Investment Attractiveness Of Enterprises Research Articles

ANALYSIS OF THE FINANCIAL CONDITION OF ENTERPRISES BY PHASES OF THEIR LIFE CYCLE

Urgency of the research. Solving administrative tasks related to the ranking of enterprises according to their financial condition predetermines the objective need to use methodical tools of financial analysis. Target setting. An important factor in the financial situation that needs to be taken into account when developing the analysis techniques to ensure the comparability of enterprises is the phase of their lifecycle. Actual scientific researches and issue analysis. Scientists such as L. Bernstein, G. Foster, E. Helfert, J. Wild, K. R. Subramanyam and others made a significant contribution to the development of methods for analyzing the indicators of financial status. Univestigated parts of general matters defining. At the same time, little attention is paid to the issue of developing a method of comparative analysis of the financial condition of the phases of the enterprise's life cycle. The research objective. The substantiation of the method of comparative analysis of the financial condition of enterprises, taking into account the phases of their life cycle on the basis of the method of analysis of hierarchies. The statement of basic materials. The method of analysis of hierarchies developed a method of comparative analysis of the financial condition of enterprises located at different phases of the life cycle. Conclusions. The use of this methodological approach allows you to take into account such an important factor in the financial condition of the enterprise as the phase of its life cycle and to provide decision-makers with a reasonable criterion as an integral indicator for the analysis of enterprises at different stages of development. A comparative analysis of the financial condition on the basis of the proposed methodology can be carried out within the framework of strategic financial analysis and analysis of investment attractiveness of enterprises.

FACTORS OF INCREASING THE INVESTMENT ATTRACTIVENESS OF ENTERPRISES ROCKET AND SPACE ENGINEERING

Rocket and space engineering is the leading branch of high-precision engineering and the economy of the country as a whole. The tendencies of its functioning, which have changed under the influence of globalization and the expanding world division of labor, are a challenge for changing investment forms of the industry development. It is necessary to improve organizational design, strengthen the role of private capital and reduce the risks of activities. Therefore, the pur-pose of this work was to study the factors of increasing the investment attractiveness of enterprises of rocket and space engineering. As a result of the work done, it was possible to identify that among the main factors that ad-versely affect the development of rocket and space machinery and impede the growth of investment is the presence of cases of discrimination by subjects of foreign and international space activities of Russian entities, resource dependence on foreign resources, including intellectual property, imper-fection of the model of domestic competition and the problems of organizational design of enter-prises of the industry. In the opinion of the authors, the output of products of rocket and space engi-neering to the international market is possible only through the consolidation of coordination efforts without "internecine" domestic competition among themselves and improving the quality of prod-ucts. On the part of public authorities, measures are required to attract private capital, improve the tools for the right protection of intellectual property, and form a new institutional environment for the development of this sector.

ANALYSIS OF THEORETICAL AND METHODOLOGICAL PRINCIPLES OF ENTERPRISES INVESTMENT ATTRACTION EVALUATION

The purpose of the article is to systematize theoretical and methodological principles and justify the application of an integrated approach to assess the investment attractiveness of enterprises. Among the approaches we can highlight the following ones: cost, spatial, income, factor, matrix, integral, analytical, approach, which is based on determination of the current and future status of investment attractiveness of enterprises, comparative, approach, which is based on the system of qualitative and quantitative indicators that is applied to assess the investment attractiveness of enterprises, approach, which is based on the application of the correlation and regression analysis method, an investment-based approach. In order to determine the investment attractiveness, it is proposed to use an integral approach based on appropriate methods and models that allows us to estimate the integral indicator for the formation of the estimated basis for increasing the investment attractiveness of the subjects of management. The methodological approach to the integrated assessment of the investment attractiveness of enterprises is proposed. It is based on the definition of the integral indicator and the application of analytical, expert and hierarchy analysis methods by modelling the investment attractiveness indicators. This approach enables to form informational and analytical support for the development of the enterprise management strategy. It has been determined the information and analytical support for estimating the investment attractiveness of enterprises on the basis of accounting and financial reporting, data on the application of technologies and means of production, level of preparation and use of workers, features of the material and technical base, directions of interaction between different groups of interested persons, information regarding the application of scientific and technical development, which ensures the security of the corporate information system, the quality and completeness of information.

Diagnostics of Investment Attractiveness of Business Entities in Conditions of European Integration

The article substantiates the relevance of unification, harmonization and development of the theoretical and applied base of diagnostics of investment attractiveness of enterprises in the conditions of European integration of Ukraine. The theoretical and legislative principles of diagnostics of investment attractiveness of enterprises are critically analyzed. Based on the study of domestic and foreign diagnostic practices, as well as the challenges of European integration, it is proposed to apply a comprehensive approach to assessing the investment attractiveness of enterprises. The method of comprehensive multilayered diagnostics of investment attractiveness of enterprises is improved, which harmoniously combines the following priority diagnostic components: investment attractiveness of the country, region, industries in which the object of investment functions, and direct investment attractiveness of the enterprise.

Ecological Accounting: Objects, Methods and Reporting

The rapid growth of the importance of ecological information in the decision-making process by all stakeholders, as well as ensuring the development and increase of the investment attractiveness of enterprises caused the emergence of ecological accounting. The article considered the main prerequisites for the emergence and development of accounting, which is focused on the accumulation and use of information on the activities of the enterprise in the field of nature management. The content of the concepts «ecological costs», «ecological accounting» from the point of view of various scientists is researched. According to the research, the concept of «ecological accounting» is proposed, namely: ecological accounting is a system that can be used to identify, organize, regulate and display data and information on the state of the environment in terms of natural and value. The list of objects of ecological accounting is given, as well as their constituent parts are considered. Methods of ecological accounting are disclosed, in particular, methods of accounting, statistical accounting and ecological-parametric methods. A list of reporting was proposed, which should timely, systematically, fully, comprehensively, accurately, continuously, clearly visualize ecological information. The main obstacles to the implementation of ecological accounting at enterprises are disclosed. A great deal of attention is devoted to the concept of «ecological services», as well as four main categories of eco-services (providing, regulating, cultural and supporting services). It is concluded that ecological accounting is a part of the traditional accounting system of the subject of economic activity. The practical use of the results of this study can in many ways contribute to a more reliable determination of the effectiveness and efficiency of the ecological activity of the enterprise.

Testing of the assessment model of enterprise investment attractiveness on an example of Ukrainian motor transport enterprises

The object of the research is the assessment model of enterprise investment attractiveness. The majority of the methods for assessment of investment attractiveness are built on determination and analysis of economic indicators by certain directions. Each of the directions contains a few indicators that substantially influence and comprehensively represent the area of an enterprise's activity. We are talking about qualitative and quantitative indicators. One of the most problematic areas is the combination of qualitative and quantitative indicators for determining a single IA integrated index and checking this approach at motor transport enterprises. Using the model, it is possible to solve the biggest problem is to aggregate information directions and indexes, to define the universal integral index of enterprise investment attractiveness.To solve the problem raised in the article, there applied the following scientific research methods: critical analysis, abstract-logical method and generalization of scientific experience – at improving the principles for assessing investment attractiveness;mathematical and statistical analysis of research results conducted by employing the software of statistical data processing, SPSS (v21.0) and Microsoft Excel (2010).Thanks to these actions:the adaptability of the IА assessment model of the enterprise was checked on the example of the motor transport enterprises (MTE);the IA of the MTE and the main factors of influence on the MTE IA are determined;deviation of the actual IA index from the optimal one was calculated;conclusion regarding the need for increasing the values of the factors influencing the MTE IA level was made.Taking into account the identified weaknesses (negative effects) for each enterprise, we can form a list of priority measures to be implemented at MTE, it is possible to propose an algorithm for making the sound management decisions on optimizing the MTE IA level. On the basis of the obtained data it is possible to develop the program of financial restructuring adapted to the system for managing IA of each studied MTE. All those recommendations give us a possibility for further scientific elaborations.

Unsystematic Risk and Enterprise Investment Attractiveness

The article is devoted to assessment of the enterprise investment attractiveness, based on the determining of degree of unsystematic risk in the part of capitalization rate. On the basis on certain integral indicators of economic performance of Ukrainian mining industry was calculated unsystematic risk premium that can serve as a criterion for investment decisions.

Вопросы повышения инвестиционной привлекательности предприятий лесопромышленного комплекса путем развития кадрового потенциала

The article reflects modern interpretation of concepts enterprise investment attractiveness and personnel potential, their interrelation is shown as well. Taking into account the existing concepts the author’s treatment of personnel potential is given. A theoretical justification of the fact that personnel potential is a factor of rising enterprise investment attractiveness is de-scribed. The influence of enterprise occupational safety on its investment attractiveness is marked. Peculiarities of personnel potential forming in the enterprises of timber processing complex are described.

EVALUATION OF FUNDAMENTAL STRENGTH OF FOOD COMPANIES ON THE WARSAW STOCK EXCHANGE

The article presents the proposal to apply the (universal) method of assessing the fundamental strength of a company with an example of the Polish food sector. The proposed method belongs to the group of methods of multidimensional comparative analysis and is applicable to the directly immeasurable categories (economic and financial standing, fundamental strength). The problem to be solved is the method of measuring the fundamental strength (attractiveness) of a company. The aim of the paper is to assess the fundamental strength of the food companies in Poland and to identify areas of use the results of research in practical analyses. The article describes how to construct such a measure and how to use it practically. The empirical example included data of food firms listed on the Warsaw Stock Exchange over years 2010–2014. The article presents method for assessing the investment attractiveness of enterprises comprising the food sector in terms of their fundamental strength, namely the long-term investment in their shares.

Кластерный анализ инвестиционной привлекательности предприятий

Кластерный анализ инвестиционной привлекательности предприятий

EVALUATION METHODS OF INVESTMENT ATTRACTIVENESS OF UKRAINIAN AGRICULTURAL ENTERPRISES

The purpose of the article is to reveal scientific approaches to determining investment attractiveness of enterprises. Evaluation methods of investment attractiveness of enterprises, which are based on various expert assessments, on statistical information, and also combined methodologies based on expert and statistical calculations are investigated. Decision-making criteria on the appropriateness of investment are determined. Methodology. To determine investment attractiveness of agrarian enterprise on the basis of rating and analytical assessment, it is necessary to use an integrated approach and take into account certain set of indicators. During developing and organizing rating restrictions, we conducted an analysis of groups of indicators, which combined characterize investment attractiveness in a complex way, taking into account specifics of the industry. Results. Application of this approach allows quickly evaluating perspectives of funds investing and the reliability of the investment object. At the same time, the investment potential of company and investment risk are expressed by one general indicator, which allows applying rating comparisons. In order to approbate research results, seven agrarian enterprises with positive profitability and appropriate level of financial autonomy are selected. Based on financial statements, we determined their investment attractiveness and rating. Practical implications. Proposed calculation methodology covers all major processes occurring in different functional sectors of the internal environment of agrarian enterprise, which ensures a systematic view of the subject of management, which enables to identify all the strengths and weaknesses, as well as to create a strategy for prospective development on this basis. Presented methodology for the evaluation of investment attractiveness of enterprises can be successfully applied in agrarian enterprises as during the choice of priority directions of investment investments, as well as for operating current costs, technologies, etc. Applying in practice the abovementioned recommendations will increase the objectivity of evaluation of investment attractiveness, will increase the flow of necessary funds to the company.

MANAGEMENT OFCASH FLOWS OFINVESTMENT ACTIVITY OFENTERPRISES

Introduction. In joint-stock companies there is a problem of shortage of money not only for carrying out of investment activity, but also for maintenance of sufficient level of the operational activity. One of the main instruments of a market economy that contributes to the formation of a cash flow system is the stock market. The purpose ofthe article is to study some aspects ofcash flow management in the system of financial management, to characterize cash flows of joint stock companies, which determine the potential of forming their internal source of financing for their development and provide the formation of additional investment resources for the implementation of financial investments in the securities market. Results. One of the important tasks of the Ukrainian economy development is the development of mechanisms for the formation of investment-attractive and innovative-oriented joint-stock companies. The development of market relations requires an increase in the effectiveness of their activities. The assessment of the effective activity of the entity was determined by analyzing the profit of the enterprise, and subsequently, economists supplemented its coefficients of liquidity, solvency, financial stability. The analysis and identification ofthe reserves for increasing profits is also carried out by analysts of the stock market in orderto furtherstimulate the investor. Conclusion. We believe that the analysis of cash flows by their dynamics and structure allows us to identify the negative factors of the organization of financial and economic activity of the entity, immediately reflects the size, quality and direction of change in the financial state of the joint-stock company, and also contributes to the development of concrete measures for its improvement. Since inbound and outbound cash flows of investments are the main factors in creating the value ofenterprises, which ultimately reflects the management of the result of investment activity in terms of Modern Value Approach, therefore, in our view, the process of reproduction of capital and the formation of investment flows can be expressed through the movement of value in the field Investment activity. In the process of studying investment flows of enterprises, it was found that the level of investment attractiveness of enterprises depends on the efficiency of the movement oftheirinvestment cash flows.

Conceptual and methodological approaches to evaluation of investment attractiveness of enterprises engaged in transportations

The aim of the article is to analyze the conceptual and methodological approaches to determining the investment attractiveness of enterprises engaged in transportations. It is indicated that the investment attractiveness of transport enterprises should be determined by calculating of the overall financial situation of enterprises, which will allow potential investors to evaluate profitability and cost efficiency of its activity. An analysis of the strengths and weaknesses of the enterprise engaged in transportation can be accomplished by the evaluation of its innovative capacity. The identification of factors and reserves of the increasing of enterprise innovative development will allow distinguishing of the basic directions for the improvement of organizational and economic mechanism of its activity. With the aim of building the strategy for the strengthening of market position it is also considered important for the potential investor to obtain the information about enterprise place on the national and international markets. Political and legal environment, characterized by political stability of society and the regulatory framework of entrepreneurial and investment activity serve as a certain guarantee of the investment reliability.

THE OPTIMIZATION OF THE LEVEL OF INVESTMENT ATTRACTIVENESS OF MOTOR TRANSPORT ENTERPRISES

Modern economy is characterized by global processes of exit from a crisis. This period is the best for restructuring of activities of motor transport enterprises. Such reorganization is connected with the influence of system factors on the level of investment attractiveness of these enterprises and the efficiency of management of investment attractiveness of motor transport enterprises. Scientific approaches and the optimization of the level of investment attractiveness of motor transport enterprises is the subject of the work. The aim consists in theoretical and methodological substantiation of the level of investment attractiveness of of motor transport enterprises. In the article the system of management by investment attractiveness of motor transport enterprises is considered and methodical recommendations concerning the rise of the level of investment attractiveness of motor transport enterprises by the way of their level optimization are developed. According to the system of management by investment attractiveness of motor transport enterprises proposed by the author it is possible to optimize the level of investment attractiveness of motor transport enterprises by implementing the Regional program of mixed funding at the level of typical motor transport enterprises of Kharkiv region.

РОЗВИТОК ЗАСАД ФОРМУВАННЯ БЮДЖЕТІВ ПОРТОВИХ ПІДПРИЄМСТВ

The development of an integrated management system of financial-economic activity of modern port enterprises of Ukraine should be based on the application of opportunities of modern budgeting. Budgeting of port enterprises is an approach to the management of their financial-economic activity which is based on the persistent execution of functions of a management in order to achieve the objectives, taking into account the internal capacity and environmental factors that directly or indirectly affect on the operation of different spheres of an enterprise. The strategic objectives of activity, industry specifics, ownership, scope of activities, features of the product, which is produced by the port enterprise, are the factors that should be considered for the preparing of a budget. Using a value- based budgeting is a precondition for the implementation of the development strategy of port enterprises. Value-based budgeting is a precondition for the provision of investment attractiveness of enterprise on the basis of determination, formation and growth of a normalized level of investment value. The formation of a budget of modern port enterprise due to need of optimization of its value by coordinating the activities of various structural elements, revealing the need in real resources and optimization of financial flows, optimization of cost of the enterprise, monitoring and evaluation the effectiveness of the structural elements, workers, managers and indicators of budget, optimization of results of investment activity. The system integrated cost management tasks in the process of value-based budgeting is formed.

Особливості інвестиційної привабливості національної економіки України

Certainly essence of investment attractiveness of enterprises and economy on the whole. The SWOT-analysis of investment attractiveness of national economy is carried out. Certainly factors which negatively influence on the investment attractiveness of enterprises in the state and hinder the receipt of necessary volumes of investment resources.

Factors of enterprises investment attractiveness forming

Despite the presence in the theory and practice of investment activity different approaches to distinguishing the factors of investment attractiveness forming, their essence, list and classifications cause a lot of discussions and disagreements in identification. The using of grouping and comparative analysis methods gave an opportunity to suggest the complex polyvectorial typologies of internal and external factors of enterprises investment attractiveness forming by a content sign. The external environmental factors are grouped into financial-economic, scientific-technical, infrastructure, mental, social, geoterritorial, political, administrative-legal and market. The internal environment factors are divided into manufacturing-technological, financial-economic, social, productive, asset, administrative, management, identification and infocommunicational. The above mentioned system of factors forms the basis for potential investors to identify key factors, their further normalization and parameterization that create the conditions for the diagnositics of enterprise investment attractiveness.