Investment Attractiveness Of Enterprises Research Articles

SUSTAINABILITY REPORTING AS A TOOL FOR ATTRACTING INVESTMENTS FOR THE GREEN RECONSTRUCTION OF UKRAINE’S AGRIBUSINESS

Introduction. Global trends in the decarbonization of production and the development of the green economy prove that the principles of sustainable development have become a key reference point for making management decisions. Ukrainian agribusiness suffered huge losses due to military actions, so significant funds are needed for its reconstruction. To attract foreign investments, agricultural enterprises must prove their commitment to sustainable development goals by disclosing relevant information in the reporting. Purpose. The article aims to substantiate the practicality of preparing and publishing the Report on Sustainable Development as a tool for attracting investments for the green reconstruction of Ukraine's agricultural sector and to reveal its information content. Methods. The paper uses an abstract-logical method to substantiate the benefits of reporting on sustainable development by agricultural enterprises. Based on the application of methods of analysis and synthesis, induction and deduction, and logical generalization, the content (indicators) of the Report on Sustainable Development and Investments was revealed. Using the analogy method made it possible to strengthen the justification of the importance of sustainability reporting in Ukraine based on the EU countries' experience and the agribusiness need for foreign investments. Results. The paper systematizes the indicators of the Report on Sustainable Development and Investments in the agricultural sector and reveals some aspects of the normative regulation of sustainability reporting. An analysis of the factors of agricultural production was carried out, the disclosure of which in the Report on Sustainable Development will increase the agricultural enterprise's investment attractiveness and testify to its desire to be more open (accountable) to society. Conclusion. Sustainability reporting can be a tool for an agribusiness to better understand its impact on the environment and risks and manage them more effectively, successfully use new opportunities and solve specific challenges to become a leader in sustainable development. The Report on Sustainable Development and Investments in the agricultural sector ensures greater transparency of the enterprise's activities. It demonstrates to interested parties and the public its commitment to the principles of sustainable development, which increases the chances of successfully attracting external financing – foreign investments.

ОБҐРУНТУВАННЯ ФАКТОРІВ, ЩО ВПЛИВАЮТЬ НА ЕКОНОМІЧНУ ЕФЕКТИВНІСТЬ ПІДПРИЄМСТВ ХІМІЧНОЇ ГАЛУЗІ

The article highlights the issue of substantiating the factors of performance management of chemical enterprises and is defined as a process supported by software for planning, reporting and business analytics, which allows an organization to link its strategy with planning and execution. The modern approach was implemented many years ago and incorporates past, present and forward-looking information – in addition to business drivers – for a more comprehensive method of financial and operational planning. Some of the key components of the systems include planning, budgeting and forecasting capabilities, as well as the ability to track performance indicators, conduct analysis and manage reporting. Performance management processes for chemical companies also cover the financial close, consolidation and reporting process for better understanding. Because of this, such a situation makes it necessary to improve the efficiency of chemical industry enterprises. This is a key condition for ensuring long-term development, competitiveness and investment attractiveness of enterprises, which in the context of economic development is one of the most urgent tasks facing all enterprises in this industry. Analysis of the economic activity of the enterprise allows to answer many questions related to the efficiency of the enterprise. This process includes researching information about finances, product delivery, internal processes, and other key aspects of the business. The substantiation of factors of economic efficiency of the activity of the enterprise of the chemical industry makes it possible to achieve the maximum result from a limited number of resources. Purposeful actions with maximum results are considered the most important task for managers of any enterprise. Analysis of the economic activity of enterprises in the chemical industry is the first and most important task that must be solved in order to find ways to increase the efficiency of activity. The study and formation of the theoretical essence of the concept of "enterprise activity efficiency" is expedient for further formation and scientific substantiation of the concept of modern activity efficiency of enterprises in the chemical industry.

Development of a methodology for assessing the investment attractiveness of regional economic entities of the electrotechnical cluster

The functioning of domestic enterprises in modern conditions is becoming more complicated due to the sanctions imposed on Russia. Constant monitoring of the level of investment attractiveness of enterprises contributes, firstly, to identifying the most vulnerable aspects of the development of the enterprise and making management decisions to eliminate them; secondly, to attracting external investment for the further development of the enterprise. The purpose of this study is to develop a methodology for assessing the level of investment attractiveness of the electrical industry enterprises in the region and its application to the economic entities of the region. A comparative analysis of existing methods for assessing the investment attractiveness of enterprises is used to determine the initial indicators, considering the specifics of the activities of the enterprises under study. With the help of a component analysis of the selected 14 initial indicators, such as the coefficient of financial independence, the coefficient of financial stability, the coefficient of provision with own working capital, the solvency of the enterprise, the coefficient of current liquidity, economic profitability, net profitability, profitability of inventories, profitability of non-current assets, profitability of current assets, turnover of equity, turnover of inventories, turnover of accounts receivable, etc. turnover of accounts payable, a group of three enlarged and independent factors is identified. According to the method of potential functions, functional dependencies are determined both within the factors and the factors themselves, according to which the level of investment attractiveness of the leading enterprises of the electrical industry in the region is estimated. From the authors’ point of view, the weighting coefficients of the obtained potential functions can be used by the management of enterprises as levers of influence on the level of investment attractiveness of an economic entity, especially in the conditions of the economic crisis in the country and changes in the ruble exchange rate against foreign currencies.

ДІЯЛЬНІСТЬ АУДИТОРСЬКИХ ФІРМ В УМОВАХ ВОЄННОГО СТАНУ – ОНЛАЙН-АУДИТИ

The issue of audit development under martial law and post-war reconstruction is currently extremely relevant and plays an important role for both business and the state, which influenced the choice of the topic, stated goal, objectives, subject and structure of the research. As a result of the hostilities and mass migration, the audit industry has suffered serious negative consequences. The legislator has taken significant measures to stabilize the situation and restore the activities of audit entities. A whole range of regulations was adopted to ensure the effective operation of audit firms. In particular, scholars have paid great attention to the issue of online audits. Prominent international organizations of auditors and professional accountants have developed the Guidelines for Ukrainian auditors taking into account the conditions of the military conflict. It turned out to be urgent because business entities that continue to operate in the conflict zone need constant support and advice. The article analyzes the state of audit activity in the context of the military conflict, identifies the main problems and suggests the ways to solve them. The authors also identified the main directions of development of audit entities with a view to achieving European integration, including their regulatory framework. The general scientific and general theoretical methods were used in the work: system analysis - to determine the main research criteria; abstract and logical - to make theoretical generalizations and conclusions about the problems and challenges of audit activity in war conditions; induction - at the stage of collecting, systematizing and processing information for research; deduction - in the process of studying the theoretical problem. The article analyzes the current state and prospects of audit activity and online audit in the context of modern business. The main problems faced by auditors are considered, and the main challenges facing audit firms are identified. Among other things, the positive aspects and future opportunities of online audit were highlighted, and the services that can be provided through this form of audit were considered. The authors found that the issues related to audit activity under martial law were regulated at the legislative level, and the main areas of support for auditors in the post-war period were identified. Prospects for further research consist in the fact that Ukrainian audit firms can achieve further development and recovery in the post-war period with the help of smart management decisions, legislative support, and the introduction of online audits. The priority goal of the audit system should be to increase trust in the audit process and the auditor. This will increase the investment attractiveness of enterprises. Given the uncertainty and riskiness of financial statement users in the current economic environment, the introduction of online audits is a flexible mechanism that will allow receiving audit reports and will influence positive movements in the recovery of the Ukrainian economy, which is why further research is needed.

STRATEGIC MANAGEMENT OF THE MARKET CAPITALIZATION OF CORPORATE AGRARIAN ENTERPRISES BASED ON ESG-PRINCIPLES

Introduction. The strategy of managing the market capitalization of a corporate agricultural enterprise requires the use of the concept of sustainable development and corporate social responsibility, social and ethical marketing, reputation management and other mechanisms and tools focused not only on maximizing profits and market value, but also on long-term sustainable development. Methods. The following methods have been used during the study: abstract-logical and synthesis (theoretical generalizations, conclusions); generalization (determination of the principles and mechanisms of ESG influence on the market capitalization of corporate agricultural enterprises); monographic (study of the experience of implementing the principles of sustainable development and ESG concepts in the strategic management of the market capitalization of corporate agricultural enterprises); graphing (schematic presentation of individual systematized research results). Results. The basic principles and mechanisms of ESG influence on the market capitalization of corporate agricultural enterprises have been summarized. It has been shown that the implementation of ESG policies in business strategies has a significant impact on the market capitalization of public corporate agricultural enterprises. ESG investments as a tool for increasing the market capitalization of an agricultural enterprise should be aimed at using reputation management and obtaining benefits from creating a high-quality corporate image and business reputation. It has been confirmed that the transition to ESG principles and their observance in agribusiness ensures the satisfaction of the interests of all stakeholder groups and contributes to the investment attractiveness of enterprises. Discussion. Prospects for further research are the harmonization of international standards of ESG reporting, rating of corporate agricultural enterprises based on the results of the implementation their ESG-oriented strategies in order to improve the efficiency of managing their market capitalization and investment attractiveness. Keywords: strategic financial management, market capitalization, ESG-concept, corporate agricultural enterprise, sustainable development.

FORECAST IFRS FINANCIAL STATEMENTS IN CONDITIONS OF MARITIME

Extremely difficult conditions for the management of domestic enterprises due to large-scale military aggression by russia have led to extremely uncertain environmental conditions under the influence of unpredictable dynamics of events of a militarypolitical nature. Enterprises face the task of finding opportunities to implement and apply planning and forecasting with further improvement of forecasting methods and budgets to increase business activity in the future. The purpose of the study is to substantiate the feasibility and choice of methods fo r forming indicators of projected financial statements in accordance with IFRS in order to increase the investment attractiveness of enterprises. Projected financial statements as a source of information data for the development of enterprise development plans and assess the impact of management decisions on performance and financial condition provides the formation of information about projected indicators for investors. Against the background of Ukraine's future candidate status for EU membership, the urgency of preparing consolidated projected financial statements based on the requirements of IFRS wil l increase. The basic aspects of the formation of projected financial statements in accordance with IFRS, which allows to form an array of information about the financial results of the enterprise and possible trends in its economic development. In order to increase the investment attractiveness of individual business entities in the future, the importance of preparing forecasted financial statements according to IFRS with a detailed description of the business environment in conditions of hostilities or their absence has been proven. The key aspects for the formation of the indicators of the forecasted financial reporting in 2023 have been identified: a review of approaches to reducing the utility of assets, in particular financial ones, a detailed disclosure of financial risks, taking into account the factors of martial law, a search for reserves and an assessment of the prospects for intensifying business activity.

Assessment of the level of economic security and investment attractiveness of business entities: A methodology and procedures

Subject. This article deals with the issues of assessing the investment attractiveness of the enterprise and developing a strategy for its long-term advancement in a volatile business environment. Objectives. The article aims to develop a methodological approach to the assessment of risks, the consideration of which is necessary when making a decision on investing in the development of an enterprise. Methods. For the study, we used general scientific research methods. Results. Based on a critical analysis of the existing methods for assessing the non-systematic component of investment risks, the article proposes certain actions to improve the matrix method for assessing investment risks. Relevance. The results of the study can help expand the understanding of methodological approaches to defining specific factors that characterize the economic security and investment attractiveness of enterprises.

AN INTEGRATED APPROACH TO THE ANALYSIS OF THE SPECIFICS OF DEVELOPMENT INDUSTRIAL TOURISM IN RUSSIA

Introduction. The study of industrial tourism is relevant due to its significant role in solving socio-economic problems at the level of enterprises, regions and the national economy as a whole. The development of industrial tourism contributes to the growth of the prestige of working professions, the demand for the products of domestic producers, the creation of new jobs, the development of tourist infrastructure, the increase of the investment attractiveness of enterprises and regions, solving the problem of uneven spatial development of territories with insufficiently developed tourist and recreational potential. Such a wide range of problems necessitates the use of an integrated approach to the analysis of the specifics of the development of industrial tourism in Russia, which is the purpose of this study. Methods. In the article the authors used methods of analysis, synthesis, generalization of data, an integrated approach, which made it possible to identify modern features, constraining factors and prospects for the development of industrial tourism in Russia. Results. The essence, goals and classification of types of industrial tourism are characterized. Its significance and advantages of development for various groups of stakeholders are determined. Modern trends in the development of industrial tourism in Russia are considered by means of an analysis of the information support system for industrial tourism. Conclusion. Industrial tourism is one of the most popular areas of development of the domestic tourism industry. Its development is characterized by significant advantages for enterprises of various sectors of the economy, regions of the Russian Federation, the tourist market and consumers of tourist services.

The concept, essence and methods of assessing the investment attractiveness of an enterprise in modern economic conditions

The article is devoted to the study of approaches to the concept of investment attractiveness of an enterprise used in Russian practice. Special attention is paid to the study of tools and methods for assessing the investment attractiveness of an enterprise in modern conditions. The relevance of the topic of the article lies in the fact that not all enterprises pay due attention to the investment climate, which leads to a decline in the efficiency of operational, investment and financial activities. Investment attractiveness is the main criterion that can attract investors, and as a result, increase the company’s profit.The subject of the research in the article are methods and techniques for assessing the investment attractiveness of economic entities. The research results consist in the development of proposals to increase the investment attractiveness of enterprises on the basis of indicators characterizing the financial condition of the enterprise in conjunction with the probability of bankruptcy of the Altman model and accounting for the external environment of the enterprise.

Methodological tools for assessing the competitiveness of enterprises of the mining complex

Relevance. The mineral resource complex of Russia remains the basis for the sustainable development of the state and its competitive advantage in world trade. As before, up to 70% of the foreign exchange earnings of the Russian Federation is formed thanks to its products, including metallurgy. The mining industry is a backbone for the national economy, determining the efficiency and nature of the development of related sectors, provides a decisive contribution to the formation of the stabilization fund and the country’s gold and foreign exchange reserves. The competitiveness of a country (national competitiveness) is made up of the competitiveness of regions, industries, enterprises and organizations, their ability to win and strengthen their leading positions in domestic and foreign markets. Competitiveness management requires constant evaluation of this parameter. The purpose of the research is the development of methodological tools for assessing the competitiveness of mining enterprises, taking into account the sectoral approach. Research methods. The work uses general scientific methods of analysis and synthesis, program-target approach, economic, logical and logical-structural analysis, methods of comparison, analogy, expert assessments. Results. The article presents the results of the analysis of the methods used to assess competitiveness, and the rationale for the need for an industry-specific approach to the implementation of assessment procedures. A system of partial assessment factors is proposed that characterizes the competitiveness of mining enterprises, taking into account the specifics of their production activities. The expediency of referring to a comparative assessment on the Harrington desirability scale, introducing additional products into the procedure for assessing profit and profitability indicators and calculating an integral indicator is proved. The proposed methodological tools have been tested for the conditions of four gold mining enterprises. Conclusions. The proposed methodological tools make it possible to obtain the most reliable assessments of the competitiveness of mining enterprises, taking into account the specifics of the industrial activity of the latter. Of particular note is the possibility of using the developed methodological tools for assessing the investment attractiveness of enterprises in the mining complex.

ОЦІНКА ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ПІДПРИЄМСТВА

The article is devoted to the determination of the factors influencing the investment attractiveness of the enterprise and the general approach in determining its investment attractiveness. The authors analyzed the main aspects of assessing the investment attractiveness of the enterprise, where the attractiveness of the enterprise's products, personnel, innovative, financial, territorial, and social attractiveness were determined among the main ones. The relationship between investment attractiveness and the financial condition of the enterprise has been revealed. Investments have been proven to give a company a competitive advantage and are often a catalyst for growth. For investors, it is extremely important to analyze and evaluate the investment attractiveness of the enterprise, as it makes it possible to minimize the risk of incorrect investment. The effectiveness of the investment activities of an industrial enterprise largely depends on the organization of management of investment activities at it. The need to evaluate not only the enterprise itself, but also the market and the industry in which this enterprise is located as a whole is substantiated. Emphasis is placed on the need to effectively organize the management of investment activities at the enterprise and increase the investment activity of the enterprise. The conclusions state that in modern conditions there are several approaches to assessing the investment attractiveness of enterprises. the more approaches and methods will be used in the evaluation process, the greater the probability that the overall reflection of the investment attractiveness of the enterprise will be objective. It has been proven that the investment attractiveness of enterprises is the main mechanism for attracting investments into the economy. Investment attractiveness depends on external (level of development of the region and industry, location of the enterprise) and internal (within the enterprise) factors.

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.

До питання щодо дослідження інвестиційної привабливості підприємства

The article systematizes approaches and outlines the advantages and disadvantages of existing methods for assessing the investment attractiveness of enterprise in order to present itself in the most profitable way to a potential investor, which in the future will allow to maintain the appropriate level of competitiveness, increase the level of intellectualization, increase the number of innovations integrated into production. Attention is focused on the fact that enterprises that are interested in investments should be well aware of what information and in what form they need to submit to argue their investment attractiveness. It is noted that investment attractiveness as an economic value is characterized by a wide variety of indicators. The process of analyzing the investment attractiveness of enterprises should be seen as consideration of a multidimensional, multifactorial economic value, in which many independent indicators are interconnected. A necessary and important aspect in the process of assessing the investment attractiveness of an enterprise is to take into account not only its internal factors, but also external ones. It is proposed to include in the external factors those that do not depend on the enterprise as an economic entity the investment attractiveness of the industry and the region in which the enterprise operates. It is natural that investors are primarily interested in investing in enterprises with high potential, which are located in a promising region and in a rapidly developing industry, rather than in enterprises situated in depressed regions and in a stagnant industry. Separately, the importance of the ability to professionally and at the proper level substantiate the investment proposal provided to a potential investor is noted. Before attracting an investor, it is recommended to conduct several independent evaluations of the project, which could be presented to several potential investors. This will make it possible to understand and determine the real cost of the project and, if necessary, adjust the position of the enterprise interested in the receipt of investments. Four main mistakes that affect the low level of preparation of investment projects are noted: the project is at the idea stage; the project does not contain a marketing plan; there are no estimates of the profitability of the project; low quality of presentation of materials.

Інвестиційна привабливість підприємств у контексті їх економічної безпеки

The article allocates the previously unresolved parts of the general problem regarding the development of the investment attractiveness of enterprises in the context of its economic security and finds that in connection with the implementation of the goals of sustainable development, which requires additional costs, the the entrepreneur’s profit decreases, which contradicts his interests. The aim of the article is to establish regularities of development of investment attractiveness of enterprises in the context of its economic security. In this study, the authors proceeded from the assumption that the nature of investment processes is consistent with the goals of sustainable development. The main obstacle to studying the issue of investment attractiveness in the context of economic security is that it is impossible to consider only economic factors without also taking into account ecological and social factors that affect development. It is found that «economic security» is a relatively new category of economics which entered scientific circulation only in the first half of the 20th century and which influence at the national level came to consideration in the 1970s. Despite this, even at the beginning of the new millennium, «economic security» failed to become an independent discipline. It is substantiated that the investment value of a corporation can be considered in combination with its financial capacity, development potential, economic and information security, etc., as well as a complex of various factors, the list and weight of which may change along with the investor’s goals. Convincing investors is crucial for the survival and growth of an enterprise, as a stable, investment-oriented business will have a higher degree of success. As a result, it will have a longer period of economic stability, encouraging investors to make a positive decision on long-term investments.

Оценка инвестиционной привлекательности отраслей региона в контексте «зеленого» развития

Considering current trends in the development of green economy and introduction of ESG-principles, the issues of investment attractiveness of enterprises, industries and regions are gaining attention. The literature review has shown that not all available methodologies for assessing regional investment attractiveness take into account the determinants of negative anthropogenic impacts on the environment. The present study aims to assess the investment appeal of the basic industries of the East Kazakhstan region in the context of green development and outline ways to attract more green investment in the region. The research methodology involves comparing the indicators of investment attractiveness of regional basic industries with their green attractiveness, characterised by investment in environmental protection. Additionally, a decoupling index was included in the model in order to examine a possible mismatch between the economic growth of regional industries and their pollution rates. Official statistical data for 2015-2019 were analysed. The study concluded that manufacturing is the only industry with a high green attractiveness, although it has a medium investment attractiveness. Given the need for industrialisation and diversification of the economy in East Kazakhstan, local authorities are recommended to focus on improving the investment climate in this sector. Agriculture and construction have high investment attractiveness, while mining and electricity supply are characterised by above average attractiveness. However, all these sectors remain unattractive in terms of environmental investment. To increase green attractiveness of the aforementioned industries, the study suggests to develop an effective mechanism for financing green projects, as well as to apply government regulation tools aimed at improving the efficiency of environmental investment. Further research may be related to the substantiation of such regulatory measures.

Analysis of the current state of investment attractions of Ukraine

The article is aimed at analyzing the investment climate of Ukraine and defining the existing problems of attracting foreign investment to the country’s economy. The article carries out a static analysis of the main macroeconomic indicators of Ukrainian investment climate. The approaches of domestic economic scientists to the definition of the concept of «investment climate» are considered. The main factors influencing the investment attractiveness of the State, region and economic entity are defined. The interdependence of the factors of influence of the macro- and micro-levels on the level of their investment attractiveness is specified. In particular, the level of investment attractiveness of enterprise depends to a certain extent on the investment attractiveness of the State and its regions. The authors analyze the dynamics of foreign direct investment in the Ukrainian economy for the period of 2002-2022, as well as carry out comparisons with the volume of foreign direct investment from the Ukrainian economy, and the main changes in their proportions. The countries of the European Union, which provide more foreign investment to Ukraine, are considered. It is concluded that the investment climate in the country has improved, but unfortunately there have been no significant changes. It is identified that the investment climate of the State remains unfavourable for the external investor. Taking into account a number of existent negative factors with regard to the investment attractiveness of the country, as well as its course towards European integration, it is necessary to implement efficient reforms, one of the priorities of which should be improving the investment attractiveness of the country.

INVESTMENT ATTRACTIVENESS OF AGRICULTURAL ENTERPRISES AS A PREREQUISITE FOR THE IMPLEMENTATION OF INNOVATIVE DEVELOPMENT STRATEGIES

Introduction. At the current stage, the scientific-technological and innovative component in the activity of agricultural enterprises is gaining extraordinary importance. Studying the role of investments in agriculture, highlighting the factors that affect the investment attractiveness of the industry, will allow to develop effective strategies for the development of enterprises in the agrarian sector, to implement innovative solutions and mechanisms to improve the investment attractiveness of agricultural production. Methods. The authors used the following research methods: a systematic approach for understanding the agricultural enterprise as an open system under the influence of factors of marketing environment; monographic method for clarification of the essence of investment attractiveness and the detection of cause and effect relationships between investment attractiveness and innovative development, statistical methods for analysing the dynamics of investment processes in the agricultural sector of Ukraine and a graphic method for the identification of results. Results. As a result of the research, the importance of investment attractiveness as a prerequisite for the implementation of the marketing strategy of innovative development is substantiated. Factor affecting investment attractiveness is researched in the context of the agricultural industry, taking into account the peculiarities and specifics of the industry. An analysis of the essence of each factor was carried out, conclusions were drawn based on the analysis and methodical approaches for making strategic management decisions and forming innovative development strategies are outlined. Іt was established that the agricultural sector is potentially attractive for investment. The role of investments in agriculture in general is described, the need for investment support is substantiated, its implementation with the help of mechanisms of state involvement. Variants of innovative development strategies are offered depending on the level of investment attractiveness. Discussion. Further scientific research should be aimed at identifying and forecasting synergistic effects from the integrated application of marketing approaches, strategic management of the enterprise, increasing the level of investment attractiveness of enterprises in the agrarian sector. Keywords: investment attractiveness, agricultural enterprise, strategy, innovative development.

Investment Attractiveness of the Hotel, Restaurant and Tourism Business in Ukraine: Financial Indicators of Internal Threats

Topicality. In the current realities of Covid-19 pandemic and martial law in Ukraine, every enterprise must focus on the processes transformation of provision and development, which allow to quickly respond to their activity, challenges and modifications in order to be attractive for investment.
 The aim of this article is a comprehensive assessment of the investment attractiveness of hotel, restaurant and tourism businesses based on the usage of the offered three-stage system of financial indicators.
 Research methods. The research uses common scientific and empirical techniques found on the systematic approach: abstract-logical, grouping, comparison, graphic, coefficient, modelling, analysis and synthesis, formalisation, generalisation ones.
 Results. The system of comprehensive assessment of the investment attractiveness of hotel, restaurant and tourist business enterprises has been substantiated, which involves the use of key financial indicators that allow determining the level of liquidity and profitability of activities, as well as the level of financial stability and profitability of financial resources. The relationship between certain groups of indicators made it possible to construct identification matrices of the state of investment attractiveness of current activities, and the state of general investment attractiveness of enterprises, as well as a nine-quadrant zoning matrix of the general state of enterprise investment attractiveness. Approbation of the offered evaluation system, based on official statistical data, made it possible to analyse the dynamics of the state of investment attractiveness of hotel, restaurant and tourism businesses from the standpoint of internal financial threats for the period 2013–2021.
 Conclusions and discussions. The practical use of the offered three-level evaluation system proves that it is a convenient, simple, clear and effective tool for diagnosing the level and the state of the enterprise investment attractiveness. The use of the offered approach can become an effective mechanism for managing the current activities of hotel, restaurant and tourism businesses, and an informative toolkit of factor analysis in the process of managing their investment attractiveness from the standpoint of internal financial threats.
 The scientific novelty of obtained research results lies in the substantiation and approval of modern tools for comprehensive assessment of the investment attractiveness of hotel, restaurant and tourism enterprises from the standpoint of internal financial threats, which allows for effective management of it in the current period, and can also become the basis for forming strategic directions of financial development and forecasting the level of nvestment attractiveness for the prospective period.

METHODS AND MODELS OF RESEARCH OF INVESTMENT ATTRACTIVENESS AND COMPETITIVENESS OF PROJECT-ORIENTED ENTERPRISE IN THE PROCESS OF CREATING INNOVATIVE HIGH-TECH

The subject of the research is the investment attractiveness of enterprises producing competitive products with modern component architecture. The aim of the article is to develop complex methods for research of investment attractiveness of projects on creation of new high-tech products with component architecture. Tasks to be solved are: to use component method for the analysis of innovativeness of created high-tech products; to study investment attractiveness of an innovation project with the use of expert assessments and the method of planning experiments; to substantiate the composition of a diversification project portfolio for investment taking into account the limited possibilities of the enterprise based on the method of integer optimization; to study the performance of the project portfolio using agent-based imitational modeling. Methods used are: system analysis, component design, multi-criteria optimization, expert assessment and agent-based simulation modeling in the form of applied information technology. The results have been obtained: the analysis of investment attractiveness of projects on creation of new high-tech products with component architecture is carried out. The architecture of a complex product built with components from previous positive development experience is investigated. A classification of possible components in the architecture of a complex product is created. A set of indicators for assessing the investment attractiveness of an innovative component-based product is formed. The qualitative assessments of experts for the main indicators of the component composition of the product in the form of linguistic variables are proposed. The use of multifactor experiment to assess the investment attractiveness of a project to create a complex product with a component-based architecture is proposed. An optimization model for selecting the rational composition of components in an innovative product is developed. An agent-based simulation model is built to study the performance of work on the preparation of production of innovative products on a component basis. Conclusions: The use of a set of developed methods and applied information technology for the creation of high-tech products with component-based architecture allows you to plan a diversification portfolio of projects with investment attractiveness and competitiveness of products.

КОНВЕРГЕНЦІЯ ФІНАНСОВОГО ЗВІТУВАННЯ В ЄВРОПЕЙСЬКОМУ СОЮЗІ (ЄС)

In the conditions of European integration processes, the convergence of enterprises’ financial reporting of EU member states is one of the priority strategic directions, the implementation of which is aimed at forming a single set of standards that could be used by the international community. European integration is a rather time-consuming socio- economic process and involves close cooperation of European states, in which investment activity is provided with a quite significant place. However, the differences in the national legislation regarding the preparation and submission of financial and consolidated statements between EU member states restrain positive developments in the context of increasing the level of their investment attractiveness. The convergence process itself is aimed at eliminating differences in the display of the European enterprises’ results in the financial reporting system, which will encourage an increase in its comparability, accessibility and comprehensibility for external real and potential investors. Accordingly, the elimination of differences in financial reporting standards in EU member states is a significant factor of effective cooperation in the active capital market in today's conditions. This, in turn, determines the relevance of the research. The purpose of the article is to research and substantiate peculiarities of the financial reporting convergence in the European Union and to disclose the content and characteristics of the Directive 2013/34/EU, requirements for the list of articles of the horizontal and vertical balance sheet, the structure of the profit and loss statement, as well as the management report for EU member states. In the process of carrying out the research, general scientific theoretical methods of cognition were used, namely: the system analysis - to clarify the main categories of the research; the abstract-logical method - to make theoretical generalizations and conclusions about the current level of financial reporting convergence in the EU, the tabular method - for visual presentation of the list of articles (horizontal and vertical) of the micro-enterprises balance sheet; as well as the forming the profit and loss statement structure. The article attempts to theoretically substantiate the concept "convergence", in the process of which convergence is considered as a synonym for the concept "integration". The main provisions of sections and annexes of the Directive 2013/34/EU, the structure of horizontal and vertical balance sheets, the statement of profits and losses by function and by nature of expenses are considered. The characteristics of the options for the list of articles of the micro-enterprises horizontal and vertical balance sheet are presented and their comparative analysis with the requirements of the Directive 2013/34/EU is carried out. The authors revealed the composition of the annual financial statements and specific features of the unified management forms of reports using the example of the EU member states. It has been proven that convergence is the absence of differences in financial reporting standards between EU member states, therefore the need for further convergence of financial reporting standards is a strategic priority for establishing active cooperation between European states in the long term. The peculiarities of financial reporting convergence in the European Union (EU) were comprehensively and thoroughly substantiated, which made it possible to objectively assess the content and characterize the Directive 2013/34/EU, as well as follow the reporting forms structure of the member states: horizontal and vertical balance sheet, report on profit and loss, with an emphasis on micro-enterprises. Examples of approaches to assessment of assets and liabilities on the balance sheet of EU companies are given. The composition of annual financial statements in the EU member states is considered. Prospects for further research lie in the implementation of theoretical and practical substantiation of the need for financial reporting convergence in the European Union, as the main mechanism of convergence and comparability of information in financial reporting of EU member states; directing efforts to increase the image of the investment attractiveness of enterprises through the prism of integrated financial and management reporting; justification of peculiarities of content and structure of the articles of actuarial management reporting compiled in the context of the Conceptual basis of financial reporting, aimed at assessing the increase (reduction) in the enterprise value in the conditions of the business sale as a complete property complex.