Reserves of recreational resources. What are recreational resources? What does this mean? Classification of recreational resources in balneology

Investment attractiveness is not only a financial and economic indicator, but a model of quantitative and qualitative indicators - assessments of the external environment (political, economic, social, legal) and the internal positioning of an object in the external environment, a qualitative assessment of its financial and technical potential, which allows you to vary the final result.

In modern economic literature there is practically no clarity in defining the essence of investment attractiveness and the correct system for its assessment. So, Glazunov V.I. argues that the assessment of investment attractiveness should answer the question of where, when and how many resources an investor can direct in the process of making investments. Rusak N.A. and Rusak V.A. reduce the determination of the investment attractiveness of an object mainly to heuristic methods related to the ranking of the objects under study based on the assessment of specialists (experts). Hence, investment attractiveness concerns the comparison of several objects in order to determine the best, worst, average.

Many experts equate investment attractiveness to assessing the effectiveness of investment projects.

The investment attractiveness of an enterprise is a certain set of characteristics of its production, as well as commercial, financial, and to some extent management activities and the characteristics of a particular investment climate, the results of which indicate the feasibility and necessity of investing in it. As a rule, the winner is an investment-attractive object in which investments are made.

So, the primary task, the implementation of which predetermines success in this very difficult competition, is the maximum qualitative increase in investment attractiveness.

The first step in solving this problem will be to determine the necessary parameters existing level investment attractiveness within a particular object. That is, there is a need for a high-quality and qualified assessment of multi-level investment attractiveness, namely: international, domestic, sectoral, inter-industry, intra-industry, specific enterprise, project.

The main goals of assessing investment attractiveness are:

Determination of the current state of the enterprise and prospects for its development;

Development of measures to significantly increase investment attractiveness;

Attracting investments within the framework of appropriate investment attractiveness and volumes of obtaining an integrated approach for a positive effect from the development of attracted capital.

The final stage in the process of studying the investment market is a qualitative analysis and objective assessment of investment attractiveness for individual companies and firms considered as potential investment targets.

This range of assessments is carried out by the investor when determining the need and feasibility of capital investments in the process of expansion and technical re-equipment at existing enterprises; selection for the acquisition of alternative privatization objects; as well as when purchasing shares of individual companies. But each economic entity must demonstrate its capabilities to attract external investment. Therefore, the assessment of investment attractiveness is analyzed in external and internal financial analysis.

Analysis of investment attractiveness assessment

Western economists have determined that in order to assess the investment attractiveness of an enterprise as an investment object, the most important and priority is a complete analysis of the following vital important aspects his activities:

1.Analysis of asset turnover. The effectiveness of starting an investment is largely determined by the fact how quickly the invested funds manage to turn around in the course of the activities of a particular enterprise.

2. Analysis of return on capital. One of the main goals at the time of investment is to ensure high profits in the process of using the invested material assets. But in modern conditions enterprises can largely control profitability indicators (due to depreciation policy, the effectiveness of tax planning, etc.), and in the context of the analysis process, it is possible to quite fully explore the potential of its formation in comparison with the initially invested capital.

3. Analysis of financial stability. Such an analysis makes it possible to assess the investment risk associated with the structural formation of investment resources, as well as to identify the optimal financing of current economic activities.

4. Analysis of asset liquidity. Assessing the liquidity of assets makes it possible to determine the ability of a particular enterprise to pay its short-term obligations and to prevent the possibility of bankruptcy through the rapid sale of certain types of assets. In other words, the state of assets characterizes the level of existing investment risks within a short-term period. Moreover, the assessment of the investment attractiveness of an enterprise according to these indicators is carried out taking into account its stages life cycle, since at different stages the values ​​of the same indicators have different values ​​for the enterprise and its investors.

The transition to market relations and the associated shortage of own investment resources necessitates the expansion of the investment market of the state and individual economic entities in particular. The most important criterion and the basis for making a positive decision by an investor is the investment attractiveness of a particular business entity.

The works of such authors as U.F. are devoted to the study of investment attractiveness at the micro level. Sharp, I.A. Blank, M.N. Kreinina, L.S. Valinurova, E.I. Krylov, V.M. Vlasova, D.A. Endovitsky, V.A. Babushkin, Yu.V. Sevryugin, A.V. Korenkov, E.N. Staroverova, N.V. Smirnova and others.

Without diminishing the importance of existing research results, it should be noted that many issues of generating, transforming, assessing and managing investment cash flows that arise in the process of attracting investment by an enterprise remain insufficiently developed.

Characteristics of existing approaches to the category “investment attractiveness of an enterprise”

The very concept of investment attractiveness of an enterprise is multifaceted and is interpreted ambiguously.

Approaches to the investment attractiveness of an enterprise by foreign scientists and practitioners are based on considering this category through the prism of the attractiveness of its securities, which is determined by the investor himself, taking into account the relationship between risk and profitability, as well as subjective preferences. However, an explicit definition of this term is not given in foreign literature.

Russian and Ukrainian researchers define the meaning of this economic category differently, assigning to it a set of certain characteristics. Yes, on initial stages transition to the market, the so-called traditional approach to the category under study, which is based on its identification with individual components of the financial condition of the enterprise. For example, M.N. Kreinina emphasizes the dependence of the investment attractiveness of an enterprise on a set of coefficients characterizing its financial condition. Rusak N.A. and Rusak V.A. give the following definition: “ Investment attractiveness of the enterprise– the feasibility of investing free funds in it.” A similar opinion is expressed by T.N. Matveev. Investment attractiveness, from his point of view, is “a complex indicator characterizing the feasibility of investing in a given enterprise.”

L.S. Valinurova considers the investment attractiveness of an enterprise as “a set of objective signs, properties, means and opportunities that determine the potential effective demand for investment." According to Sevryugin Yu.V. “The investment attractiveness of an enterprise is a system of quantitative and qualitative factors that characterizes the effective demand of an enterprise for investment.” It is impossible not to note the great breadth of such interpretations, however, in our opinion, their negative side is their vagueness and abstractness.

A more complete and substantiated definition is given by E.I. Krylov, V.M. Vlasova, M.G. Egorov, I.V. Zhuravkova. They talk about the investment attractiveness of an enterprise as “an independent economic category, characterized not only by the stability of the financial condition of the enterprise, return on capital, stock price or the level of dividends paid” and note its dependence on the competitiveness of products, the customer focus of the enterprise, expressed in the most complete satisfaction of consumer demands, and also on the level innovation activity economic entity.

In general, the position of these authors is shared by D.A. Endovitsky, V.A. Babushkin and N.A. Baturina regarding the connection between investment attractiveness and financial condition. According to the authors, this assumption is valid both for project organizing organizations and for business entities issuing securities. .

A number of researchers in determining the investment attractiveness of an enterprise note the importance of assessing the level of investment attractiveness of the country, industry and region.

So, A.V. Korenkov gives the following definition: “the investment attractiveness of an industrial enterprise is the presence of investment conditions, determined both by the stock and fundamental indicators of the business entity, and the economy of the industry, region and country as a whole, and allowing a potential investor with a high probability to count on the effectiveness of investments in the chosen investment strategy".

According to Payusov A.V. "Under financial and investment attractiveness of an economic entity it is necessary to understand not only the quantitative indicators of its activities that encourage potential investors to invest capital in investment project companies, having abandoned alternative investments both now and in the future, but also the economic state of the operating environment of the business entity.”

Staroverova E.N. is considering investment attractiveness How " comprehensive description enterprise - an investment object, reflecting the competitive potential, investment and social efficiency, taking into account changes in the regional and country investment climate."

Some definitions pay more attention to the enterprise attracting investment and the prospects for its development. So, Lavrukhina N.V. expresses the opinion that “the investment attractiveness of an enterprise is, first of all, its ability to arouse commercial or other interest from a real investor, including the ability of the enterprise itself to “accept investments” in order to obtain a real economic effect - an increase in the market value of the enterprise.” According to N.A. Zaitseva, “investment attractiveness is characterized by the condition of the object, its further development, prospects for profitability and growth." In the definition given by Smirnova N.V., “investment attractiveness is an assessment of the objective possibilities of the condition of the object and directions of investment, formed in preparation for the investor’s decision-making.” . However, the systemic interaction of an enterprise attracting investment with potential investors is not traced in these definitions.

Systematizing the presented points of view on the definition of the category “investment attractiveness of an enterprise,” we can distinguish several approaches to determining its economic essence:

• identifying the investment attractiveness of an enterprise with the attractiveness of its securities;
• consideration of the investment attractiveness of an enterprise as a derivative of its financial condition;
• presentation of the investment attractiveness of an enterprise in the form of an aggregate various factors(quantitative and qualitative, internal and external);
• investment attractiveness as the ability of the enterprise itself to attract investment.

Thus, investment attractiveness is interpreted differently depending on the factors and indicators taken into account, while insufficient attention is paid to important aspects that determine the essence of the category under study. Thus, existing approaches do not reflect aspects of interaction between investors and recipient enterprises, as well as their capabilities for the further use of investment resources, since a significant part of researchers consider this economic category only from the position of a potential investor. In addition, such essential characteristics of investment attractiveness as specific ways for an enterprise to attract funds from potential investors are not taken into account.

It seems appropriate and even necessary for further improvement methodological support assessment of investment attractiveness to more fully reveal the economic essence of this category. To do this, consider the content of the basic categories that form systemic basis external investment in the activities of an enterprise: investor, investment recipient, investment object, instrument for attracting investment, method of external investment in an enterprise.

Critical analysis and adjustment of basic categories of external investment

According to the Law of the Republic of Belarus dated July 12, 2013 No. 53-Z “On Investments,” an investor is any person (legal or individual) making investments in the territory of the Republic of Belarus. According to the Law of the Republic of Belarus dated March 12, 1992 No. 1512-XII “On Securities and Stock Exchanges,” an investor is an individual or legal entity that owns securities.

As E. Malenko and V. Khazanova note, “all investors can be divided into two groups: creditors interested in receiving current income in the form of interest, and business participants (owners of shares in the business) interested in receiving income from the growth of the company’s value.” At the same time, in economic practice, it is generally accepted to divide investor-participants depending on the degree of influence on decision-making on the organization’s activities into strategic and portfolio (financial). A strategic investor is an investor interested in acquiring a large block of shares in order to participate in management or gain control over a company. A portfolio investor is an investor interested in maximizing profits directly from securities, and not in controlling the enterprise.

Based on the above, promising for research and practical application is the classification of investors depending on the conditions for the provision of investment resources and strategic investment priorities. By this characteristic distinguish between strategic, financial and credit investors. Shaposhnikov A.A. the state adds to their number.
It should be noted that the mentioned law “On Investments” does not regulate relations regarding the provision of funds to an enterprise in the form of a credit, loan (these economic relations regulated by the Banking Code), acquisition of securities other than shares (regulated by the Law “On Securities and Stock Exchanges”), i.e. credit investors are absent in the legal investment field of the Republic of Belarus. However, in our opinion, it is advisable not to exclude the category of credit investors, despite the presence of a separate legal regulation, from consideration among potential investors providing investment resources to recipient enterprises.

Classification of investors according to this criterion is important, since each category of investors has different requirements for the recipient enterprise, factors and assessment of its investment attractiveness.

The term “investment recipient” in relation to an enterprise is rarely used in economic literature and practice. Its etymology comes from the field of international investment, where differentiation into donor countries and recipient countries of foreign direct investment is generally accepted..

Ershova I.V. and Bolotin A.V. give the following definition of an investment recipient in relation to an enterprise - “legal or individual(or their association), which is the recipient of investment resources." At the same time, the authors note that “the recipient does not necessarily direct the received investment resources for investment purposes itself,” citing as an example the acquisition by an investor of shares of an enterprise on the secondary market. Thus, according to the authors, if shares of an enterprise are purchased from an existing shareholder, the latter will be the recipient of the investment. However, the company issuing shares will not attract investment resources as a result of such a transaction.

All this leads to the conclusion that the term “investment recipient” is more correctly applied to an enterprise that acts as an object for assessing investment attractiveness, if it has the possibility of actually attracting investment resources (cash or property contributions).

The economic content of the category “investment object” is also interpreted ambiguously. Ershova I.V. and Bolotin A.V. define an investment object as “a specific element of an enterprise’s assets (both tangible, intangible and financial), into which the received investment resources are transformed, and the exploitation of which ensures the investor achieves his investment goal.” In this understanding, the economic content of this category coincides with the economic content of the more common category of “investment object” in economic practice and characterizes the further use of investment resources by the recipient enterprise.

However, for an investor, investments in the authorized capital or debt obligations of another enterprise will be a financial asset and, accordingly, an investment object. Returning to the previous example, for an investor, the securities of the issuing company will be an investment object, regardless of whether they are acquired in the primary or secondary market, since they have a valuation and certify certain rights.

In our opinion, the presented definition of an investment object also needs to be clarified and reduced to the level of interaction between the recipient and the investor. Thus, when making external investment in an enterprise investment object – this is a potential financial asset of the investor and at the same time a share in the authorized capital or a specific type of long-term obligations of the recipient enterprise.

Ershova I.V. and Bolotin A.V. propose a definition of an investment instrument: “a complex of financial and economic objects that ensure the transfer of investment resources from the investor to the investment recipient, accompanied by the definition and legal consolidation of such rights and obligations of participants in the investment process both in relation to each other and to third parties, in which the most effective coordination of the goals and interests of participants in the investment process occurs.”

At the same time, in the financial and economic literature there is often a confusion of the concepts of “investment object”, “investment instrument”, “financial instrument”. In addition, in the above definition, clarification requires “a complex of financial and economic objects”, which can have a very broad interpretation.

All this leads to the conclusion that a more correct and clearly defined term in relation to the recipient enterprise is “a tool for attracting investment”, by which we agree to mean a certain method of formalizing financial and legal relations with an investor, used to attract funds and (or) property contributions on a long-term basis.

Clarification of the term “instrument for attracting investment” makes it possible to propose a more capacious and correct definition of an investment recipient enterprise. An investment recipient enterprise is a legal entity that, in the process of financial interaction with an investor through instruments for attracting investments, forms or replenishes available investment resources.

Specific instruments for attracting investments, depending on the organizational and legal form of the recipient enterprise, can be shares in the authorized capital, shares in property, shares, bonds, investment loans, investment loans, and other long-term obligations.

The use of a particular investment attraction tool determines the content of the relevant ways of external investment in an enterprise, which, based on empirical information about investment methods, as well as on the basis of research conducted by I.V. Ershova and A.V. Bolotin, it is proposed to differentiate depending on the possibility of generating investment resources from the recipient enterprise into the following groups (Figure 1).

Figure 1 – Classification of methods of external investment in an enterprise

The result of applying the methods of external investment presented on the left side of the figure is a change in the structure of the owners or creditors of the enterprise. For example, the acquisition of a block of shares owned by the state leads only to institutional changes (a change in the owner of the block of shares), but does not in any way affect the amount of available investment resources of the recipient enterprise itself.

Whereas, with the direct financial participation of the investor, the subsequent transformation of the investment cash flow into the assets of the recipient enterprise creates objective prerequisites for increasing its value, and, consequently, the ability to generate higher profits and better meet the investor’s expectations.

Based on the above, we can formulate condition for harmonizing the financial interests of the investor and the recipient enterprise: identity in the process of external investment of investment objects (for the investor) and instruments for attracting investments (for the recipient), as a consequence, the use of forms of direct financial participation of investors in the activities of the recipient enterprise.

This condition can be illustrated in Figure 2.

Figure 2 – Interaction between the investor and the recipient enterprise in the process of attracting investment resources

The figure clearly shows that only if the investment objects correspond to the instruments for attracting investments, free cash, property or property rights the investor are transformed into the investment resources of the recipient enterprise.

Thus, the essential characteristics of the category “investment attractiveness of an enterprise” must correspond to the concept of “the ability to attract investment resources” and contribute to a clear reflection of the goals of the investor and the recipient enterprise.

As a result of comprehension and systematization of existing approaches to the basic categories that form the systemic basis of external investment in the activities of an enterprise, a critical analysis of empirical information on investment methods, we consider the following definition appropriate and more correct: investment attractiveness of the enterprise — a set of characteristics and factors that determine the current state of the recipient enterprise, as well as factors and mechanisms for transforming attracted investment resources with the direct financial participation of the investor, ensuring the harmonization of the financial interests of the investor and the investment recipient.

The adjusted definition of the investment attractiveness of an enterprise makes it possible to justify the differentiation of the factors that determine it into the following groups: factors that determine the conditions for external investment, factors that transform attracted investment resources into the financial results of the recipient enterprise, and factors that ensure return on investment.

With the direct financial participation of the investor in the activities of the recipient enterprise, the role of transformation factors increases significantly, which emphasizes the relevance of developing a methodology for dynamic assessment of the investment attractiveness of enterprises, which will allow assessing changes in the value of the recipient enterprise, taking into account the specific form of direct participation of the investor and the volume of external investment.

Conclusion

Thus, the article systematizes the main existing approaches to determining the investment attractiveness of an enterprise, clarifies economic entity basic categories that form the systemic basis of external investment in the activities of an enterprise: investment object, investment attraction tool, recipient enterprise. This made it possible to differentiate the methods of external investment depending on the possibility of generating investment resources from the recipient enterprise and on the basis of this, for the first time, to formulate the condition for harmonizing the financial interests of the investor and the recipient.

The economic essence of the category “investment attractiveness of an enterprise” has been clarified. Distinctive feature The proposed definition is to take into account the factors and mechanisms for transforming investment resources attracted by the recipient enterprise with the direct financial participation of the investor into its financial results.

The practical significance of the results lies in the formation of a basis for further improvement of methodological support for assessing investment attractiveness, taking into account the financial interests of investors and recipient enterprises.

Analysis of product attractiveness factors for customers. Allows us to identify unique competitive advantages for our products and justify the optimal pricing policy, increase business profitability.

Analysis of various factors of the attractiveness of a company’s product is a very important and in demand service today. With its help, you can identify unique competitive advantages for various types products, justify the optimal pricing policy, increase business profitability. Thus, it is simply an indispensable tool for solving a wide variety of issues.

“Just because you tripped and fell doesn’t mean you’re going the wrong way.” (Vantala)

Product attractiveness is usually created at three main levels. If you are in doubt about which product to choose for further promotion, it is very important to understand what the attractiveness of a product means. The quality of a product is usually not only an object of a tangible type that can be touched. These also include various services, as well as ideas that can be successfully implemented in practice. Goods should be considered everything that helps meet the needs of customers and organizations, and in the future can be fully implemented in the market. At the same time, it is necessary to attract potential customers for the purpose of further use, consumption and other types of actions with the product.

At the same time, it is very important to find out what the consumer expects from a particular product, what his needs are. You need to understand what product a potential client is ready to purchase, and what assistance can be provided to him in this regard. In this regard, you need to start from the concept of product perception - this is the determination of several of the most important advantages of the product, and the choice is made after various points of view have been explored.

So, the main levels that relate to the perception of the product:

The first level usually has highest value. This level is associated with assumptions about which product the buyer should prefer and for what reason. To understand how attractive a product is to a buyer, you need to answer several important questions:

• What customer needs does a particular product meet?
• For what purpose can a buyer purchase a specific product?

The second level – the product moves from the level of design to the level of objective reality. The product must be understandable to the consumer, it must be attractive, it must have a certain level of quality and the most suitable price for purchase. These are the main components for any type of product that your client will pay attention to first. These are the main criteria of attractiveness for any product.

The third level is the most difficult to implement. The product must be most attractive to the customer when purchasing; it must be completely different from other types of products of a similar type. This is the only way to achieve a certain sales volume, and only this way is it possible to engage in the highest quality business.