Formation of investment policy and investment strategy...

Formation of investment policy and investment strategy taking into account environmental factors

The process of strategic investment planning, taking into account environmental factors, includes ten steps that follow one another (Figure 8.2).

Fig. 8.2. The process of strategic investment planning in an organization taking into account the effects of environmental factors:

Possible adjustment of strategic financial goals

and tasks

The first stage. The company explores the internal and external environment of functioning, highlighting those factors that have the most significant impact on its financial position and investment attractiveness. A comprehensive assessment of the financial and economic situation and investment potential of the organization is carried out.

The analysis of the external environment involves the study of the company's short and long term environment. The immediate environment includes competitors, suppliers and customers. The far environment forms a macroenvironment and includes the study of the financial, economic, cultural, social, political environment in which the company operates. To analyze the internal and external environment, use the SWOT -, PEST - and SPA C & pound; -analysis.

5 # OG analysis allows you to identify the strengths, weaknesses of the company, identify its capabilities and emerging threats (Table 8.1).

Table 8.1

Environmental factors affecting the formation and implementation of the company's investment strategy

Features

Threats

1. The rapidly growing industry in which the company operates

1. Unfavorable conditions for demand for company products

2. Favorable conjuncture of the market of investment resources

2. Increasing competition in the market

3. The presence of rapidly developing conjugate industries and industries

3. Low solvency of buyers of products

4. Skilled personnel in the industry

4. Low level of development of related industries and industries

5. Introduction of innovative technologies and new products

5. Low level of innovative activity of companies in the industry and the region

6. State policy to protect domestic producers

6. Application of unfair competition from domestic and foreign producers

7. Inflow of direct foreign investments into the region and industry

7. Outflow of foreign direct investment from the region and industry

8. Wide opportunities for product differentiation and production diversification

8. The cyclical nature of demand for company products

The factors of the internal environment of the company's financial and economic and investment activities include the identification of strengths and weaknesses of this activity (Table 8.2).

Table 8.2

Factors of internal environment of financial and economic and investment activity of the company

Strengths

Weaknesses

1. High technological level of production

1. Complex financial situation of the company

2. Effective investment and financial management in the company

2. Absence of a clear system of motivation and stimulation of personnel work

3. Development of the system of training and professional development in the company

3. Worn fixed assets, lack of own working capital

4. The use of effective methods of stimulating work

4. Absence of a permanent system of financial planning and budgeting

5. Systematic updating and expansion of the range of products

5. Underdevelopment of the internal control system

6. Modern material and technical base, high level of effectiveness of the use of fixed and working capital in the company

6. Unprofessionalism of top and middle management

7. Stable relationships with suppliers and buyers of products

7. Low innovation activity

8. The developed system of investment control and controlling in the company

8. Limited range of products

PE $ T-analysis includes research of political, economic, social and technical-technological factors. 57Mse-analysis includes research:

- strategic and financial potential of the company (SP);

- conditions for the development and stability of business (UB);

- market conditions and attractiveness of the industry (RU);

- competitive advantages (KP) (Figure 8.3 ) To

The following are equations for finding values ​​on the coordinate axes x and and:

Fig. 8.3. Matrix BROsE - analysis

The second stage. The organization establishes strategic investment goals aimed at maximizing its market value.

The third stage. Strategic financial and investment analysis. Within this stage, the organization identifies several options for development. Most often three - optimistic, most probabilistic and pessimistic. For each option, the key financial and economic indicators are determined, the likelihood of each scenario occurrence, on the basis of which the investment risk indicators of this investment strategy are calculated.

The fourth stage. One of the strategic investment alternatives is selected and a comprehensive study of all parameters of its implementation is made.

The fifth stage. The final investment plan of the firm's activity is prepared for the long-term period, which allows achieving strategic goals and objectives of the company's investment development.

The sixth stage. Medium-term investment plans for the development of the organization are being formed, a system of balanced indicators is being developed that will be used to assess the effectiveness of implementing the company's investment strategy.

Seventh stage. Based on the strategic investment plan and the results of medium-term investment planning, short-term investment plans are being developed. Financial and investment planning targets for individual units of the company are specified.

Eighth step . The implementation of the developed investment strategy, medium-term and short-term investment plans is carried out.

The ninth step . The operative monitoring of the interim results of the financial and economic activities of the company is carried out, allowing timely detection and elimination of the deviations that arise.

The tenth stage. The actual results are compared with the planned indicators of financial and economic and investment activity, necessary adjustments are made to management decisions in order to achieve the parameters of the system of balanced financial and economic indicators.

The process of strategic investment planning in a company is a closed loop with direct and reverse links.

thematic pictures

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