Management of formation of investment attractiveness of industrial enterprises

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.