Assessing Investment Attractiveness Research Articles

Investment attractiveness as a generalized indicator of the competitiveness of a service sector organization

Subject. This article interprets the integral assessment and structures the investment attractiveness of the service sector organization. Objectives. The article aims to consider theoretical aspects and form a system of indicators for assessing investment attractiveness, as well as present an algorithm for calculating the integral assessment. Methods. For the study, I used the methods of systems and content analyses, comparison, and expert assessment. Results. The results of the study confirm the hypothesis that investment attractiveness is one of the indicators of the competitiveness of consumer cooperation organizations. The article presents a chain of values for optimal management of the competitiveness of consumer cooperation organizations on the basis of structuring the investment attractiveness of organizations. Relevance. The results of the study can be used by specialists of public administration when developing strategic policies in the field of cooperation with enterprises in the service sector of a diversified consumer cooperation system to make the investment attractiveness of regional organizations more effective.

ANALYSIS OF THE INVESTMENT ATTRACTIVENESS OF UKRAINE

The article is devoted to the issues of investment attractiveness of Ukraine in the context of economic recovery after the Russian-Ukrainian war. The main objective of the article is to assess the current state of investment attractiveness of the national economy and to identify priority areas for its improvement. The use of innovative research methods in assessing the investment attractiveness of the national economy is a fundamental element for building an up-to-date model for its improvement. As a result, an increase in foreign direct investment flows into the country's priority sectors will allow the national economy to recover on the principle of "build-back better", which is in line with Ukraine's short-term priorities. The innovative component of these investments, in turn, will make a great contribution to the long-term economic development of the country even after the return of the pre-war level of the economy, creating additional jobs and promoting high-tech exports The main issues of the methodology for analyzing the investment attractiveness of the country are revealed. The indicators for assessing investment attractiveness using the indices of rating agencies are detailed.

The perils of ranking mining countries and regions: a critical look at the annual survey of the Fraser Institute

The attractiveness of mineral investments across countries and regions worldwide can be judged through various measures, each with its strengths and weaknesses. The purpose of this paper is to scrutinize the Fraser Institute’s ranking of mining jurisdictions, which builds on eliciting the perceptions of industry representatives around the world through an annual survey. The analysis takes stock in the growing scholarship on country performance indicators and concludes that due to the low response rate and the lack of clear definitions of some of the underlying concepts (e.g., political stability), there are reasons to question both the reliability and the validity of this survey. There could also exist incentives among exploration companies to “game” the rankings. For these reasons, the ranking outcomes do not constitute a meaningful scorecard that countries can employ to improve their mining-related policies. However, despite these deficiencies, the Fraser Institute’s survey often enjoys relatively uncritical media attention. It even sets in motion a political “rankings game” in which the mining companies, governments, and other organized groups choose to participate. There is an urgent need for a more reliable and unbiased survey approach, including the consideration of alternative—complementing—measures for assessing investment attractiveness in the mining industry.

Application of the theory of stakeholders in assessing the investment attractiveness of corporate structures

Purpose of the article is to describe the authors' proposal on the use of the concept of stakeholders in assessing the investment attractiveness of corporate structures, an alternative to traditional fundamental investment analysis.Methods: the basis of the research is the expansion of ideas about the factors affecting the investment attractiveness of the corporate structure on the basis of multi-subject assessments, in accordance with the theory of stakeholders.Results: currently, the investment attractiveness of a large corporate structure is formed under the influence of a variety of financial and nonfinancial factors that depend on actions or judgments broadcast (via the media, the Internet or other modern means of communication), not only by investors, but also by other interested parties. The approach proposed by the authors to assessing investment attractiveness differs in that it is based on the need to meet the information needs of various groups of stakeholders, not just investors. To achieve this goal, two interrelated tasks have been solved in the work. Firstly, the impact of factors influenced by stakeholders on the indicators of investment attractiveness is considered. Secondly, the assessment of investment attractiveness is carried out on the basis of information about the company's solution of environmental, social and other modern tasks.Conclusions And Relevance: the approach considered in the article, which involves the use of the theory of stakeholders to study the factors that influence investment attractiveness, has practical importance for corporate structures. The authors' calculations made on the basis of open information from one of the largest Russian oil and gas companies, PJSC Lukoil, confirm the hypothesis about the correctness of using the theory of stakeholders as another approach to assessing the investment attractiveness of the company. The calculations illustrate the significant closeness of the relationship between indicators traditionally used in assessing investment attractiveness and non-financial indicators that reflect the information needs of not only investors, but also other stakeholders (employees, customers, suppliers, financial institutions, the media, environmentalists, trade unions, etc.).

Formation of information in integrated reporting for evaluation of investment attractiveness in consideration of ESG principles

The article is devoted to the formation of information for assessing investment attractiveness using ESG criteria in the integrated reporting of agribusiness organizations. A methodology for determining indicators is proposed, as well as criteria for assessing the assignment to the class of investment attractiveness. According to the proposed methodology, an assessment of the investment attractiveness of an enterprise of the agro-industrial complex (AIC) was carried out. The results obtained can be used to justify investment decisions, as well as for the preparation of integrated reporting by agro-industrial companies aimed at attracting investments.

Multiplier approach to assessing the investment attractiveness of chemical industry enterprises

The article analyzes the approaches of national and foreign scientists to assess the investment attractiveness of the enterprise, special attention is paid to the fact that the company is considered as an object and subject of the investment process. The purpose of the study is to develop a comprehensive method for assessing the investment attractiveness of chemical industry enterprises in the East Kazakhstan region. The presented methods of assessing investment attractiveness allow taking into account not only quantitative indicators, but also qualitative ones, which is especially important for obtaining a more complete result, and can also be used in conditions of unilateral access to information. As a result of the study, the most investment-attractive enterprises of the chemical industry of the East Kazakhstan region were identified, which at the initial stage should become priorities of the investment policy of the regions. These enterprises are points of growth that can form a driving effect for the development of such enterprises and the region as a whole.

Beta Coefficient as a Measure of Market Risk in Assessing Investment Attractiveness

Beta Coefficient as a Measure of Market Risk in Assessing Investment Attractiveness

Calculation of the weight coefficients of the criteria of the spatial factor and their interrelations with the investment objectives of the purchase of land plots

The article presents the results of the distribution of criteria according to investment objectives, which can serve as the basis for developing a mathematical model for assessing the investment attractiveness of land plots. Existing methods for assessing investment attractiveness were analyzed and a new assessment system was compiled. The criteria were ordered by calculating the weights using the T. Saaty Analytic Hierarchy Process, and the interrelations between the criteria and investment objectives were visualized using a graph. The classification and graph given in the study are able not only to determine the relationship between investment objectives and criteria, but also subsequently to form approaches to assessing the quality of the proposed classification.

Multiplicative Methodology for Assessing Investment Attractiveness and Risk for Industries

Creating favorable conditions for the development of industry is one of the key tasks with an increased level of complexity, the solution of which is associated with attracting investments and forming an investment policy that takes into account various specific characteristics of its implementation. However, modern science requires a deeper development of tools related to the study of the investment attractiveness of industries and the level of risk of investing in them, including taking into account market value factors. The purpose of this study is the development and practical approbation of a multiplicative methodology for assessing investment attractiveness and risk for individual industries. The methodological basis of the study was the scientific works of domestic and foreign scientists in the field of industrial and investment policy, its goals, tools for implementation and features of formation in individual industry complexes. The work also used the methods of structural-functional, economic-statistical, and comparative analysis, as well as tabular and graphical interpretation of empirical-factual information. The proposed methods for assessing investment attractiveness make it possible to take into account not only quantitatively measured indicators, but also more obscure indicators, which is especially important for obtaining a more complete result and can be used in conditions of limited access to information. As a result of this study, the most investment-attractive enterprises and a separate industry were identified, which at the initial stage should become the priorities of the industrial policy of the regions, since they are a kind of growth pole that can create a propulsive effect for the development of other enterprises and the territory as a whole.

Детерминанты привлечения инвестиций в точки роста экономики Дальнего Востока России

Due to the sanctions imposed by foreign states, modern Russian economy greatly depends on the economy of the Far East characterised by the formation and stimulation of investment in the territories of advanced development (TADs). However, at the present stage, economic growth measures are not working effectively in all Far Eastern regions. The article presents the results of an analysis of factors shaping the investment attractiveness of the territories of advanced development established in the Russian Far East. The study examines regional socio-economic indicators, accounting statements of residents and non-financial information on business reputation of enterprises. Since territories of advanced development are considered economic growth points of the Russian Far East, the research aims to identify relevant patterns and rank TADs according to the importance of the factors of investment potential and risks. To this end, the methods of econometric analysis and modelling were applied. The developed methodology for assessing investment attractiveness includes indicators adapted for TADs, component factor analysis and modelling. Based on the analysis, factor models were constructed and the factors were grouped according to their impact on the investment potential and risks of the territories of advanced development of the Far Eastern Federal District. The obtained results indicate that the initial development stage of economic growth points is characterised by various financial and social problems, insufficient investment and uneven distribution of investments to ensure advanced economic growth. The established factor models explain the importance of creating a favourable investment environment, attracting investments for the construction of infrastructure, increasing the efficiency of resource potential in the Far Eastern regions. Factors of the internal business environment of residents — financial condition and the initial stage of enterprise operation from the moment of state registration — are seen as constraining. Priority ranking of factors revealed key directions for improving the mechanism for attracting and distributing investments in the regions. Additionally, it can help coordinate the work of government bodies, development institutions and entrepreneurship and direct business support measures to important areas of territorial development, reducing the impact of constraining factors and risks.

Multi-Criteria Approach to Assessing the Investment Attractiveness of Innovative Projects

Realistic evaluation of the investment attractiveness of the financed project is the basis for the successful functioning of a venture investor. At the same time, investors often have to act in conditions of a severe lack of information, especially when it comes to projects at an early stage of the life cycle. In these cases, they use multi-criteria methods for assessing investment attractiveness, often also called scoring methods. The aim of this work is to develop a methodology for assessing the investment attractiveness of innovative projects at the early stages of the life cycle, both based on an analysis of theoretical approaches in the field of venture economics, and based on an analysis of existing business practices.We have proposed a method for assessing the investment attractiveness of a project based on dividing the criteria into three macro groups (market and entry strategy, team and product). At the same time, we used a concept that allows us to interpret the value of each of the assessed parameters (seven in each macro group) as a positive or negative signal given by the project to a potential investor.An important difference between the presented methodology and others described in the professional literature is the combination of the use of theoretical models with an in-depth analysis of the criteria used in practice by various players in the venture capital market (funds, business angels, etc.), which together form the methodological basis of the work. This combination of the use of sources of information on the criteria for evaluating projects determines the scientific novelty of the study. The practical significance lies in the possibility of applying the proposed methodology both by venture investors and other actors of the venture capital ecosystem for making specific financial decisions.

ФІНАНСОВИЙ АНАЛІЗ ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ПІДПРИЄМСТВА

The purpose of the article is to study the concept of investment attractiveness of the enterprise. Outline of existing methods and areas of research. Research of existing theoretical approaches to understanding the concept of “investment attractiveness”. Determining areas for assessing investment attractiveness according to the needs of financial analysis. It is advisable to study the company’s position in the market and its business reputation. It is important to calculate the integrated coefficient of investment attractiveness. It is important to calculate the ratio of borrowed and own funds, asset turnover ratio, current liquidity ratio, return on equity. It is important to set the parameters corresponding to the level of the standard position of the enterprise in the market. Emphasis is placed on assessing the level of the company’s dependence on competitors. It is important to study the profitability of products, return on investment. It is important to consider the strengths and weaknesses of the enterprise. It is appropriate to calculate the sales revenue index, the net profit index, the cost index, the long-term liability index. It is proposed to study the dynamics of the characteristics of financial stability, profitability, liquidity of assets and their turnover. The purpose of the article is achieved. Theoretical approaches to the concept are investigated. The directions of assessment are considered. The development of existing directions is offered. The needs of financial analysis are outlined. The directions of financial analysis of investment attractiveness are determined. Some results were obtained. It is proposed to assess the investment attractiveness of the enterprise based on the results of financial analysis. The basis of financial analysis is financial reporting. Analysis of financial condition is the basis for financial analysis. It is expedient to carry out the financial analysis in the following section: the analysis of liquidity of the enterprise, its solvency, financial stability, business and market activity, etc.

ОЦІНКА ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ УКРАЇНИ

Анотація. Інвестиції насьогодні є вагомою основою розвитку багатьох рівнів економічної системи та можуть бути розглянутими як драйвер активізації економічного розвитку країни. Вони є необхідними для нарощування темпів виробництва, модернізації економічного комплексу, диверсифікації економіки. Оцінка інвестиційної привабливості розглядається як важливий засобів оптимального досягнення цілей інвестування, який забезпечує виконання функції механізму управління інвестиціями. Інвестиційна привабливість окремої країни, регіону, галузі чи підприємства є вагомим орієнтиром для інвестора при прийнятті рішення стосовно вкладення капіталу. В сучасних умовах глобалізації економіки при оцінці інвестиційної привабливості країни все більшої актуальності набуває імідж країни на міжнародній арені, її позиція у провідних рейтингових ранжуваннях, досвід інших інвесторів ведення діяльності у країні. В статті розглянуто сутність поняття «інвестиційна привабливість» та запропоновано власне авторське визначення цього поняття. Охарактеризувати методичні підходи до оцінки інвестиційної привабливості на різних рівнях економічної ієрархії. Вивчено питання взаємозв’язку між дефініціями інвестиційної привабливості, клімату, потенціалу, ризику та активності. Проведено макроекономічний аналіз динаміки позицій України в призмі міжнародних рейтингів та індексів. Представлено організації та рейтинги, які оцінюють інвестиційну привабливість держави. Обґрунтовано методики рейтингів інвестиційної привабливості країн. Здійснено комплексну оцінку інвестиційної привабливості України протягом останніх років. Розглянуто фактори, які призводять до змін трансформаційних процесів у державі, загостренню загальноекономічної ситуації, дефіциту внутрішніх фінансових ресурсів та проблемі зі залученням іноземних інвестицій, що в свою чергу перешкоджають підвищенню інвестиційної привабливості України. Надано рекомендації щодо покращення інвестиційної привабливості України в сучасних умовах. Ключові слова: інвестиції, інвестиційна привабливість, міжнародні рейтинги та індекси, інвестиційна активність, інвестиційний клімат, інвестиційний потенціал, інвестиційний ризик. Формул: 0; рис.: 1; табл.: 2; бібл.:31.

ІНТЕГРАЛЬНА ОЦІНКА ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ РЕГІОНІВ УКРАЇНИ

The article proposes a model for the integral assessment of the investment attractiveness of the regions in Ukraine, taking into account seven blocks of their socio-economic development: economic development, investment activity, financial self-sufficiency, labor market and entrepreneurship, infrastructure, socio-economic development, the effectiveness of regional investment policy. The article substantiates the need to take into account the effectiveness of regional investment policy when assessing investment attractiveness and the feasibility of differentiating such assessments depending on the type of investor and the type of investment. The authors propose to take into account such features of the investment process by using DEA-analysis and selection of appropriate weight coefficients that determine the share of each block of indicators regarding socio-economic development of regions in their overall investment attractiveness. Since the VRS assumption or BCC model in DEA analysis provides for a change in efficiency in accordance with a change in the scale of operations, to assess the effectiveness of regional investment policy, we further used the CRS assumption about the constancy of the scale of operations, since the size of investment flows in the Ukrainian economy is still relatively small. As a result, Kiev, Dnepropetrovsk and Kiev regions turned out to be the most attractive for both long-term and short-term investments. The Kherson region turned out to be the least attractive for long-term investments. In the case of short-term investments, the Sumy region showed the lowest value of the integral indicator of investment attractiveness. Some regions showed a significant difference in the value of the integral indicator of investment attractiveness for short and long-term investments, that once again emphasizes the importance of the initial stage of assessing the investment attractiveness of the region, namely, identifying the type of investor, his goals and investment period.

Estimation of Enterprise’s Investment Attractiveness in the Conditions of Development

Investment attractiveness is an essential element of intensifying investment processes. The high level of investment attractiveness provides a stable inflow of investments into the country, additional revenues to the state budget, a better social environment in the country.As a proposed innovative transformation technology, tools for digitalization of public administration are described, aimed at improving the quality of services provided, harmonizing relationships between public administration entities, and optimizing and redistributing powers from state to municipal authorities.The article's primary goal is to develop a toolkit for assessing the investment attractiveness of an enterprise in the context of development.The authors studied the theoretical basis, analyzed the current state of investment activity in Ukraine. Based on the analysis, a methodology for the integral assessment of the investment attractiveness of an enterprise was proposed. The proposed method has the following advantages: an integrated approach, coverage of a large set of indicators and coefficients, accurate mathematical calculation of the indicator, which serves as a criterion for assessing investment attractiveness, allows you to consider the dynamics of indicators over several years.

MODERN METHODOLOGICAL APPROACHES TO ASSESSING THE INVESTMENT ATTRACTIVENESS OF INDUSTRIAL ENTERPRISES

The article summarizes the existing methodological approaches to assessing the level of investment attractiveness of industrial enterprises. The main methodological approaches to assessing the state of investment attractiveness management are studied. It was found that the most used methods of assessing investment attractiveness are: the method of expert assessments; rating method; integrated assessment of investment attractiveness; method of comparisons; matrix method; profitability triangle; differentiated approach; methods that are based on the use of artificial intelligence. The advantages and disadvantages of each of the methods are analyzed. The matrix approach to the assessment of the level of investment attractiveness of the researched enterprise has been further developed. Given the current state of domestic industrial enterprises, in the matrix method of assessing investment attractiveness in the matrix of quantitative indicators (liquidity, financial stability, return on capital, property indicators) indicators of business activity are replaced by indicators of bankruptcy probability. This is due to the fact that both indicators of business activity and profitability indicators characterize the efficiency of the enterprise. The absence of signs of bankruptcy will allow the investor to better assess the investment attractiveness of the enterprise. Indicators that should be included in the matrix include depreciation rate, renewal rate, asset mobility ratio, coverage ratio, quick liquidity ratio, absolute liquidity ratio, autonomy ratio, equity maneuverability ratio, financial risk ratio; return on assets; return on equity; profitability ratio of operating activities; beaver ratio, financial leverage ratio, asset coverage ratio with net working capital.

Формирование стратегии повышения инвестиционной привлекательности региона на основе сбалансированной системы показателей (на примере Архангельской области)

The purpose of the article is to justify the necessity and possibility of applying a balanced scorecard to identify investment problems in the region. As an object of research, the investment attractiveness of the regional economic system as exemplified by the Arkhangelsk region is considered. The need to develop a balanced approach to assessing the investment attractiveness of the region based on the use of a specially developed system of indicators was substantiated by the authors of the article as a result of an analysis of widely used methodological approaches to the study of regional investment processes. A clear omission of the majority of modern methodological approaches to assessing investment attractiveness is the lack of a mechanism for recording the specific interests of various participants in the regional investment process such as private investors, the population of the region, and state authorities. In the article, the importance of developing a mechanism for coordinating the interests of various actors of the investment process is demonstrated based on the theoretical positions of the institutional and regional economics, as well as investment regionalistics exploring in detail the issues of investment attractiveness of regional economic systems in correlation with investment activity in them. The possibility of forming a mechanism for coordinating interests based on a balanced scorecard for assessing the investment attractiveness of the region, considering the information needs of each of the identified user groups, is shown. In accordance with the proposed methodological approach, the objectives of the regional investment policy can be decomposed and represented by a set of qualitative and quantitative indicators – the target values of a balanced scorecard – components of the region’s investment attractiveness for various actors of the investment process. In turn, the actual values achieved in the region throughout the system of indicators inform the results of the implementation of the regional investment policy – the degree of achievement of the set goals. The balanced scorecard can be used as the basis for the formation of an effective strategy for increasing the investment attractiveness of the region.

Нерациональные предпочтения инвесторов и их влияние на размещение внешних облигационных займов Российской Федерации на международном рынке капитала

Due to the constant growth of competition, as well as the need to introduce innovative technologies in production processes and build a customer-oriented model, the issue of attracting additional funding is particularly acute for both the state and companies. The relevance of this article is due to the fact that the current approach of the Russian Federation to the designation of investment attractiveness cannot fully determine the basis for the trust and interest of foreign investors. This article is intended to consider the psychological aspects that affect the irrational behavior of investors and their impact on the placement of foreign bond loans of the Russian Federation. The purpose of this article is to form proposals for creating a positive investment expectation and to use this experience in Russian practice. In the process of studying this problem, general scientific empirical methods were used: data collection and study, comparison and synthesis, and the method of scientific abstraction. As a result of the study, the author came to the conclusion that in order to increase the level of investment attractiveness of domestic companies and the country as a whole, it is necessary to take into account psychological factors, as well as to improve the methodology for assessing investment attractiveness, which would take into account the expectations and «investment mood» of investors.

МЕТОДИЧЕСКОЕ ОБЕСПЕЧЕНИЕ ОЦЕНКИ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ ПРЕДПРИЯТИЯ

Assessment of the investment attractiveness of an enterprise plays an important role for both private investors and investment funds and large companies. The main problems faced by stakeholders when choosing an enterprise for optimal investment of capital are methods of assessment and methods of profitability and risk analysis. These aspects have determined the urgency of finding a way to effectively determine the attractiveness of an enterprise from the point of view of investment. This article discusses the problem of assessing the investment attractiveness of an enterprise. Using the example of the analysis of a particular company, economic indicators that are important for an investor are highlighted, and the use of an improved complex coefficient for assessing investment attractiveness is proposed to optimize the process of analyzing the economic condition of the enterprise. The possibilities of applying a new coefficient for a certain enterprise are being considered. The efficiency of using the new method is proved, it is established that the proposed indicator accurately characterizes the investment climate of the enterprise.

ECONOMIC AND MATHEMATICAL MODELING OF INVESTMENT ATTRACTIVENESS OF CONSTRUCTION ENTERPRISES IN THE SYSTEM OF STAKEHOLDER RELATIONS

The relevance of the process of implementation of economic and mathematical model of investment attractiveness of the construction enterprise in the stakeholder relation system is proved. The results of the analysis of the theoretical provisions for determining investment attractiveness and stakeholders of construction enterprises are presented. An economic and mathematical model for the formation of stakeholder groups in the system of relations with construction enterprises is proposed. A system of information and analytical support for an integrated assessment of the level of stakeholder relations and investment attractiveness of construction enterprises has been formed, which creates the basis for economic and mathematical modeling. The directions, methods, and models for assessing investment attractiveness and the level of stakeholder relations of construction enterprises are proposed. The practical aspects of their implementation are determined. The results of economic and mathematical modeling of the investment attractiveness of construction enterprises in the system of stakeholder relations are presented. The subject of the research is the directions of formation and realization of economic and mathematical modeling of investment attractiveness of enterprises in the system of stakeholder relations. The formation of the research methodology is carried out on the basis of the theoretical and methodological platform for determining the investment attractiveness of enterprises and stakeholders that interact in the relevant field. In addition, a set of methods is used to conduct the study: analytical (to determine indicators of investment attractiveness); expert assessments (to determine the index of stakeholder relations); method of analysis of hierarchies (to assess the importance of the impact of stakeholders (customers of construction products; workers of construction enterprises; top management; managers of various levels of construction enterprises; owners of construction enterprises; government bodies influencing the formation and level of interaction of stakeholders with construction enterprises; public organizations influencing activities in construction and architecture; corporate governance bodies of construction enterprises; the bodies of internal and external control interacting in the construction industry; the competitors of construction enterprises; the suppliers of inventories interacting with construction enterprises; stakeholders interacting in the formation and use of spatial, urban, environmental information and creating investment attractiveness of construction enterprises; the design organizations; other stakeholders interacting with construction enterprises) at the level of stakeholders from noses of enterprises); economic and mathematical modeling (to establish causal links between the level of stakeholder relations and the index of investment attractiveness of enterprises); generalization and systematization (to obtain and interpret research results). The aim of the study is to establish causal relationships between the factors that shape the level of stakeholder relations and investment attractiveness of construction companies based on economic and mathematical tools. The result of the study is the formation of a quantitative basis for making sound management decisions in the system of stakeholder relations of construction companies to increase their investment attractiveness.