Issues of investment attractiveness of the company. Assessment of the investment attractiveness of an enterprise Characteristics of existing approaches to the category "investment attractiveness of an enterprise"

In order for the company to develop well, it needs to attract external capital. And since any investor is interested in the profitability of his investment, a careful calculation of profitability and risks is necessary. He seeks to minimize the chances of losses, and therefore evaluates the effectiveness of investments in the project, that is, considers such a thing as the investment attractiveness of the enterprise.

In this article you will read:

• What is the essence of the investment attractiveness of the enterprise
• What factors influence the investment attractiveness of an enterprise
• How to analyze and evaluate the investment attractiveness of an enterprise
• What methods to use when assessing the investment attractiveness of an enterprise
• How to increase the investment attractiveness of the enterprise
• How to approach writing a business plan to showcase your business to an investor

What is the investment attractiveness of the enterprise

The concept of investment attractiveness of an enterprise includes a set of performance characteristics that reflect the profitability of cash investments in the development of the company. The main indicator for this is a predictable and stable income. And the business plan must be clearly defined and well thought out, many nuances taken into account, financial indicators are given, then there is a high chance that in the face of great competition for additional sponsorship, preference will be given to your company.

An assessment of the investment attractiveness of an enterprise is needed to finance or lend to regional tasks or a promising industry by various corporations or foreign banking capital. But the very concept of “investment attractiveness” does not exist in the economy, it is abstract, although it has a large knowledge base and methodology. Indeed, for the bank and for private capital, completely different indicators are needed. So for banks, first of all, the rate of return and solvency are considered, and after the repayment of the amount and payment of interest, further profit is practically not used, for the shareholder, the payback in the total income of assets from the active and systematic work of the enterprise is more important.

The next difference is the estimated investment amount. Current net worth (NPV) and internal rate of return (IRR) are considered. And, depending on the point of view, if there is a fixed amount of investment, the NPV indicator is taken, and if long-term and dynamically changing investments are planned, then IRR is considered.

When determining the economic condition, financial indicators are taken, which consist of:

• liquidity, which shows the speed with which the company, if necessary, can turn its own assets into money;
• property status - the total share of money in circulation and outside it at the enterprise;
• business activity (describes all the processes from which the enterprise makes a profit);
• financial dependence - how much the functioning of the enterprise depends on external investments and whether it will work without additional financing;
• profitability. This indicator reflects the ability of the enterprise to properly use its capabilities and resources.

The process of assessing the investment attractiveness of an enterprise must necessarily include the number of staff, resource provision, competitiveness of products, the level of production workload, the natural wear and tear of equipment, the distribution of funds, which should be divided into production and basic, as well as a number of other indicators.

When assessing the investment attractiveness of an enterprise, riskiness must also be taken into account. It can be manifested by a decrease in income, increased competition, loss of liquidity, unfulfilled obligations, a change in pricing options.

Investment policy, as many leading economists believe, should be shaped by someone else's example. This makes it possible to calculate the required level of investment for the implementation of the project in order to obtain the expected income that will satisfy both parties.

However, investment attractiveness is calculated not only for enterprises, but also for entire industries and regions of countries. A gradation is made so as not to confuse concepts, at macro, micro and meso levels. Macro level - the country as a whole, meso - a separate region, micro - target enterprise. At each division, the characteristics of investment attractiveness change, so the investor must separate them and see the positive and negative sides.

What factors influence the investment attractiveness of an enterprise

Influencing factors are conditionally divided into internal and external. For external factors, the result does not directly depend on the work of the enterprise. This may be the investment attractiveness of the territory (country or region), the economic and political situation, the level of corruption, infrastructure, the magnitude of human potential. Investment attractiveness is usually assessed by large rating agencies, such as Expert RA, Standard & Poor's, Moody's.

On a smaller scale, the factors are estimated for individual industries. Assessment of investment attractiveness is based on:

• the level of competition in a given industry;
• current development;
• dynamics and structure of investment investments;
• current stage of development.

This is a very important stage in the analysis, because it is at this moment that the main indicators, the growth rate of prices for products and production, the state of the industry, innovative solutions and the R&D base are considered.

The internal factors are directly affected by the economic activity of the enterprise, and they are the main lever in assessing investment attractiveness. We can divide them into five points:

The financial condition of the enterprise is assessed:

• the ratio of borrowed and own funds;
• current liquidity ratio;
• asset turnover indicators;
• return on sales based on net profit;
• own capital based on net profit.

How the company is structured and organized:

• the percentage of minority among the owners;
• the influence of the state on the processes in the company;
• openness of financial and internal information;
• indicators of paid net income by the enterprise for the last time.

How innovative are the products provided.

Constant formation of cash flow.

Constant expansion of the scope of activities and products.

Expert opinion

How attractive are Russian enterprises for foreign investors

Patrick de Cambourg, president of the international company Mazars.

Russia currently has an attractive climate for investment, but it needs guarantees of stability, both economic and political. And we also need a vast sales market, mainly the capital and St. Petersburg, where there is a large population and the largest number of income-generating enterprises. Today, demand in many industries is many times greater than supply, such as the automotive, aviation and retail industries.

Foreign capital wants to co-create enterprises with large domestic companies and share resources. Basically, these are two areas: natural resources and technological cooperation. Investors, in addition, are interested in taking into account the traditions that exist in the research and implementation of innovative technologies, increasing production capacities.

Analysis and evaluation of the investment attractiveness of enterprises

The enterprise develops sequentially and linearly, and its life can be conditionally divided into segments of the success of its various products. These stages differ in the amount of profit and turnover:

• childhood - low growth rates, financial indicators are more minus;
• youth - acceleration of turnover, the first stable profit;
• maturity - cessation of growth, maximum profitability;
• old age - turnover and profits fall.

Such a life cycle usually takes place within 20-25 years, then there is a closure or rebirth into a new way of life with a new team and leadership. And the exact definition of the current cycle gives the key to solving the problems specific to each of them, and also allows you to determine the investment attractiveness of the enterprise.

The childhood stage is characterized by the difficulty of survival, the beginning of networking, the organization of the process of obtaining income, the search for funds for development in the person of an investor or philanthropist. It can be either a short-term loan or a long-term investment.

The stage of youth gives the first money and allows you to reorient from survival to development. At this stage, medium and long-term investments will be useful, which will give the necessary impetus.

In maturity, the enterprise achieves maximum profitability with a developed technical and economic potential, large volumes are processed, it is practically self-sufficient and does not need third-party financing. Managers should take into account the natural aging of products and develop new schemes for development and implementation through targeted financing or industrial investment. This may be the purchase of shares in a competing or promising company and transformation into a holding company with an emphasis on portfolio management and valuable papers.

The most investment-attractive enterprises are in the first stages of development, childhood and adolescence, as well as the beginning of maturity, in the so-called early maturity. When full maturity is reached, investment can only be considered in the case of high growth rates and marketing prospects, or in the case of small investments in refurbishment and modernization, when there are indicators of a quick payback.

The old age period is most often not invested, unless there is a big diversification of goods or a change in direction of activity. Then we can even talk about cost savings compared to a young enterprise due to the already developed infrastructure.

A specific development cycle is determined by multiple analysis of production volumes, the total number of assets, the amount of equity capital and the analysis of past years. Through these changes, a conclusion is made about the current development. Enterprises have the highest rates in youth and early maturity, halting at full maturity and decreasing towards old age. When evaluating the investment attractiveness of an enterprise, a thorough analysis of the financial component of the activity is carried out. The return on investment and profitability are approximately calculated and the most dangerous financial risks are determined.

Evaluation of financial success goes through the analysis of aggregate indicators that show its effectiveness in accordance with further goals, which include investment injection. For the development of an enterprise, a unified view of tactical and strategic planning is needed, and the most important indicator of this is the analysis of:

• turnover of assets;
• indicators of profitability of capital;
• financial stability;
• liquidity of assets.

The effectiveness of investment is determined mainly by the speed of turnover of invested assets when working within the enterprise. This is influenced by many extraneous factors, including an effective marketing, financial and production strategic plan.

Asset turnover

Through such indicators, an assessment of the turnover of assets is expressed:

The turnover ratio of all assets in use. It is calculated through the ratio of the volume of sales of its products, goods or services to the average value of assets. These indicators are taken for one period according to the arithmetic average or weighted arithmetic average.

The turnover ratio of specific assets. The ratio of the volume of goods or services sold to the average value of current assets is taken.

Turnaround time. The calculation is made by taking a separate period (usually one calendar year is taken).

duration. A period of 90 days to the previously calculated turnover ratio of current assets.

If there is a dynamic decrease, then this leads to a longer return of turnover and shows a negative development value and, therefore, an additional source of external funds. The required level of additional investment is calculated by multiplying the volume of the sold product with the duration of turnover in the current and past periods and divided by the number of days.

Return on capital

As already mentioned, the main goal of investing is to achieve the maximum return on funds in the process of their use. To see all the profitable opportunities of a subsidized enterprise in proportion to the invested funds, certain indicators are used:

Profitability of all assets used. The amount of profit less all taxes paid to the average amount of assets used.

Profitability of current assets. Total net income to the average amount of current assets.

Profitability of fixed assets. Net profit to the average valuation of fixed assets.

Profit from sale. Net income from sales.

profit indicator. Balance sheet profit, which is obtained before paying taxes and loans, and the difference between the amounts of used and intangible assets.

Own return on capital. The amount of net profit to the amount of equity capital. This item reveals the ability to manipulate your capital in relation to the total.

Financial stability

Its analysis allows considering the risks in the structural formation of investment resources and determining the most appropriate nature of financing. The following indicators are used:

autonomy coefficient. It is calculated by the dependence of the amount of equity capital on all assets used. It reflects the degree of involvement of its assets in the volume of formation of common ones.

The ratio of borrowed and own funds.

Long-term debt ratio. The amount of debt is more than a year to the sum of all assets.

Liquidity of assets

The ability of an enterprise to pay short-term obligations with its assets, thereby avoiding bankruptcy. This indicator is insurance against risks in case of non-compliance with requirements for a short period of time. The basis can be taken as current liquidity, calculated as the ratio of the amount of assets to debt. A number of indicators also apply here:

Absolute liquidity. The amount of funds and investments to the total debt.

Short term liquidity. The amount of funds and investments with receivables to the amount of total debt.

Accounts receivable turnover. The volume of products sold with postpayment to the average amount of accounts receivable.

Accounts receivable turnover period. The number of days in the allotted period to the turnover ratio.

Investors always ask: "Why do you need money»

Oleg Dobronravov,

Director of Westland Finance Advisory, Moscow-Amsterdam

The most common question that can be heard from an investor is: “Why do you need money, and why don’t you take it from the bank?” And it is necessary to prove that it is with the money invested that the company will make a breakthrough and achieve unprecedented heights. And bank employees, in turn, ask similar questions, for example: what will you do with this money? And in this case, you need to answer in a slightly different way, which, they say, to replenish working capital and refinance or implement an internal development program.

It doesn't matter if it materializes or not, they will need clear plans, a list of the top management, sales figures, experience of top managers, the ability to manage assets and resources. The personal life of employees is not interesting, only business matters.

What methods for assessing the investment attractiveness of enterprises should be applied

Today, there is no objective assessment of the investment attractiveness of an enterprise, both due to its little study, and due to the lack of a working methodology in which a general list of indicators would be described, and the issue could be unambiguously resolved. Those that exist at the moment take into account different data, the process of processing and analyzing the results is different. Next, an analysis will be given of the currently existing methods for assessing the investment attractiveness of an enterprise, taking as a basis the stable development of an enterprise in the future, resistance to fluctuations and the influence of external factors on work.

Regulatory method

This can be any set of documents installed on the state market, as well as reporting documents. There are certain methodological recommendations here to determine the effectiveness of the project, but, unfortunately, in our country this type is underdeveloped and does not tend to develop soon. In the literature on this issue, there is a list of indicators for fixing the effectiveness of an investment. Usually this method is used after bankruptcy, so it does not work well in calculating the attractiveness of the company.

Discounted cash flow method

There is an assumption that the amount invested is based on the calculation of income forecasts, which makes it possible to calculate the benefit in advance. Estimated return is calculated by discounting at a rate that reflects the riskiness. So you can calculate the amount needed to implement the idea, its reality and the need for a particular enterprise. This method is most often used for miscalculation and selection of applicants for investment, since it makes it possible to quickly determine the development potential. The only downside is the fleeting forecast, which can quickly become outdated due to changes in demand, the law, the tax base, or rising prices.

Method of analysis based on external and internal factors

These 4 stages are interconnected and complement each other:

Such a multilateral approach allows you to carefully understand the issue, but when identifying factors and analyzing them (1 and 3 points), very often the subjective decision of the expert, made on the basis of questionnaires and surveys, comes to the fore, which sometimes greatly reduces the accuracy of the assessment.

Seven-factor model for assessing investment attractiveness

Another effective technique for assessing the investment attractiveness of an enterprise includes seven big points, the basis of which is the return on assets, since it is the main criterion for attractiveness by which the composition, structure, quality and efficiency of resource use can be assessed.

Here are the postulates of the dependencies of indicators for clarity in the table:

The analysis of such dependencies gives an understanding of the resulting dynamics. And the final conclusion is simple: higher profitability - higher efficiency and, therefore, attractiveness for investors. The final estimate is integral-indexed, obtained by multiplying the calculated parameters. However, these calculations cover only internal, albeit with high mathematical precision, numerical indicators of success. The term "investment attractiveness of an enterprise" is much more multifaceted and broad for the framework of some financial calculations.

When a list of attractive companies is formed, they are sorted in descending order. The final assessment of the investment attractiveness of the enterprise is obtained from a complex sample of performance indicators and the general state of income for each. Of the factors influencing the outcome, one can single out the nature of lending, where it is necessary to increase the weight of indicators for liquidity, solvency in comparison with profitability and equity, as well as the payback period limit, because with an increase in the period, the overall rate of return also increases, compared with the current one, and with As the term decreases, liquidity comes to the fore.

Integral assessment of investment attractiveness based on internal indicators

In this option, relative internal indicators are taken into account, produced in five stages.

• indicator of the effectiveness of the use of fixed and working capital,
• the financial condition of the company,
• how labor resources are used,
• what is the investment activity,
• how efficiently the business is conducted.

For each, a calculation is made to derive integral indicators. The final assessment of the investment attractiveness of the enterprise is obtained on the basis of the final 2 stages:

In the first stage, all indicators are taken and their weight is calculated, then the potential opportunities for the entire period of operation of the enterprise are worked out, and the end of the first stage is the derivation of a comprehensive assessment for each indicator.

The second stage is the calculation of the final integral indicator, which serves as an estimate of investment attractiveness.

An objective assessment of the investment attractiveness of an enterprise is the main advantage of this method, because the result is one figure based on a large worked volume, which is very easy to interpret. The downside is isolation from external indicators, since only internal ones are taken into account.

Comprehensive assessment of the investment attractiveness of the enterprise

The methodology for assessing investment attractiveness is, in fact, an analysis of all areas of the enterprise and the combination of the obtained indicators into a general result. It includes 3 sections: general, special, control.

General section: assessment of strategic activity and its effectiveness, analysis of shareholders, management, degree of influence of main buyers and suppliers, study of the company's market position, its reputation. For each factor, except for strategic efficiency, marks are given, for convenience, expressed in points. Strategic activity is evaluated according to the dynamics of financial and economic indicators of the organization.

Special section: here the effectiveness of the enterprise as a whole is evaluated; uniformity of economic development; innovative, financial, operational activities; profit parameters. This stage is divided into:

• building a dynamic matrix based on the indexes of the main indicators: final (result of activity), intermediate (result of the production process), initial (number of resources involved);
• analysis of the uniformity of the increase (decrease) of performance indicators;
• calculation of the coefficients of innovative, financial and operational activities;
• assessment of the quality of income by calculating solvency and profitability;
• the scores obtained in the evaluation of all parameters are summed up with the scores of the general section.

Control section. Here, at the final stage, the coefficient of investment attractiveness of the enterprise is calculated (the points obtained at the previous stages are multiplied by weight coefficients and summed up), and the final decision is made on its basis.

The advantages of this technique:

• complex analysis;
• coverage of all indicators;
• conclusion of the final integral indicator.

subjective decisions of experts when grading (leveled by adding absolute and relative indicators of business activity).

In practical work, the calculation of the investment attractiveness of an enterprise usually consists in a simple financial and economic analysis of the object. There are not only theoretical calculations, but also a practical result.

The detail and detail of the analysis are directly dependent on who is involved in it. As a practical example, one can cite an assessment of the investment attractiveness of the issuer of bills and its criteria.

These calculations are an abbreviated form of analysis of financial and economic activities, helping the investor to determine the attractiveness of the organization as an investment object in a short time.

But this approach only assesses the current position of the organization, not allowing to answer a number of questions that are extremely important for the investor:

• How attractive is the organization as an investment object?
• What is the company's market price?
• What is the size cash receipts from these investments?

These questions are quite complex. To get an answer to them, it is necessary to develop and apply complex analytics.

For example, an investor should pay attention to the following points:

• how professional managers are and whether they can work in a team;
• whether the concept is unique, how clear the awareness of the promotion strategy is, and whether there is a detailed business plan;
• how competitive is the enterprise, does it have advantages over other companies;
• presence (absence) of profit growth potential;
• how transparent are the financial and management mechanisms of the company;
• how the share capital is protected;
• the presence of the potential for high dividends from invested capital.

And this is not all the questions that need to be covered. In order for the analysis to be as reliable and reliable as possible, the list of criteria will need to be increased. The goal is to cover all aspects of the organization's business activities.

The best results are obtained by peer review, but in recent years it has been used less and less. Although it is necessary to introduce it into the complex of works when analyzing the investment attractiveness of the enterprise.

Of all the above criteria, the assessment of the market value and the amount of future dividends can cause the greatest difficulties. But these parameters need to be known. Since the market value, for example, will give a hint about the potential growth of the enterprise and, accordingly, about the amount of future income.

Calculating the current market value is a very complex and labor-intensive task. To make it easier to solve it, you need to remember three common approaches to business valuation: costly, profitable and comparative.

Methods for assessing investment attractiveness are constantly evolving, since an elementary analysis of financial and economic activities no longer meets the needs of investors. Therefore, new approaches to analysis regularly appear, and in the future it is planned to develop such a set of measures that will include a qualitative and quantitative assessment. It is also expected to combine several approaches to determine the size of future cash flows.

The practitioner speaks

When evaluating a company, an investor takes into account many factors

Tatyana Sadofyeva,

Director of PRADO Corporate Finance, Moscow

In order to attract investments, it is necessary to obtain data on the value of the business that is planned to be used as an investment object. A financial specialist (your employee or an external expert) will be able to give the necessary assessment by analyzing factors such as:

• annual increase in sales growth;
• operating profit margin;
• volume of investments;
• R&D costs;
• dynamics of working capital;
• depreciation deductions;
• level of competitiveness;
• various macroeconomic and specific risks.

The weight of all these parameters is directly dependent on the specifics of production, the competitiveness of the enterprise, its age. If we analyze a young company that offers innovative products and has not yet passed the critical break-even point, the forecast of sales growth is of primary importance. Considering an already established organization with stable profits and a strong competitive position, an expert, wishing to predict the value of financial flows, will rely on operating profit data for the past few years. There is also a methodology for estimating the value of a business that suffered losses in the year preceding the analysis.

How to increase the investment attractiveness of an enterprise

Increasing the investment attractiveness of an enterprise is a laborious and long process, consisting of the following stages:

Analysis of the level of economic development and the general characteristics of the company:

• assessment of the value of the asset, its structure, volume and composition of intangible and non-current assets;
• analysis of production: production capacities, the possibility of their growth, the degree of modernization and wear of production tools, technology.
• personnel level: qualification, staffing level, provision with employees.
• innovations: determination of their presence and use in the production process, the possibility of implementation.

Characteristics of the market position and the level of competitiveness of products:

• the size of the market and the place that the company occupies on it: assessment of the competitive environment, identification of market leaders, study of the strengths and weaknesses of the organization, prospects for future growth and consolidation of the achieved positions;
• the quality of the manufactured product, its competitive stability - analysis of similar products, increasing the level of competitiveness.
• study of the company's pricing strategy.

Financial analysis of the state and results of the organization:

• assessment of business activity, liquidity, sustainability, solvency and profitability of the enterprise;
• calculation of the results of financial activities: the amount of current profit, development potential and performance efficiency.

An organization can draw up a plan and implement a number of measures to increase its investment attractiveness. For this you can use:

• careful long-term strategic planning;
• business planning;
• application of expert assessment of lawyers to bring title documents in line with the law;
• analysis, creation and evaluation of credit history;
• creating a more harmonious structure of the company through reform.

To determine what measures the organization needs to increase investment attractiveness, it is necessary to assess the state of the enterprise. This analysis allows:

• identify the strengths of the organization;
• calculate the risks and weaknesses in the state of the company at the moment (also on the part of the investor);
• develop measures to increase investment attractiveness, increase competitive advantages and increase the efficiency of the company.

In the course of this diagnostics, such areas as management, production, finance, and sales are analyzed. The area of ​​activity of the organization associated with the maximum risks and having the largest number of weaknesses is determined. Measures are being developed to strengthen the situation in weak areas.

It is also necessary to pay attention to the legal examination of the enterprise. To assess the investment attractiveness of an enterprise, the areas of expertise can be:

• confirmation of ownership of real estate (land, buildings, etc.);
• the correctness of the drafting of constituent documents (the rights of shareholders, the authority of the management of the organization);
• transparency, correctness and legal cleanliness of accounting for rights to the company's securities.

After the examination, inconsistencies of the above directions with the norms of the legislation of the state are determined. Eliminating these inconsistencies is an extremely important step, because investors, assessing the investment attractiveness of an object, attach great importance to legal diagnostics. For example, it is very important for a lender to see proof of ownership of the property to be pledged. Direct investors who buy blocks of shares in a company pay attention to the rights of shareholders and corporate governance in general, because they need to control the spending of their investments.

The examination of the current state of the organization becomes the basis for the development of a strategic plan.

The strategy is the main plan for the growth of the organization, developed for 3-5 years. It formulates both the leading goals of the organization in general and the main activities and systems (promotion, production, sales). The main qualitative and quantitative criteria are singled out. A strategy helps an organization make plans for shorter periods of time without departing from the main idea. For a potential investor, the strategy shows the organization's real view of the long-term prospects and the compliance of enterprise management with external and internal factors.

Taking a long-term strategic plan as a basis, the organization proceeds to the formation of a business plan. It thoroughly understands all areas of the organization's activities, provides a rationale for the amount of required investments and a financing model, the expected effect for the company. The scheme of financial flows formed in the business plan helps to assess the organization's ability to return loan funds to the investor-creditor, taking into account interest. Owner investors can use a business plan to analyze the company's value, explore the cost of investments and justify potential growth.

For example, one large enterprise in the North-West, operating in the glass industry, developed a comprehensive business plan in the course of cooperation with a venture investor. Despite the low price of assets in comparison with the size of the required investments, the investor perceived the organization as investment attractive, because the business plan provided a rationale for the possibility of increasing the organization and increasing the cost of capital.

In the eyes of investors, the credit history of the enterprise is also of great importance, since it means that the organization has practical experience in mastering investments and fulfilling its obligations to lenders and investor-owners. Therefore, the measures taken to form such a history would be appropriate. For example, a company may arrange for the issuance and redemption of a relatively small bond issue with a short maturity. As soon as it is repaid, the organization in the eyes of investors will reach a qualitatively different level. Because this will characterize her as a responsible creditor who fulfills her obligations. After that, the company will be able to attract loan funds on more favorable terms.

One of the most time-consuming measures to increase the investment attractiveness of an organization is the implementation of reform (restructuring). In general, the reform combines a set of measures to fully bring the work of the enterprise in line with the changing market conditions and the strategic development plan.

Restructuring is most often embodied in several directions:

Change in share capital. This measure includes actions to improve the capital structure: division, consolidation of shares, reform opportunities prescribed in the Law on Joint Stock Companies. The result of these actions is an improvement in the manageability of an organization or group of enterprises.

Change of organizational structure and management methods. This path of restructuring is aimed at improving the management processes that provide the main functions of an efficient company and the organizational structures of the company, in which new management techniques are introduced. Reformation of management systems and organizational structure may consist of:

• splitting the business into smaller companies and other modifications of the organizational structure;
• identification and removal of unnecessary links in management;
• adding new links to management processes;
• optimization of information flows;
• other additional measures.

The reformation of production combines a set of measures from the above areas.

Increasing the investment attractiveness of the enterprise before its sale

Special mention should be made of the pre-sale preparation of the company. Then the increase in investment attractiveness is carried out to increase the value of the enterprise. Given the above, we can conclude that the process of pre-sale preparation is clearly regulated, although it is laborious.

The organization creates a program to increase investment attractiveness, focusing on its individual criteria and the investment market. The implementation of this program accelerates the attraction of financial resources.

How to develop an effective business plan for the investment attractiveness of an enterprise

Step 1. Development of a preliminary business plan.

Briefly describe the essence of the current organization or business of the creator of the project, provide an economic justification. For example, it is planned to introduce a new product - tiles. The creator of the project knows that there is a shortage of this type of product on the market and there is a demand, which means that the sales market has already been analyzed. The economic justification must necessarily include the potential amount of income and expenses, the payback period of the object.

This document is usually 1-3 pages long. If you have all the necessary data, then the calculations and creation of an initial business plan will take an expert from two to eight hours.

Step 2. Development of a complete business plan.

Taking this document as a basis, the investor will decide whether to invest in this project or not.

Unlike the first step, the second step should give complete information. For example, if the experience of the project creator was indicated in the first option, then here you need to give all the data on this issue. The size of the business plan at this stage is about 20-35 pages.

Step 3. Development of a detailed business plan.

It is formed when the project has already been approved by the contributors. It is a detailed program of action. For example, guided by the concluded contracts with suppliers, it includes the terms of delivery, equipment adjustment, reaching the planned capacity. It is made with a deadline of one year, and adjustments are made every month. Drawing up a detailed business plan is carried out after a positive decision is made by the investor, in contrast to a complete one, for which the approval of the investor is sufficient.

Please note: for ease of orientation, the business plan must have a clear structure and include all the necessary sections. All the nuances of work, schemes and methods should be described there.

New project for an existing enterprise	New venture (business)
Company history, milestones of development	Description of the current activities of the project initiator
Organizational structure of the enterprise	Experience of the project initiator in organizing a new business
Founders (shareholders) of the enterprise	Ownership structure of the new enterprise
The property position of the company	Description of the new project
Description of the main activity	New product market
Project description	Production plan
New product market	Investment in the project
Production plan	Project financial plan
Investment in the project	Annex: historical financial indicators of the business of the project initiators
Financial plan taking into account the current activities of the enterprise

The use of third-party resources (investments) is necessary for the effective operation of organizations. The stable development of the company requires constant investment in production, innovative developments and activity in other areas of activity. In order to attract third-party resources without problems, you need to monitor the investment attractiveness.

Author information

Patrick de Cambourg, president of the international company Mazars. Field of activity: consulting services in the field of audit, financial transactions and taxation. Form of organization: partnership (includes 650 associate members - financially independent companies operating under a single brand). Territory: 56 countries around the world, including Russia. Number of employees: 12,500. Annual turnover: 773.6 million euros (in the 2008-2009 financial year). Presidential tenure: since 1983.

Oleg Dobronravov, director of Westland Finance Advisory. Field of activity: conducting debt transactions, capital raising transactions, optimization of the loan portfolio, development of corporate structure and management projects, asset management. Territory: offices in Moscow and Amsterdam. Headcount: 3. Deal value: $300 million (2009). Main clients: Sudostroitelny Bank, RTM, JFC, Perekrestok chain of stores, Rosleasing Association. Director experience: since 2005.

Tatyana Sadofyeva, Director of PRADO Corporate Finance, Moscow. PRADO Corporate Finance provides assistance in raising finance and supporting transactions. Included in the strategic partnership of companies "PRADO Banker and Consultant", formed in 1994. PRADO Group provides financial and management consulting, audit, corporate training, recruiting, and provides banking services.

In today's world, businesses operate in a tough competitive space. For sustainable development, an enterprise needs to constantly develop, quickly adapt to changing environmental conditions, offering the market a modern, high-quality product or service that satisfies the consumer. Continuous development requires regular investments both in fixed assets and scientific and technical developments (R&D) and in other purposes aimed at obtaining a positive effect. To attract investment, the company needs to monitor its investment attractiveness.

A complex indicator that characterizes the feasibility of investing in a particular enterprise.

Investment attractiveness depends on many factors such as the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the economic situation in the industry, staff qualifications, financial performance, etc.

Currently, organizations use a variety of tools to raise funds. The most common ways to attract investment this is:

1. Credits and loans.
2. Attracting investments in the stock market: issuing bonds, conducting IPOs and SPOs.
3. Attracting a strategic investor.

The first option is the easiest, but at the same time one of the most expensive. In this case, raising funds by issuing a bank loan, the main (significant) terms of the loan (volume, term, amount interest rate etc.) are determined by the creditor, that is, the bank, on the basis of the credit policy established in this particular bank. Therefore, such financing is provided only to companies that have confirmed their solvency and provided the necessary collateral, the value of which is greater than the loan. In case of failure of an innovative project, the company returns the loan at the expense of its own funds, authorized capital, and the sale of fixed assets.

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

The most complete definition of investment attractiveness is given, according to the author, in the textbook edited by Krylov E.I., Vlasov V.M., Egorova M.G., Zhuravkov I.V. :

This is an "economic category characterized by the efficiency of using the enterprise's property, its solvency, financial stability, its ability to self-develop based on increasing the return on capital, the technical and economic level of production, the quality and competitiveness of products."

Each investor pursues his goals by investing in the company's tangible and intangible assets. Depending on the goals, investors can be divided into two groups: financial and strategic investors.

Financial type investor:

• seeks to maximize the value of the company, has only a financial interest - to get the greatest profit, mainly at the time of exit from the project;
• does not seek to acquire a controlling stake;
• does not seek to change the management of the company.

In Russia, financial investors are represented by investment companies and funds, venture capital funds. Most of the transactions of such investors take place on the secondary market and do not directly bring additional investments to the enterprise, but the purchase of the company's securities leads to an increase in the company's market capitalization. These investors make a profit from dividends or coupons paid by the company, and from the appreciation of the company's securities. The holding period return (HPR) is calculated as:

Strategic investor:

• seeks to obtain additional benefits for its core business;
• strives for complete control, sometimes at the cost of destroying the company;
• actively participates in the management of the company;
• mainly seeks to invest in companies from related industries;
• takes "participation" in investing, often not limited to specific terms.

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

Factors affecting the investment attractiveness of an enterprise can be roughly divided into two groups: external and internal.

External factors - these are factors that do not depend on the results of economic activity of the enterprise. These factors include:

1. Investment attractiveness of the territory, which includes the following parameters: political, economic situation in the country, region, perfection of the legislative and judicial authorities, the level of corruption in the region, the development of infrastructure, the human potential of the territory. Rating agencies (Standard&Poors, Moody's, Fitch, Expert RA) are assessing the investment attractiveness of states and regions.

2. Investment attractiveness of the industry, including:

• the level of competition in the industry;
• current development of the industry;
• dynamics and structure of investments in the industry;
• stage of development of the industry.

Analysis of these components is an important step in investment analysis. The investment attractiveness of the industry is characterized by a number of parameters, the most significant of which are: the growth rate of production volumes, the growth rate of prices for production factors, the financial condition of the industry, the availability of innovations and the degree of R&D.

The state of investment attractiveness of the industry is influenced by a number of factors:

• macroeconomic environment;
• environmental Safety;
• the state of the infrastructure;
• the level of the production process in the industry;
• personnel component;
• financial environment.

Internal factors include factors that depend directly on the result of the economic activity of the enterprise. Therefore, it is the internal factors that are the main lever of influence on the investment attractiveness of the enterprise.

Let's take a closer look at internal factors:

The financial condition of the enterprise, assessed on the basis of the following indicators: the ratio of borrowed and own funds; the current liquidity ratio; the asset turnover ratio; return on sales in terms of net profit; return on equity in terms of net profit.

Organizational structure of the company's management: the share of minority shareholders in the structure of the company's owners the degree of state influence on the company the degree of disclosure of financial and management information the share of net profit paid by companies in recent years

The degree of innovation of the company's products.

Stability of cash flow generation.

The level of diversification of the company's products.

To obtain information about the activities of the company of interest, you can use various sources. For classification, sources are divided into two groups: external and internal.

External sources of information: archives of banks reports of consulting, auditing agencies information about the enterprise in the media stock market data information from the partners of the enterprise.

Internal sources of information are characterized by a low frequency of receipt and, as a rule, are associated with the preparation of quarterly or annual reports: accounting reports internal financial reports internal management reports planning documents tax reporting statutory documents.

Whole analysis of the investment attractiveness of the enterprise can be broken down into the following components:

1. Analysis of potential profit - research of alternative investment options, comparison of profitability and risk level;

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

3. Market analysis - assessment of the prospects for a product on the market, saturation of the market with similar products (market capacity, promotion to it);

4. Technological analysis - study of technical and economic alternatives to the project, various options for using available technologies; search for the optimal technological solution for this investment project;

5. Management analysis - assessment of the organizational and administrative policies of the enterprise, as well as the development of recommendations regarding the organizational structure, organization of activities, recruitment and training of personnel;

6. Environmental analysis - assessment of potential damage to the environment by the project and determination of the necessary measures to mitigate and prevent possible consequences;

7. Social analysis - determination of the suitability of project options for residents of the region as a whole (increasing the number of jobs, changing cultural and living conditions, improving housing conditions).

Literature:

1. Krylov E. I., Vlasova V. M., Egorova M. G., Zhuravkova I. V. Analysis of the financial condition and investment attractiveness of the enterprise: Proc. manual for universities - M.: Finance and statistics, 2003.
2. Asaul A. N., Voynarenko M. P., Ponomareva N. A., Faltinskiy R. A. Corporate securities as an instrument of investment attractiveness of companies. - M.: ANO "IPEF", 2008.
3. Body Zvi, Kane Alex, Marcus Alan. Principles of investment: Per. from English. - M.: Williams Publishing House, 2002.
4. Endovitsky D. A. Analysis of the investment attractiveness of the organization. - M.: Publishing house "KnoRus", 2010.

Author: Matveev T.N., post-graduate student of Moscow State Technical University

Federal Agency for Education Russian Federation

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

Department of Economics and Management

COURSE WORK

discipline: "Investments"

on the topic:

"Analysis of the investment attractiveness of the enterprise"

Introduction

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

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

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

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

2. Economic characteristics of the enterprise (on the example of OJSC "LUKOIL")

2.1 General characteristics of the enterprise

2.2 Analysis of liquidity and solvency

2.3 Financial sustainability analysis

2.4 Business analysis

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

4. Ways to increase the investment attractiveness of the enterprise

Conclusion

Bibliography

Application

Introduction

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

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.

Almost any line of business in our time is characterized by a high level of competition. In order to maintain their positions and achieve leadership, companies are forced to constantly develop, master new technologies, and expand their areas of activity. In such conditions, periodically there comes a moment when the management of the organization realizes that further development is impossible without an influx of investments. Attracting investment gives a company a competitive advantage and is often the most powerful means of growth. The main and most general goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds with proper management should be an increase in the value of the company and other indicators of its activities.

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

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

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

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

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

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

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

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

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

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

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

2) investment attractiveness as a condition for investment;

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

3) investment attractiveness as a set of indicators;

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

4) investment attractiveness as an indicator of investment efficiency.

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

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

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

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

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

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

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

When deciding on the placement of funds, the investor will have to evaluate many factors that determine the effectiveness of future investments. Given the range of combination options different meanings of these factors, the investor has to evaluate the cumulative impact and results of the interaction of these factors, that is, evaluate the investment attractiveness of the socio-economic system and, on its basis, make a decision on investing.

Therefore, it becomes necessary to quantitatively identify the state of investment attractiveness, and it should be taken into account that in order to make investment decisions, the indicator characterizing the state of investment attractiveness of an enterprise must have economic meaning and be comparable to the price of the investor's capital. Therefore, it is possible to formulate the requirements for the methodology for determining the indicator of investment attractiveness:

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

The indicator should reflect the expected return on investment;

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

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

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

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

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

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

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

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

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

· production and technological;

resource;

· institutional;

· regulatory and legal;

infrastructural;

· export potential;

· business reputation and others.

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

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

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

· informal (management competence, commercial reputation).

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 the enterprise. The second approach uses the concept of investment potential, investment risk and methods for evaluating investment projects. The third is based on the valuation of the enterprise. Each approach and each method has its advantages, disadvantages and limits of application. The more approaches and methods will be used in the evaluation process, the more likely it is that the final value will be an objective reflection of the investment attractiveness of the enterprise.

The investment attractiveness of the enterprise includes:

General characteristics of the technical base of the enterprise;

Product range;

production capacity;

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

Characteristics of the control system;

Authorized fund, owners of the enterprise;

The structure of production costs;

The amount of profit and the direction of its use;

Assessment of the financial condition of the enterprise.

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

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

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

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

Additional tasks:

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

Monitoring of investment attractiveness.

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

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

In this way:

K 1 \u003d P / I, (1)

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

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

S i = N / F i , (2)

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

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

H is the value of the consumer order.

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

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

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

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

Table 1.1.

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

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

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

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

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

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

By type of economic entities, the methods may reflect:

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

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

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

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

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

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

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

1.3 Algorithm for monitoring the investment attractiveness of an enterprise

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

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

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

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

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

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

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

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

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

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

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

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

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

2.1. General characteristics of the enterprise

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

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

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

Table 2.1

Key Performance Indicators of OAO LUKOIL

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

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

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

Diagram 2.1. Cost structure of OAO LUKOIL for 2008

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

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

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

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

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

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

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

Diagram 2.2. Dynamics of value change

balance currency for 2006-2008

2.2. Liquidity and solvency analysis

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

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

There are several ways to analyze balance sheet liquidity.

1. Building a compacted (aggregated) balance sheet.

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

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

Table 2.2.

Grouping of assets by degree of liquidity

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

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

Table 2.3.

Grouping liabilities according to the degree of urgency of their payment

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

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.

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

The calculation data are given in Table 2.5.

Table 2.5.

Absolute liquidity indicators

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

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

Table 2.6

Relative liquidity ratios

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

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

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

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

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

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

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

2.3 Financial stability analysis

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

There are 3 ways to analyze financial stability.

1. Using simple ratios.

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

Let's produce this ratio (table 2.7).

Table 2.7.

The ratio between the balance sheet and equity capital

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

2. The use of absolute indicators of financial stability.

The calculations of these indicators are presented in Table 2.8.

Table 2.8

Absolute indicators of financial stability

Indicators					Absolute deviation
					2008 compared to 2007	2008 compared to 2006

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

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

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

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

Table 2.9

Relative indicators of financial stability

Indicators					Absolute deviation
					2008 compared to 2007	2008 compared to 2006
1) Financial independence ratio
2) Self-financing ratio
3) Coefficient of financial tension

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

Therefore, the company can be called financially stable.

2.4. Business activity analysis

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

1. Turnover indicators (Appendix 3).

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

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

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

2. Indicators of profitability.

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

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

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

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

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

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

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

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

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

Table 2.10

Profitability indicators

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

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

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

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

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

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

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

3. Analysis of the investment attractiveness of the enterprise

(on the example of JSC "LUKOIL")

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

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.

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

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

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

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

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

Table 3.1

Cash flow from investing activities

( million USD)

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

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

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

K 1 \u003d P / I,

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

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

P - the amount of profit for the analyzed period.

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

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

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

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.

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

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

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

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

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

· Governing bodies:

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

Board of Directors;

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

The collegial executive body is the Board.

Control body:

Audit committee.

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

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

Resource;

infrastructure;

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

Business reputation and some others.

4. Ways to increase the investment attractiveness of the enterprise

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

· development of a long-term development strategy;

· business planning;

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

creation of a credit history;

· Carrying out measures for reforming (restructuring).

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

Determine the strengths of the company's activities;

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

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

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

Ownership of land plots and other property;

· the rights of shareholders and the powers of the management bodies of the enterprise, described in the constituent documents;

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

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

Carrying out diagnostics of the state of the enterprise is the basis for developing a development strategy. A strategy is a general development plan, which is usually developed for 3-5 years. The strategy describes the main goals of both the enterprise as a whole and the functional areas of activity and systems (production, sales, marketing). The main target quantitative and qualitative indicators are determined. The strategy allows the enterprise to plan for no shorter periods of time within a single concept. For a potential investor, the strategy demonstrates the enterprise's vision of its long-term prospects and the adequacy of the enterprise's management to the conditions of the enterprise's operation (both internal and external).

Having a long-term development strategy, the company proceeds to the development of a business plan. In the business plan, all aspects of the activity are considered in detail and in detail, the volume of necessary investments and the financing scheme, and the results of investments for the enterprise are substantiated. The cash flow plan calculated in the business plan allows you to assess the ability of the enterprise to return the borrowed funds to the investor from the group of creditors and pay interest. For investor-owners, the business plan is the basis for assessing the value of the enterprise and, accordingly, assessing the value of the capital invested in the enterprise, and substantiating the potential for its development.

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

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

1. Reformation of the share capital.

This direction includes measures to optimize the capital structure - splitting, consolidation of shares, all forms of reorganization of a joint-stock company described in the Law on Joint Stock Companies. The result of such actions is to increase the manageability of a company or group of companies.

2. Changing the organizational structure and management methods.

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

3. Reformation of assets.

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

4. Reformation of production.

This direction of restructuring is aimed at improving the production systems of enterprises. The goal in this case may be to increase the efficiency of production of goods, services; increasing their competitiveness, expanding the range or re-profiling.

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

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

Conclusion

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

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

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

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

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

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

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

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

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

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

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15. Information sites.

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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 of the technical base of the enterprise;

Product range;

Productive capacity;

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

Characteristics of the control system;

Authorized fund, owners of the enterprise;

The structure of production costs;

The amount of profit and the direction of its use;

Assessment of the financial position of the enterprise.

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

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a brief description of enterprises of OAO Nizhnekamskshina. Tasks and functions of the financial and economic department of the enterprise. Theoretical foundations of the investment attractiveness of the enterprise. Evaluation indicators and methods for analyzing investment attractiveness.

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Approaches to assessing the investment attractiveness of an enterprise. State of the chemical industry in Russia. General characteristics of the enterprise CJSC Sibur-Khimprom. Project risk assessment. Analysis of the dynamics of the composition and structure of sources of property formation.

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The essence and criteria of investment attractiveness. The role of investments in the socio-economic development of the municipality. Problems and prospects for the development of the investment attractiveness of the municipality on the example of the city of Krasnodar.

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The main methods for assessing the investment attractiveness of a municipality, used in Russia and abroad. Situational analysis of the Tarnogsky municipal district, assessment of its investment attractiveness, ways and means of its improvement.

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Study of the essence of investment attractiveness and its components. Analysis of ratings of investment attractiveness of the Krasnodar Territory for the period under review. Description of the main investment projects currently proposed.

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

The investment attractiveness of an enterprise is a complex indicator characterizing the expediency of investing in this enterprise. The investment attractiveness of an enterprise depends on many factors such as the political and economic situation in the country, region, the perfection of the legislative and judicial authorities, the level of corruption in the region, the economic situation in the industry, staff qualifications, financial performance, etc. .

In recent years, quite a lot of works by foreign authors have appeared on the issues of assessing the attractiveness of investment, including Van Horn, Behrens V, Birman G., Schmidt S., Sharp U., Norcott D., Havranek P. However, the conditions and specifics of the development of the Ukrainian investment market do not yet allow using foreign experience in investment management with sufficient efficiency.

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

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

Loans in credit institutions;

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

Attracting a strategic investor.

The first option is the easiest, but at the same time one of the most expensive. In this case, raising funds by issuing a bank loan, the main loan conditions (volume, term, interest rate, etc.) are determined by the lender, that is, the bank, based on the credit policy established in this particular bank. Therefore, such financing is provided only to companies that have confirmed their solvency and provided the necessary collateral, the value of which is greater than the loan. In case of failure of an innovative project, the company returns the loan at the expense of its own funds, authorized capital, and the sale of fixed assets.

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

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

Financial Investor:

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

Does not seek to acquire a controlling stake;

Does not seek to change the management of the company.

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

Strategic investor:

Strives to obtain additional benefits for its core business;

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

Actively participates in the management of the company;

Mainly seeks to invest in companies from related industries;

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

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

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

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

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

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

4) managerial analysis - assessment of the organizational and administrative policy of the enterprise, as well as the development of recommendations regarding the organizational structure, organization of activities, recruitment and training of personnel;

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

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

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

Literature

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

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

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