«Investment is to invest
money today and tomorrow to get more money »
« With and growing every action there is successful business ».
" On Mr. and NC in is shareholder her -p eremozhtsi , and they must find " .
Warren Buffett
In most countries analysts not only determine the investment attractiveness of shares in companies but also have a great opportunity to influence the securities market, and particular stocks of specific companies, contributes to this process and the rapid development of Internet and television channels focused exclusively on coverage developments in the financial market.
crisis state of financial markets today not only threatens individual financial analysts possibility of losing a job but also caused a decrease of confidence of market participants to any forecasts at all, which could trigger stock market movement in the direction of reducing its effectiveness. The situation is deteriorating global events such as the unpredictable and unexpected bankruptcy of the largest world financial institutions or noisy investigation of the major international rating agencies.
Clearly, a significant role in deteriorating the quality of forecasts and recommendations played a general instability of financial markets, which resulted in extremely high volatility of share movements.
However, that would justify have been newly analysts, the numbers speak for themselves. For example, according to Bloomberg, analysts' forecasts, which were given to companies that are part of the index S & P 500 in the second quarter of 2008, justified only 6,7% of cases. This result is a record low for more than 20 years. Even before the crisis for the markets Securities 2001 this figure was over 30%.
course, shares of companies and even government bonds is a specific commodity, the price of which is formed by factors that have market nature, and the excessive intervention of the media may lead to higher volatility indexes of specific securities and increase the approximation of the data trend analysis.
is why in all countries, financial analysts have been trying for decades develop new methods of prediction, allowing them to accurately and reliably estimate the future development of the stock market, and thus make more effective investments.
in the Ukrainian reality, when the stock market is not developed, statistical information on the fields appear in special editions by 0,5-1,5 year and statements of companies in sufficient numbers assigned to sites is also not before that date, specify the concept matures problem assessment investment attractiveness of shares.
urgency of the problems of investment appraisal actions speak numerous studies in these areas. William Sharp - pricing model of equity, G. Hitman - Investments in the current conditions of equity markets and equity enterprises, H. Markowitz - the theory of optimal portfolio selection, Shyler R., J. Campbell, J. Doe et al. - Pressure on profitability and pricing equity and others.
A. Damodaran, J. and L. Brihhem Hapenski, T. Copeland in his writings on financial management assessment investigate investment attractiveness of the business
study of both theoretical and practical aspects of capital market development (Form IA, R. E. Seltzer, Holtsberh MA, M. Lysenkov, Fetyuhina N., Hassan-Beck LM), and problems of its formation and regulation are considered in the works Belikova OY, Burmaka MO, Mozgova O. M. Nowicki VE, VV Oskol, Camomile OY, Chervov LG and others.
aim of the thesis is to identify the main factors influencing the results of placement financial capital investors in the stock market, the analysis of theoretical principles, objectives and methods of investment appraisal and development of theoretical and practical recommendations aimed at improving the methods of investment attraction of the shares.
This goal was carried out by solving the following tasks:
· ; investigate the economic substance and content of the concept "Investment attractiveness of stocks";
· ; identify and systematize the factors affecting investment attractiveness of the shares of public companies;
· determine the features and expediency of the use of fundamental and technical analysis methods of exchange rate dynamics shares;
· develop a comprehensive methodology the investment attractiveness of shares open corporations in low activity organized securities market of Ukraine.
object of the research thesis is the financial and economic Activities Open Joint Stock Company Power Supply Company Dniprooblenergo.
subject of research is an investment attractiveness of stocks.
theoretical and methodological foundations of the thesis work of domestic and foreign scholars and experts on issues comprehensive assessment of investment attractiveness of the company and the valuation of equity.
information base consists of research legislative and regulatory acts of Ukraine, which regulate the relationship of corporate property, the financial statements made public disclosure system, submitted to the State Commission on Securities and Stock Market SMIDA.gov.ua and statistics of agreements with sales of shares of "EC" Dniprooblenergo " and major businesses in the energy sector in Stock Exchange PFTS.
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