Investment attractiveness of shares: problems and assessment tools

This paper explores the development of conceptual approaches to assessing the investment attractiveness of shares, taking into account the specific objectives of investors. The key objectives included systematizing existing definitions of the investment attractiveness of enterprises and shares, identifying key assessment parameters, and analyzing the relationship between attractiveness criteria and investor type. The study focused on investment attractiveness assessment methods used in Russian and international practice. The methodology is based on a comparative analysis of 25 authors' interpretations of enterprise investment attractiveness and 12 authors' interpretations of stock attractiveness, followed by a grouping of approaches and the identification of patterns. The results showed that an enterprise's investment attractiveness is interpreted through four approaches: a development factor, an investment activity criterion, a set of financial and economic parameters, and a performance indicator. Liquidity, profitability, risk, and the issuer's growth prospects are recognized as key valuation parameters for shares. The significance of these parameters has been found to vary significantly depending on the investor type. Thus, for short-term investors, liquidity and volatility are critical; for long-term investors, valuation balance, financial stability, and growth are critical; and for strategic owners, synergy potential and market share are critical. Table 3 demonstrates significant differences in the perception of growth potential by different investor categories. For market participants focused on short-term transactions, this parameter is practically ignored when making investment decisions, whereas for strategic investors, it becomes a determining factor, forming the basis of their investment policy. The findings confirm the need to develop specialized valuation methods tailored to the goals of specific investor types: operational, fundamental, and integration. The study is based on financial analysis of companies in the Krasnoyarsk Region.