Econometric modeling of investment attractiveness of enterprises

The trend of recent years is a decrease in the level of total energy consumption. Along with this, there is a permanent increase in the cost of energy, which affects the well-being of the population. In such circumstances, the urgent task is to ensure the investment attractiveness of fuel and energy companies. The study aims at the development and implementation of an integrated approach to assessing the investment attractiveness of enterprises. To achieve this goal, the study solves the following tasks: determination of the investment attractiveness of fuel and energy enterprises; formation of directions for the development of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises; implementation of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises; development of directions for increasing investment attractiveness based on the application of the results of its assessment. Econometric modeling tools are used to form a quantitative basis for decision-making. Causal relationships have been established between the factors influencing the investment attractiveness of enterprises with the use of econometric tools. As a result of the study, it was proposed to determine the investment attractiveness of fuel and energy enterprises, as well as a reasonably integrated approach to assessing its level. The directions for increasing the investment attractiveness of fuel and energy enterprises are proposed. Ways to improve information and analytical support for determining the investment attractiveness of fuel and energy enterprises are identified.

port. Research methods are systematization and generalization (to form a theoretical basis for determining and evaluating the investment attractiveness of enterprises); integral method (for estimation of investment attractiveness of fuel and energy enterprises); expert assessments and analytical methods (to determine local indicators); hierarchy method (to evaluate weights that reflect the impact of systemic indicators on the integral factor of investment attractiveness of fuel and energy enterprises).
The study aims at the development and implementation of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises. To achieve this goal, the study solves the following tasks: • determination of the investment attractiveness of fuel and energy enterprises; • formation of directions for the development of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises; • implementation of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises; • development of directions for increasing investment attractiveness based on the application of the results of its assessment.
To determine the influence of different factors on the investment attractiveness of enterprises, econometric tools are used as a set of modern methods and models of quantitative assessment.

Results
Considering the indicators, which form the investment attractiveness of fuel and energy enterprises, a generalized model for assessing the integral indicator has been developed: where I ipp -is the integrated indicator of the investment attractiveness of fuel and energy enterprises, rel. units; k vi -are the weight coefficients characterizing the values of indicators forming the investment attractiveness, rel. units; I i -are the indicators forming investment attractiveness, rel. units; i -is the indicator number; n -is the number of indicators. The assessment of local indicators that form investment attractiveness is carried out using analytical and expert analysis methods with the formulas of the arithmetic mean and geometric mean. The assessment of integrated indicators, which form the investment attractiveness of fuel and energy enterprises, is carried out based on the proposed models using local indicators and ranking coefficients.
For indicators when the assessment was carried out based on the application of the expert assessment method, concordance coefficients are applied with the determination of the following: deviations of the sum of ranks from their average amount; the number of parameters and observations; the sum of ranks; rank values; the number of related ranks in the group; related rank groups; the number of groups of related ranks.
The determination of weight coefficients characterizing the values of indicators, as well as their mutual influence in the system for assessing the investment attractiveness of fuel and energy enterprises, is carried out based on the hierarchy analysis method developed by T. Saati. This method consists of decomposing the problem into simpler components with the definition of pairwise comparisons and a phased assessment of priorities and components.
In general, the model for determining the weights for the indicators, which determine the investment attractiveness of fuel and energy companies, is as follows: The next step in forming an integrated approach to assessing the investment attractiveness of fuel and energy companies is to determine the appropriate integrated criterion. Its values vary from 0 to 9 and characterize the levels of investment attractiveness. Based on the results of determining the integrated criterion of investment attractiveness of fuel and energy enterprises, the methodological recommendations are developed for its increase, and the directions for improving the information and analytical support for investment attractiveness are justified. Summarizing the above, a scheme for the formation of an integrated approach to assessing the investment attractiveness of fuel and energy enterprises is proposed (Fig. 1).
Thus, to improve information and analytical support, an integrated approach to assessing the investment attractiveness of fuel and energy enterprises was proposed, based on a set of interrelated stages and the application of analytical, financial analysis, expert evaluation, and hierarchy analysis methods, which allowed to determine methodological tools for increasing the investment attractiveness.
As a result of the weighting coefficient assessment, it was determined that at energy enterprises, the most significant influence on investment attractiveness is carried out by an integrated indicator that identifies the property status, liquidity, financial stability, business activity, and profitability. Besides, it should be pointed out that a generalizing indicator determining spatial characteristics and an integral indicator of the investment state of fuel and energy enterprises are essential in the formation of investment attractiveness.
The models for assessing the integral indicator of investment attractiveness of fuel and energy enterprises based on certain weighting factors have been developed: PJSC "Kyivoblenergo": The proposed models and the values of investment attractiveness indicators made it possible to determine the corresponding integrated criterion ( Table 1).
As a result of assessing the integrated indicator of the investment attractiveness of fuel and energy enterprises, it was determined that the highest value was observed at PJSC "EC Odesaoblenergo", which is due to the growth in the financial condition of the enterprise, and the advantages in locating its facilities. The lowest value of the integral indicator was observed at PJSC "Chernihіvоblenergo", which is due to a decrease in financial condition. In general, all fuel and energy enterprises have a relatively high level of investment attractiveness.

Discussions
This part is based on the results of the assessment of investment attractiveness of enterprises, its econometric modeling for the formation of quantitative information with appropriate accuracy and reliability and the development of a system for measuring the processes occurring in production and economic systems. This allowed to improve the system of metrological research to assess the investment attractiveness of construction companies.
According to the results of the study, the causal links between the factors influencing the investment attractiveness of enterprises with the use of econometric tools. The results of econometric modeling of factors influencing the investment attractiveness of enterprises are presented in Table 2.
As a result of modeling it is established that the generalizing factor that characterizes property condition, liquidity, financial stability, business activity, profitability by 91.1% causes changes of an integral indicator of investment attractiveness of the enterprises of a fuel and energy complex. A linear relationship has been established between the presented indicators. Thus, it is determined that the indicators of property status, liquidity, financial stability, business activity and profitability mostly determine the formation and use of investment attractiveness of fuel and energy companies. Therefore, the areas of improvement of information and analytical support are characterized by focusing on changes in property status, in the field of liquidity, financial stability, business activity, profitability. Moreover, this will form the basis and identify opportunities for sound management decisions.
Based on the study of the influence of the generalizing factor that determines the level of safety on the integrated indicator of investment attractiveness of fuel and energy enterprises, a low level of influence of the independent variable on the system indicator has been established. Unfortunately, in modern conditions, investment attractiveness largely does not depend on security trends and features. This reduces opportunities and creates conditions for unreasonable influence of different groups of stakeholders on fuel and energy companies and their investment attractiveness. Therefore, in modern conditions, the development of direc-  Table 1 The assessment results of an integrated indicator of investment attractiveness, rel. units (developed by the author) Table 2 The results of econometric modeling of factors influencing the investment attractiveness of enterprises, rel. from (developed by the author)

Factors Econometric models Coefficient of determination
The generalizing factor that characterizes the property status, liquidity, financial stability, business activity, profitability The generalizing factor that determines the level of safety y = -240.31 * x 2 + 71.092 * x -2.575 R 2 = 0.21 The generalizing factor that determines the spatial characteristics y = -17.76 * x 2 + 19.377 * x -2.476 R 2 = 0.754 The generalizing factor that characterizes the investment condition y = 87.667 * x + 1.483 R 2 = 0.62 The generalizing factor that determines the investment infrastructure y = 554.45 * x 2 -133.89 * x + 9.944 R 2 = 0.131 The generalizing factor that characterizes the features of the functioning of the fuel and energy complex y = -1160.9 * x 2 + 125.82 * x -0.5 R 2 = 0.913 К. Маmonov, V. Velychko, E. Grуtskov, S. Haidenko, V. Prasol, Abolhacanzad Alireza tions and improvement of information and analytical support aimed at the formation of security procedures and actions becomes especially important. At a significant level is influenced by the generalizing factor that determines the spatial characteristics of the integrated indicator of investment attractiveness of the fuel and energy sector. This is due to the fact that the formation of investment attractiveness largely depends on the location of fuel and energy enterprises.
It should be noted that the influence of the systemic factor of the investment status on the integrated indicator of investment attractiveness of the fuel and energy complex is characterized by a linear indirect relationship. The growth of the system factor by 62% causes an increase in the integrated indicator and vice versa. As a result of modeling the generalizing factor that determines the investment infrastructure on the integrated indicator of investment attractiveness of the fuel and energy complex is characterized by low nonlinear impact. This is due to the underdevelopment of investment infrastructure, which negatively affects the functioning of fuel and energy companies.
The features of functioning of fuel and energy enterprises at a high level determine the formation of their investment attractiveness. Moreover, with the growth of information and analytical support of fuel and energy enterprises, their investment attractiveness will increase to the appropriate level, then there is a reduction. This is due to the need for security measures to control the formation and use of information and analytical support.

Conclusions
It is proposed to implement directions for further strengthening the financial condition of fuel and energy enterprises by increasing indicators of property status, liquidity, financial stability, business activity, and profitability. Along with specific areas, it is pro-posed to improve information and analytical support to increase the investment attractiveness of fuel and energy enterprises by the following: the creation of a center for information and analytical support of investment activity, the functioning of which increases the level of communication between investors and fuel and energy enterprises, which are the main actors in the investment process, and which in turn leads to increased investment activity within the fuel and energy complex; the introduction of a hierarchical system of indicators for the integrated assessment of the investment attractiveness of fuel and energy enterprises, the use of which is proposed to be published using a specialized electronic resource (website), which will allow investors to increase the level of validity of management decisions on the choice of enterprises that act as investment objects.
For the formation of information and analytical support, a methodological approach to the express assessment of the activity of fuel and energy enterprises is implemented, which provides for the creation of groups of such enterprises depending on the results of determining indicators reflecting the use of their assets and financial position; allows to identify enterprises with the best, average and worst indicators, followed by their ranking using the value of the average serial number of the group; allows using the results of the express evaluation of the activity of fuel and energy enterprises as an additional criterion for the distribution of investment funds.
An important area of improvement of information and analytical support for the formation of investment attractiveness and decision-making is to establish causal links between systemic factors and the integrated indicator of investment attractiveness through the use of econometric modeling tools. This has improved the system of metrological measurements of investment attractiveness of economic entities.