DEVELOPMENT OF AN ANALYSIS STATE OF INVESTMENT ATTRACTIVENESS OF INDUSTRIAL ENTERPRISES
Keywords:
investment attractiveness, industrial enterprise, estimation method, integral indicator, quantitative and qualitative indicators, investor’s purposesAbstract
The article considers the problem of estimation of the investment attractiveness of industrial enterprises.
Currently there is no unified approach in this matter. The majority of methods of such estimate are based on
the formation of an integral quantitative indicator as a result and considering at the same time many factors of
internal and external environments of an enterprise and characterizing parameters. These parameters have
quantitative and qualitative descriptions.
The article contains the author’s specified notion of the investment attractiveness of an enterprise. Also,
the authors conducted a search for the principles of constructing a model of formation of the integral estimation
result. This model has to consider the effect of various investment attractiveness factors in the best way,
taking into account interests of specific investors regarding the desired investment effect and an acceptable
risk level.
For this purpose, the authors performed an analysis of four types of models used for integral indicator
formation: 1) with expert weighting coefficients; 2) constructed on the basis of regression analysis; 3) with
equal importance of factors; 4) with weight coefficients calculated on the basis of Fishburne's rule. The advantages
and disadvantages of different ways to ensure comparability of individual indicators in the model in
the context of the minimum influence of a subjective opinion, and increase of estimate precision, are given.
Moreover, it’s necessary to take into account the quantity of used indicators in the case when not all required
data on the enterprise are known or available. It’s concluded about what characteristics the model for formation
of an integral estimation indicator of the investment attractiveness of an industrial enterprise should
have.
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