Problemi Ekonomiki (Mar 2017)
Determination of Components of Investment Attractiveness of Enterprises and Industries as Factors of their Security
Abstract
The article considers the following factors of investment attractiveness of both enterprises and industry: the stage of the life cycle, absence of crisis, reputation. It is justified that the key industries for the Ukrainian economy in the context of improving economic security are mining and metallurgical industry and shipbuilding. The specificity of Zhiglyar cycles for the world steel industry and the actual periodicity of these cycles for the industry are revealed, as well as the interrelationship of their periodicity with that of the K-cycle phases. It is substantiated that for the mining and metallurgical complex there typical generally accepted time frames of Zhiglyar cycles of 6-13 years, which are associated with investing in fixed assets, building-up and loading production capacities. Smaller cycles are found at the level of local markets of individual countries. It is shown that the cycles of Kitchin characterize the volumes of consumption of crude steel in Ukraine. Diagnostics of the crisis of the enterprises under investigation is carried out. It is offered to evaluate the crisis on the basis of the ratio of the actual value of the indicator and its reference value. A scale for diagnosing the severity of the crisis is developed. It is shown that under crisis conditions a part of fixed assets remains unused. To resolve the issue of the need for measures on their elimination or sale, it is proposed to determine the rate of fixed assets utilization. It is estimated that its normative value should not be lower than 0.75. A methodical approach to evaluating the enterprise reputation is proposed. It is shown that internal and external reputations differ in the method of their evaluation. A scale for determining the severity of the reputational crisis is developed.
