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Regular version of the site

Article

Формирование многофакторного критерия оценки инвестиционной привлекательности организации

Финансы и кредит. 2015. № 3 (627). С. 27-38.
Штефан М. А., Офицерова О. Ф.

Importance As there are no uniform techniques to assess investment appeal of companies, the development of multi-factor criteria enabling potential investors to choose the best investment project assumes great importance. Objectives The objective of the study is to develop multifactor criteria enabling potential investors to choose the best investee among several organizations. Methods In the article, using the analysis, synthesis, deduction and induction methods, we highlighted the components of investment appeal of organizations, namely, information, personnel, environmental, social, territorial, innovative, financial, and product attractiveness. With the help of econometric methods, we analyzed the impact of factors on the target indicator. We conclude that environmental and financial aspects have the greatest impact on the company’s investment appeal. The attractiveness of products, territory, risk level and financial attractiveness have a slightly smaller impact in terms of financial leverage indexes. Information, human, social, innovation and financial attractiveness exert the least influence in terms of profitability. Results The findings enabled to define unified ways of increasing investment appeal of a company. They include developing a large-scale program for environment protection and actions aimed at improving liquidity and business activity; increasing attractiveness of production through product expansion, quality improvement, and price reduction; increasing territorial attractiveness, decreasing the risk of capital investments in company’s shares, optimizing financial leverage index, etc. Conclusions and Relevance We have offered a method of calculating a multi-factor criterion to assess investment attractiveness of companies, which we recommend to apply to an economic sector and (or) a type of activity