"All for the accountant", 2013, N 6

The work of an accountant in modern conditions involves not only competent accounting of the property and capital of the company, timely payment of taxes and fees, the formation and submission of reports, but also conducting a current analysis of the state of the company, its investment attractiveness and development opportunities.

The methodological stage of assessing the investment attractiveness of a commercial enterprise is a combination of all data by groups of indicators. First, a study of the financial position of the enterprise is carried out on the basis of financial statements, including:

analysis of the balance sheet structure;
analysis and planning of profitability;
analysis of the property status of the enterprise.

Analysis of the structure of the property status of the enterprise is made on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis. The property value structure gives a general idea of the financial condition of the enterprise, it shows the share of each element in the assets and the ratio of borrowed and own funds covering them in liabilities. Comparing the structural changes in assets and liabilities, we can conclude through which sources new funds were mainly received and in which assets these new funds were invested.

Analysis and planning of liquidity and solvency. Liquidity is the ability of an enterprise to fulfill its short-term (current) obligations at the expense of its current (current) assets or the ability to liquidate (repay) debt with available funds. According to the accounting (financial) statements, it is possible to calculate the ability of the enterprise to cover its obligations for the short term with available funds (coefficient absolute liquidity) and the ability to provide current funds with short-term liabilities (coverage ratio). When quick assets equal or exceed current liabilities, the quick ratio is equal to or greater than 1, which is normal.

The solvency of an enterprise plays an important role in the financial condition of the enterprise and in its attractiveness to investors. The solvency of the balance sheet is understood as the ability of the organization to pay off the available cash and cash equivalents at the end of the reporting year with debts formed at the end of the same year.

It is customary to group assets according to the time of their transformation into cash, and liabilities - by the terms of payment of debts:

A1 - the most liquid assets, i.e. short-term financial investments plus cash;

A2 - fast-selling assets - accounts receivable, payments on which are expected within 12 months. after the reporting date;

A3 - hard-to-sell assets (stocks, receivables), payments for which are expected in more than 12 months. after the reporting date;

A4 - non-current assets.

Liabilities of the balance are grouped according to the degree of their payment:

P1 - the most urgent obligations - accounts payable;

P2 - short-term liabilities - short-term borrowed funds and other liabilities;

P3 - long-term liabilities (long-term borrowed funds);

P4 - stable (permanent) liabilities - equity (total of section 3 of the balance sheet).

The balance is considered to be absolutely liquid if the following inequalities are fulfilled: A1 >= P1, A2 >= P2, A3 >= P3, A4<= П4.

If some inequalities have the opposite sign from the indicated one, then the balance cannot be considered absolutely liquid.

Analysis and planning of financial stability. Financial stability is the ability of the enterprise in the future to provide itself with the necessary funds to fulfill the production plan. When analyzing financial stability, the dependence of an enterprise on borrowed capital is considered.

A stable financial position can be considered when all indicators are normal. The situation is considered critical when the indicators are below the norm, and borrowed funds prevail in the functioning capital. An unstable financial position is when equity is equal to or slightly exceeds borrowed funds.

Table 1

Indicators of financial performance of the organization

Note. SC - equity; K - total capital; PC - attracted capital; ZK - borrowed capital.

Analysis and planning of profitability. Profitability is a relative indicator that determines the level of profitability of a business. Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various activities (production, commercial, investment, etc.). That is why investors attach great importance to the profitability of the organization. To obtain more accurate information about the profitability of a commercial organization, it is necessary to calculate the following indicators:

return on equity;
return on fixed capital;
profitability of product sales;
cost-effectiveness;
payback of fixed capital;
return on equity.

Return on equity shows the efficiency of using own invested funds and is calculated as a percentage. Calculated according to the formula:

where - return on equity;

Net profit;

The average value of own capital.

The return on equity shows how long the equity invested in capital will be reimbursed. The coefficient is indicated in years and is calculated by the formula:

where - return on equity;

Average annual amount of own capital;

Net profit.

A high rate of return on fixed capital indicates the correct use of the company's funds. The result is determined as a percentage. To determine this coefficient, the formula is used:

where - return on fixed capital;

Net profit;

Main capital.

The payback of fixed capital - for how many years investments in the organization's capital will pay off - is determined by the formula:

where - payback of fixed capital;

Average annual amount of fixed capital;

Net profit.

The profitability of product sales shows the general state of affairs of the company:

where - profitability of sales of products;

Revenue from sales;

Revenues from sales.

Return on costs shows how much profit falls on 1 rub. costs:

where - cost-effectiveness;

P - profit before tax;

PS - total cost of goods sold.

The result is obtained as a percentage. This calculation can be made for the entire product, for each group of products or for one specific product.

When analyzing indicators, it is necessary to take into account the dynamics of improvement or deterioration of coefficients over a number of years. This will help to more holistically assess the sustainability of the state of the organization. For investment investments, it is necessary to study the competitive environment of the enterprise and the indicator of competing enterprises.

Economic indicators for the investor are the main ones, but for a complete analysis and risk reduction, a comprehensive analysis of the investment attractiveness of the organization is also important. For this, the following aspects are considered: the attractiveness of the enterprise's products, personnel, innovative, financial, territorial and social attractiveness, investment risk.

The assessment of the attractiveness of the products of a commercial enterprise lies in the competitiveness of the goods. The competitiveness of a product is the ability of a product to be attractive in comparison with other products of a similar type and purpose due to a better correspondence of its characteristics to the requirements of a given market and consumer assessments.

The goods offered by the organization must be of appropriate quality, certified (if certification is required), comply not only with Russian, but also with international standards, be convenient, meet the requirements of modern views on products, etc.

Any commercial organization must diversify production in time, i.e. An organization will be attractive to an investor if it:

expands the range of products;
can timely reorient in the field of sales;
develops new directions in production and sales.

The presence of regular customers (permanent sales market) is a reliable indicator of high competitiveness.

The main indicator in assessing attractiveness is the price. Naturally, the price of a product must be competitive not only in the domestic, but also in the foreign market. It is also necessary to regularly monitor prices in the region for similar goods and for substitute goods. The generalizing indicator of the attractiveness of products for the consumer is calculated by the formula:

where - a generalizing indicator of the attractiveness of products;

demand for products;

Pr - offer.

The personnel attractiveness of a commercial enterprise lies in the business qualities of the company's management, in the professionalism of employees, the potential, desire and desire to obtain a general positive result of all the personnel of the organization. Generalizing coefficient:

where is the personnel attractiveness of a commercial enterprise;

Frames received;

Personnel dismissed;

Average headcount.

The company must be technically advanced. It is necessary that investment in production take place, and diversification should be carried out in a timely manner. These factors will affect the innovative attractiveness. It is necessary to calculate the innovative attractiveness of the enterprise according to the formula:

where is the investment attractiveness of the enterprise;

accumulation fund;

Net profit.

To increase the client base, an important factor is the location of the organization. For clients from other regions, it should be located close to the main highways. For territorial attractiveness, it is important that the place of sale be in the city center and not far from the leading points of sale (shops, markets, hypermarkets, etc.). A convenient parking place both for buyers and for the delivery of goods will have a positive effect on the territorial attractiveness.

Social attractiveness depends mainly on the leaders of the organization. Workers should be given the right to exercise their own opportunities in the field of work, social support should be provided to temporarily disabled people, decent wages should be paid, etc. The coefficient of the level of social attractiveness is calculated by the formula:

where is the coefficient of the level of social attractiveness;

Average salary of one worker;

Living wage.

The financial position of an organization is the most important factor for making a positive investment decision. It is based on an analysis of the documentation of a commercial organization, financial results and conclusions from the analysis. The generalizing coefficient of financial attractiveness will be profit divided by assets.

The calculation for the maximum profit when investing funds is made by each investor. But the potential risks cannot be ignored. All criteria of investment attractiveness have not only a planned indicator, the excess of which indicates the attractiveness of the enterprise according to this criterion, but also the degree of risk. If the indicator approaches the threshold of normal risk, the investor may refuse to contribute to the organization. The actual indicator of personnel attractiveness should not be negative or equal to zero. Financial attractiveness according to the planned indicator should be more than 0.15. It is necessary that all employees be 100% socially protected.

Retail is an intermediary relationship between manufacturers and end customers. As a rule, goods purchased in retail trade are not intended for further sale. Therefore, there are features of the analysis of investment attractiveness in retail trade enterprises.

The main point of sale for retail is the point of sale, therefore, when analyzing investment attractiveness at retail enterprises, it is necessary to pay great attention to the trading place. The first thing you should pay due attention to is the location. It should not be removed from the leading points of sale. Convenient approach, entrance, parking place, proximity to public transport stops will also affect sales.

A good indicator for choosing a place of sale is the analysis of the territory per unit of time. The floor of the location and the correct internal layout also affect the purchasing power of the buyer. If retail sales are carried out via the Internet, by mail or by phone, you need to pay attention to the points of issue of goods. They should be conveniently located. It is necessary to pay attention to this when analyzing the investment attractiveness of retail trade, since in wholesale trade, for example, products are mainly transferred for further resale. Wholesale organizations work with manufacturers and, as a rule, with a certain customer base. For them, the "factor of a convenient warehouse" and places of loading and unloading operations are important.

When analyzing the investment attractiveness of retailers, special attention is paid to the competitiveness of the organization, which may depend not only on the level of prices, but also on the quality of service. It is at retail points of sale that sellers communicate directly with buyers, so each seller must be qualified and prepared to work with the buyer.

The seller must know the range of goods, understand and understand the features and differences of the products offered. He should also be ready to provide information and consulting assistance.

Each client will be pleased to see a responsive, friendly, interested and active seller. Studying the work of the organization, the investor needs to pay attention to two aspects - internal and external.

As for the internal aspect, it is necessary to study the system of remuneration for work, bonuses, additional incentive payments, the possibility of career growth, relationships in the team for employees of the organization, i.e. those factors that directly affect job satisfaction.

The external aspect implies the view of the trade organization through the eyes of the buyer. To do this, you must be present during the sales process and analyze customer satisfaction with the service. The most effective in the analysis of service will be visiting stores in the role of a mystery shopper.

The trade organization must be modern. Modernity means not only the sale of a new product, but also the use of new forms of attracting customers. This, for example, can be discount cards that provide a percentage or cash discount, the possibility of buying with a "gift certificate", while this is developed in the perfumery and jewelry trade. Buying on credit can also interest and attract customers.

It is important for the buyer to be able to check the product, try it on or test it. Payment by plastic cards also refers to modern methods of sales. Any improvement in service and sales will increase the attractiveness of the store for customers and, as a result, for investors.

Retail chains play an important role in the total volume of retail trade turnover. According to the analytical company Infoline, the turnover of the 100 largest retail chains in Russia in 2011 increased by 20.8%, or up to 3.1 trillion rubles. Large retail chains attract customers, threatening small retailers. If the enterprise analyzed by the investor does not belong to retailers (from the English word retailer - a retail operator, i.e. a company with a network of retail facilities), the market should be analyzed for the presence of retail chains with a similar product in one region or in nearby areas.

If we make a comparison between wholesale trade, manufacturing enterprises and retail trade, we can conclude that retail trade is more dependent on the region. Manufacturing enterprises, as a rule, sell their goods not only in the region, but also far beyond its borders, which is more difficult to do in retail.

When making capital investments, each investor chooses the most sustainable enterprise. Stability is tested by many factors. One of the important indicators is the period of existence of the company. Newly formed firms are an interesting investment project, but risky, and it is impossible to analyze all attractiveness criteria for such organizations. Firms with extensive experience that survived crises and remained in trade showed a sufficient level of financial stability and diversification.

The cash flow depends on the inventory turnover, it can be calculated for a year, six months, a quarter, a certain period, as well as by quantity: in pieces, weight, meters. In addition, it is estimated for each product individually or for a group of products, according to the cost and turnover of all stocks.

Turnover shows the speed with which the goods are sold, i.e. How long does it take to go from stock to sale? This analysis will help to determine those goods that go through the stages most quickly: goods - money - goods.

The analysis will show in which of the types of goods "stagnation" has formed.

Comparison of the inventory turnover rate for previous periods with the current period will reveal an increase or decrease in demand for a product. Each organization has its own indicator of optimal turnover. Growth (acceleration of this indicator) suggests a high level of sales, which positively affects the investment attractiveness of the organization.

A decrease (slowdown in the turnover ratio) shows that the organization is warehousing. This indicates the presence of goods of poor quality or a large number of seasonal goods, as well as incorrect accounting and control over the turnover of goods and the purchase of goods that are not in demand. In this case, it is very difficult to raise the inventory turnover ratio. Stockpiling of unclaimed goods can alienate a potential investor.

We also note that the independence of the organization is expressed in the ability to make decisions independently. The commercial freedom of retail organizations implies the freedom to choose products for sale, directions and methods of sale, as well as freedom in pricing. However, it is worth considering the fact that there is no absolute independence in the economy, since trade is constrained by competitors, the needs of buyers, and legislative acts. Having independence, the organization takes responsibility for possible violations: fulfillment of obligations under the supply and sale agreement, tax obligations, etc. However, if the organization is independent, the level of its dedication rises - this attracts investors.

Thus, the investment attractiveness of an enterprise is a complex indicator that characterizes the expediency of investing in this enterprise. The model for analyzing the investment attractiveness of an enterprise according to accounting (financial) statements includes:

comparative analytical balance (vertical and horizontal analysis);
analysis and planning of liquidity and solvency;
analysis and planning of financial stability;
analysis and planning of profitability.

All this should be taken into account in their work as heads of organizations, as well as accountants and economists.

Bibliography

Abdukarimov I.T. Analysis of accounting (financial) statements. Tambov: Publishing House of TSU im. G.R. Derzhavin, 2011.
Baldina K.V. Crisis management. M.: Gardariki, 2006.
Belyakova M.Yu. Development of a comprehensive methodology for assessing the investment attractiveness of an investment object. M.: INFRA-M, 2006.
Bespalov M.V., Abdukarimov I.T. Analysis of the financial condition and financial results of business structures. M.: INFRA-M, 2013.
Bespalov M.V. Comprehensive analysis of the company's financial stability: coefficient, expert, factorial and indicative // Financial Bulletin: finance, taxes, insurance, accounting. 2011. No. 5.
Bespalov M.V. Methodology for analyzing the liquidity and solvency of an organization // Finance: planning, management, control. 2011. N 3.
Bespalov M.V. Estimation of the financial stability of the organization according to the annual financial statements // Financial Bulletin: finance, taxes, insurance, accounting. 2011. N 4.
Vorontsovsky A.V. Investments and financing. Assessment methods and justification. St. Petersburg: Publishing house of St. Petersburg State University, 2002.
On accounting: Federal Law No. 402-FZ of December 6, 2011 (as amended on July 23, 2013).
On limited liability companies: Federal Law No. 14-FZ of February 8, 1998 (as amended on July 23, 2013).
Savitskaya G.V. Analysis of the economic activity of the enterprise. M.: INFRA-M, 2007.

M.V. Bespalov

PhD in Economics,

chief accountant's assistant

Tambov State University

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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 the indicators of financial and 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 the reason for the relevance of the topic of this course work "Investment attractiveness of the enterprise".

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 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 educational literature on this topic, periodicals of economic journals, information sites served as an information base. 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

In the economic literature, there is 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 set of economic and financial indicators of the enterprise, which 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 the investment activity, and, accordingly, vice versa.

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 changes that occur 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 is also dependent on external factors that characterize the level of development of the industry and the region in which the enterprises in question are located, and on 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; growth in industrial output and growth 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; 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. As for the activity of the Russian investor, we can say that it is falling, while the interest of the foreign investor in the industrial enterprises of Russia is increasing.

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 by different indicators, often of 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 financial reporting data);

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 methods for evaluating 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 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 the investment attractiveness of economic systems are:

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 return 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

In this way:

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, the involvement of 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 the market, including the world market, 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.

The implementation of 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 in assessing and predicting the future state of the company in question is the 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 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 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 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, 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 you to timely introduce the latest technologies and improve outdated ones, expand production and sales markets, improve the efficiency of an enterprise in weak markets, 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 the effective management of the 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 distinctive features: 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.

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 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 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 242880 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 non-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 institutions, 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 liabilities in 2014 compared to 2013 increased by 208.08% and amounted to 228448 million rubles, and as for short-term liabilities, 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 enterprise has free funds that 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 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 conversion into monetary form correspond to the terms of repayment of liabilities.

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 company can repay the amount of current liabilities for 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 fluctuations in 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 a real opportunity not to lose its 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 the activity of Russian investors has been declining, while the interest of foreign investors is increasing, especially in 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 of the 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 of a 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:

Table 1 - Indicators for the analysis of profit from the sale of products of JSC "MPZ"

Million rub.

Conclusion: In 2011, the profit from the sale of products at OAO MPZ decreased by 18,020 million rubles compared to 2010, including due to:

increase in selling prices, the profit of the enterprise increased by 99658 million rubles;

decrease in the volume of products sold, the profit of the enterprise decreased by 46494 million rubles;

increase in the cost of production, the profit of the enterprise decreased by 71,184 million rubles.

Factor analysis of profitability levels:

Profitability indicators are important characteristics of the factor environment for the formation of profits and income of enterprises. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing.

Let's denote the profitability of products of the base and reporting periods through R vp0 and R vp1, respectively. We have by definition:

(9)

(10)

DR vp = R vp1 - R vp0 (11)

where P 0 , P 1 - profit from the implementation of the base or reporting periods, respectively, rubles; p0 , V p1 - sales of products, respectively; 0 , S 1 - the cost of production, respectively, rub.;

DR vp - change in profitability for the analyzed period.

The influence of the price change factor on products is determined by calculation (by the method of chain substitutions):

(12)

Accordingly, the impact of the cost price change factor will be:

(13)

The sum of factorial deviations gives the total change in profitability for the period:

DR vp = DR vp1 + DR vp2 . (fourteen)

Based on the application data, we will compile Table 2 and conduct a factor analysis of profitability levels in OAO MPZ.

Table 2 - Indicators for factor analysis of the level of profitability in OAO MPZ

Note - Source: own development

Conclusion: the profitability of sales in OAO MPZ in 2011 increased compared to 2010 by 0.021 million rubles.

2.1.2 Analysis of the financial stability of the enterprise

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on external creditors and investors.

A financially stable business entity is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays off its obligations on time. The main thing in financial activity is the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, these issues are given the main attention.

Financial stability analysis includes the following subsections:

) Analysis of the composition and placement of the firm's assets.

An important indicator for assessing financial stability is the growth rate of real assets. Real assets are actually existing own property and financial investments at their actual value. Real assets are not intangible assets, depreciation of fixed assets and materials, use of profits, borrowed funds.

The growth rate of real assets characterizes the intensity of property growth and is determined by the formula:

(15)

where A is the growth rate of real assets, %;

C - fixed assets and investments, excluding depreciation, trade margins on unsold goods, intangible assets, used profits;

Z - stocks and costs;

D - cash, settlements and other assets, excluding used borrowed funds;

indices "0 / 1" - previous (base) / current (reporting) year.

Based on the application data, we will compile Table 3 and calculate the growth rate of real assets in OAO MPZ.

Table 3 - Indicators for calculating the growth rate of real assets in OAO MPZ

Note - Source: own development

Conclusion: the growth rate of real assets in OAO MPZ amounted to 30.91%.

) Analysis of the dynamics and structure of the sources of financial resources of the company.

In this analysis of the sources of financial resources of the company, it is necessary to pay special attention to the qualitative composition of the sources of own funds, as well as to the ratio of own, borrowed and borrowed funds, taking into account the specifics, nature and type of activity of the company.

To assess the financial stability of an economic entity, the coefficient of autonomy and the coefficient of financial stability are used.

The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources:

where K a - coefficient of autonomy;

S I - the total amount of sources, rub.

The minimum value of the autonomy coefficient is taken at the level of 0.5. Ka ³ 0.5 means that all obligations of an economic entity can be covered by its own funds. An increase in the autonomy coefficient indicates an increase in financial independence and a decrease in the risk of financial difficulties.

The financial stability ratio is the ratio of own and borrowed funds:

where K y - coefficient of financial stability;

M - own funds, rub.;

Z - borrowed funds, rub.;

K - accounts payable and other liabilities, rub.

The excess of own funds over borrowed funds means that the economic entity has a sufficient margin of financial stability and is relatively independent of external financial sources.

Then, the dynamics and structure of own working capital and accounts payable are studied separately. The sources of formation of own funds are the authorized capital, additional capital, deductions from profits (to the reserve fund, to special-purpose funds - the accumulation fund and the consumption fund), targeted financing and receipts, rental obligations. Targeted funding and receipts are a source of enterprise funds intended for the implementation of targeted activities: for the maintenance of children's institutions and others.

Based on the data of OAO MPZ (Appendix), we will compile Table 4 and calculate the autonomy coefficient and the coefficient of financial stability of the enterprise.

Table 4 - Indicators for calculating the coefficient of autonomy and the coefficient of financial stability of OAO MPZ

Note - Source: own development

Conclusion: The coefficient of autonomy in OAO MPZ in 2010 and 2011 was ³ 0.5. This means that all obligations of an economic entity can be covered by its own funds. An increase in the autonomy coefficient indicates an increase in financial independence and a decrease in the risk of financial difficulties.

Also in 2011, compared with 2010, there is an increase in the financial stability ratio. The excess of own funds over borrowed funds means that the economic entity has a sufficient margin of financial stability and is relatively independent of external financial sources.

) Analysis of the presence and movement of own working capital of the enterprise.

This analysis involves determining the actual amount of funds and factors affecting their dynamics (replenishment of the reserve fund, growth in the amount of funds used by accumulation and consumption funds, etc.). The presence of own working capital is very important for the company and shows what part of the mobile assets is financed from its own funds and to what extent the current activities of the company depend on external sources of financing.

The increase in the amount of own working capital indicates that the business entity not only retained the available funds, but also accumulated an additional amount of them.

) Analysis of the presence and movement of accounts payable.

Any company must monitor the size and terms of payment of its accounts payable, preventing the occurrence of its unjustified part, the presence of which indicates an unstable financial condition.

Unjustified accounts payable include debts to suppliers on unpaid settlement documents on time. Long-term debt is also analyzed.

) Analysis of the availability and structure of working capital.

The analysis of working capital is carried out in the direction of studying their dynamics and composition. The analysis compares the amounts of working capital at the beginning and end of the reporting period and reveals the legality and expediency of diverting funds from circulation.

The most important is the analysis of the use of funds invested in inventories (stocks of raw materials and materials), inventory and cash on hand. The amount of working capital is affected by changes in the proceeds from the sale of products and the stock rate in days.

) Analysis of receivables.

In the process of analysis, it is necessary to study the accounts receivable, establish its legality and terms of occurrence, identify normal and unjustified debts. The financial condition of an economic entity is affected not by the very presence of receivables, but by its size, movement and form, that is, what caused this debt. The emergence of receivables is an objective process in economic activity under the system of cashless payments, as well as the emergence of accounts payable. Accounts receivable are not always formed as a result of a violation of the settlement procedure and do not always worsen the financial condition. Therefore, it cannot be considered in full as a diversion of own funds from circulation, since part of it serves as an object of bank lending and does not affect the solvency of an economic entity.

Distinguish between normal and unjustified debt. Unjustified debts include debts on claims, on compensation for material damage (shortage, theft, damage to valuables), etc. Unjustified receivables are a form of illegal diversion of working capital and violation of financial discipline.

When analyzing the financial condition, it is advisable to study the correct use of own working capital and identify their immobilization. Immobilization of own working capital means using them for other purposes, that is, in fixed assets, intangible assets and long-term financial investments. In a market economy, an economic entity independently manages its own and borrowed funds. Therefore, the analysis of the immobilization of own working capital is carried out only with a sharp decrease in own funds for the reporting period.

) Analysis of the firm's solvency.

Under the solvency of the company refers to its ability to withstand losses.

In assessing the solvency of the firm, the focus is on equity. It is at the expense of own capital, of course, within reason, that losses that may arise in the course of economic activity are covered.

When the assets of the enterprise exceed its borrowed capital, i.e. when the equity has a positive value, the enterprise is called solvent. And accordingly, if the borrowed capital exceeds the assets, that is, when, in the event of the possibility of closing, the enterprise will not be able to pay off all its creditors, then it is considered insolvent. In international practice, solvency means the sufficiency of liquid assets to repay at any time all of its short-term obligations to creditors.

An idea of the solvency of the enterprise can be obtained by calculating the coefficient of its solvency:

It is impossible to say in general what value of the solvency ratio of an enterprise can be considered satisfactory. As a rule, with a certain degree of conditionality, if the solvency ratio of a trading or manufacturing firm is equal to or greater than 50%, then it is considered that there is no reason to worry about its solvency. In fact, this largely depends on how realistically the assets of the enterprise are estimated in the balance sheet.

Based on the indicators in Table 4, we calculate the solvency ratios of OAO MPZ in 2010-2011.

Conclusions: the solvency ratio is more than 50%, therefore, the company is solvent. In 2011, compared with 2010, there is a slight increase in the solvency of the enterprise.

The solvency of an enterprise should be calculated only on the basis of on-farm factors, as a system of indicators (coefficients) according to current reporting data. They should reflect the three states of the enterprise's financial resources: the stability of the financial position; efficiency of use of funds; current solvency (liquidity of funds).

The selected system of coefficients (relative indicators) includes 20 indicators, six in each group and two indicators outside the groups: the value of the company's capital; his reputation. The choice of coefficients for the presented groups significantly reduces the impact of inflation and averages possible deviations due to unforeseen, random reasons. When calculating them, a methodology is applicable that gives a unidirectional result: an increase in indicators is equivalent to an improvement in solvency. This allows further use of the company's rating score. The indicators of the first group characterizing the stability of the financial position of the enterprise are presented in table 5.

The indicators of the first group are taken into account for rating points, taking into account the long-term impact of their impact, with a correction factor of 0.8.

Table 5 - Financial stability indicators

Name of indicator		Calculation Method
Autonomy coefficient, K 1	Independence from external funding sources	Equity / Book value of assets
Funds mobility coefficient, K 2	Potential to turn assets into liquidity	Mobile Cost / Non-Mobile Cost
The coefficient of maneuverability of means (net mobility), K 3	Absolute ability to turn assets into liquid funds	Mobile funds minus current liabilities / Mobile funds
The ratio of equity to total debt, K 4	Securing debt with equity	Equity / Debt on loans and borrowings plus accounts payable
The ratio of equity to long-term debt, K 5	Securing long-term debt with equity.	Equity / Long-term debt
Equity ratio, K 6	Ensuring current assets of own. sources	Equity minus non-current assets / Current assets

Note - Source:

The indicators of the second group, reflecting the efficiency of the use of funds, are presented in Table 6. In this group of indicators, there are no generally recognized standards, therefore, the rating of the enterprise in points is determined as the ratio of the indicator at the end of the period or the average for the period to the indicator at the beginning of the year. We also have to take into account that increasing the efficiency of using the enterprise's funds does not immediately increase solvency, and therefore, a correction factor of 0.9 is applied.

Table 6 - Indicators of the effectiveness of the use of funds

Name of indicator	Economic content of the indicator
The ratio of sales proceeds to the amount of non-mobile funds, K 7	Return on assets: implementation of non-mobile funds per ruble	Sales proceeds (net), i.e. net of taxes / Amount of non-mobile assets by asset
The ratio of sales revenue to the amount of mobile devices, K 8	Turnover of funds, sales of mobile (current) funds per ruble	Sales proceeds (net) / Amount of mobile funds on the balance sheet asset
Profitability ratio to sales proceeds, K 9	Profitability (yield) of sales	Balance sheet profit / Sales proceeds (net)
Profitability ratio to total capital, K 10	Profitability (yield) of all capital, investments in the development of the enterprise	Balance sheet profit / The value of the company's assets according to the balance sheet
Return on equity ratio, K 11	Profitability (profitability) of the company's own capital	Balance sheet profit / Equity value (balance sheet liability)
The ratio of net profit to the balance sheet profit of the enterprise, K 12	Enterprise's ability to self-finance	Net income (net of taxes) / Balance sheet income:

Note - Source:

The indicators of the third group, reflecting the current solvency of the enterprise, are presented in table 7.

Table 7 - Indicators of current solvency

Name of indicator	Economic content of the indicator	Calculation Method

Debt coverage ratio, K 13		Amount of liquid funds of the enterprise / Amount of short-term debt
Total liquidity ratio, K 14		Amount of liquid funds (except inventory items) / Amount of short-term debt
Absolute liquidity ratio, K 15		Cash liquidity / Amount of short-term debt
The ratio of short-term receivables and payables, K 16		Short-term accounts receivable / Short-term accounts payable
The ratio of long-term receivables and payables, K 17		Long-term accounts receivable / Long-term accounts payable
The ratio of loans and credits repaid on time to the total amount of loans and credits, K 18	Timely fulfillment of obligations to the credit system	Amount of loans and credits repaid on time / Total amount of loans and credits

Note - Source:

In this group of indicators, the rating offset in points is made with a multiplier of 1.3 (taking into account the immediate impact on the solvency of the enterprise). The indicators of this group have a decisive impact on the overall assessment of the solvency of the enterprise.

The method of their calculation is generally accepted. First of all, on the basis of the balance sheet of the enterprise, a balance sheet is drawn up for the liquidity of funds. Active and passive in it has four sections.

The asset is:

) Marketable assets;

) Assets of medium marketability;

) Assets that are slowly sold;

) Hard-to-sell assets (non-mobile).

The first section is used to calculate the absolute liquidity ratio, the sum of the first and second - to calculate the overall liquidity ratio, and the sum of the first, second and third sections of the asset - to calculate the debt coverage ratio (numerator).

In the passive:

) Short-term liabilities;

) Obligations of medium term;

) Long term duties;

) Permanent liabilities (funds).

The sum of the first and second sections is used to calculate all three indicators: coverage ratios, total liquidity, absolute liquidity (denominator).

The last two indicators outside the groups are the size and reputation of the enterprise. The size of the enterprise as an additional factor of stability is estimated by its authorized capital.

The reputation of the enterprise is assessed by an expert based on the accumulated data commercial bank, investment fund, local administration, partner of the enterprise. The following criteria were adopted: bad reputation - 50 points, average - 100 points, good - 150 points. The overall score, on which the rating of the enterprise depends, is determined as an arithmetic mean: the sum of the scores, taking into account the correction factors, is divided by 20 (the number of indicators used). According to the rating, enterprises are divided into five classes:

Top class - more than 100 points;

First class - from 90 to 100 points;

Second class - from 80 to 90 points;

Third grade - from 70 to 80 points;

Fourth grade - below 70 points.

Analysis of the firm's solvency is also carried out by comparing the availability and receipt of funds with payments of essentials. Solvency characterizes the solvency ratio, which is defined as the ratio of the most liquid assets of the company (cash) to priority debts.

If the solvency ratio is equal to or greater than one, then this means that the company is solvent.

Methods for assessing solvency:

The possibilities of obtaining loans and other borrowed funds, as well as their price for the enterprise, depend on one of the most important aspects of the financial condition - the solvency of the enterprise. If an enterprise wants to have borrowed funds in its circulation, it must ensure a sufficiently high level of solvency, at which creditors present these borrowed funds to it.

There are traditional indicators called solvency ratios: absolute liquidity ratio, intermediate coverage ratio and total coverage ratio.

Until recently, it was generally accepted that an enterprise is solvent enough if it has an absolute liquidity ratio (the ratio of cash and short-term financial investments to short-term debt) of at least 0.2; intermediate coverage ratio (the ratio of cash, short-term financial investments and funds in settlements to short-term debt) not less than 0.7; the overall coverage ratio is not lower than 2, although with a very high turnover of working capital, it was considered sufficient at the level of 1.5.

But, as a rule, cash and short-term financial investments are much lower than 10%, and tangible working capital is less than half of current assets due to high receivables. The structure of working capital of enterprises, in addition, can sharply decrease in certain periods.

This means that the establishment of any norms for the solvency ratio in the current conditions is impossible. Based on the above, there are no criteria for solvency in terms of absolute liquidity ratio and intermediate coverage ratio. To focus on their level is generally impractical. The only real measure of the level of solvency of an enterprise is the overall coverage ratio (comparison of the value of all current assets with the total value of short-term debts), which, regardless of the structure of current assets, answers the question of whether the enterprise is able to pay off its short-term obligations without creating difficulties for further work.

But this does not mean at all that the fulfillment of the named condition requires the provision of a general coefficient level of 2 or 1.5. For some enterprises, the sufficient level may be lower, for others - higher. It all depends on the structure of working capital, as well as on the state of material working capital and receivables.

It is important whether the enterprise has excess material working capital, and if so, whether they are sufficiently liquid, i.e. can actually be sold and turned into money. If an enterprise in specific conditions of activity (delivery interval, reliability of suppliers, terms of sale of products, etc.) needs more material resources than it has on its balance sheet, this is also important for assessing its solvency using the general coverage ratio.

In addition, it is important whether the company has bad receivables, and if so, how much.

Assessment of the state of inventories and receivables can be done by the specialists of the enterprise. It is important as a rationale for solvency to creditors.

Thus, at present, the assessment of the level of solvency of enterprises requires an individual approach. Without serious analytical work, neither the enterprise nor its partners, including banks and potential investors, will be able to answer the question of whether this enterprise is solvent. And without an answer to this question, it is difficult to establish the correct economic relations with the enterprise, to decide whether it is expedient and under what conditions to provide loans and credits to it, to make financial investments in its capital.

Solvency indicators or capital structure.

Solvency indicators characterize the degree of protection of the interests of creditors and investors who have long-term investments in the company. They reflect the company's ability to repay long-term debt. Sometimes the coefficients of this group are called capital structure coefficients.

The most important indicators from the point of view of financial management are the following indicators:

The ownership ratio characterizes the share of equity in the capital structure of the company, and, consequently, the ratio of the interests of the owners of the enterprise and creditors.

As a rule, a normal ratio that provides a fairly stable financial position, all other things being equal in the eyes of investors and creditors, is the ratio of equity to the total funds at the level of 60%. The borrowed capital ratio reflects the share of borrowed capital in the sources of financing. This ratio is the reciprocal of the ownership ratio.

The coefficient of financial dependence characterizes the dependence of the company on external loans. The higher the indicator, the more long-term liabilities the company has and the more risky the current situation, which can lead to the bankruptcy of the company, which must pay not only interest, but also repay the principal amount of the debt. A high level of the coefficient also means the potential risk of a cash deficit in the firm.

In general, this coefficient should not exceed one. A high dependence on external loans can significantly worsen the position of our company in the face of a slowdown in the pace of sales, since the cost of paying interest on borrowed capital is a fixed cost that, ceteris paribus, the company will not be able to reduce in proportion to the decrease in sales volume.

Based on the data of OAO MPZ (Appendix), we will compile Table 8 and calculate these coefficients.

Table 8 - Calculation of coefficients of the capital structure in OAO MPZ

Note - Source: own development

Conclusion: there is a significant excess of equity capital over borrowed capital in OAO MPZ, which increases even more in 2011, which indicates a fairly stable financial position of the enterprise.

investment profitability solvency financial

2.1.3 Analysis of the creditworthiness of the enterprise

Under the creditworthiness of an economic entity, it is understood that it has the prerequisites for obtaining a loan and repaying it on time. The creditworthiness of the borrower is characterized by its accuracy in the calculations of previously received loans, the current financial condition and the ability, if necessary, to mobilize funds from various sources. The bank, before granting a loan, determines the degree of risk that it is willing to take on and the amount of credit that can be provided. Analysis of lending conditions involves the study of:

) "Solidity" of the borrower, which is characterized by the timeliness of settlements on previously received loans, the quality of the reports submitted, the responsibility and competence of the management.

) The "capacity" of the borrower to produce competitive products.

) "Income". At the same time, an assessment is made of the profit received by the bank when lending to specific costs of the borrower, in comparison with the average profitability of the bank. The level of income of the bank should be linked to the degree of risk in lending. The bank assesses the amount of profit received by the borrower in terms of the possibility of paying interest to the bank in the course of carrying out normal financial activities.

) "Goals" of using large resources.

) "Amounts" of the loan. This study is carried out on the basis of the borrower's balance sheet liquidity measures, the ratio between own and borrowed funds.

) "Repayments". This study is carried out by analyzing the repayment of the loan through the sale of material assets, provided guarantees and the use of collateral.

) “Securing” a loan, that is, studying the charter and regulations in terms of determining the bank’s rights to pledge the borrower’s assets, including securities, against an issued loan.

When analyzing creditworthiness, a number of indicators are used. The most important are: the rate of return on invested capital and liquidity.

The rate of return on invested capital is determined by the ratio of the amount of profit to the total amount of liabilities on the balance sheet:

Where P is the rate of return;

P - the amount of profit for the reporting period (quarter, year), rub.;

Total liability, rub.

The growth of this indicator characterizes the tendency of the borrower's profitable activity, its profitability.

The liquidity of an economic entity is its ability to quickly repay its debts. It is determined by the ratio of the amount of debt and liquid funds, that is, funds that can be used to pay off debts (cash, deposits, securities, salable elements of working capital, etc.). In essence, the liquidity of an economic entity means the liquidity of its balance sheet. The liquidity of the balance sheet is expressed in the degree of coverage of the obligations of an economic entity by its assets, the period of transformation of which into money corresponds to the maturity of the obligations. Liquidity means the unconditional solvency of an economic entity and implies constant equality between assets and liabilities, both in terms of total amount and maturity.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and in ascending order. Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of an economic entity are divided into the following groups:

And 1 - the most liquid assets. These include all the funds of an economic entity (cash and in accounts) and short-term financial investments (securities).

A 2 - fast selling assets. This includes accounts receivable and other assets.

And 3 - slow-moving assets. These include the items in Section II of the asset "Inventories", with the exception of the item "Deferred expenses", as well as the items "Long-term financial investments", from Section I of the asset.

And 4 - hard-to-sell assets. These are "Fixed assets", "Intangible assets", "Construction in progress".

Liabilities of the balance are grouped according to the degree of urgency of payment:

P 1 - the most urgent liabilities. These include accounts payable and other liabilities.

P 2 - short-term liabilities. They cover short-term loans and borrowings.

P 3 - long-term liabilities. This includes long-term loans and borrowings.

P 4 - permanent liabilities. They include items from section IV of the capital and reserves liability. To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the item “Deferred expenses”.

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if:

A 1 ³ P 1, A 2 ³ P 2, A 3 ³ P 3, A 4 £ P 4

The liquidity of an economic entity can be quickly determined using the absolute liquidity ratio, which is the ratio of funds ready for payments and settlements to short-term liabilities.

(23)

Where K l - coefficient of absolute liquidity of an economic entity;

D - cash (in cash, on a current account, on a foreign currency account, in settlements, other cash), rubles;

B - securities and short-term investments, rub.,

K - short-term loans and borrowings, rub.;

Z - accounts payable and other liabilities, rub.

This coefficient characterizes the ability of an economic entity to mobilize funds to cover short-term debt. The higher this ratio, the more reliable the borrower. Depending on the value of the absolute liquidity ratio, it is customary to distinguish between:

creditworthy business entity with K l >1.5;

partially creditworthy at K l from 1 to 1.5;

uncreditworthy at K l< 1,0.

Based on the data of OAO MPZ (Appendix), we will compile Table 9 and calculate the rate of return on invested capital and the absolute liquidity ratio of the enterprise.

Table 9 - Indicators for calculating the rate of return on invested capital and the absolute liquidity ratio in OAO MPZ

Note - Source: own development

Conclusion: The growth of the rate of return on invested capital characterizes the trend of the borrower's profitable activity, its profitability. At the same time, there is a decrease in the absolute liquidity ratio, which characterizes the enterprise as insolvent.

It should be borne in mind that all banks use credit ratings. However, each bank forms its own quantitative assessment system, which is a commercial secret of the bank, in the distribution of borrowers into three categories: reliable (creditworthy), unstable (limitedly creditworthy), unreliable (uncreditworthy). A borrower recognized as “reliable” is credited on general terms; in this case, a preferential lending procedure can be applied. If the borrower turns out to be an “unstable” client, then at the conclusion of the loan agreement, measures are provided for monitoring the activities of the borrower and the repayment of the loan (guarantee, guarantee, monthly verification of collateral, conditions of collateral, increase interest rates and etc.). If the loan applicant is recognized as an "unreliable" client, then lending to him is inappropriate. The bank can provide a loan only on special conditions stipulated in the loan agreement.

The main reasons for not ensuring the liquidity and creditworthiness of an economic entity are the presence of receivables and, especially, unjustified debts, violation of obligations to customers, accumulation of excess production and commodity stocks, low efficiency of economic activity, slowdown in the turnover of working capital.

2.1.4 Analysis of the use of capital, business activity ratios of the enterprise

Capital investment must be efficient. The efficiency of capital use is understood as the amount of profit attributable to one ruble of invested capital. Capital efficiency is a complex concept that includes the use of working capital, fixed assets, and intangible assets. Therefore, the analysis of the use of capital is carried out in its individual parts, then a summary analysis is made.

Business activity ratios allow you to analyze how efficiently the company uses its funds. As a rule, these indicators include various turnover indicators, which are of great importance for assessing the financial position of the company, since the rate of turnover of funds, i.e. the speed of their transformation into a monetary form, has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds, ceteris paribus, reflects an increase in the production and technical potential of the company.

) The efficiency of the use of working capital is characterized, first of all, by their turnover. The turnover of funds is understood as the duration of the passage of funds through the individual stages of production and circulation. The time during which working capital is in circulation, i.e., they successively pass from one stage to another, is the period of turnover of working capital.

The duration of one turnover in days is the ratio of the sum of the average balance of working capital to the sum of one-day revenue for the analyzed period:

where Z is the turnover of working capital, days; - the average balance of funds, rubles; - the number of days of the analyzed period (90.360); - proceeds from the sale of products for the analyzed period, rubles.

The average balance of working capital is defined as the average of the chronological instantaneous series, calculated on the basis of the total value of the indicator at different points in time:

O \u003d 0.5 O 1 + O 2 + ... + 0.5 O p / (P - 1) , (25)

where O 1, O 2, O p - the balance of working capital on the first day of each month, rubles;

P is the number of months.

The turnover ratio characterizes the amount of proceeds from sales per one ruble of working capital. It is defined as the ratio of the amount of proceeds from the sale of products to the average balance of working capital according to the formula:

where K 0 - turnover ratio, turnover; - proceeds from the sale of products for the analyzed period, rubles;

O - the average balance of working capital, rub.

The turnover ratio of funds is the return on assets of working capital. Its growth indicates a more efficient use of working capital. The turnover ratio simultaneously shows the number of turnovers of working capital for the analyzed period and can be calculated by dividing the number of days of the analyzed period by the duration of one turnover in days (turnover in days):

where K 0 - turnover ratio, turnover; - number of days of the analyzed period (90, 360);

Z - turnover of working capital in days.

2) The efficiency of the use of fixed assets is measured by indicators of capital productivity and capital intensity. The return on assets of fixed assets is determined by the ratio of the volume of proceeds from the sale of products to the average cost of fixed assets:

Where Ф - capital productivity, rub.; - the volume of proceeds from the sale of products, rub.;

C - average annual cost of fixed assets, rub.

The average annual cost of fixed assets is determined for each group of fixed assets, taking into account their commissioning and retirement. The capital intensity of production is the reciprocal of capital productivity. It characterizes the costs of fixed assets advanced for one ruble of proceeds from the sale of products.

Where F e is the capital intensity of products, rub.;

C - the average annual cost of fixed assets, rubles; - the volume of proceeds from the sale of products, rubles.

The decrease in the capital intensity of production indicates an increase in the efficiency of the use of fixed assets.

The rate of return on assets is closely related to labor productivity and capital-labor ratio, which is characterized by the value of fixed assets per employee.

We have:

V \u003d V / H, (30)

F V \u003d S / H, (31) \u003d V * H, (32)

C \u003d F W * H, (33)

Ф \u003d V / S \u003d V * B / F V * H \u003d V / F V, (34)

Where B is labor productivity, rub.,

H - the number of employees, people,

F V - capital-labor ratio, rub.,

Ф - capital productivity of fixed assets, rub.

) The effectiveness of the use of intangible assets is measured, as well as the use of fixed assets, by indicators of capital productivity and capital intensity.

) Efficiency in the use of capital in general. Capital as a whole is the sum of working capital, fixed assets, intangible assets. The efficiency of capital use is best reflected by its profitability. The level of return on capital is measured by the percentage of balance sheet profit to the amount of capital.

The level of return on capital can be expressed by the following formula characterizing its structure:

(35)

where R is the level of return on capital,%;

P - balance sheet profit, rub.,

K 0 - turnover ratio of working capital, turnover;

Ф - return on assets of fixed assets, rub.;

F n - return on assets of intangible assets, rub.

The formula shows that the level of return on capital is directly dependent on the level of balance sheet profit per ruble of revenue, the turnover ratio of working capital, capital productivity of fixed assets, capital productivity of intangible assets. The analysis of the impact of these factors on the level of return on capital is determined using the method of chain substitutions.

2.1.5 Analysis of the level of self-financing of the enterprise

Self-financing means financing from own sources: depreciation and profits. The principle of self-financing is implemented not only on the desire to accumulate own financial sources, but also on the rational organization of the production and trade process, the constant renewal of fixed assets, and on a flexible response to market needs. It is the combination of these methods in the economic mechanism that makes it possible to create favorable conditions for self-financing, i.e. allocating more of its own cash to finance its current and capital needs.

The level of self-financing is assessed using the following coefficients:

) The coefficient of financial stability (K y) is the ratio of own and other people's funds:

where M - own funds, rub.;

K - accounts payable and other borrowed funds, rub.;

Z - borrowed funds, rub.

The higher the value of this coefficient, the more stable the financial position of an economic entity.

The sources of formation of own funds are the authorized capital, additional capital, deductions from profits (to the accumulation fund, to the consumption fund, to the reserve fund), targeted financing and receipts, rental obligations.

) Self-financing ratio (K s):

where P is the profit directed to the accumulation fund, rub.;

A - depreciation deductions, rub.;

K - accounts payable and other borrowed funds, rub.;

Z - borrowed funds, rub.

This coefficient shows the ratio of sources of financial resources, i.e. how many times own sources of financial resources exceed borrowed and borrowed funds aimed at financing expanded reproduction.

The self-financing ratio characterizes a certain margin of financial strength of an economic entity. The larger the value of this coefficient, the higher the level of self-financing. With a decrease in the self-financing ratio, an economic entity carries out the necessary reorientation of its production, trade, technical, financial, organizational, managerial and personnel policies.

) Coefficient of sustainability of the self-financing process (K):

(38)

The coefficient of sustainability of the self-financing process shows the share of own funds allocated to finance expanded reproduction. The higher the value of this coefficient, the more stable the process of self-financing in an economic entity, the more effectively this method of market economy is used.

) Profitability of the self-financing process (P):

(39)

where PE - net profit, rub.

The profitability of the self-financing process is nothing more than the profitability of using own funds. Level R shows the value of the total net income received from one ruble of investment of own financial resources, which can then be used for self-financing.

The excess of own funds over borrowed and attracted ones shows that the economic entity has a sufficient margin of financial stability and the financing process is relatively independent of external financial sources.

The coefficient of financial stability of OAO MPZ was calculated above. Based on the data of OAO MPZ (Appendix), we will compile Table 10 and calculate the remaining coefficients characterizing the level of self-financing of the enterprise.

The development of any organization requires capital from external sources. interested in making a profit and in its increase. They take into account and in every possible way seek to avoid losses, and for this they evaluate the effectiveness of investing in an existing project.

Investment attractiveness of the enterprise

The investment attractiveness of an enterprise is a set of characteristics that show how effectively it is to invest money in the further development of an enterprise. The predominant indicator is the factor of obtaining a stable income over a long period.

Today, many firms are in fierce competition to obtain additional capital for the development of a future project. Basically, they invest in a project that is carefully designed, the investor can clearly see the picture of income after implementation. Therefore, it is worth developing a report with financial indicators, where you can see the nuances.

Assessment of the investment attractiveness of the enterprise is carried out by calculating the economic condition of the enterprise, using financial indicators. These indicators include:

liquidity - shows how quickly the company can turn its assets into cash in case of need;
property status - reflects the share of current and non-current assets in the total property of the enterprise;
business activity - the indicator characterizes all financial processes in the enterprise, on which, in turn, the profit of the enterprise depends;
financial dependence - shows the dependence of the enterprise on external sources of financing and whether it is possible to operate without additional funds;
Profitability - reflects the effectiveness of the company's use of its financial capabilities.

It is worth remembering that the assessment of investment attractiveness includes indicators, availability of resources, product profitability, number of employees, level of production capacity utilization, depreciation of fixed assets, availability of fixed and production assets, and others.

Methods for assessing the investment attractiveness of an enterprise

Economists argue that there is no single method for determining the investment attractiveness of an enterprise. Each project requires an individual method with subsequent analysis of investment attractiveness. Evaluation is possible by different methods, which are based on the use of suitable indicators and analyzed factors. This article provides a comparative analysis of different types of assessment.

How to attract investors

If the company needs additional cash, then management must take measures to increase the investment attractiveness of the enterprise.

There is practically no organization that does not need additional external capital. As already known, investments help production grow, increase competitive advantages over other enterprises, profits grow, new technologies are introduced to improve production or. There are many advantages, but the main task lies in raising funds.

There are a large number of ways to attract, but this does not mean the effectiveness of attraction. The ideal option would be to sell one business to open a new and potentially effective business.

To begin with, you should sell the existing option at the highest possible cost. The development of the future project depends on the sale. As practice shows, such investors are people who want to invest their money in a profitable business, some of them have vast experience behind them. In such cases, profit maximization is likely to be observed.

In cases of a global shortage of capital, you can resort to direct investment. In turn, this method is divided into:

investments from financial investors;
strategic type of investment.

The essence of the first is the possibility for an investor to acquire a small part of the shares (but not a controlling stake) with subsequent sale in 2-5 years, it is also possible to place shares on the securities market, where there is a large circle of investors.

The main income of the investor will be the sale of shares, and in turn, the investment attractiveness of the organization will grow. This option will suit both the investor and the manager.

Strategic investment is based on the acquisition by the investor of a large block of shares for a long time, where the investor becomes one more of the owners of the company. The main goal of a strategic investor is the purchase of a ready-made company or a merger with his company. This option saves in crisis situations, but it takes away the powers of the owner and the company becomes financially dependent on other sources of funding.

Leveraged investment

The enterprise does not want outsiders to interfere in its management, then in such a case there are bank loans, leasing, borrowing money from legal and individuals.

Such an investment policy of the enterprise is expressed on the example modern development businesses where entrepreneurs have a unique mindset but lack the cash. In such cases, resort to a bank loan. In Europe, you can get a loan for business development for minimum interest, but on the contrary, we overestimate the interest rate.

Investor financing terms range from one month to many years. In any case, the investor is interested in receiving interest from the use of his capital. The option is attractive, it is provided to many organizations, but still the lender requires the fulfillment of obligations to pay interest and the principal amount of the debt.

To increase the investment attractiveness of the enterprise, a number of measures can be taken:

any enterprise that seeks to develop, first of all, draws up long-term strategies that can guide the future;
necessarily required, where goals and methods for achieving profit maximization will be clearly expressed;
present documentation on the conduct of a legal examination in accordance with legislative norms;
the company must create a credit history for itself (this is very easy to do by taking out a small loan in banking institutions and returning it in a short period of time);
putting in order documents on the ownership of certain land plots and the company as a whole;
make sure that the rights of shareholders and the powers of the owners are spelled out in the statutory documents of the enterprise;

After determining and collecting the entire package of documents, it is worth paying great attention to the production process of the organization. The managerial staff will cope with this better - the chief technologist, engineer, sales manager, economist-analyst, HR manager. They are required to identify the strengths and weaknesses that do not allow the enterprise to develop rationally, identify and eliminate bottlenecks. It is necessary to carefully work with risks, determine the level of their threat, find ways to mitigate or eliminate them altogether.

Upon completion of all activities, it is required to show the investor that the enterprise has ways to improve the functioning of the enterprise.

In conclusion, we can say that the investment attractiveness of an enterprise depends on rational management. In order to capital is required to make maximum efforts.

* 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.

1316 people are studying this business today.

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

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

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

Evaluation of the investment attractiveness of the enterprise. Investment attractiveness of an enterprise: assessment and improvement Characteristics of existing approaches to the category "investment attractiveness of an enterprise"

Indicators of financial performance of the organization

Bibliography

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