In the modern economic conditions, one of the priorities of sustainable development is the intensification of investment processes of enterprises, that improve its position in the market environment. Investment appeal in this case plays the role of a key element, since their dynamics depends on the capabilities of the company comply with the conditions for potential investors. Because of this, more and more important, issues related to obtaining an objective and adequate assessment of these opportunities. That is the aim of estimating the investment attractiveness of the company.
Methodological bases of estimation of investment attractiveness of the enterprise are reflected in such works as foreign E. Hansen , R. Harrod, R. Hawtrey, E. Chamberlin and native authors Alekseeva A.A, Velikoivanenko G.I, Blanc I., Gerasimchuk M.S, Khobta V.M., Meshkov, A.V., Matviychuk A.V., Nechiporuk O.V., Yukhymchuk S.V., Sadekov A.A., Yastremskaya O.N.
Analysis of the present methodological framework for this issue indicates a high level of relevance in the current economic realities. Scientists proposed various approaches to solve this problem, starting with primary production - companies and, to the level of government. However, the main feature of most of these approaches is a focus only on the calculation of financial indicators, which creates a range of outstanding issues. We should add that in these circumstances makes the issue more complex evaluation that includes the development and use of Balanced Scorecard, demonstrating the level of efficiency not only financial performance but also other areas of the enterprise management.
The purpose of this research is to develop theoretical, methodological approaches and create recommendations for improving the evaluation of investment attractiveness of enterprises. In accordance with the intended purpose formulated the following tasks:
• to analyze the features of the investment process in Ukraine;
• to identify the role and position estimation of investment attractiveness in the investment process;
• to describe the process of assessing the investment attractiveness of the enterprise;
• to review theoretical generalization of existing methods of assessing the investment attractiveness of the enterprise;
• to form the system of evaluation of investment attractiveness of the enterprise;
• to develop recommendations for improving methods of estimation of investment attractiveness of the enterprise.
The object of research is assessing the investment attractiveness of the enterprise. The subject of research is theoretical, methodological foundations and applied aspects of assessment of investment attractiveness of enterprises.
The theoretical basis of master's work are the objective laws and fundamental provisions of the economic theory, the theory of investment management, research papers domestic and foreign scientists. We used these scientific methods: analysis and synthesis for the differentiation and synthesis of the factors of investment attractiveness of the company; statistical analysis for evaluating the investment performance of the enterprise, the method of peer review - to determine the weight of indicators, graphical visualization of the findings of the study.
In the introduction disclosed the nature and status of the problem to be solved, the urgency of the topic chosen; defined purpose and objectives of the study, its scientific novelty, established the practical utility of the results. The first section of this work deals with theoretical and methodological foundations of estimation of investment attractiveness of enterprises, the necessity of developing a new method of integrated evaluation of investment attractiveness. Much attention is paid to the peculiarities of modern methods of estimation. We discuss the estimation of investment attractiveness of the scheme as a whole and its individual components.
One of the most important aspects of functioning of enterprises in Ukraine is the investment activity [3]. Important role in ensuring stable economic development of the state plays a positive dynamics of capital investment, which is the cost of acquisition or creation of tangible and intangible fixed assets. This investment, which stimulated the construction, manufacturing, renovation, modernization, acquisition, creation of fixed assets (including non-tangible assets intended to replace existing, and equipment for installation), and advances to finance capital construction. Important component of capital investment is investment in fixed assets - is an integrated indicator which most fully and accurately describes the economic growth in the short term [17]. Picture 1 shows the dynamics of investment in fixed capital since 1990.
Picture 1 - "Dynamics of investment in capital, mln UAH"
Exploring the investment processes and investment flows in Ukraine are the following main factors influencing both foreign and domestic investors. Internal factors: unfavorable investment climate, inadequate and often changes within the legal framework, lack of systematic approach to public administration development investment areas, reducing the financial capabilities of all budgets, inefficient use of investment potential and regions, poor competitiveness of the country, undeveloped stock market ; inadequate financial and credit system, the lack of guarantees of investment protection, lack of investment partnership of state and business, there are problems becoming long-term relationships with investors, companies and financial institutions, lack of risk insurance for investors, unstable political situation and high level of corruption [18]. It should be noted that all these factors create barriers for the further development of investment processes in Ukraine.
In such situation the economic interests of investors may become impossible. Therefore, the primary task for the Ukrainian company should determine the possibility of convincing investors in utility to him of such investment and minimal risk while [16]. Provision of utility investment in terms of investment processes in the plant is reduced to the estimation of investment attractiveness.
Investment attractiveness of the enterprise is an integral characteristic of enterprise with prospects of position, volume and sales opportunities, efficient use of assets and their liquidity and solvency of financial stability [14, p.143]. Estimation of investment attractiveness of enterprise is an opportunity to identify gaps in the enterprise, provide measures to eliminate them and improve opportunities to attract investment resources. This, in turn, provides opportunities for investors to determine, in its decision to invest in this enterprise [15, p. 206].
We have formed and sufficiently supported by the following approaches to the evaluation of investment attractiveness:
• using the analysis of financial and economic activities;
• by defining potential of actions;
• assessment of potential of enterprise and investment risks;
• based approach to determining the market value of the company.
It should be noted that the approach to the evaluation of investment attractiveness of enterprises using financial indicators are rarely meets the needs of managers, shareholders and investors. First, excessive emphasis on achieving short-term financial results can lead to excessive investment in short-term assets, while investing long-term projects may be at risk. Second, the level of investment attractiveness of enterprises have a great influence and intangible assets: brands, knowledge and experience of managers, customer base, using new technologies. In this regard, evaluate the effectiveness of business only through traditional financial indicators wrongfully [13, p. 84].
All this indicates that the problem of selection of indicators is still the most important and controversial issue. We have never formed a single system that would simultaneously meet the needs of investors on an investee really allowed to get objective information and would not be too laborious. In this regard, the wide dissemination of methods are becoming a combination of quantitative and qualitative characteristics of the enterprise. It should be noted that this combination will definitely complement assessment, but must be sufficiently justified.
However, feature the most modern techniques are used in the calculation methods of factor, cluster and other types of statistical analysis and consideration of all content of this concept for different groups of investors.
The basis of method of evaluation of investment attractiveness of enterprise should be balanced system, which describes:
• financial situation of the company;
• the state of capital assets and production;
• marketing activities;
• effective of using labor resourses.
The approaches to the investment attractiveness of enterprises allowed to form a scheme of the estimation process, which is presented on picture 2.
Picture 2 - The process of estimation of investment attractiveness of the enterprise (animation: 59.3 KB, 497х455, 7, 200мs, 100мs, 5) |
The purpose of the second section of the master's work is the analysis of methodological aspects of evaluation of investment appeal. Within the section covered issues related to the financial analysis and description of performance indicators using fixed assets, labor and production efficiency and marketing.
Financial analysis should give a full comprehensive assessment of the financial condition of the company. Financial analysis of the company aims to maintain financial stability, liquidity and solvency and ensure competitiveness in the long run. Overall assessment of the financial condition enables the identification of enterprise in the economic environment. Assessment of property and financial and economic condition of the company creates the necessary information base for management and financial decisions regarding problems or attracting investment, industrial development trends [20, p.138].
In a competition among producers improve the efficiency of fixed assets should be given special attention because of efficient use of assets all depend on technical and economic indicators: output, costs, productivity, profit, profitability, financial condition. That is why every company must constantly seek efficiency reserves of fixed assets. Identify these reserves and monitor performance measures for their mobilization and utilization can be only through the systematic economic analysis [21, p.155].
The major condition for the functioning of any business structure is a combination of labor with mass production, which provides business process. Human Resources Enterprise - a skilled staff, serving as a set of workers of different professional and qualification groups involved in the enterprise. They are an active part of the resource potential of the business entity.
As noted earlier, in modern terms the success of the enterprise market is mainly determined by factors such as financial stability, quality products, satisfied staff and satisfied customer. Noting the increasing role of marketing in modern terms, it should be emphasized that the recently observed increased attention and researchers to the marketing component of the factors influencing the development of enterprises, problems of identification and evaluation [22].
The third section will develop recommendations on evaluation of investment appeal. Within the section will examine issues related to forming and the practical application of complex methods of investment attraction, and its further use in the system of strategic management.
In the course of the study are generalizations of theoretical, methodological approaches and presented recommendations to solve problems to improve the estimation of investment appeal. Summary of principal findings and recommendations is as follows:
1. Investment attractiveness of the enterprise is a key element in modern investment processes that in turn creates the preconditions for its in-depth study. At the forefront the question of evaluation, because the presence of objective evaluation is the basis for effective and successful management decisions.
2. The urgency of investment attractiveness creates a lot of issues in approaches to its assessment. The analysis of the existing methodological framework showed that the most current relevance of the so-called acquired a comprehensive analysis of investment attractiveness of the company, which provides in assessing the selection of the following topics: financial status, assets and production, marketing, human resources.
3. In the course of financial analysis distinguish following groups of parameters that characterize: property, liquidity and solvency, profitability and equity. As a result of studying the existing methods are most appropriate method of complex analysis based on comparison of calculated values with reference values, which results in not only the rating position of the company, but also identify its weaknesses. In addition, the specificity of this analysis demonstrates the feasibility of just such information processing algorithm first third party, ie, potential investors or lenders that decide to identify areas of their own financial and economic activity, considering several alternatives.
4. When analyzing the performance of different areas of business, has gained special attention because of the complexity of evaluating marketing translation quality results in quantity. Marketing, many authors also examined in terms of management philosophy. Therefore, the main result of the work was the detection of quantitative methods for evaluating these activities.