to high demand and low supply of investment resources. So now the question arises to find the factors and the use of reserves for increasing the efficiency of investment.

In turn, the growth of investment attractiveness of reserves – is underutilized opportunities to increase the investment attractiveness. Thus, the factors are the broader concept, which includes the reasons for changes in investment attractiveness in the past, the present tense, as well as the reasons for that increase it in the future, there are reserves. What is a factor, and that – reserve depends on each company[3].

Investment attractiveness is determined by a complex of different factors, the list and weight may vary depending on:

    — the objectives of investors;

    — the production and technical capabilities of the enterprise in which funds are invested;

    — the economic development of the enterprise in the present, past and expected growth;

    — a complex of external factors, including current legislation, the environmental situation, the level of competition [4].

The second section of work "Analysis of teaching positions determine investment attractiveness," analyzes the investment attractiveness of Ukraine, evaluated and identified factors influencing the investment attractiveness of the company.

For a comprehensive and effective research investment potential and to fully understand the nature of the economic category, you must focus on determining the influential factors.

Factors forming the investment attractiveness of the company - these are the conditions, driving forces, the totality of the phenomena and processes that influence the development of the company and its characteristic form, on which an investor decides to invest in an enterprise, or waived.

Since the factors affecting the level of investment attractiveness of enterprises can be divided into two groups: external and internal factors. These factors more precisely define the notion of investment attractiveness of the company and cover all its fullness and essence.

Describing the current state of investment in Ukraine, it may be noted that along with the increase of foreign capital into the country, according to the testimony of many local economists, investment attractiveness of Ukraine in the world is quite low. Therefore, to increase investor interest in the future is to invest in our country today before the state one of the most urgent tasks is to ensure a favorable investment climate.

The real economic situation in Ukraine is considerably complicates the investment. The current volume of investment does not provide the preconditions for economic growth and even a full replacement of the existing provisions of [5]. Any investor is constantly acting on the basis of the relation between the size of the yield potential profit and risk. In contrast, participants in the direct sale of goods, the investor intends to invest their capital with the expectation of future results and should be confident in the reliability of operations, which plans to [6].

Today in Ukraine there is an unfavorable investment climate, as evidenced by the statistics and the opinions of many experts. In the first quarter of 2012 in a survey of member companies of the European Business Association (EBA) assess the current level of investment attractiveness of Ukraine continues to decline and amounted to 2.18 points. This estimate is based on a scale of one to five stars. In this case, 77 % of study participants noted that there were no changes for the better since the beginning of the year in Ukraine did not happen.

The world's leading rating agencies, Moody's and Standard & Poor's, changed the long-term forecast of Ukraine's sovereign ratings to negative from stable. And the Russian index rating of investment attractiveness of Ukraine took the 107 out of 212, being between Senegal and Zambia.

As experts EBA, the general dissatisfaction of investors due to a number of negative trends that dominate the economy of Ukraine. Among the main complaints of the respondents were as follows: a constant and growing pressure from authorities (24 %), the shortcomings of the tax system is not fixed, but compounded the new Tax Code (11 %), lack of transparency and excessive state intervention in the regulation of business activity (11 % ), the impact of corruption (10 %), the overall instability of the policy and economic development (10 %).

Number of countries that invest in the economy of Ukraine, on January 1, 1996 amounted to 94 states, beginning in 2012 – 128 countries around the world. Foreign direct investment in Ukraine on 31 December 2011 amounted to 49,362.3 million dollars. United States and increased in comparison with the volume at the beginning of 2011 by 10.2 % and per capita was U.S. $ 1084.3. Of the EU countries received 79.9 % of total investment from CIS countries – 8.1 %, from other countries – 12.0 %. The ten major investor countries, which form nearly 83 % of the total direct investment, are Cyprus (25.6 % of to tal investment), Germany (15.0%), Netherlands (9.8 %), Russian Federation (7.3 %), Austria (6.9 %), UK (5.1 %), France (4.5 %), Sweden (3.5 %), Virgin Islands (British) Islands (3.3 %), United States (2.1 %) [7].

Analyzing the development of Ukraine for 2008-2011 (table 1), we can note an increase in investment activity. In particular, reducing the number of innovative companies that have a negative impact on investment attraction. Reduced performance in 2009 due to financial crisis, while foreign investors have invested in the Ukrainian economy 40026.8 mln. The investment attractiveness of Ukraine is growing, however, in comparison with other countries, this figure is one of the lowest. Direct investments provide an effective integration of national economies into the world through the production and scientific-technical cooperation, a source of capital in the form of modern means of production. Foreign capital is needed today especially in the areas of economy, activation of which will help bring it out of crisis [8].

Table 1 – The Basic indicators of development of Ukraine for 2008-2011


Name of indicator Year
2008 2009 2010 2011
Gross Domestic Product (at current prices), million UAH 948056 913345 1082569 1316600
Volume of the realized industrial production (works, services), million UAH 917035,5 806550,6 1065108,2 1120325,4
Depreciation of fixed means,% – 60 74,9 –
The number of innovation active enterprises 1378 1340 1303 1255
Financial results from ordinary activities before taxation, million UAH 8954,2 -42414,7 54443,5 112930,3
Operating return of the enterprise, % 3,9 3,3 4,0 5,2
Investment in fixed capital (at current prices), million UAH 233081,0 151776,8 171091,9 238174,6
Direct investment from the country, millions of dollars USA 6198,6 6223,3 6871,1 6898,0
Direct investment in the country, millions of dollars USA 35723,4 40026,8 44708,0 49362,3


Thus the state with the methods of economic regulation should be targeted to affect not only the formation of domestic and foreign investment inflows, but also to create conditions for their deployment in the real sector of the economy, create in Ukraine a favorable investment environment [9].

In the third section, "Recommendations to improve the management of investment attractiveness" is planned to develop recommendations for the assessment of investment attractiveness, improving the management mechanism of the investment attractiveness of enterprises, as well as improving the financial condition of the company, one of the key research investment potential.

Conclusion

Because aspects of the enterprise may be different and how they can be improved in different directions, to achieve its goal requires coordination management, which is part of the management of investment attractiveness of the enterprise.

Such management involves the selection of target groups of investors, the provision to meet their requirements, planning, analysis, and maintain the necessary level of performance of investment attractiveness.

A study of some approaches to the assessment of investment attractiveness of the enterprise leads to the conclusion of their large number and variety. Each of the methods has its advantages and has the right to exist. Accordingly, each approach has its drawbacks, which leads to the emergence of a more universal method.

For a comprehensive and effective research investment potential and to fully understand the nature of the economic category, you must focus on determining the influential factors.

The factors of formation of the investment attractiveness of enterprises are very important to analyze the functioning of the enterprise, identifying deviations, patterns and trends, the formation of the general characteristics of the economy. The study of these factors makes it possible to explore and take advantage of the enterprise, as well as the timely prevention of the negative factors that shape the future strategy development and attraction of investment resources.

References

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Note

In writing this essay Masters qualifying work is not finished yet. Final completion is scheduled for January 2013. The full text of the work and materials on the topic of work can be obtained from the author or his supervisor after the specified date.