IMPROVING APPROACHES TO ASSESSING THE INVESTMENT ATTRACTIVENESS OF PUBLIC RUSSIAN COMPANIES

Abstract

The article discusses the problem of quantifying the investment attractiveness of stocks traded on the Russian stock market. The idea is substantiated that the traditional classical approaches of fundamental analysis, the use of outdated methods, their insufficient integration into modern technologies of machine data analysis significantly reduces the quality and efficiency of the formation of investment portfolios. It is devoted to the comprehensive development of an econometric model based on a qualimetric approach. An expert group of representatives of portfolio investors created during the study put forward its requirements for a fundamental analysis and assessment of the investment attractiveness of shares. Taking into account their opinion, a qualimetric model was developed. It consists of a two-level tree of properties characterizing a set of quantitative and qualitative fundamental indicators: the state and prospects for the development of the industry, the amount of capitalization, indicators of profitability and financial stability, dividend payments, etc. Each of the factors has a different dimension and requires the use of special methods for their subsequent reduction to the integral coefficient of investment attractiveness. In the practical part of the study, the model was tested on the example of several large public companies whose shares are traded on the Moscow Exchange. It is mathematically proven that the purchase of shares with a high CI value for long positions allows you to receive higher profits than the index portfolio. Shares with low KIP are suitable for short deals. The study showed that the proposed model for assessing the investment attractiveness of stocks is reliable. It can be used to implement investment strategies in medium and long-term trading.