Дисертації з теми "Criteria of evaluation of investment attractiveness"

Дисертація на здобуття наукового ступеня кандидата економічних наук за спеціальністю 08.00.04 – економіка та управління підприємствами (за видами економічної діяльності). – Національний технічний університет "Харківський політехнічний інститут", Харків, 2019 р. Дисертацію присвячено вирішенню актуального науково-практичного завдання щодо розвитку теоретичних положень, методичного забезпечення іпрактичних рекомендацій з економічного обґрунтування інвестиційної привабливості науково-технічних розробок. У дисертації розроблено послідовність дій з економічного обґрунтування інвестиційної привабливості НТР. Базуючись на узагальненні проблем інвестиційної привабливості промислових підприємств, виділена проблема зіставлення альтернативних варіантів інвестицій в умовах багатокритеріальності; досліджені національні та світові класичні підходи з даної проблеми. Удосконалено методичний базис проведення комплексного аналізу інвестиційних проектів шляхом доповнення процедурами розрахунку системи показників впливу внутрішнього і зовнішнього середовищ, що підвищує точність визначення ефективності використання інвестиційних ресурсів та сприяє обґрунтованості управлінських рішень щодо реалізації НТР та доцільності їх фінансування.
Thesis for scientific degree of candidate of economic sciences on specialty 08.00.04 - economics and management of enterprises (by economic activity). - National technical university "Kharkiv polytechnic institute", Kharkov, 2019. Dissertation is devoted to solving important scientific and practical tasks for the development of theoretical positions, methodological support and practical advice for economic assessment of investment attractiveness of scientific and technical developments. The thesis is developed action on а sequence efficiency evaluation of investment projects, which includes guidelines and formulas, giving the opportunity to make informed management decisions on improving effeciency of investment projects in the industry. In the dissertation the conceptual and terminological apparatus of interpretation of innovation and investment activity is clarified in order to clarify a number of concepts: "investment", the advantage of which is a set of the most important functions that form a direct connection with the realization of development of both the enterprise economy and the state in general; "Innovation and investment process", which takes into account the interdependence of investment and innovation, forming a single, holistic process of enterprise development, taking into account the internal and external environment and actualizing the understanding of investment attractiveness and its evaluation; "Investment attractiveness", as an element of economic category, which reflects the potential investor's appraisal of the combination of different levels of environmental factors, and, unlike existing interpretations, is seen not only as an ability of the company to attract investor attention and professionally interact with attracting investments, but to develop them and ensure the realization of different levels of interests, providing qualitative and quantitative transformations in its activities. On the basis of analysis of statistics of innovation and investment activity of macro and mesorivines of industrial enterprises, an ambiguous situation was revealed regarding the general investment climate and a number of shortcomings were identified (lack of a scientifically sound economic and social concept of development; legal instability; high level of inflation; unsatisfactory level of inflation; unpredictability of the environment; poor information support for investment; strong bureaucratization of management apparatus, etc.) that directly or indirectly affect the innovation and investment market of the country. The analysis of the country's innovation and investment situation from 2010 to 2018 proved the need to intensify all innovation and investment resources in order to ensure holistic investment attractiveness. Mathematical support of methods of estimation of investment attractiveness on the basis of cluster-intellectual data analysis is introduced, as well as the general method of statistical data analysis, which is used in many fields, including artificial intelligence, etc., which allows to formulate a multi-purpose optimization problem. The relevant clustering algorithm presented in the ACA software environment (Analytic cluster analysis) depends on the individual data set and the predicted use of the results, allowing to take into account the stochasticity coefficient, assessing the impact of economic and non-economic (production, material, personnel, or infrastructure) identify the taxonomy and priority of project implementation by optimizing their level of investment attractiveness. The scientific and methodological approach to a comprehensive assessment of the investment attractiveness of innovative projects and scientific and technical developments at the enterprise, depending on the level of costs and their importance, taking into account both economic and non-economic factors. It is proved that for analysis it is advisable to use multivariate factor, cluster analysis with subsequent consideration of stochasticity of factors of internal and external environment and integral index. The obtained indicator of investment attractiveness allows to increase the accuracy and reliability of evaluations in the decision-making process and the efficiency of the use of innovative investment resources. The method of analysis of investment projects in industry, built on the national methodology based on economic analysis taking into account the experience of countries with a market economy; the development of techniques saved significant national developments and world classical approaches to this problem. Improved technique of carrying out the rapid analysis of investment projects by calculating its procedures complement a number of indicators of internal and external environment, speeds up the process of determining the efficiency of the use of investment resources; the classification of technical and economic factors influence the effectiveness of the investment project, which has a positive effect on the validity of administrative decisions; mechanism to optimize investment decisions in the implementation of the project with the proposed method of analysis, which positively affects the decision on the appropriateness of financing of investment projects.

Дисертація на здобуття наукового ступеня кандидата економічних наук за спеціальністю 08.00.04 "Економіка та управління підприємствами (за видами економічної діяльності)" (07 – управління та адміністрування). – Національний технічний університет "Харківський політехнічний інститут", Харків, 2019. У дисертації здійснено поглиблення теоретичних положень, методичних підходів та науково-прикладних рекомендацій щодо оцінювання інвестиційної привабливості НТР на промислових підприємствах. Досягнення мети підтверджується вирішенням поставлених завдань щодо: дослідження понятійно-термінологічного апарату теорії інвестицій щодо визначення базових понять інвестиційних вкладень; дослідження ролі управління конкурентоспроможністю інноваційно-інвестиційного проекту та визначення факторів впливу на його інвестиційну привабливість; дослідження методичного інструментарію багатофакторної оцінки інвестиційної привабливості інноваційно-інвестиційних проектів щодо визначення впливу факторів на результативний інтегральний показник; обґрунтування принципів відбору інноваційно-інвестиційних проектів з урахуванням оптимізації їх параметрів та специфіки; розробки науково-методичного підходу щодо комплексного оцінювання впливу факторів на впровадження інноваційних проектів. Для вирішення поставлених завдань використано такі загальнонаукові та спеціальні методи: наукові методи економічної теорії у галузі інвестування з використанням абстрактно-логічного підходу в процесі вивчення економічних процесів і явищ, зокрема такі: наукового узагальнення (при визначені сутності та класифікації інвестиційних проектів), діалектичний метод (при визначенні місця та ролі інвестиційної діяльності серед інших видів звичайної діяльності підприємства), історичного та системного підходів (при вивченні світового досвіду та визначенні етапів розвитку методик аналізу інвестиційних проектів, заснованих на принципах діалектики, єдності і цілісності), класифікації, порівняння, наукової абстракції, системного і комплексного аналізу (при розробці методики аналізу інвестиційних проектів на підприємствах), економіко-математичного моделювання (при розрахунку показників ефективності інвестицій), економічного та багатокрокового компонентного аналізу. Основні положення наукової новизни дисертації полягають у такому. Удосконалено: - економічну сутність дефініції "інвестиційна привабливість проекту", що на відміну від існуючих трактувань враховує не лише можливості і обмеження вкладень інвестиційних коштів, та здатність підприємства привертати увагу інвестора, а й акцентує на ефективному їх освоюванні для забезпечення реалізації різнорівневих інтересів, що сприяє розширенню та актуалізації базису теорії інвестицій; - складові механізму управління конкурентоспроможністю інноваційно-інвестиційного проекту, які, на відміну від інших, базуються на формуванні певної послідовності етапів оцінювання фінансово-економічного стану при визначенні інтегрального показника інвестиційної привабливості, з урахуванням впливу факторів мікро-, мезо- та макросередовищ в їх взаємозв’язку, що дає змогу комплексно оцінити ефективність впровадження проекту; - методичний інструментарій щодо оцінки впровадження інноваційно-інвестиційних проектів, які, на відміну від існуючих, засновані на принципах відкритої системи з урахуванням вагомості її параметрів, що дає змогу визначити вплив кожного фактору на інтегральний показник інвестиційної привабливості проекту та сприяє обґрунтуванню заходів щодо їх реалізації на засадах комплексного підходу; Набули подальшого розвитку: - методичний підхід щодо оптимізації та компонентного оцінювання інноваційно-інвестиційного потенціалу відкритих систем (Т. Сааті), що на відміну від існуючих передбачає визначення рівня інвестиційної привабливості на засадах максимізації параметрів, що входять у систему, що дає змогу сформувати принцип відбору науково-технічних розробок з урахуванням їх специфіки та синергетичного потенціалу проектів; - науково-методичний підхід щодо комплексного оцінювання інвестиційної привабливості інноваційних проектів та НТР підприємства, який, на відміну від існуючих, базується на визначенні значущості та рівня витрат на їх впровадження, на засадах скринінгового експрес-аналізу з урахуванням стохастичності, факторів внутрішнього і зовнішнього середовищ, застосування якого підвищує точність та достовірність оцінок в процесі прийняття рішень щодо використання інноваційно-інвестиційних ресурсів. Практичне значення одержаних результатів полягає в можливості та доцільності використання наукових положень і прикладних рекомендацій для обґрунтування інвестиційних проектів та НТР підприємств. Основні результати досліджень отримали практичне застосування в наукових установах та підприємствах, зокрема: ТОВ "Тубний завод" (м. Харків, довідка № 01-03/80 від 13.11.2018 р.), НТМЕЦ "Екосистема" (м. Харків, акт № 91 від 4.02.2019 р.), ХДАВП (м. Харків, довідка № 301/1540 від 16.08.2019 р.). Результати дисертаційної роботи використано в навчальному процесі кафедри економіки і маркетингу Національного технічного університету "Харківський політехнічний інститут" при викладанні дисциплін: "Проектний аналіз", "Управління проектами", "Бізнес-проектний аналіз", "Потенціал і розвиток підприємства" для студентів спеціальності 075 "Маркетинг" та 051 "Економіка" (м. Харків, акт від 10.10.2019 р.).
Dissertation for the degree of Candidate of Economic Sciences in the specialty 08.00.04 "Economics and Management of Enterprises (by types of economic activity)" (08 - Economic Sciences). - National Technical University "Kharkiv Polytechnic Institute", Kharkov, 2019. The dissertation deepens theoretical provisions, methodological approaches and scientific and applied recommendations for assessing the investment attractiveness of the RTD at industrial enterprises. Achievement of the goal is confirmed by the decision of the set tasks concerning: research of the conceptual and terminological apparatus of the theory of investment in determining the basic concepts of investment investments; research on the role of managing the competitiveness of an innovation investment project and identifying the factors influencing its investment attractiveness; research of methodological tools of multifactor evaluation of investment attractiveness of innovation-investment projects to determine the influence of factors on the effective integral index; substantiation of principles of selection of innovation-investment projects taking into account optimization of their parameters and specificity; development of a scientific and methodological approach to comprehensive assessment of the impact of factors on the implementation of innovative projects. To solve these problems, the following general and special methods were used: scientific methods of economic theory in the field of investing using an abstract-logical approach in the study of economic processes and phenomena, in particular the following: scientific generalization (with defined entities and classification of investment projects), dialectical method ( in determining the place and role of investment activity among other types of ordinary activities of the enterprise), historical and systematic approaches (in studying the world experience t determination of stages of development of methods of analysis of investment projects based on the principles of dialectic, unity and integrity), classification, comparison, scientific abstraction, systemic and complex analysis (in the development of methods of analysis of investment projects in enterprises), economic and mathematical modeling (in the calculation of indicators of investment efficiency), economic and multi-step component analysis. The main provisions of the scientific novelty of the thesis are as follows. Improved: - the economic essence of the definition of "investment attractiveness of the project", which, in contrast to existing interpretations, takes into account not only the possibilities and limitations of investment funds, and the ability of the company to attract investor attention, but also emphasizes the effective development of them to ensure the realization of multi-level interests, which contributes to expansion actualization of the basis of the theory of investment; - components of the mechanism for managing the competitiveness of an innovation-investment project, which, unlike others, are based on the formation of a certain sequence of stages of evaluating the financial and economic condition in determining the integral indicator of investment attractiveness, taking into account the influence of micro-, meso-and macroenvironmental factors in their environment. a framework that enables a comprehensive assessment of the effectiveness of project implementation; - a methodological toolkit for evaluating the implementation of innovation and investment projects, which, unlike the existing ones, are based on the principles of an open system, taking into account the weight of its parameters, which allows to determine the impact of each factor on the integral indicator of the investment attractiveness of the project and facilitates substantiation the principles of a comprehensive approach; Have further developed: - methodical approach to optimization and component evaluation of innovation and investment potential of open systems (T. Saati), which, unlike the existing ones, involves determining the level of investment attractiveness on the basis of maximizing the parameters included in the system, which allows to form the principle of selection of scientific and technical development taking into account their specificity and synergistic potential of the projects; - scientific and methodological approach to the complex evaluation of investment attractiveness of innovative projects and enterprise research and development, which, unlike the existing ones, is based on determining the significance and level of costs for their implementation, on the basis of screening express analysis taking into account stochasticity, internal and external factors, internal and external factors the use of which enhances the accuracy and reliability of evaluations in the decision-making process regarding the use of innovative investment resources. The practical significance of the obtained results lies in the possibility and expediency of using scientific provisions and applied recommendations to substantiate investment projects and the research of enterprises. The main results of the research have been put to practical use in scientific institutions and enterprises, in particular: Tubny Plant LLC (Kharkiv, reference # 01-03 / 80 dated 13.11.2018), NTMEC Ecosystem (Kharkiv, act # 91 dated February 4, 2019), KhDAVP (Kharkiv, reference No. 301/1540 dated August 16, 2019). The results of the dissertation were used in the teaching process of the Department of Economics and Marketing of the National Technical University "Kharkiv Polytechnic Institute" in teaching the disciplines: "Project Analysis", "Project Management", "Business Project Analysis", "Potential and Development of Enterprise" for students in the specialty 075 "Marketing" and 051 "Economy" (Kharkiv, act dated 10.10.2019).

In order to determine the maximum efficiency of investment solutions, introduced the concept of investment attractiveness of the company. The concept fairly new in economic publications appeared relatively recently and is used primarily in the characterization and evaluation of investment targets, ratings comparisons, and the comparative analysis of processes. Investigation of different points of view on its interpretation revealed that in the current understanding is no uniform approach to the essence of this economic category. Investment attractiveness correlate with the desirability of investing in the interests of the investor enterprise, which depends on several factors that characterize the activity of the subject. Evaluation of investment attractiveness of the company - actually checked that the company's expectations of investors. Depending on the specifics of the company and available source of data the specific scope of work may differ, but in any case, the estimation of investment attractiveness of the company involves diagnosis of the company and determine its strengths and weaknesses to this point, as well as risk identification and future possibilities. During the diagnostic addresses all major aspects of the company: production of products / services, marketing, finance, corporate governance.

The effectiveness of the regional investment policy is determined by the level of investment attractiveness (IA), implemented as part of the investment strategy. The lack of a generally accepted definition of the "regional investment attractiveness" has meant that there is no single methodological approach to its assessment.

The purpose of this master's thesis is to improve methodological approaches to assessing the investment attractiveness of the enterprise. In the first chapter, we consider the economic essence of investment attractiveness, the stages of its evaluation analyse the methodological approaches to assessing the enterprise's investment attractiveness. In the second chapter, we made a practical application of methodological approaches to assessing enterprises' investment attractiveness. We assessed two enterprises' investment attractiveness in Sumy region: PJSC "Konotop Bakery" and PJSC "Okhtyrka Brewery". The third section provides recommendations for improving the assessment of the investment attractiveness of enterprises.

Developing innovative model of national economy of Ukraine in the regions and industries is a strategically important task, the solution of which depends not only the economy but also its economic growth. Assessment of investment attractiveness of regions (IAR) dedicated their scientific work such well-known domestic and foreign scholars as: Blank I.A, Gomel V.V, Vasilieva T.A, Gritsenko L.L, Kuzmenko V.V, Stechenko V.M., Chernyavska T.A and others who have made outstanding contributions to the development of theoretical bases of assessment IAR, identified a number of factors influence the conditions to ensure its preservation.

В условиях постоянно изменяющихся экономических явлений и процессов, регулярных колебаний на внутреннем и внешнем рынках, наиболее острой является проблема эффективного вложения и использования капитала с целью получения положительного экономического эффекта при инвестировании. Целью магистерской диссертации является развитие теоретико-методических основ оценки инвестиционной привлекательности промышленного предприятия. В ходе работы было проведено исследование существующих теоретических материалов по оценке инвестиционной привлекательности предприятий, изучены труды множества авторов, напрямую или косвенно, связанных с тематикой работы, установлена степень разработанности проблемы. Было рассмотрено множество методик оценки инвестиционной привлекательности промышленного предприятия. В качестве источников использовалась учебно-методическая и научно-исследовательская литература. В магистерской диссертации была разработана авторская методика оценка инвестиционной привлекательности промышленного предприятия. В ее основу легли показатели, характеризующих научно-исследовательский, производственно-технический и финансовый потенциал предприятия, в совокупности с вероятностью банкротства модели Альтмана и учетом внешней среды функционирования предприятия. Предлагаемый подход к оценке ориентирован на принятия решения со стороны инвестора. Непременным условиями являются комплексность и системность. Использование описанного подхода позволит получить всесторонне обоснованный ответ на вопрос о целесообразности инвестирования.
In the context of constantly changing economic phenomena and processes, regular swings in the internal and external markets, the most pressing problem is the efficient investment and use of capital in order to obtain a positive economic effect when investing. The aim of the master's thesis is to develop the theoretical and methodological foundations for assessing the investment appeal of an industrial enterprise. During the work, a study of existing theoretical materials on assessing the investment attractiveness of enterprises was carried out, the works of many authors, directly or indirectly related to the topic of the work, were studied, the degree of development of the problem was established. A variety of methods for assessing the investment attractiveness of an industrial enterprise were considered. Educational-methodical and scientific-research literature was used as sources. In the master's thesis, the author's methodology for assessing the investment attractiveness of an industrial enterprise was developed. It was based on indicators characterizing the research, production, technical and financial potential of the enterprise, together with the probability of bankruptcy of the Altman model and taking into account the external environment of the enterprise. The proposed approach to valuation is focused on decision making by the investor. Complexity and consistency are indispensable conditions. Using the described approach will allow you to get a comprehensively substantiated answer to the question of the advisability of investing.

Bakgrund       Tillväxtviljan bland de svenska småföretagen är stor, men avsaknad av kapital begränsar många entreprenörer och småföretag. Den höga risknivån minskar möjligheterna att erhålla exempelvis bankfinansiering, och för många tillväxtbolag i tidiga faser kan Venture Capital därför vara det enda finansieringsalternativet. Syfte               Syftet med studien är att skapa förståelse för de investeringskriterier som svenska Venture Capital-bolag använder vid sin utvärdering av potentiella investeringsobjekt samt jämföra dessa med vad entreprenörer anser påverkar utvecklingen av ett företag. Metod             Studien är av kvalitativ karaktär och empirin består av data från 20 genomförda intervjuer samt skriftliga frågeformulär, där respondenterna utgörs av venture-kapitalister samt entreprenörer som har erhållit Venture Capital-finansiering. Resultat         De kriterier som är centrala vid Venture Capital-bolags utvärdering av potentiella investeringsobjekt är entreprenörsteamet, marknads-förutsättningar samt produkterbjudande. Av dessa kriterier anser både venture-kapitalister och entreprenörer att det är entreprenörsteamet som i störst utsträckning påverkar ett företags utveckling. Att entreprenörsteamet tillskrivs så stor betydelse förklaras av att förutsättningarna för företagets fortsatta utveckling ständigt förändras, vilket ställer krav på att entreprenörsteamet har förmåga att hantera denna dynamiska process och anpassa företagets utveckling efter oförutsedda förändringar.
Background   There is a strong desire to grow among small Swedish enterprises, but lack of capital is a limiting factor to many entrepreneurs and small enterprises. The high level of risk reduces the possibilities of receiving financing through bank loan or similar, which makes Venture Capital the only financing alternative for some high growth-ventures in early stages. Aim                 The aim of this study is to provide understanding for the investment criteria used by Swedish Venture Capital firms during their evaluation of investment propositions, and to compare these with factors that entrepreneurs perceive as influential to the development of a company. Methodology The approach of this study is qualitative, and the presented findings are conducted from 20 interviews and written questionnaires. The respondents consist of venture capitalists and entrepreneurs who have received Venture Capital financing. Result            The criteria that are of central importance to Venture Capital firms’     when evaluating investment propositions are the entrepreneurial team, the market potential and the product offer. Among these criteria both entrepreneurs and venture capitalists perceive the entrepreneurial team as the criterion with the largest impact on the development of a company. The importance of the entrepreneurial team is explained by the fact that the conditions for the company’s further development are under continuous change, which necessitates the entrepreneurial team’s ability to handle this dynamic process and adapt the company’s development to unexpected changes.

Єсипенко, Ю. В. Інвестиційна привабливість регіону: особливості аналітичного забезпечення та напрями підвищення : магістерська робота : 05 Соціальні та поведінкові науки / Ю. В. Єсипенко ; керівник роботи Зосименко Т. І. ; Національний університет «Чернігівська політехніка», кафедра теоретичної та прикладної економіки. – Чернігів, 2020. – 76 с.
Метою роботи є розробка теоретико-методичних та прикладних аспектів формування та розвитку привабливості регіонів на основі підбору та застосування прийнятного аналітичного забезпечення. Об’єктом дослідження є процеси, пов’язані із залученням іноземних інвестицій в економіку регіону та чинники, що визначають активність у цій сфері. Предметом дослідження є аналітичні підходи до оцінювання привабливості регіону для іноземних інвесторів в умовах реалізації регіональної економічної політики. За результати дослідження сформовані висновки щодо теоретико-методичних та прикладних аспектів формування та розвитку привабливості регіонів на основі підбору та застосування прийнятного аналітичного забезпечення. Одержані результати можуть бути використані при модернізації регіональної інвестиційної політики.
The urgency and necessity of forming investment attractiveness in modern conditions is due to the need to attract investment. The development of universal mechanisms and methodologies for investment support of aviation enterprises is becoming extremely important, the foundation for which is the study of factors influencing investment attractiveness. The aim of the work is to develop theoretical and methodological and applied aspects of the formation and development of the attractiveness of the regions on the basis of selection and application of acceptable analytical support. The object of the study are the processes associated with attracting foreign investment in the region's economy and the factors that determine activity in this area. The subject of the study is analytical approaches to assessing the attractiveness of the region for foreign investors in the implementation of regional economic policy. The results of the study formed conclusions on the theoretical and methodological and applied aspects of the formation and development of the attractiveness of the regions on the basis of selection and application of acceptable analytical support. The obtained results can be used in the modernization of regional investment policy.

У дисертації обгрунтовано необхідність урахування екологічної складової при оцінюванні інвестиційної привабливості регіону. Розроблено відповідний науково-методичний підхід, який передбачає визначення інтегрального показника інвестиційної привабливості регіону на основі формування інтегральних показників взаємопов’язаних між собою синтетичних категорій: інвестиційний потенціал, інвестиційний клімат, інвестиційна активність, інвестиційні ризики, екологічна складова. У роботі запропоновано авторське визначення поняття «інвестиційна привабливість регіону» і сформовано систему економічних та екологічних показників для розрахунку інтегрального показника інвестиційної привабливості регіону. Розроблено організаційно економічний механізм регулювання залучення інвестицій у регіон, що вміщує комплекс організаційно-економічних інструментів екологічного спрямування, згрупованих у функціональні блоки.
В диссертации обоснована необходимость учета экологической составляющей при оценивании инвестиционной привлекательности региона. Разработан соответствующий научно-методический подход, предполагающий определение интегрального показателя инвестиционной привлекательности региона на основе формирования интегральных показателей взаимосвязанных между собой синтетических категорий: инвестиционный потенциал, Инвестиционный климат, инвестиционная активность, инвестиционные риски, Экологическая составляющая. Предложено авторское определение категории «инвестиционная привлекательность региона» и сформирована система экономических показателей для расчета интегрального показателя инвестиционной привлекательности региона. Разработан организационно- экономический механизм регулирования привлечения инвестиций в регион, включающий комплекс организационно-экономических инструментов экологической направленности, сгруппированных в функциональные блоки.
Scientific, methodical and practical approaches to incorporation of environmental component in the evaluation of investment attractiveness of the region are improved in the thesis. The objective necessity of considering environmental component in the evaluating of investment attractiveness of the region and in the formulation and implementation of ecologically oriented investment decisions is proved. Definition of the category «investment attractiveness of the region» received further development as a result of existing scientific and practical research. Scientific and methodical approach to incorporation of environmental component in the evaluation of investment attractiveness of the region, which assumes determination of the integral index of investment attractiveness of the region based on the formation of integral indicators of such interconnected synthetic categories as investment potential, investment climate, investment activity, Investment risks, and environmental component is proposed. The proposed approach allows taking into account the main factors affecting the investment attractiveness of the region (especially of natural resource nature), to determine the level and dynamics of development for selected groups of factors, to calculate the integral index of investment attractiveness of each region, to rank the regions on the basis of the calculations, to analyze the dynamics of investment flows and offer effective organizational and economic activities to increase investment attractiveness of the region. Based on the performed critical analysis of basic approaches to the evaluation of investment attractiveness of the region we formed the system of economic indicators, Used to calculate the integral index of investment attractiveness of the region. It also takes into account the complex ecological and economic indicators characterizing the level of environmental pollution in the region, its natural resource potential, Environment protection and environmental education costs, the development of environmental infrastructure in the region and environmental focus of economic agents. Based on the research results we developed organizational and economic mechanism for regulation attracting investment to the region. It includes a complex of environmentally oriented organizational and economic instruments, grouped into functional blocks, the intended use of which improves the efficiency of the implementation of the regional investment policy, taking into account environmental requirements. Their integrated use is aimed at revitalization of attracting investment to the region. Practical approbation of the offered method to the evaluation of investment attractiveness of the region incorporating environmental component allows drawing a conclusion about necessity and efficiency of its practical application by economic agents, investment companies, the executive authorities, and other interested businesses.

The dissertation deals with main problems of the justification of urban transport systems infrastructure development solving methodological issues of preparation, selection and implementation of projects. These issues are relevant for the implementation of sustainable urban development strategy of Lithuania as a member state of the European Union. The main aim of the Research is to develop a theoretical model for the justification of urban transport systems infrastructure development by adapting the model for the identification of priorities and practical execution of construction or reconstruction projects. The following tasks have been set for implementation of the objective of the Research: to analyse the objects of the current urban transport infrastructure and their role in sustainable urban development, to define the trends for their development; to analyse the principles for justification of transport infrastructure development projects; to carry out the analysis of the assessment methods applied during the processes of justification; to develop a theoretical project justification model by defining social – economic and other characteristic assessment criteria and aspects; to test theoretical performance of the developed model through the assessment of the selected and implemented urban transport infrastructure development projects in Lithuania. The dissertation consists of Introduction, 4 chapters, Conclusions, References and 6 Annexes. The Introduction reveals the... [to full text]
Disertacijoje nagrinėjamos miestų susisiekimo sistemų infrastruktūros plėtros pagrindimo problemos, sprendžiant plėtros projektų rengimo, atrankos bei įgyvendinimo metodologinius klausimus, kurie ypač aktualūs Lietuvos, kaip Europos Sąjungos narės, darnios miestų plėtros strategijai įgyvendinti. Šio darbo pagrindinis tikslas – sukurti teorinį miestų susisiekimo sistemų infrastruktūros plėtros projektų pagrindimo modelį, pritaikant jį prioritetų nustatymui ir praktiniam susisiekimo sistemų infrastuktūros statybos ir rekonstravimo projektų vykdymui. Darbe sprendžiami keli pagrindiniai uždaviniai: išanalizuoti šiuolaikinių miestų susisiekimo sistemų infrastruktūros objektus, nustatyti susisiekimo sistemų infrastruktūros plėtros tendencijas, įvertinant egzistuojančias miestų susisiekimo problemas; atlikti naudojamų susisiekimo infrastruktūros plėtros projektų pagrindimo principų, naudojamų vertinimo metodų analizę; suformuoti plėtros projektų pagrindimo principus miestų susisiekimo sistemų infrastruktūrai; sudaryti teorinį projektų pagrindimo modelį, nustatant būdingus vertinimo kriterijus ir aspektus; patikrinti sudaryto modelio praktinį veiksmingumą, atliekant pasirinktų įgyvendintų ir įgyvendinamų Lietuvos miestų susisiekimo sistemų infrastruktūros plėtros projektų vertinimą. Disertaciją sudaro įvadas, keturi skyriai, rezultatų apibendrinimas, naudotos literatūros ir autoriaus publikacijų disertacijos tema sąrašai ir 6 priedai. Įvadiniame skyriuje aptariama tiriamoji problema... [toliau žr. visą tekstą]

Este estudo procura compreender a importância atribuída aos critérios utilizados pelas SCR portuguesas, na seleção e avaliação de projetos do tipo early-stage. Os dados utilizados foram recolhidos com recurso a questionário aplicado a 22 SCR portuguesas. Foram utilizadas técnicas de estatística descritiva, testes não paramétricos e análise de clusters. Concluiu-se que a personalidade e experiência do empreendedor e equipa de gestão são os critérios mais valorizados. As SCR com capital maioritariamente privado consideram mais importante o grupo de critérios relativo à personalidade do empreendedor e equipa de gestão do que as de capital maioritariamente público; e, as SCR que ainda não se internacionalizaram, consideram mais importantes o grupo de critérios relativos à personalidade do empreendedor e equipa de gestão e o grupo de critérios relativo aos aspetos financeiros, do que as SCR que se internacionalizaram. Na análise de clusters identificaram-se três grupos de SCR: Criadores de riqueza de forma sustentada; Monopolistas Impacientes; e, Ciumento. ABSTRACT: This study seeks to understand the relevance of the criteria used by the Portuguese VCs to select and assess early stage type projects. The data used for the study was collected through a questionnaire answered by 22 Portuguese VCs. We employed descriptive statistic techniques, non-parametric tests and cluster analysis. The conclusion of the study was that the personality and experience of an entrepreneur and of the management team are the most valued criteria. VCs with a majority of private share capital found the group of criteria related to the personality of the entrepreneur and of the management team to be more important than the companies with a majority of public share capital; additionally, the VCs that have not yet expanded internationally, consider the personality of the entrepreneur and management team and the group of criteria associated to financial aspects, to be more important than the VCs that have already expanded abroad. Throughout the study of the clusters we were able to identify three VCs groups: Creators of sustained wealth; Impatient Monopolists and Jealous.

Mestrado em Gestão de Sistemas de Informação
A gestão e realização dos benefícios obtidos pelos investimentos em Sistemas e Tecnologias de Informação (SI/TI) tem-se revelado uma tarefa de elevada complexidade para as organizações, apesar do crescente enfoque dado ao tema nos últimos anos. A aprovação de investimentos em SI/TI gera discussões pelos consideráveis valores envolvidos, mas nem sempre é dada a devida importância ao modo de obtenção dos benefícios esperados. Como indicador deste fenómeno, verifica-se que grande parte dos projectos de SI/TI não atingem os seus objectivos. Os Investimentos em SI/TI são frequentemente considerados projectos de pura tecnologia, quando o seu impacto se repercute nas organizações, ao nível financeiro, estratégico, táctico e operacional. As causas do sucesso ou insucesso dos projectos parecem residir mais do lado da gestão e não tanto da tecnologia. A Gestão de Benefícios deve ser considerada uma prioridade em qualquer projecto, porque incide na concretização dos benefícios, ao invés de efectuar boas previsões. O presente trabalho visa proporcionar o conhecimento dos princípios da Gestão de Benefícios em investimentos de SI/TI, recomendados pela literatura, adoptados nas organizações de média e grande dimensão em Portugal. Os resultados permitem concluir que a generalidade das organizações não adopta um processo de gestão de benefícios que garanta uma correcta tomada de decisão, maximização dos benefícios e uma monitorização e acompanhamento dos investimentos.
The management and realization of benefits obtained by the investments in systems and information technology (IS/IT) has proved a highly complex task for organizations, despite the growing focus given to the subject in recent years. The approval of investments in IS/IT generates substantial amounts of discussion, but not always is paid attention to the way the expected benefits are obtained. As an indicator of this phenomenon, many IT projects fail to achieve their objectives. Investments in IS/IT projects are often seen as pure technology projects and the fact is that its impact in organizations is made at various levels, such as financial, strategic, tactical and operational levels. The causes of success or failure of projects appear to be rather on the side of management rather than on the technology itself. The Management of Benefits should be considered a priority in any project because it focuses on achieving the benefits, rather than in making good forecasts. This work aims to provide knowledge about the principles of IS/IT benefits investment management, recommended by the literature, and adopted in medium and large organizations in Portugal. The results conclude that most organizations do not adopt a benefits management process that ensures correct decision-making, maximizing benefits and monitoring of investments.

The thesis deals with investment decision making. It starts from the decision making situation about the making of an investment portfolio of the open unit trusts. The whole decision making process is described, namely the methodical approaches used in terms of the portfolio making procedure. Thus, the main part of this paper focuses on a detailed description of an algorithm of the fuzzy weight estimation method, fuzzy multiple criteria evaluation method and fuzzy multiple objective programming method. The methods are proposed on the basis of current concepts; they conclude the new ideas as well. The fuzzy weight estimation method is able to calculate the weights of criteria according to their linguistically expressed importance. The fuzzy multiple criteria evaluation method accepts uncertain input data in the form of the fuzzy numbers. The alternatives are evaluated by the concept of the preference relations. This method provides a division of the alternatives into the effective and ineffective. The fuzzy multiple objective programming method also works with the uncertain elements as fuzzy numbers. To solve the particular mathematical models, the Bellman's optimality approach is applied. The method is proposed in the interactive form. The decision maker can change a current solution by his/her additional (vague) preferences. The proposed concepts form the two-phase decision making procedure that is applied in the practical situation of the portfolio making in the field of the capital market with open unit trusts offered by the Česká spořitelna investment company. Two types of investors are defined, the investment situations are described, and the results are analyzed in detail. The decision making theory, the fuzzy sets theory and the capital market of collective investment, or with unit trusts, are introduced in a necessary scope. The instigation of my dissertation is to solve the real decision making situation. The investment decision making process is described and the methodical approaches are proposed in order to make the portfolio of unit trusts.

This diploma thesis deals with issues surrounding the evaluation of investment project effectiveness. Apart from general characteristics and identification of key terminology in the area of investment decision making and capital planning, which are outlined in the theoretical part of this thesis, the section also provides an overview of methods used to evaluate the effectiveness of the investment decision making process. Particular attention is paid to the issue of criteria selection based on cash flows generated by the investment project. Theoretical findings regarding the evaluation of investment effectiveness are then used in the analytical part of this this by evaluating the effectiveness of a real-life investment project.

碩士
國立臺灣大學
商學研究所
89
The progress of Internet application had brought up the global economic innovation in the past few years, especially on the areas of e-business and knowledge based economy, which were deeply influenced by the Internet application. Most of the enterprises lacked for experience and resources to manage the change. For the small and medium enterprises (SME), the road to implement e-business was full of obstacles. To solve the issues, the business model of ASP (Application Service Provider) was created. ASP’s first objective was to provide complimentary integrated services to help enterprises to implement e-business easily. The blooming of Internet related business, e.g., high market-cap software companies, government’s fund reimbursement and supply chain integration were the investing environments, incubated the ASP companies (either new established or spin-off from incumbent enterprises) to serve their own industries. Then the investment evaluation criteria for ASP were unknown to them and let the investment exposed to the uncertainty and risk. From this point, the study intended to build up a simple evaluation model. Through theoretical review and twice expert’s inputs to modify the investment evaluation criteria, we pursued expert’s weighting on these criteria, which were processed by AHP methodology to get the relative weighting between the criteria. From the above process, the study found the “market development feasibility” ranked as the no. 1 factor in the first tier of evaluation criteria. The result explained that the sequence of evaluation priorities should be “market development potential” which included market maturity and future growth, then “market competency” which enclosed products competency, threats from competitors and potential substitutes. The no. 2 factor was “financial and managerial capabilities”. The financial capability which consisted of current profibility, financial support and next five years of financial planning was more important than managerial capability which involved the leader’s innovation, management team and human connections. The no. 3 factor was “technical capability and development”. The technical development that contained technical leadership, research and development and technical expansion was superior to technical capability, which comprised industrial know-how, turnover rate of technical staff and technical differentiation. The study applied the criteria to analyze the existing ASP’s key successful and failure factors to prove the consistence in between. The process of establishing investment evaluation criteria, relative weighting study and review on existing ASP’s KSF would prove the achievements of the study which in turn could be the investment evaluation reference for those who plan invest ASP business in the future.

碩士
淡江大學
國際商學碩士在職專班
92
Abstract:With the open up of domestic financial market day by day, investors usually have difficulty to chose from various financial assets, in which mutual fund is the most well-known and widely invested object. Investors will certainly gain considerable return on investment if they invest correctly. Therefore, the purpose of this paper is to make a systematic analysis of the relative performance and exhibited persistence of domestic open-end stock mutual fund according to its performance assessment data. First, We use monthly, quarterly, and annually fund return to compare with Stock Exchange Market’s return, and analyze the numbers and percentages of funds that defeated market performance; and then observe the change in fund’s annual performance ranking, and test its persistence through Spearman rank correlation test, furthermore, through correlation analysis and establishment of stepwise regression econometric model to establish investment criteria that could be followed by investors for the investment of domestic open-end stock mutual funds. In the paper, we find operational effects for the open-end stock mutual fund, from 1998 till 2001, no matter in regards to the months, quarters and years, it all has outstanding performance. Until2002 and 2003, as for the performance on the relative effects, it has become pretty bad. According to the persistence of domestic open-end stock mutual fund, we find when fund has outstanding performance in the specific year, normally on the next year, or even the following years, it’s hard to see such a bright performance. Besides, only Capital Marathon Fund and President Tung Hsin are the only two that can cross three consecutive years, which were all situated on the first 20% of the samples. In addition, to check through the related coefficient of the Spearman rank correlation, we find no matter of crossing the years from one year to five years, the performance for the persistence in the operational result for the domestic open-end stock mutual fund was overall not ideal. Through the correlation analysis and the stepwise regression econometric model, we find that electronic and other type of stock index with regards to the overall open-end stock mutual fund that defeats the market ratio has a significantly positive effects; and on the contrary, financial insurance and papermaking type of stock index with regards to the relative performance has displayed significantly negative effects. It has provided us with the possible abiding principle on the investment for the open-end stock mutual fund : as far as possible to utilize the going strong of the electronic and other type of stock index, and during the time when the financial insurance and papermaking type of stock index is turning weak, to invest the open-end stock mutual fund. Within the model after the amendment on “monthly return of various type of stock index in deducting the monthly return of the relative has played the role of holding back, as for the other type of stock index, it has displayed significantly positive benefit. It tells us the investment principle that should be abided during investment on the open-end stock mutual fund: financial insurance and cement as the mainstream of the market, and when the performance of the other type of stock is not as good, the best way is not to the invest of open-end stock mutual fund.

碩士
國立彰化師範大學
企業管理學系
107
Taiwan's Tinplate canning factory changed from early prosperity to overcapacity, and it has evolved into the fierce competition. Taiwan domestic market is small. The oversupply of Tinplate market, coupled with the rise and replacement of other packaging materials, has led to the shrinking of the Tinplate market and the threat to the Tinplate industry in Taiwan. Thus, many related companies are beginning to seek overseas investment opportunities. This research will take S Company as an example to discuss the growth and development of the company by overseas investment in the face of tariff barriers and trade protectionism. S company tried to obtain competitive advantages and opportunities by dint of oversea investment. This research explores the evaluation criteria of oversea investment through literature review and expert interviews. We also conducted interviews with domestic and foreign customers, suppliers, agents and shareholders of S Company, then integrated and summarized overseas investment evaluation criteria. The research found that in the face of the dilemma of the Tinplate industry, S companies should look for development opportunities overseas, taking into account factors such as corporate networks, talents and teams, funding, industry relevance, appropriateness of overseas partners, and political and economic environment. Besides, the weights of investment evaluation criteria may be adjusted in different countries. To be able to adapt to local conditions, different countries may not be able to replicate the exact same model. Keywords: Tinplate, Overseas Investment, Evaluation criteria

D.Econ.
The idea of this dissertation has its origin in the experience of an engineer who often found himself deeply Involved In the making of Investment decisions. The main objective of this Investigation is to develop an Investment decision making model that would fulfil the demands of contemporary business better than the existing models. Such model should, firstly, be based on a sound theory. It should, however, also be easy to handle, and thirdly, be transparent to all bodies and functionaries involved in making the ultimate decision. These demands culminated In the central theme of this dissertation, namely the development of a Multlfact model that would lend itself readily to everyday use.

碩士
淡江大學
管理科學研究所
81
If managers of enterprises want to invest in an information system (IS), it is because IS is of value to them. The problem is how enterprises should assess the true value of IS? The traditional cost/benefit evaluation method cannot evaluate the intangible costs and benefits, while the quantitative methods for intangible costs and benefits stress almost on providing information to management decision-making. In recent year, some enterprises have used IS successfully in order to gain competitive advantages. The value of IS has become even more diversified and hard to evaluate effectively. This thesis takes as its basic model the six value dimentions of IS mentioned in Paker''s "Information Economics" and Bacon''s IS investment evaluation criteria to engage in empirical research on the top 700 EDP (Electronic Data Processing) informatized enterprises listed by the Market Intelligence Center (MIC) of the Institute for Information Industry (III). The purposes of the research are: 1. What are the dimentions of the business value of IS and their importance? 2. The study of investment evaluation criteria of IS. 3. The relationship between the business value of IS and the investment evaluation criteria. Conclusions: 1. The six value dimentions of IS are almost independent of one another. 2. Managers prefer qualitative to quantitative evaluation criteria. 3. The six value dimentions impose only weak discriminant effect on the investment evaluation criteria of IS.

У роботі розглядаються теоретичні засади оцінювання інвестиційної привабливості регіону; принципи державної інвестиційної політики та її роль у регіональному розвитку; охарактеризовано методи оцінювання інвестиційної привабливості регіону. Проаналізовано сучасний стан Одеській області, охарактеризовано динаміку та структуру інвестицій в Одеській області та визначено місце Одеської області в рейтингах інвестиційної привабливості регіонів держави. За результатами аналізу інвестиційної привабливості районів Одеської області запропоновано шляхи залучення інвестицій в регіон та визначено прогнозні перспективи щодо інвестиційної привабливості регіону.
The paper considers the theoretical basis of evaluating investment attractiveness of region; the principles of state investment policy and its role in regional development as well as methods of evaluating the investment attractiveness of the region. Author analyzes the current state of the Odessa region, characterizes the dynamics and structure of investments in the Odessa region and determines the place of the Odessa region in the ratings of investment attractiveness of the state regions. Author proposes the ways of attracting investments into the region. It also predicts prospects for investment attractiveness of the region.

碩士
中興大學
科技管理研究所
95
The venture capital had thrived over the past 20 years in Taiwan and had been the model for countries developing high-tech industries. Because of the early financial support by venture capital to the information technology (IT) industry which resulted in the flourishing of Taiwan''s IT industry. Due to the slowdown of IT industry Taiwan hopes to invest in biotechnology to create another climax of a new industry. Very few of the previous studies on the strategies and evaluation of venture capital investments focused on the key differences between IT and biotechnology industries. Therefore, our study compared the differences of investment considerations of the two by a survey of managers of venture capital companies. Our findings and conclusions are summarized below: (1) In Taiwan, venture capitals obtain their cases in both IT and biotechnology industries by their own searches which might because of lack of investment targets. (2) The financial evaluation is more impotent in investing biotechnology companies than IT ones due to their longer investment period required. (3) Venture capitals in Taiwan prefer to invest small IT and biotechnology companies. The average size of investment is between five hundred thousand to two million US dollars. (4) R&D management after investment is impotent for cases invested by venture capitals of a parent company because technological cooperation with the parent company may be necessary for business strategies. (5) The external factors affecting venture capital in IT and biotechnology industries the most in Taiwan are the macroeconomic eclimate and government regulations. Israeli is similar to Taiwan, however, it has achieved higher performance by positive policies. (6) The venture capitals interviewed in this study all expressed their hope for the government to reactivate the tax incentives to investments in VC and allow investment of the “Four Funds” in VC. It not only can increase the sources of capitals for the VC, but also might double the original capitals through promoting the rapid development of economy. (7) Our government could borrow the experiences from Singapore and Israeli to turn Taiwanese venture capital to the world arena. This study suggests that VC should leverage Taiwan''s IT strengths to the development of biotechnology industries. VCs can outsource the evaluation of their investment cases to universities to save cost and to grow future professionals for them.

碩士
淡江大學
企業管理學系碩士在職專班
96
Along with the growing demand in the market of financial management, the competition in the market of mutual fund also reached its climax. Therefore, the criteria for choosing both risk-endurable and profit-returning funds become increasingly important to individual investor. According to related literature, the past researches regard fund investment were used to focus on the profit and loss, they rarely considered other factors that influence the investors’ decisions. In addition, the researches that aim at the personality traits, purchase motivation and evaluation criteria of the investors are even less. Therefore, this study aims at conferring the parameters regarding purchase motivation, evaluation criteria of the investors, personality traits, that individual investors deal with while facing a wide variety of financial management products.In this study, it contends an empirical research that was aimed at the fund investors in Taipei metropolis with the method of simple random sampling. The empirical result of this research can be used as a reference for the investing strategies that are planned by individual investors. The result can also be used as a reference for framing the financial management products and marketing strategies of the investment companies. In this research, it contends several statistics methods, including Descriptive Statistics, Factor and Reliability Analysis, Chi-square test of independence, One-way ANOVA and Multiple Regression. The result of this study are： 1. For hypothesis I“ Different personality traits, purchase motivations, and evaluation criteria of investors have significant influence on their investment decisions.”The result find that pant of the hypothesis is supported. The study concludes that the investor’ purchase motivation has significant influence on his investment decision.. 2. Different variables such as annual household income in investor’s demographics would have significant difference on investor’s personality trait. 3. Different variables such as academic background, occupation, industry, number of family member and monthly investment amount in investor’s demographics have significant difference on investor’s purchase motivation. 4. Different variables such as age, academic background, occupation, industry in investor’s demographics have significant difference on investor’s evaluation criteria.

博士
輔仁大學
商學研究所博士班
106
This research aims at analyzing the strategy of the Platform Economics model for the venture capital, Angel Fund and Enterprise Investment department. Total of 29 expert questionnaires were issued, including 9 experts from VC Fund, 9 experts from Angel Fund and 11 experts from the Enterprise Investment Department. Based on the DEMATEL and FAHP as the research method and through the descriptive statistics, all the surveyed experts’ backgrounds were analyzed. Then after the verification, the results of the questionnaire conformed to the consistency requirement. Through the experts’ opinions and literature review, it concludes the: (1) market mastery, (2) entrepreneurial team, (3) rate of return on investment, (4) legal policy and (5) management strategy are as the 5 major dimensions. The conclusions as the (a) The platform economics new entrepreneurs must first carry on the suitable law research to conform to the policy; (b) Strengthen the background and ability of new team members to raise capital with the most important factors; (c) New entrepreneurs, not only to consider the time to enter the market, but also to establish barriers to entry threshold; (d) Grasping market consumer demand is an important factor to investors; (e) New entrepreneurs need to have different contact strategies for different investment institutions. This research aims at the new platform economics to the capital investment organization to carry on the fund-raising strategy to carry on the practical analysis, and puts forward the directions and the suggestions to the follow-up research.

碩士
國立臺灣大學
財務金融學研究所
89
Venture capital has played an important role in assisting the development of hi-tech industry for the last ten years in Taiwan. In spite of the amendment of venture capital taxation, the managerial environment has made dramatic strides in internationalizing and enlarging. How to build up a professional management team and thus develop the advanced venture capital function of enterprise incubation will be the only way to success. Before invest returns, the most important step to do is screening and evaluating it. If excellent evaluation criteria are built in this step, in accordance with the natures of the emerging industries，the success rate will surely increase. Traditionally, the evaluation criteria include (1)solid management team、 (2)market of product 、(3)technology of product、 (4) financial management. However, the study shows two unique evaluation criteria workingr well in venture capital industry in Taiwan. Which are [priority of portfolio] and [incubation of venture capital]. In the newly developed Internet Industry, (1)good management model、(2)solid management team、(3)long term stable income source、(4)with good future and expansibility、(5)perfect stockholder structure、(6)capital operation are to be taken into considerations. Further analysis on the differences between traditional evaluation criteria and situation in Taiwan has also been discussed. In addition to the invest screening and evaluation criteria stated above, the study finds the key factors of success include (1) excellent management (2)perfect relationship (3)strategy of enlargement and (4) providing highly added value service. As for the future developing trend of venture capital industry is as follows (1)highly competitive in short term and will rebuild market order in the long run (2)enlargement of VC fund (3)invest earlier (4)invest internationally(5) professional VC funds emerge. Regarding venture capital company, the government and following researchers provides suggestions for reference.

Дисертаційну роботу присвячено актуальним проблемам теоретичних, методичних і практичних аспектів інвестиційного забезпечення промислових підприємств та оцінки його рівня. У дисертації досліджено теоретичні основи інвестиційного забезпечення промислових підприємств, зокрема визначені його основні складові та запропонована концептуальна схема інвестиційного забезпечення підприємства. Досліджено та систематизовано організаційно-економічні умови та зовнішні й внутрішні чинники, що впливають на інвестиційну діяльність промислових підприємств. Здійснено аналіз стану інвестиційного ринку України та тенденції динаміки інвестиційної діяльності машинобудівних підприємств. Розроблено методику комплексного оцінювання інвестиційних переваг підприємств на основі синтезу показників зовнішнього і внутрішнього середовища та фінансових показників. Розроблено методичний підхід щодо комплексного оцінювання рівня інвестиційного забезпечення промислових підприємств з використанням методу багатомірного шкалування. Обґрунтовано логіко-структурну схему концепції інвестиційного забезпечення промислового підприємства, яка ґрунтується на взаємозв’язку систем інвестиційного забезпечення та інвестиційної привабливості підприємства. Сформульовано рекомендації щодо напрямів покращення інвестиційного забезпечення машинобудівних підприємств.
Диссертационное исследование посвящено актуальным проблемам теоретических, методических и практических аспектов инвестиционного обеспечения промышленных предприятий и оценки его уровня. В диссертации исследовано теоретические основы инвестиционного обеспечения промышленных предприятий, а именно: определены его составляющие и предложена концептуальная схема инвестиционного обеспечения предприятия. Данная схема позволяет рассматривать сущность этого понятия, как системное единство процессов формирования и использования инвестиционных ресурсов, которое обусловлено моделью инвестиционного поведения предприятия и направлено на его социально-экономическое развитие, эффективность, которого обеспечивается системой инвестиционного обеспечения. Осуществлен анализ состояния инвестиционного рынка Украины, определены его основные характеристики и выявлены тенденции динамики инвестиционной деятельности машиностроительных предприятий. Исследованы и систематизированы организационно-экономические условия, внешние и внутренние факторы, которые влияют на инвестиционную деятельность промышленных предприятий. Усовершенствован методический инструментарий проведения количественного и качественного оценивания внешней среды, ресурсного потенциала и финансового обеспечения на основе предложенного набора факторов, которые влияют на деятельность промышленных предприятий. Получило дальнейшее развитие система финансово-экономических показателей для оценивания инвестиционных преимуществ, которая в отличии от действующих подходов учитывает показатели динамики. Разработана методика комплексного оценивания инвестиционной привлекательности предприятий на основе синтеза показателей внешней, внутренней среды и финансовых показателей. Разработан методический подход относительно комплексного оценивания уровня инвестиционного обеспечения промышленных предприятий на основе метода многомерного шкалирования, который обеспечивает объективную характеристику финансовой ситуации и потенциальные возможности предприятия, в которое предполагается вложить инвестиции, и дает возможность разработать стратегические рекомендации для каждого из 16 квадрантов матрицы «инвестиционная привлекательность – финансовое обеспечение». Даны рекомендации относительно повышения уровня инвестиционного обеспечения исследуемых предприятий. Предложен теоретико-методический подход к оцениванию эффективности инвестиционного обеспечения промышленных предприятий на основе теории динамических систем, в котором критерием качества управления определено разницу между желаемым и фактическим состоянием инвестиционного обеспечения. Обоснована логико-структурная схема концепции инвестиционного обеспечения промышленного предприятия, которая основывается на взаимосвязи систем инвестиционного обеспечения и инвестиционной привлекательности предприятия. Предложена концепция, в которой предлагается процедура управления инвестиционным обеспечением промышленных предприятий. Концепция включает последовательность проведения таких действий: формирования структуры инвестиционной привлекательности, диагностика и оценивание инвестиционной привлекательности, выявление неиспользованных резервов, разработка экономического механизма по повышению эффективности функционирования и укрепления инвестиционного обеспечения промышленных предприятий. Сформулированы рекомендации относительно направлений повышения инвестиционного обеспечения машиностроительных предприятий.
The thesis is dedicated to the research of essential theoretical, methodological and practical aspects of enterprises’ investment supply and evaluation of its level. The thesis investigates the theoretical framework of the enterprises’ investment supply including its main components, and a conceptual diagram of enterprises’ investment supply is proposed. Organizational and economic conditions and external and internal factors affecting the investment activity of enterprises are studied and systematized. Ukrainian investment market is analyzed as well as the trend changes in the investment of machine-building enterprises. The method of comprehensive evaluation of investment attractiveness of enterprises has been developed based on the synthesis of external and internal parameters together with financial indexes. The methodical approach to comprehensive evaluation of the enterprises investment supply level is developed using multidimensional scaling methods. Logic-flow diagram of enterprises’ investment supply concept is argued based on the interconnection of investment supply and enterprises’ investment attractiveness systems. Recommendations about directions of improvement of machine-building enterprises’ investment supply are formulated.

Códigos de Classificação (JEL Classification System) G20 – Decisões de investimento G30 – Corporate finance: Geral
Nos dias de hoje, criar um negócio não é difícil. Criar um projeto de investimento é que se torna mais complicado. Assim, este estudo pretende responder a perguntas relacionadas com os critérios que são utilizados por empresários de micro, pequenas e médias empresas (PME) em Portugal. No passado, houve vários estudos sobre o assunto, mas sempre sobre empresas de maior dimensão, mas as PME´s são o motor da nossa economia. É essencial saber se nossos empresários utilizam critérios para determinar se os seus projetos são viáveis, ou simplesmente avançam sem efetuar um cálculo perto do retorno. O tamanho da empresa pode influenciar a escolha dos critérios de análise de investimento. Isso é o que vamos tentar descobrir, através de questionários feitos aos empresários portugueses e comparar com estudos anteriores de forma a conhecer a realidade dos nossos tempos
Nowadays, set up a business is not difficult. To create an investment project is where it becomes more complicated. Thus, this study seeks to answer questions related to the criteria that are used by entrepreneurs of micro, small and medium enterprises (SME) in Portugal. In the past there have been several studies on the subject, always about the big companies, but the SME´s are what runs our economy. It is essential to know if our entrepreneurs use criteria to determine if their projects are viable, or simply advance without effecting one close calculation of return they will get back. The size of the company may influence the choice of the criteria of investment analysis. That is what we will try to find out, through questionnaires made to Portuguese entrepreneurs and compare with earlier studies done for us to get to know the reality of our present situation.

У роботі розглядаються теоретичні основи інвестиційної привабливості в системі державного управління,тотожність та відмінність понять «інвестиційний клімат» і «інвестиційна привабливість» та методи оцінювання інвестиційної привабливості регіону. Проаналізовано основні показники інвестиційної привабливості Одеського регіону, на основі якого визначено місце Одеської області серед областей України. Запропоновано інтегральний показник оцінювання інвестиційної привабливості Одеської області. Визначені основні напрями державної інвестиційної політики, поліпшення інвестиційного середовища та зроблено прогноз основних макроекономічних показників інвестиційної привабливості Одеського регіону.
Thesis deals with the theoretical aspects of investment attractiveness of the region,identity and difference between the concepts of "investment climate" and "investment attractiveness" and methods of assessing the investment attractiveness of the region. The main indicators of the investment attractiveness of the Odessa region have been analyzed and the place of the Odessa region among the regions of Ukraine has been determined. The integral indicator of evaluation of the investment attractiveness of the Odessa region has been proposed. The main directions of the state investment policy and the main directions of improvement of the investment environment have been defined and the forecast of the main investment indicators of the Odessa region have been done.