MOdEL OF STrATEGIC ANALYSIS OF FOrMATION ANd AdMINISTrATION OF INVESTMENT ACTIVITY OF STOCKHOLdEr CONSTrUCTION COMPANY

: The article analyzes the market position of construction companies and builds a justification for updated methodological and analytical tools for evaluating, selecting, and building a productive system of portfolio administration of housing projects, which are implemented in a single operating system of the development company. The problems of investment activity of stakeholder construction companies, which have been constantly carried out in many countries by prominent foreign and domestic scientists, have been studied. Several variants of circumstances that shape the external and internal environment of the developer are analyzed, which must be taken into account when determining the strengths and weaknesses of the enterprise, its capabilities and threats, which provides a general picture of the internal situation and is important for developing optimal strategy for the enterprise. The operating system is determined by the introduction of fundamentally new updated scientific and applied tools designed to provide the development company with a clear for-malization and proper analytical support of the processes of formation, analysis, and productive subsequent administration: the leading innovation of the tools introduced commercial housing construction, which are implemented in a complex economic and managerial format – production-technological, resource-logistical and administrative management of the content of business processes of project cycles as part of the portfolio of housing construction projects of the developer.

Based on this, the author presents the factors that determine the strategic position of construction companies and their rating system. The next stage identifies the strengths and weaknesses of construction companies, their opportunities and threats. To conduct a SWOT-analysis, first of all, it is necessary to determine the main factors of the external and internal environment that signal possible changes in the existing state of the construction company.
It is almost impossible to establish all possible variants of signals due to the variety of circumstances that shape the state of the external and internal environment, it is impossible to consider. However, the most significant sources and nature of such signals can be identified. Factors that must be considered when determining the strengths and weaknesses of the enterprise, its capabilities and threats are determined as follows (Table 1) [3]. Thus, SWOT-analysis is a general picture of the internal situation and is of great importance for the development of optimal strategy. The strengths of the company form the foundation for developing a strategy for its development. No less important is the procedure for identifying the weaknesses of the enterprise -these are areas of special attention. The strengths of the enterprise are its features that allow to determine and form competitive advantages. Weaknesses of the enterprise are those indicators that determine its competitive vulnerability [3][4].
The process of transformation of Ukraine's economy over the past two decades has exacerbated the problem of ensuring the competitive advantages of construction companies. This circumstance is since the process of attracting investment resources necessary for the innovative development of construction companies which was not provided. Obviously, compared to enterprises in other industries of the country, construction companies are less attractive to investors for a number of reasons: • for a construction company is characterized by larger capital investments with a longer payback period; • a feature of the organization of a construction company is a high level of knowledge-intensive products and long cycles of its production and sale which significantly slows down the turnover of current assets.
Analysis of the factors that determine changes in the external environment showed that the external environment affects the activities of construction companies. This suggests the need for constant monitoring of changes in the external environment, determining its impact on the financial condition of enterprises and timely adjustment of development strategies. Particular attention should be paid to factors such as demand, government activities, the financial market and the foreign economic environment. Changes in these parameters should be considered when developing effective crisis strategies [5].
Positive or negative changes in the above environmental factors cause additional opportunities or threats to construction companies. Rational use of opportunities can significantly improve the financial condition and strengthen the competitive position of domestic construction companies in the market while ignoring the threats can lead to a crisis in the enterprise. It should be noted that the monitoring of the internal and external environment allows to diagnose early signals of the beginning of the crisis in the processes of functioning and development of construction enterprises. Therefore, we can conclude that the integrated use of SPACE-analysis and SWOT-analysis for monitoring allows to determine the market position of construction companies in a competitive environment and assess its competitive advantages, strengths and weaknesses, opportunities and threats.
Monitoring the key factors of SWOT-analysis allows to develop effective anti-crisis management strategies that support the constant readiness of construction companies for the crisis and adjust them to changes in the external and internal environment. Thus, an improved approach to monitoring the internal and external environment of enterprises on the basis of integrated use of SPACE-analysis and SWOT-analysis allows to identify the manifestations of crisis situations and adjust development strategies.
The cost of the construction object is directly related to the applied technologies of construction organization and technical solutions. As mentioned earlier, innovative technologies can reduce the cost of production and, consequently, the final cost of construction products. The possibility of implementing and applying innovations in the construction industry depends on the existing external and internal environment. In the first section, the author proposes a classification of factors influencing the formation of the innovative potential of the construction company [5][6]. Thus, indicators of external influence affecting the innovative business entity of the construction industry are: [4] 1. competition; 2. demand for finished products in the industry; 3. the average level of capacity utilization in the industry; 4. level of state support; 5. the level of socio-economic development of the region; 6. the economic situation in general in the construction industry; 7. level of entrepreneurial confidence in the construction industry.
In turn, the indicators of the internal environment of the enterprise, which affects its innovation potential, include: 1) social: -the level of involvement of employees of the organization; -timeliness of payment of wages; 2) organizational and managerial: -the share of employees involved in innovative projects from the total number of management staff; -frequency of marketing research; 3) production and economic: -the share of intangible assets in the total cost of fixed capital; -participation in contract bidding; -execution of the order on commissioning of objects; -the volume of execution of the construction and installation work under the agreement (contract); -labor productivity per employee, thousand UAH/day; -level of profitability; -financial stability; -customer satisfaction; -deviations in terms of construction duration; -uniformity of construction; -application of effective methods of organization and technology of construction production; -provision of labor resources; -provision of building materials and structures; -level of specialization of the construction organization. 4) technological: -level of automation of construction processes; -quality of construction works; -compliance with the rules of TV and labor protection; -quality of design and estimate documentation; -share of highly qualified personnel. One of the main purposes of such gradation is to determine the main indicators that affect the innovation potential of the enterprise with the subsequent development of guidelines for determining its rating. It is assumed that the value of indicators that characterize the innovative potential of enterprises that reflect the external environment is determined on the basis of statistical data provided by the State Statistics Service of Ukraine. Indicators that allow you to analyze the internal environment of the business entity are determined based on retrospective financial statements, statistics of the enterprise by conducting a survey as well as marketing research. The above indicators of the external environment allow us to predict trends in the construction market, to determine the level of demand for finished products and the state's focus on innovative development. Forecasting demand, competition and investment support of the state in the construction industry are of great importance due to the specifics of the production of finished products.
In a market economy is characterized by trends of accelerating development, compaction of time, increasing the number and variety of changes that characterize the conditions of the construction company. Management must keep up with the changes that are taking place in reality. And the factor of such correspondence of management to the changes which occur in an economic life, a science and technics, is innovative potential of management which is formed in work with the personnel, preparation of managers, the organization of management focused on dynamics. [6] The defining scientific and applied prerequisite of the study is the urgent need to fundamentally update the methodological approach to the content and operational technology of the portfolio of housing construction projects of the developer (PPBZh-KD) -in the direction of introduction and justification of modernized tools for forming PPBZh-KD as a specific business -developer because the specifics of commercial housing projects and features of mandatory regulation of their cycle by the asset management company -makes it impossible to use traditional ideas, approaches and applied tools to form the economic portfolio of the developer [7].
And it is the innovative potential of the enterprise that has built the tools as a holistic methodological and analytical technology, the components of which are implemented by a separate stage of formation of KSB (construction stakeholder companies) ( Table 2). The introduced technology is a component of the operating system (OS) of the developer as a result provides synergy of the results of the specified PPBZH-KD (working as a leading stakeholder in several housing projects) (in parallel or sequentially) as strategic business units [7]. Table 2. Content-process scheme of tools for the formation and administration of a portfolio of construction projects. During the formation of the toolkit, a number of scientific and methodological innovations were implemented in relation to the economy and operational management of the developer as a stakeholder of the project portfolio (investment and property complex) [1,7,8].
1. This toolkit on the content and direction of the stages of formalized development, selection of housing construction projects in the portfolio of the developer and their subsequent productive implementation successfully combines: effective development platforms with modern concepts of construction management and budgeting and productive information-analytical basis construction.
2. The tools modernize the approach in the evaluation of construction projects as elements of the CSR as part of the business portfolio (project portfolio) of the developer. For the needs of the initial local assessment of the cycle of housing construction projects in terms of feasibility (from the standpoint of CD) their inclusion in the PPBZH-CD used a modernized system of R-indicators (1)-(4), which assess the competitiveness of the project as an object of profitable investment. commercial real estate, as well as the leading determinants of the stability of the real estate customer and the investment object; where, g -is the ordinal number of the indicator; m -serial number of the project in the primary general list of projects subject to initial assessment of the feasibility of their inclusion in the PPBZH-KD; Z 1 (m) -the first indicator calculated as weighted for the payback period of the project net consolidated (discounted) income of the project, UAH million/year; the growth of the indicator maximizes the volume and intensity of the project profitability during all phases of the FOC of the project; Z 2 (m) -the second indicator calculated by the product of the project profitability index and the internal rate of return of the project (in units); the growth of the indicator ensures the predominant growth of the project's income assets over the investor's liabilities, and, at the same time, minimizes the types of investment risk covered by the internal profitability of the project, first of all, inflation, speculative and other sectoral and project risks; Z 3 (m) -is an indicator of the current rate of growth of the project cost determined by the ratio of the sum of the ordinates of the current rate of growth of project assets to the total duration of the project cycle. Maximization of this indicator provides growth of positive (income) intensity of FOC-project and minimization of its negative (expense) part, promotes selection of projects with more rational structure of assets and better correlation of duration of investment and operational phases of a cycle;