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 multi-factor 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.
Keywords: investment attractiveness, appeal, assessment criteria, regression model, company
References:
An'shin V.M. Investitsionnyi analiz: ucheb.-prakt. posobie [Investment analysis: a workbook]. Moscow, Delo Publ., 2009, 280 p.
Bakanov M.I., Sheremet A.D. Teoriya ekonomicheskogo analiza [Theory of economic analysis]. Moscow, Finansy i statistika Publ., 2009, 536 p.
Bard V.S. Finansovo-investitsionnyi kompleks: teoriya i praktika v usloviyakh reformirovaniya rossiiskoi ekonomiki [Financial and investment complex: theory and practice under conditions of the Russian economy reform]. Moscow, Finansy i statistika Publ., 2009, 304 p.
Berens V., Havranek P.M. Rukovodstvo po otsenke effektivnosti investitsii [Guidance on the Assessment of Investment Efficiency]. Moscow, INFRA-M Publ., 2009, 528 p.
Birman G., Schmidt S. Ekonomicheskii analiz investitsionnykh proektov [The Capital Decision: Economic Analysis of Investment Projects]. Moscow, Banki i birzhi, YUNITI Publ., 2009, 631 p.
Bloech J., Gotze U. Investitsionnye raschety. Modeli i metody otsenki investitsionnykh proektov [Investitionrechnung. Modelle und Analyzen zur Beuteilung von Investitionvorhaben]. Kaliningrad, Yantarnyi skaz Publ., 2009, 450 p.
Brealey R.A., Myers S.C. Printsipy korporativnykh finansov [Principles of Corporate Finance]. Moscow, Olimp-Biznes Publ., 2009, 1008 с.
Van Horn J.K. Osnovy upravleniya finansami [Fundamentals of Financial Management]. Moscow, Finansy i statistika Publ., 2009, 800 p.
Gorokhov N.Yu., Malev V.V. Biznes-planirovanie i investitsionnyi analiz [Business planning and investment analysis]. Moscow, ID Filin" Publ., 2009, 208 p.
Endovitskii D.A., Babushkin V.A. Ekonomicheskaya priroda, ponyatiinyi apparat i vidy investitsionnoi privlekatel'nosti organizatsii [Economic nature, conceptual framework and types of investment attractiveness of an organization]. Available at: Link. (In Russ.)
Kovalev V.V. Metody otsenki investitsionnykh proektov [Valuation methods for investment projects]. Moscow, Finansy i statistika Publ., 2009, 144 p.
Kovalev V.V. Finansovyi analiz: upravlenie kapitalom, vybor investitsii. Analiz otchetnosti [Financial analysis: capital management, selection of investment. Analysis of financial statements]. Moscow, Finansy i statistika Publ., 2009, 512 p.
Kolesnikova V.I., Torkanovskii V.S. Tsennye bumagi [Securities]. Finansy i statistika Publ., Moscow, 2009, 304 p.
Krylov E.N., Vlasova V.M., Egorova M.G. Analiz finansovogo sostoyaniya i investitsionnoi privlekatel'nosti predpriyatiya [Financial analysis and analysis of investment attractiveness of an enterprise]. Moscow, Finansy i statistika Publ., 2003, 192 p.
Kurakov L.P., Mukhetdinova N.M., Sergeenkov V.N. Investitsionnaya politika v sovremennykh usloviyakh [Investment policy under current conditions]. Moscow, Respublika Publ., 2009, 215 p.
Lazarishina I.D. Sistemnye preimushchestva analiza otklonenii s uchetom sushchestvennosti informatsii [System advantages of the variance analysis taking into account materiality of information]. Ekonomicheskii analiz: teoriya i praktika = Economic analysis: theory and practice, 2009, no. 6, pp. 15–18.
Nesvetailov V.F. Sushchestvennost' i transparentnost' v finansovoi otchetnosti [Materiality and transparency in financial statements]. Mezhdunarodnyi bukhgalterskii uchet = International accounting, 2011, no. 21, pp. 16–23.
Startsev V.A. Investitsionnaya privlekatel'nost' kak odin iz faktorov razvitiya organizatsii [Investment attractiveness as one of factors of organization development]. Voprosy regional'noi ekonomiki = Issues of regional economics, 2010, no. 4.
Transformatsiya komplaensa i risk-menedzhmenta v sisteme vnutrennego kontrolya [Transformation of compliance and risk management in the internal control system]. Available at: Link. (In Russ.)
Akhilesh Chandra, Alan Reinstein. Investment appeal of small growth stocks. Advances in Accounting, 2011, no. 27.
