Vol. 8 Núm. 24 / Diciembre 2019 145 Artículo de investigación Modern tools for assessing the investment attractiveness of a commercial organization СОВРЕМЕННЫЕ ИНСТРУМЕНТЫ ОЦЕНКИ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ КОММЕРЧЕСКОЙ ОРГАНИЗАЦИИ Recibido: 28 de julio del 2019 Aceptado: 12 de septiembre del 2019 Written by: Natalia A. Prodanova61 SPIN-code: 2085-6329 Nataliya S. Plaskova62 SPIN-code: 7485-1384 Fatima A. Khamkhoeva63 SPIN-code: 4258-6021 Lyudmila V. Sotnikova64 SPIN-code: 2100-5233 Elena V. Prokofieva65 SPIN-code: 4000-9812 Abstract Аннотация Purpose: Within the framework of the study, a Цель: В рамках проведенного исследования critical analysis of modern tools for assessing the осуществлен критический анализ investment attractiveness of a commercial современных инструментов оценки organization is carried out. Design: the methods инвестиционной привлекательности of economic analysis used to assess the коммерческой организации. Дизайн: investment attractiveness of a commercial систематизированы методы экономического organization are systematized; the disadvantages анализа, применяемые для оценки of the existing methodological support are инвестиционной привлекательности identified and the criteria determining the quality коммерческой организации; выявлены and practical value of modern developments in недостатки существующего методического the studied area are established. Findings: it is обеспечения и установлены критерии, proved that the main disadvantages of the existing определяющие качество и практическую methods of assessing investment attractiveness ценность современных разработок в are: the lack of strategic orientation of the исследуемой области. Полученные данные assessment; ignoring the influence of most обосновано, что основными недостатками external and internal factors of activity; the существующих методов оценки inability to assess the risk of investing in the инвестиционной привлекательности analyzed object; the need to compare with the являются: отсутствие стратегической level of investment attractiveness of similar направленности оценки; игнорирование organizations for an objective interpretation of влияния большинства внешних и внутренних the results. Practical implications: to eliminate факторов деятельности; невозможность the significant shortcomings of modern оценки степени риска инвестирования в methodological support in this area, the authors анализируемый объект; необходимость recommend the use of scenario method of проведения сравнения с уровнем 61 Plekhanov Russian University of Economics Stremyanny lane, Russia 62 Plekhanov Russian University of Economics Stremyanny lane, Russia. 63 Ingush state University Mutalieva str., Russia. 64 Financial University under the Government of the Russian Federation Leningradsky, Russia. 65 State budgetary institution of higher education of the Moscow region "University" Dubna "- Dmitrov Institute of Continuing Education, Moscow Region. Encuentre este artículo en http:// www.amazoniainvestiga.info ISSN 2322- 6307 Prodanova, N., Plaskova, N., Khamkhoeva, F., Sotnikova, L., Prokofieva, E. /Vol. 8 Núm. 24: 145 - 151/ diciembre 2019 146 strategic economic analysis in the process of инвестиционной привлекательности assessing the investment attractiveness of the аналогичных организаций для объективной organization. Originality: The scenario method интерпретации полученных результатов. of strategic economic analysis proposed by the Практические последствия: для authors complements the existing approaches ликвидации существенных недостатков with the ability to take into account potential risks современного методического обеспечения в when making a far-sighted decision to invest in данной сфере авторами рекомендовано an organization by combining the results of использование в процессе оценки retrospective analysis and forecasting changes in инвестиционной привлекательности the quantitative and qualitative characteristics of организации сценарного метода financial and economic activity. стратегического экономического анализа. Новизна: Предлагаемый авторами Keywords: Investment attractiveness, сценарный метод стратегического investment project, strategic economic analysis, экономического анализа дополняет method, evaluation. существующие подходы возможностью учесть потенциальные риски при принятии дальновидного решения об инвестировании в организацию путем объединения результатов ретроспективного анализа и прогноза изменения количественных и качественных характеристик финансово-хозяйственной деятельности. Ключевые слова: инвестиционная привлекательность, инвестиционный проект, стратегический экономический анализ, метод, оценка. Introduction (Problem statement) In the context of the need to increase the At the same time, the existing system of methods competitiveness of Russian organizations in the for assessing investment attractiveness does not world markets, more and more attention is paid have a clear structure, what excludes the to investments. Increasing the efficiency of using possibility of its effective practical application economic potential, developing innovations, (Petrushina, 2015). changing the strategic course in response to the instability of external operating conditions are Literature review (The theoretical basis of the tasks whose implementation requires significant research) investments. More often it is about attracting additional financing by taking bank loan or the It should be noted that attempts to systematize owner's investment, less frequently is about existing methods for assessing the investment making a managerial decision regarding the attractiveness of an organization have been made allocation of free internal resources of the repeatedly. A. Zlobina distinguishes among the organization. In both the first and second cases, methods of assessing investment attractiveness it is important to evaluate such a characteristic of methods of financial and economic analysis, the a commercial organization as investment procedure for determining the creditworthiness attractiveness. of the borrower, rating evaluation (Zlobina, 2006). V. Nikitina classifies the existing Qualitative analysis of the investment instruments for investment attractiveness attractiveness of the organization is the basis for determination by the level of management, making profitable investment decisions, the basis namely: at the level of territories, at the level of for ensuring reliable interaction between the organization and individual investment projects source and recipient of financing, as well as a tool (Nikitina, 2005). A. Shaposhnikov proposed for the company's activities management in line another system of methods for assessing the with the creation of a favorable image for investment attractiveness of business entities potential investors. (Shaposhnikov, 2010). He identifies approaches to the analysis of the studied characteristics, built Encuentre este artículo en http://www.udla.edu.co/revistas/index.php/amazonia-investiga o www.amazoniainvestiga.info ISSN 2322- 6307 Vol. 8 Núm. 24 / Diciembre 2019 147 on the basis of stock market indicators, official logic, synthesis and analysis of theoretical and financial statements of the organization, practical material were used as research tools. indicators of value added or acceptable investment risks. Any of the proposed Results (Research results. Study: main body) classifications can be successfully applied for the purpose of systematizing the methods for The study of expert opinion, as well as the assessing the investment attractiveness of an analysis of publications on assessing the organization, however, the problem of investment attractiveness of business entities, methodological choice that arises before business allowed us to formulate the basic requirements practices in finding the most relevant way to for methodological support in this area, determine the significance of a particular including: organization as an investment object remains on the agenda. Given the variety of solutions • Accounting of the qualitative aspects proposed by the scientific community, in our and risks of the organization opinion, the system of methods for assessing development; investment attractiveness from the point of view • Strategic focus of results; of their effective use should reflect information • Catholicity; about the advantages and disadvantages of using • Information support availability; each of the elements, about their targeting, i.e. • Ability to be used as a basis for about the type of organization for which they management decision-making; shown method will allow to get the most reliable • Relative simplicity of calculations; result, about the composition of the necessary • Clear scheme of interpretation of the information support, forms of output data and the results. possibilities for their interpretation. Table 1 presents the current issues of Methodology. (Methodology and research methodological support for assessing the practice) investment attractiveness of an organization, on the basis of which, it can be argued, the modern As part of the study, the analysis of modern tools requirements for the developed investment for assessing the investment attractiveness of a analysis tools are formed. commercial organization was carried out. System analysis, empirical research, principles of formal Table 1 - Modern prerequisites for the formation of methodological support for assessing the investment attractiveness of the organization. Issue The essence, possible solutions Modern methods have limited analytical capabilities