MANAGEMENT OF FORMATION OF INVESTMENT ATTRACTIVENESS OF INDUSTRIAL ENTERPRISES

Abstract

Problems of attracting real external investments were and remain relevant for any enterprise taking into
account an assessment of potential objects of investments from positions of risk and profitability of investments.
The value of investments into development of industrial sector is also one of the development determinants
not only of enterprises themselves, but also of regions and national economy in general, as many industrial
enterprises are city-forming. For Russian economy, the conditions of restrained financial resources
along with sanctions actions determine the need for sufficient level of investment attractiveness of an enterprise
in order to provide competitive position for attracting real investments in the market of investment resources.
In this regard, the analytically tractable assessment of the current level of enterprises’ investment attractiveness
while minimizing the risks of adopting the wrong decision is required. Requirements which
should comply with the economic and mathematical model, reflecting the management process of formation
of such assessment on the integrated indicator on the basis of group indicators of an enterprise’s investment
potential and factors of its investment risks taking into account the weight indicators formed according to requirements
of the specific investor, are formulated in the article. At the model’s second and third levels, specific
components of investment potential and risk factors along with private indicators of the industrial enterprise’s
activity with the similar accounting of weight indicators on the basis of Fishburne's rule are sequentially
considered. When calculating the integrated indicator, the accounting of the orientation of indicators’
action, restrictions of their acceptable values, existence of level of allowable variations for the group of indicators
and reduction to comparable representation is provided.
The developed model allows for estimating investment attractiveness of an enterprise in comparison
with other enterprises of the industry and reveal factors which negatively affect the final indicator in order to
develop the further managerial decisions. Results of practical approbation of the proposed model for a group
of enterprises of radio-electronic industry are given and reasoned recommendations for formation of an attractive
investment position of the specific enterprise are developed.