The estimation of investment attractiveness of the publishing-printing complex’s enterprises

Economic Annals-XXI: Volume 133, Issue 9-10(1), Pages: 79-82

Citation information:
Kochetkov, V., & Voloshanenko, E. (2013). The estimation of investment attractiveness of the publishing-printing complex’s enterprises. Economic Annals-XXI, 9-10(1), 79-82. https://ea21journal.world/index.php/ea-v133-21/

Volodymyr Kochetkov
D.Sc. (Economics),
Professor,
National Technical University of Ukraine «Kyiv Polytechnic Institute»
37 Peremohy Avenue, Kyiv, 03056, Ukraine
kochetkov_vn@mail.ua

Elizaveta Voloshanenko
Post-Graduate Student,
National Technical University of Ukraine «Kyiv Polytechnic Institute»
37 Peremohy Avenue, Kyiv, 03056, Ukraine
voloshanenko.liza@mail.ru

The estimation of investment attractiveness of the publishing-printing complex’s enterprises

Abstract. Introduction. As the consequence of financial-economic crisis, especial degradation of investment activity and innovation processes at enterprises takes place, so one of the most actual problems becomes external investment in conditions of limited investment abilities. Abovementioned actualizes the need of enterprises investment attractiveness analysis and estimation. Purpose: the analysis of financial firmness, liquidity and cost effectiveness indicators of publishing-printing complex (PPC) enterprises and their investment attractiveness estimation. Methods. Mid-year financial coefficients were assessed; the methods of comparison with regular values, grouping, Dyuran’s model were used. Results. The main trends of publishing-printing branch development and the certain companies of «Ukrvydavpolihrafia» State Publishing Corporation were analyzed, and the deepening of PPC critical condition was found. The PPC companies were grouped into classes depending on their investment attractiveness within the Duran’s model. In crisis landscape the «UMH Holding Company» was marked. It demonstrates high business activity records, financial firmness and cost effectiveness. It stands in the second class, with 65 points. This holding is interesting for the creditors (in the context of long-term lending), and for institutional investors. The third class (35-64 points) consists of 4 companies: «Volyn Regional Printing House», «Ukrknyha» Trading Concern, «Kyivpolihrafmash» Printing House, «Ukrpapirprom» printing Holding, which are less attractive for the creditors, though they can become attractive to the institutional investors in case of vertical or horizontal integration of existing business realization. The rest 13 companies are located to the fourth class (6-34 points), they are not attractive for the creditors because their current liquidity is very low. Conclusion. Using methodical approaches of Dyuran’s three-factor model for valuation of «Ukrvydavpolihrafia» companies’ investment attractiveness, the integral indicators for companies were assessed and their separation to classes on this basis was performed. It showed and proved the low level of companies’ investment attractiveness both for creditors and institutional investors. To overcome the crisis conditions at «Ukrvydavpolihrafia» State Publishing Corporation, it is necessary to create the effective structure, system and mechanism of affiliate companies’ corporate management, to make innovative managerial decisions concerning the process of organization’s re-structuring and reformation for its market sustainability and business activity increase.

Keywords: Investment Attractiveness; Financial Firmness; Publishing-Printing Complex

JEL Classification: E22; G01; G11; G33; H12

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Received 22.07.2013