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Directions to increase the investment attractiveness of the agricultural enterprises

It is proved here that investments play an important role in the reproductive process of agricultural production, which provide a continuous increase of production activities. The need for investment resources occurs at the initial stage when creating a production or business activities, and in the process of its implementation. Therefore one of the necessary conditions provides a simple and expanded reproduction of the material-technical base of agricultural producers is to increase their investice appeal.

It is Investigated that at present most fully developed evaluation of investment attractiveness of regions and industries, attractiveness (efficiency) of individual investment projects and investment resources of the enterprise through a variety of external funding sources. At the same time, a number of important theoretical aspects of the investment attractiveness of the enterprise need further development and practical implementation. In particular, does not define the role and place of investment attractiveness of a business entity as one of the elements of the investment market, there is no General accepted interpretation of the term "investment attractiveness of the enterprise, as well as unified classification of investment attractiveness of the company on various grounds.

It is established here that in the scientific literature there is no holistic view of the system of quantitative and qualitative factors, the determinants of aggregate investment attractiveness of the enterprise. Not sufficiently addressed the problem of convergence of mutual interests of all participants of the investment process from the viewpoint of economic advantages. Methods of calculation of investment attractiveness of enterprises leading Western consulting firms and investment companies are considered a trade secret, a wide range of domestic scientists, they are not available and are not adapted to the economic conditions of Ukraine.

To obtain reliable information for the development of investment strategy you should use a systematic approach to studying the situation in the investment market. Each object in the investment market has its own investment attractiveness and at the same time depends on all objects in the investment market. Investment attractiveness of an enterprise is determined by the investment attractiveness of the industry, region, and state investment attractiveness of the enterprise can be considered as a complex system that combines a set of interconnected elements of the assessment. A systematic approach to the evaluation of investment attractiveness of the enterprise requires to take into account the investment attractiveness of the region in which the company, its industry, and the investment attractiveness of the country.

In the constructed two-level model of investment attractiveness of the enterprise factors of the first level defined financial position, resource potential, performance and control the enterprise and the external environment, the second financial ratios, indicators of resource potential, performance and enterprise management and environmental factors. For formation evaluation, we used a statistical approach that allows you to choose from a variety of financial ratios to those that most fully and comprehensively characterize the financial condition of the enterprise.

It is proved that the efficiency of investment is determined by the rate of turnover of the invested funds in the process of production of the company. One of the main goals of investing is to maximize profits when using nested resources. To identify potential opportunities for generating value in comparison with the nested capital using a number of indicators of profitability. A significant role of this group of indicators in the evaluation of investment attractiveness of enterprises plays an indicator of profitability of own capital, which fully characterizes the performance of the entity. This indicator can assess the effectiveness of management, as getting high profits and a sufficient level of profitability depends on the correct choice and rationality of management decisions. The level of profitability of capital it is possible to assess the long-term stability of the enterprise, i.e. its ability to obtain the expected rate of return on investment in the long run

Note that to calculate the values of the coefficients of the weight factors of the model of investment attractiveness we have collected baseline information method full-time and part-time expert survey, which was made by portfolio and financial investors. In particular, the ratio of the weight factors of the first and the factors of the second level. The value of each factor was measured by using a point rating system. The essence of this methodological approach is that each factor, regardless of whether quantitative or qualitative, is assigned to the corresponding estimate in points. The next step is to define the relationship quality index measured object to measure the quality of an object, taken as a benchmark. It is necessary to calculate the ratio of the objective the actual parameters of the enterprise to the individual subjectively preferable for the investor. This value is an integral factor of investment attractiveness. Note that the closer the value of the integral factors of investment attractiveness of the enterprise is to 1, the more attractive it is for the investor.

The proposed methodology has been tested on the results of 23 agricultural enterprises Belotserkovsky district, Kyiv region. This study characterizes the degree of protection of the interests of investors and creditors, reflects the ability of the company to repay short-term debt quickly realizable assets, characterizes the profitability of the enterprise. In addition, the proposed method allows to calculate the partial factors of investment attractiveness for each group of factors. The analysis of individual components of private factors of investment attractiveness of the two helps to identify the factors given, which can increase the investment attractiveness of the enterprise. Based on the proposed methodology appropriate to develop strategic priorities to attract additional sources of investment to ensure the reproductive processes during the formation of the material-technical support of production activities.

It is established that attractive agricultural enterprises have great opportunities to attract financial resources for the project as sources and schemes of interaction with the investor. Enterprises with an average level of investment attractiveness are unable to Finance the project for its own profit due to lower level of solvency (low liquidity of the property to ensure satisfactory performance of the financial and economic condition). It is obvious that agricultural enterprises with a low level of investment attractiveness virtually no chance of yourself to implement investment projects in production development. In this case, the attraction of financial resources in the amounts, providing requirements of the program of modernization of production, it is possible to provide only a change of ownership.

So, according to the results of the conducted research it can be argued that the intensification of investment activities of the agricultural sector is important for the modernization and development of agriculture and agribusiness. Implementation of the proposed measures will allow to increase the investment attractiveness of the agricultural enterprises, to ensure the country's food security and to improve the competitiveness of domestic products.

Key words: investments, investment activity, investment attractiveness, agricultural enterprises, efficiency, level of investment attractiveness.

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