Куропаткина К.С., Сорокина Л.И.
Оценка финансового аспекта инвестиционной привлекательности предприятия сельскохозяйственной отрасли
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.
Factor of investment appeal
Absolute value of a factor
Score assessment
Actual values
2010 year
Score assessment
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