Multi-criteria approach to assessing investment attractiveness of enterprises: comparative analysis of methods

Анотація

The article is devoted to a critical analysis of modern methods for assessing the investment attractiveness of enterprises in the context of their adaptability to conditions of uncertainty and risk. The theoretical foundations and practical aspects of applying a multi-criteria approach in the system of investment analysis are considered. Purpose of the work. To carry out a systematic comparative analysis of existing methods for assessing the investment attractiveness of enterprises, to identify their advantages and limitations, to substantiate the feasibility of applying an integrated multi-criteria approach in the conditions of the modern Ukrainian economy. Methodology of the work. The study applied a systematic approach to the analysis of methods for assessing investment attractiveness, a comparative analysis method to identify the strengths and weaknesses of individual methods, as well as synthesis and generalization methods to form an integrated assessment. Methods of expert assessments, Saaty hierarchical analysis (AHP), and indicator normalization were used. Results of the work. A structured review of eight main methods for assessing the investment attractiveness of enterprises was conducted, including coefficient analysis, the integral methodology of the Agency for Bankruptcy Prevention, rating systems, discount methods, scenario analysis, and multi-criteria optimization methods. It was found that none of the individual methods provides a comprehensive assessment in conditions of high uncertainty. The necessity of using a multi-criteria approach that combines financial-economic, institutional, risk, technological, and ESG factors was substantiated. A comparative matrix of methods was developed according to the criteria of completeness of factor coverage, complexity of application, adaptability to changes, and relevance to the Ukrainian context. Scope of application of results. The research results can be used by enterprises for self-diagnosis of investment attractiveness, by investors and credit institutions for making informed decisions, as well as by state management bodies when developing programs to support investment activity. Conclusions. The multi-criteria approach to assessing investment attractiveness is the most adequate tool in conditions of uncertainty, as it allows taking into account diverse influencing factors, ensuring flexibility of analysis and increasing the reliability of forecasts. The integration of ESG factors and technological adaptability indicators into the assessment system corresponds to modern investment trends and sustainable development requirements.

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