METHODOLOGICAL PRINCIPLES OF EVALUATION OF INVESTMENT ATTRACTIVENESS OF THE ENTERPRISE

Halyna Fyliuk, Kateryna Akulenko

Abstract


The purpose of the research is a complex of theoretical and applied provisions on the formation, evaluation, and improvement of the methodology of evaluation of the investment attractiveness of enterprises. Methodology. In the process of research, the following methods were used: methods of comparison, analysis and synthesis is used in determining the features of conceptual approaches to the concept of investment attractiveness of an enterprise and the formation of the author’s definition of this category; method of diagnostic evaluation is used in the evaluation of existing models for analysing the investment attractiveness of enterprises; method of expert evaluation is used for the building of flexible limits of levels of investment attractiveness of the enterprise; methods of system and structural analysis is used for developing the basic elements and the general structure of the model of interpretation of the method of graphical integration; the method of graphic integration is used within the construction of graphs of investment attractiveness of enterprises A and B. The aim of the study is to justify of the approach to create a model that can justify of the feasibility of investing and determine the factors and conditions of investment attractiveness of the enterprise for different participants of the investment process. The findings of the study. The results of the research suggested an improved definition of the concept of investment attractiveness of the enterprise, which took into account the following disadvantages of existing approaches to the present essence of the concept: the investment attractiveness of the enterprise is often associated with the system of financial and economic indicators of the activity of enterprise, while not taking into account also an important social and psychological factor, since the very name of the term “investment attractiveness of the enterprise” includes the social-psychological element in the form of the concept of “attractiveness”, which is widely used in economic literature; the subjective view of the potential investor on the fact that the object being considered for investing to satisfy the investor’s expectations regarding the economic or social effect is significant. This aspect is key in determining of concept of investment attractiveness of the enterprise, when choosing an investor of an enterprise to invest its capital for the purpose of investing; it is necessary to achieve consistency and symbiosis between the evaluation of financial and economic, socio-psychological, industrial, innovative, environmental and other factors, which in the complex form the investment attractiveness of the enterprise; using the expression “high level of profitability on investment with minimal risks” is partially incorrect in some definitions of the investment attractiveness of the enterprise since obtaining high profits involves a certain level of risk and each investor knows about this; the importance of increasing the investment attractiveness of the enterprise has the level of involvement of innovation in the activities of the enterprise in the frames of use of investment capital; the targeting of almost all definitions only on high financial and economic indicators, which, depending on the situation, are not always correct. A complex system of indicators for evaluation of the investment attractiveness of an enterprise is proposed, consisting of six groups of indicators (market position, property complex, profitability, financial stability, risks, innovative potential), each of which includes six coefficients determining the level of investment attractiveness for this group. The features and advantages of this system of indicators are: complexity and complementary to standard methods with indicators of the level of investment risk and innovative potential of enterprises; standardization of indicators; unidirectionality of indicators; Flexibility of the recommended limits for each coefficient. The method of graphical integration of the investment attractiveness of the enterprise, which has several advantages over other methods, proposed in the scientific literature, is offered because: it is a combination that includes the advantages of an integral method, as well as a market, and partially matrix method; it allows quantifying various aspects of economic activity of the enterprise by the elementary calculation of a certain number of coefficients; it does not require significant time to spend on the evaluation; it has a mathematical justification since the final indicators for comparing the investment attractiveness of several enterprises are calculated using the numerical integration method; it has the flexibility of determining the level of investment attractiveness of an enterprise by incorporating into the methodology in accordance with the socio-psychological component of the concept of investment attractiveness and the interests of the investor; gives a visual interpretation of the results of investment attractiveness assessment.

Keywords


investments, investment attractiveness of enterprise, complex evaluation of investment attractiveness, method of graphic integration, coefficients of investment attractiveness, profitability, financial stability, investment risk

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DOI: http://dx.doi.org/10.30525/2256-0742/2018-4-5-387-395

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