Classification of investment resources
Types of investment
resources
Description of investment resources
Own
Profit, depreciation, cash
Borrowed
Bond loans, bank, and budget loans
Budgetary investment
appropriations:
in material form
Buildings, structures, land, equipment, machinery, etc.
in intangible form
Know-how, computer programs, trademarks, patent rights, etc.
Internal
Own and borrowed funds that are on the balance sheet of the
enterprise and may be involved in the investment process
External
Resources to be attracted both by increasing the authorized capital
and by obtaining loans
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The investment policy of the enterprise determines the principles of activity
in segments of the investment market, the conditions under which the company
agrees to invest in investment objects.
The investment policy of the enterprise includes three stages:
Stage I - the study of the investment market, i.e. the external environment
that forms the investment climate
Stage II - analysis of the state of the enterprise, a forecast of its investment
needs and investment opportunities, i.e. considering internal factors determining
investment policy.
Stage III - the development of principles and models of enterprise behavior
in the investment market.
The first stage includes an analysis of the current situation and the forecast
of the investment market with its division into levels:
- macroeconomic
- industry
- regional
- individual investment objects (production, securities, etc.) (Table 7).
The result of the assessment and forecasting of the development of the
investment market is the ranking of industries, regions, and enterprises by the
degree of their investment attractiveness. Based on expert estimates, all
investment objects receive a weighted average indicator of investment
attractiveness (𝑅𝑅𝑅𝑅). It is determined by the formula
𝑅𝑅𝑅𝑅 = � 𝑅𝑅
𝑙𝑙
× 𝑞𝑞
𝑙𝑙
𝑛𝑛
𝑙𝑙=1
� 𝑞𝑞
𝑙𝑙
𝑛𝑛
𝑙𝑙=1
�
,
where 𝑅𝑅 is assessment of investment attractiveness 𝑙𝑙 is the number of indicators
characterizing investment attractiveness 𝑞𝑞 is rank of investment attractiveness
indicator.
Thus, countries, regions, industries, and individual enterprises can be
ranked according to four degrees of attractiveness:
- super attractive
- highly attractive
- medium attractive
- unattractive
At the second stage, an analysis of financial and investment risks based on
an assessment of the financial condition of the enterprise is carried out, the
behavior of the enterprise on the investment market as an investor, as well as an
investment object, is determined based on the phases of the life cycle.
The parameters proposed for consideration are evaluated on a ten-point
scale (points are assigned from 0 to 10 depending on the magnitude, degree, and
significance of the influence of one or another factor) and is expert in nature.
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Table 7.
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