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Кыргызстан; Грузия; 615 135
Финляндия;
1792 Таджикистан;
Узбекистан; Туркменистан,
1137 135
Figure 2. Cement export from Russia to the other countries (august 2010 , t)
Thus, till the beginning of the world financial crisis Russian cement market rapidly developed, and export products share in a share of produced cement was gradually increasing. By this time the first crisis year brought down these indices twice. Gradually the cement industry began to recover from the crisis, and, probably, the export volume will reach the level before crisis. However, a lot of experts consider that export extension of Russian cement abroad is a utopian idea. Only two countries, suffering a cement deficit: Kazakhstan and Azerbaijan are situated on the continent and may be reached by land. But this problem may
be solved in two years due to the introducing of new enterprises there [6].
The world large export volumes are coming only by the sea way. Now there is only one enterprise in Russia with its own port terminal - JSC “Novoroscement”. But it has a small percent of cement export form the All-Russian cement overseas supplies [6]. The specialists assert that increasing the production growth rates and increase of capacity of the domestic cement market will bring a great profit to cement enterprises-manufacturers and positively influence the Russian economy development in general.
1. Alekseev A.U. Russian export development under terms of globalization// SSSEU Bulletin. 2010. № 1(30).
2. Cement import-export in august 2010 // Beton.ru. URL: http:// www.beton.ru/news/detail.php?ID=338483.
3. Kruglov V.C. The prospects of expanding of domestic export of final products on the world market // SSSEU Bulletin. 2010. № 5(34).
4. Mikhalev N. Cement went bankrupt // RBKdaily. Daily business newspaper. 2010. October19. URL: http://www.rbcdaily.ru/ 2010/10/19/market/520068.
5. Cement deficit on the Russian market // Cement.ru. 2008 February 12. URL: http://www.icement.ru/obzor/2008/02/12/ pubs_16.
6. Branch portal. Cement.ru. URL:http://cement.ru/
7. Cement market in Russia// Metaprom.ru. Industrial portal.
2009. June 2. URL: http://www.metaprom.ru/pub466.html.
8. Construction portal Stroyka.ru. URL: http://www.stroyka.ru/
УДК 658.14 A.A. Tarelkin
CHOICE OF THE INVESTMENT APPEAL MANAGEMENT STRATEGY OF THE INDUSTRIAL ENTERPRISES
In the article questions of management by investment appeal with a view of attraction of resources for development of the industrial enterprise are considered, the technology of definition of a strategic investment position of the enterprise on the basis of an estimation of financial streams is analyzed.
Key words: management of investment appeal, an estimation of factors of investment appeal, financial streams, a strategic investment position of the enterprise.
A.A. Тарелкин
ВЫБОР СТРАТЕГИИ УПРАВЛЕНИЯ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТЬЮ ПРОМЫШЛЕННЫХ ПРЕДПРИЯТИЙ
В статье рассматриваются вопросы управления инвестиционной привлекательностью в целях привлечения ресурсов для развития промышленного предприятия, анализируется технология определения стратегической инвестиционной позиции предприятия на основе оценки финансовых потоков.
Ключевые слова: управление инвестиционной привлекательностью, оценка факторов инвестиционной привлекательности, финансовые потоки, стратегическая инвестиционная позиция предприятия.
Effective attraction of investment resources positively affects the enterprise's development. Ability to production expansion is a positive consequence. From the other hand, the investor's benefit is widely known. It is gained through the income and risk compensation.
To identify maximum efficiency of investment decisions we use the investment appeal management concept, which is rather new for economic publications and is used for characterizing and assessment of investment methods of
industrial enterprises, ratings, comparative analysis of the given processes. Analysis of different points of view allowed finding out that the absence of a single approach to the nature of this economic category [1].
One of the most widely spread point of view is a comparison of investment appeal management strategy with a certain investment appeal of invested means into the enterprise which attracts the investor. It entirely depends on a number of factors, characterizing the activity of a subject.
For industrial enterprises the process of choice of the investment appeal management strategy comes to a subjective estimation of the enterprise. Investment appeal is estimated according to the qualities of the investment object, appealing the investor (the cost of capital investment) [2]. It is rather difficult to structure the choice of investment appeal management strategy under such approach existing in industry.
Methodology of developing of investment appeal management strategy of the industrial enterprises is at the initial stage [5]. Various schemes of analysis of investment appeal most frequently used and approved at the enterprises of the real sector of economy, are referred rather to indicators of assessment of enterprise's investment appeal than strategy, and namely:
- profit efficiency indices, which characterize efficiency of enterprise, and investment profitability management;
- financial stability and liquidity indices, describing the financial status and structure of enterprise's capital but not management strategy;
- amortization of basic means of production, labor efficiency;
- position of the enterprise on the market ant its competitive advantages.
- on the basis of these indices, data of marketing and statistical researches, analytics forecast firm's activity and calculate it pure “real value”. As a result specialists give only general recommendations to the enterprise managers, which is difficult to fulfill in practice developing management strategy
The task of developing of the investment appeal management strategy is largely complicated, in case of small business enterprises, because they don't have significant information volumes, and the number of such enterprises is great in a real sector of economy
Methods of business-financial activity analysis, used to assess investment appeal of the industrial enterprises, formally determine whether the investment appeal management strategy profitable or non-profitable. However, this analysis doesn't reveal such extremely important issues as:
- which factors of enterprise investment appeal determine its development;
- what will be the results of the investments, implemented in a current moment?
It is not easy to answer these questions; it implies the development of complex methods. Estimating the factors of investment appeal, investor should focus on the following moments (figure):
- level of professionalism of a managers' team;
- presence or absence of a unique business concept, clear understanding of enterprise development strategy, detailed business-plan;
- presence or absence of competitive advantages, i.e. potential for market leadership;
- presence or absence of sufficient potential to increase profits of the enterprise;
-financial transparency level, structure of liquid assets;
- characteristic of the capital, the level of borrowing and attracting finance;
- presence or absence of innovative potential to gain high profits for invested capital, etc. [6].
The expert estimation is more effective in these cases. It must become of the integral part of a complex strategy of investment appeal management. The basis of this meth-
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Management Competitiveness Innovation,
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Presence of competitive advantages
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Market of goods’ substitutes
Basic factors, affecting investment appeal management strategy of the enterprise
od should be SWOT-analysis, the idea of which is to convert weak points and threats into strong points and capacities, and development of strong sides of the enterprise in accordance with its restricted capacities. Position of the enterprise in a matrix zone allows defining its weak and strong points [7].
SWOT-analysis method is of the most obvious among a great number of instruments of market position analysis and investment appeal of the enterprise. The essence of such analysis is in estimation of perspectives of the enterprise activity, and consequently, ability to gain investment income. Speaking about the current situation of the enterprise, we must define its merits and shortcomings, and perspective outlook reveals abilities to prolong the further activity and threats of successful fulfillment of plans [3]. This easy in usage method allows to assess quickly strategic investment position in its basic frames.
Favorable points are abilities, which provide the increasing of the market price of the enterprise during its strategic development, threats are - the obstacles for this increasing. Any enterprise must strive to maximize both strength and abilities, and minimize weaknesses and threats.
After SWOT-analysis the enterprise management may clearly realize advantages and disadvantages of the enterprise, and the market situation as well. It helps to choose the optimum way of development, avoid dangers and efficiently use the resources at disposal, relying upon the market opportunities.
The development of a chosen method of selection of investment appeal strategy should be the approach to defining investment appeal management strategy on the basis of researching of internal options of the enterprise, characterizing by financial flows, and external factors as well.
It's a well-known fact that the participants of investment projects are investors, creditors and state, each of them have their own interests and criteria to make decisions to finance and support of the projects.
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Development of appeal strategy and its estimation, to define the interests of the chief participants of the investment projects on the basis of financial flows, may be carried out with the help of the following resulting equation:
n = Y - & =Y n - O) h (1 + d)t-1 h(1 + d)t-1 , (1)
where - is an efficacious financial flows for separate years of the main enterprise activity; n - financial influx of the main activity for a corresponding year;0 - financial deflux of the main activity for a corresponding year; t = 1, ..., T-index of the year changing; d - discount rate.
If designate efficacious indices , used for making decisions on investment, as R. by common figure i = 1, 2, ...,and through f. function R of financial flows under acceptable values of indices, minimum and maximum R, then a model of making decisions for investment appeal management would take the following form:
Rmax ^ Ri = f(ff) ^ R min* = 1,2............. (2)
The suggested approach may be strengthen if we divide financial influxes and defluxes in four groups: defluxes increasing the strong sides of the enterprise, influxes increasing the strong sides of the enterprise, influxes affecting the weak sides of the enterprise, and defluxes affecting the weak points of the enterprise. In this case using a SWOT-analysis method may throw a new light upon financial flows as determinants of the enterprise's status [4].
Positioning of the industrial enterprise aimed at definition of investment appeal management strategy may be presented in the form of a table.
Positioning of the industrial enterprise aimed at definition of its investment appeal management strategy
Based on everything mentioned we may conclude, that the investment influx in development of industrial enter-
prise may be only under favorable investment climate, i.e. under effective strategy of investment appeal management. In this occasion it's very important to get rid of weak points and investment threats (according to SWOT-analysis). Mark, that the weak points of the investment sphere of industrial production may be called administrative barriers for running business, weak information provision of investment process, high customs rates, weak competitive legislature, and low reputation of Russian enterprises. The threats are -high level of dependency of political and economic stability on the situation of the world oil markets, absence of agreed and purposeful policy of foreign investments attraction, weak investment legislature, amortization of basic funds, and low level of available production sites. Despite the fact that investments in industry are distinguished by growing appeal, the process is marked by the high level of investment risk. However, it should be acknowledged that investment risk factors lie in the political-legal area, and consequently, may be overcome with fewer efforts than flops of the economic-material nature.
Estimation results of the internal options, determining the strategy of investment appeal management of industrial enterprises, are the basis of activity in overcoming the shortcomings while realizing the market advantages and taking into account found opportunities and threats. They allow investigating the nature of strong and weak sides of the enterprise from the point of certain internal (endogenous) factors and also positive or negative impact of external (exogenous) factors, determining crisis development of the enterprise.
Analyzing financial flows for estimation strong and weak points of the development of a managing subject, we may find out that the division of financial flows into influxes and defluxes definitely affects the investment appeal of the enterprise.
1. Blank I. A. Financial management: course of study. 2nd edition. Reviewed, Kiev. Elga,Nika Center, 2004.
2. Lakhmetkina N.I. Investment strategy of the enterprise. M.: KNORUS, 2007.
3. Repin V.V., Eliferov V.T. Process approach to management. Modeling of business-processes. The 7-th edition, M.: Standards and quality, 2009.
4. Tarelkin A.A. Influence of balance of the proper and borrowed means on the investment attractiveness and solvency of the enterprises // Economic science. 2009. № 10 (59).
5. Tarelkin A.A. Methodological approaches to definition of investment attractiveness of the real sector of economy as a part of investment climate of the country // Business, management and.
2010. № 1 (21).
6. Tarelkin A.A. The constituents of investment attractiveness of the industrial enterprise // Russian business. 2010. № 3.
7. Shirokova G.V. Strategies of Russian companies at different life cycle-stages: attempt of empiric analysis // Collection of scientific works of the institute of research of management of St Petersburg university. 2006. № 5.
Characteristic of production and marketing Characteristic of processes and management
Market share Marketing skills audit
Innovations and inventions Estimation of activity results in comparison with companies of similar characteristics (job capacity, number of em-Doyees. sales volume)
P rodu ct bn p roces se s stat e Influence of controlled variables on the resulting indc-es: capital structure, assets, financial resources state provides appropriate level of financial stability and growth of enterprise cost
удк 347.77 E.T. Trubnikova
NORMS OF COPYRIGHT AND PATENT LAW IN THE CONTEXT OF PROPRIETARY MODELS
The article discusses the relation of norms of copyright and patent law and behaviors of industrial producer. The author analyzes the «extend the right to request» tendency. The author investigates the differences of strategies of industrial products and the availability of authorized vendors depending on the behavior of the manufacturer
Key words: interoperability model, a proprietary model, the right-holder, rents, an authorized manufacturer, copyright and patent right of.
