Candidate of economic sciences Ryabova E.Yu., candidate of economic sciences Mirgorodskaya O.A., senior lecturer Verzhbitskaya I.V.

ANO VO Stavropol Cooperative Institute (branch) BUKEP

ECONOMIC ASPECTS OF ESTIMATION OF INVESTMENT ATTRACTIVENESS OF ENTERPRISES

Today, any type of business in Russia, regardless of its focus, be it trade, industry, agriculture, restaurant business, or any other that is capable of making a profit, is highly competitive. In such conditions of activity there comes a certain point when the management of any organization understands that further development of the company is impossible without the inflow of investments. The inflow of investments into the organization gives it additional competitive advantages.

Any manager will find a lot of reasons for attracting investments and as many ways of investing investment funds: as a rule, this is the implementation of various production projects of the enterprise, which may include projects for developing new products, enhancing their environmental friendliness, promoting the company's products, expanding production in connection with the output To new markets (the seizure of new markets), the introduction of more advanced technologies to reduce costs, the modernization of old equipment and the acquisition of new ones, the mastering of new production technologies, etc. Despite the variety of purposes for which investment funds can be attracted, the main characteristic of investments remains the increase in the company's financial efficiency, i.е. The result of investments should be an increase in the company's financial performance.

Attraction of investments in the organization gives it additional competitive advantages and is often a powerful means of growth.

The main and most common goal of attracting investments is to increase the efficiency of the enterprise, that is, the result of any chosen method of investing investment funds with competent management should be the growth of the value of the enterprise and other indicators of its activities.

In the aggregate of concepts forming the state of the investment sphere, or otherwise, the investment climate in the economy, the systemic category is the investment attractiveness of the country as a whole, the region, the industry, the enterprise.

A fairly significant part of the factors, indicators and indicators of investment attractiveness is common to most structural levels of the country's economy. For example, the share of unprofitable enterprises, in their total number for a certain branch of agriculture, the volume of internal and external investment resources of enterprises, the rate of change in profits and volumes of agricultural production.

Such an undeniable factor of investment attractiveness, as the frequency and range of changes by the Bank of Russia refinancing rates, is applicable only for measuring the dynamics of the investment attractiveness of the country as a whole (macroeconomic level).

To determine the maximum efficiency of the investment decision, the concept of the investment attractiveness of the enterprise was introduced. The concept is quite new, in economic publications appeared relatively recently and is used primarily in the characterization and evaluation of investment objects, rating comparisons, Comparative analysis of processes. The study of different points of view on his interpretation made it possible to establish that in modern concepts there is no single approach to the essence of this economic category.

One of the most common points of view is the comparison of investment attractiveness with the expediency of investing in an enterprise of interest to the investor, which depends on a number of factors characterizing the activity of the subject. The definition, although correct, but rather blurry, does not give grounds for speculating about the assessment.

Thus, it becomes obvious that, regardless of the approach used by the expert or analyst to determine, the term "investment attractiveness" is most often used to assess the appropriateness of investing in an object, the choice of alternative options and the determination of the efficiency of resource allocation.

It should be noted that the definition of investment attractiveness is aimed at the formation of objective, purposeful information for making an investment decision. Therefore, when approaching its evaluation, it is necessary to distinguish between the terms "level of economic development" and "investment attractiveness".

If the first determines the level of development of the object, a set of economic indicators, then the investment attractiveness is characterized by the state of the object, its further development, the prospects for profitability and growth.

Consequently, the methodology for assessing investment attractiveness should be expanded and supplemented. The simplest financial analysis no longer meets the requirements of investors making a decision. In accordance with this, new methods and approaches are being developed to determine the investment attractiveness of the enterprise and the formation of an investment decision. In particular, the development of accounting and analysis methods is proposed, which, in addition to financial analysis, Will include qualitative and quantitative assessment of investment attractiveness factors and use several approaches to business valuation in order to determine cash flows in the future with the derivation of a derivative balance sheet.

The evaluation of investment attractiveness is aimed at the formation of objective targeted information, therefore, it is necessary to improve the accounting and analytical support for the investment decision in the field of expediency and effectiveness of investments.

The solution of the problem of effective accounting and analytical support of the evaluation of investment attractiveness is directly related to the clarification of the essence and significance of this concept.

In the most general sense, investment attractiveness is understood as a set of criteria that are the basis for an investor to invest their capital in an object of interest (country, region, industry, business entity, business project).

Investment attractiveness is a property attributed to investment objects when they need to be justified. It is clear that this characteristic is qualitative and more subjective (one investor is interested in one enterprise, another is another, even if both enterprises work in one industry). In turn, the criteria for assessing investment attractiveness are based more on statistical information, which provides ample opportunities for manipulating public opinion.

Thus, the analyzed approaches to the definition of the concept of "investment attractiveness" do not fully reflect the diversity of the most significant factors characterizing the investment attractiveness of the enterprise and should take into account important aspects of the enterprise's activities. The total potential of the enterprise is greatly influenced by a combination of resource and operating potentials based on individual business segments that are better studied and analyzed on the basis of static reporting.

Assets owned by the enterprise and the sources of their education are closely related and are components of the resource potential. The primary component of the resource potential is the indicator, such as net assets.

The various financial and economic processes occurring in life are constantly affected by changes in the volume and structure of the assets of the enterprise.

The existing resource potential is recorded in dynamic reporting, while it can also be characterized by an indicator such as net liabilities. The operating resource potential represents the acting potential, and its result is the formation of financial resources. The investment potential of an economic entity (nation, region, industry, company) is the maximum possible aggregate of all its own resources (investment, material, scientific, technical, personnel) accumulated as a result Previous economic activities of the said entity, which can be used to provide investment activity (in the form of capital investments) without violating the current economic activities of the entity.

Investment attractiveness and investment activity together constitute the investment climate.

Four main methods of integrating the numerical values of private indicators, characterizing the investment climate, investment attractiveness, investment risks, etc., are used in research and application development.

Most often, a code is used for the amount of places occupied by each enterprise according to the relevant indicators. This method is the most Simple, intuitive, but at the same time least accurate. Indeed, rank rank (by the sum of seats) determines only the arrangement or ranking of research objects by the criterion "better, worse, worse", etc.

From this it is not clear how much one enterprise is more attractive, preferable to another, or how much one enterprise is "riskier" than another, because between enterprises that occupy consecutive ordinal numbers, the difference can be both very large and insignificant.

Unlike this method, the other three - the average geometric, multidimensional mean, and the Pattern method - allow you to determine the integral level characteristics.

Of fundamental importance is the establishment of the degree of tightness of the correlation between the current investment attractiveness (independent variable) and the current investment activity (dependent variable) as an objective criterion for the reliability of the integral levels of investment attractiveness of enterprises defined in the work.

Of course, it is impossible to talk about the degree of investor investor's success, if the time factor is not taken into account.

Investing is a long process, therefore, when investing, it is necessary to compare the value of the funds at the beginning of their investment (the present value) with their value in return in the form of future profits and other cash flows (future value). At the same time, we mean not the depreciation of monetary funds as a result of inflation, but another, more fundamental aspect related to the circulation of capital (money).

Based on the analysis of the main existing concepts of investment attractiveness, we have concretized and refined Conceptual categories with reference to the concept of enterprise valuation in the system of accounting coordinates.

In our opinion, the investment climate of a small agricultural enterprise is a temporary dynamic series of the aggregate of natural, climatic, agrobiological, socio-economic, environmental, and political conditions that determine the volume and pace of attracting investment in the fixed capital of the enterprise.

The investment climate of a small agricultural enterprise consists of two components - investment activity and investment attractiveness of the enterprise. The investment activity of a small enterprise is the level of intensity of attracting investment.

The investment attractiveness of a small agricultural enterprise within the framework of accounting coordinates is a combination of various means, opportunities and constraints that determine the intensity of attracting investment and the impact on them of various external and internal externalities.

As in the case of investment activity, the actual and forecasted investment attractiveness of a small agricultural enterprise is allocated.

Investment attractiveness, of course, is determined by the state of the external and internal environment of the small enterprise.

The internal environment is characterized by the structure of the enterprise, the personnel and tasks of the business entity. The internal environment of the investment object is determined by the characteristics that justify its economic efficiency and investment attractiveness.

The distinctive feature of these terms will be objectivity, i.e. Representing the independence of the state of the surrounding system from the evaluation of the investor, but it will be determined by social, environmental and economic parameters.

List of sources used:

1.Verbitskaya I.V. The economic importance of the analysis of counterparties to prevent intentional bankruptcy. Verzhbitskaya, E.Yu. Ryabova, OA Mirgorodskaya // Modern Scientific Herald. 2015, Vol. 3. No. -1. Pp. 73-82.

2. Ryabova E.Yu. Analysis of investment attractiveness of the Stavropol Territory // In the collection: Production, innovation and information problems of the development of the region 2014, P. 219-220.

3. Ryabova E.Yu., Verzhbitskaya I.V. Investment attractiveness of enterprises in the system of accounting coordinates // In the collection: Proceedings of the I Annual International Scientific and Practical Readings of the Stavropol Cooperative Institute (branch) BUKEP a collection of international conferences of faculty and post-graduate students of SIKK (branch) BUKEP. Under the general ed. V.N. Eyes, S.A. Turko. 2015, pp. 28-29.

4. Ryabova E.Yu., Mirgorodskaya, O.A. The economic environment of entrepreneurship and production potential // In the collection: The role and place of information technology in modern science. Collection of articles of the International Scientific and Practical Conference. Managing editor: Sukiasyan Asatur Albertovich. 2016, pp. 165-168.