Экономические науки/10. Экономика предприятия
Kuropatkina K.S., Sorokina
L.I.
D. Serikbaev East Kazakhstan
Government Technical University
Assessment
of financial aspect of investment appeal of the enterprise of agricultural
branch
In the
conditions of market economy level of competitiveness of agriculture is defined
by efficiency of innovative and investment activity. The satisfaction of requirement of the agricultural enterprises
in investment resources is a priority on which successful decision efficiency
of their functioning and development depends.
Formation
of investment appeal – a necessary condition of achievement of a long and
sustainable development of the company. Appeal becomes the important tool of
consolidation of its positions as provides acquisition of additional
competitive benefits on labor markets, the capital, resources, securities, etc.
The high rating of appeal not only facilitates access of the company to various
resources (credit, material, financial, etc.), but also provides reliable
protection of interests of the company in environment, influences validity of
decision-making in the field of management.
Investment
appeal of the subject of managing – the complex concept characterizing ability
of the enterprise by the cash economic resources to raise internal and external
investment funds that provides achievement of the objectives at a certain level
of profitability and risk of investments. Within this research the analysis and
an assessment of financial and economic aspect of investment appeal as the
investor possibility of receiving profit on investments interests, first of
all, is supposed.
For the
express analysis it is possible to use the minimum set of the following
financial coefficients: coefficient of a ratio of borrowed and own funds
(coefficient of financial risk); coefficient of the current liquidity;
coefficient of turnover of assets; profitability of sales; profitability of own
capital. This system of indicators characterizes various aspects of financial
and economic activity of the enterprise, namely includes indicators of
liquidity, profitability, financial stability.
Method
of calculation of investment appeal we will consider on the example of the
enterprise of agricultural branch, in particular, the enterprises
"X". Results of the analysis of financial aspect of investment appeal
of the enterprise "X" are presented in table 1.
Table
1. Assessment of financial aspect of investment appeal of the enterprise
"X" of agricultural branch
|
Factor of investment appeal |
Absolute value of a factor |
Score assessment |
Actual
values |
|||||
|
2010 year |
Score assessment |
2011 year |
Score assessment |
2012 year |
Score assessment |
|||
|
1 Coefficient of financial
risk |
0,2 - 0,5 > 0,2 < 0,5 |
3 2 1 |
0,6 |
1 |
0,9 |
1 |
0,6 |
1 |
|
2 Coefficient of the current liquidity |
> 1,7 1,2 - 1,7 < 1,2 |
3 2 1 |
0,8 |
1 |
2,3 |
3 |
3,1 |
3 |
|
3 Coefficient of turnover of the current assets |
> 0,6 0,4 - 0,6 < 0,4 |
3 2 1 |
3,5 |
3 |
1,7 |
3 |
2,4 |
3 |
|
4 Profitability of own
capital |
> 8 3 - 8 < 3 |
3 2 1 |
6,9 |
2 |
30,8 |
3 |
31,9 |
3 |
|
5 Profitability of sales |
> 16 8 - 16 < 8 |
3 2 1 |
10,0 |
2 |
27,2 |
3 |
25,4 |
3 |
|
Actual total number of points |
- |
9 |
- |
13 |
- |
13 |
||
|
The sum of the maximum value in points |
- |
15 |
- |
15 |
- |
15 |
||
|
Coefficient of investment
appeal |
- |
0,6 |
- |
0,9 |
- |
0,9 |
||
|
Level of investment appeal |
- |
average |
- |
high |
- |
high |
||
The
coefficient of investment appeal pays off on a formula 1.
|
|
(1) |
where i
= 1, 2, 3 … n – quantity of factors;
xi – a
score assessment of i-th of a factor;
xmax – the maximum possible total
number of points.
Economically
to interpret the values received as a result of calculations Coefficient of
investment appeal it is possible as follows:
if 0
< Coefficient of investment appeal < 0,49 – the enterprise isn't
investment attractive;
if 0,5
< Coefficient of investment appeal < 0,75 – at the enterprise is the
average level of investment appeal;
if the
Coefficient of investment appeal > 0,76 – the enterprise possesses high
level of investment appeal.
According
to table 1 it is possible to draw a conclusion that by 2012 the enterprise
"X" possesses high level of investment appeal. During the period from 2010 to 2012 at the
enterprise "X" positive dynamics practically on all factors of
investment appeal, except for profitability of sales which decreased in 2012 in
comparison with 2011 is observed.
Use of
the assessment of investment appeal of the enterprises given to model gives the
chance to investors to estimate prospects of the investments and to choose the
object which is most meeting their requirements. The assessment of investment
appeal the managing subject gives the chance to the management to analyse its
competitive position and to estimate investment potential.
Literature:
1 Analysis of a financial condition and
investment appeal of the enterprise: studies. grant/E.I. Krylov, V. M. Vlasova,
M. G. Egorov, etc. – M: Finance and statistics, 2003. – 192