Analysis of the investment attractiveness of enterprise. S. suverov. The journal "market for securities" For evaluating the investment attractiveness of Russian enterprises we propose the following diagram of analysis, which consists of a study of six basic building blocks,: 1. indices of the financial position of enterprise. 2. indices of market position and competitive ability of the production of enterprise. 3. indices of the organizational and technical and cadre level of enterprise. 4. indices of the use of resources in enterprise. 5. indices, which characterize the dividendnuyu policy of enterprise. 6. indices, which characterize the structure of the owners (shareholders) of enterprise. The indices of the financial position of enterprise are most essential for the investors, we will pause in more detail at them. Let us immediately note that besides the traditional indices in the first block of analysis it is important to consider the factors, characteristic for the present stage of the economic development of the country, namely: the nonpayments, which are manifested in an increase in the debtor and accounts payable and the essential difference between the gain from the realization in the dispatched and paid production, and also the high portion of barter operations and money substitutes in the payments, and finally, for the investor are significant questions of the cost analysis of enterprise. Are proposed seven basic directions of the analysis of the financial position of the enterprise: the indices of profitability; the indices of long-term financial stability; the indices of liquidity; the indices of business activity; the structure of gain from the realization; the cost analysis of enterprise; the collectability of payments and the analysis of the debtor and accounts payable of enterprise. The indices of profitability as the fundamental characteristic of the profitableness of the activity of enterprise are most important for the investors, since is characterized the effectiveness of the activity of company, and consequently, indirectly and the profitableness of the realized investments. Although for the investor undoubtedly the priority value have the relative indices of profitability, very fact of the presence in enterprise they arrived already it was important, indeed unprofitable as of on January 1999 were more than all third Russian enterprises (without taking into account the subjects of small enterprise) - 39,3%, including in electro-energetics - 32,4%, and the losses of enterprise repetitive during the number of years are evidence of its possible fast bankruptcy. Special importance for the investors rates of increase in the profit of enterprise have. According to the results of the interrogation of the shareholders of 1000 leading corporations of West Europe and USA she was explained by consultants from Cambridge and Massachusetts that the investors unambiguously prefer companies, which demonstrate an exuberance in the profit, but simultaneously buy securities of enterprises with the high degree of the forecastability of profit and the steady nature of its increase. As far as the relative indices of profitability are concerned, let us note that in the foreign theory and the practice of financial analysis three basic groups use: the indices of the profitability of capital, the indices of the profitability of sales and the indices of the profitability of active memberships. The profitability of capital is most essential for the investors, since the result of the investment of their capital is characterized. The indices of the profitability of capital are: The net profit ratio of the invested capital (return on capital employed, ROCE), which is calculated as the ratio of the clean profit of enterprise and vyplachennykh percentages to the average value of entire invested capital. Concept clean profit, very extended abroad, unfortunately, is not determined by Russian legislation. In our opinion, for determining the clean profit should be from the value of profit to the taxation read all expenditures (except percentages for the credit), which did not enter the prime cost of production (works, services) according to Russian legislation, but this does not always succeed in practice because of the absence of the necessary information base. On the average in the world economy the level of the index of the profitability of the invested capital in size of 7-8% is considered normal. The net profit ratio of its own capital (return on equity, ROE), which is calculated as the ratio of clean profit to its own capital (equity). By its own capital usually is understood the sum of joint-stock capital and reserves, formed from the profit of enterprise. The indices of the profitability of sales are: The profitability of sales on clean profit (net profit margin), which is calculated as the ratio of the clean profit of enterprise to the gain from the realization and is the most common coefficient among the financial analysts. Specifically, this index gives the known American periodical FORTUNE together with the net profit ratio of active memberships for the estimation of the effectiveness of the activity of the most important world companies. The median value of the index of the profitability of sales on clean profit for 500 most important world companies it was in 1997. 3,2%, and most profitable was the American company Microsoft (30,4%). The profitability of sales on the marzhinal'nomu income (Gross profit margin), which is calculated as the relation of the marzhinal'nogo income of enterprise, i.e., gain from the realization minus variable expenditures to the gain from the realization. The profitability of sales on the profits from the realization (operating profit margin), which is calculated as the ratio of profit from the realization to the gain from the realization. In certain cases the investors prefer to use not profit from the realization, but profit to the payment of tax, percentages and amortization (EBDIT). The ratio of the clean profit of enterprise to the average annual cost of its active memberships is the basic index of the profitability of active memberships. It was the median value of index for 500 most important world companies in 1997. 1,9%, and most profitable was the American company Coca Cola (24,4%). Since the indices of the long-term financial stability of enterprise characterize the structure of capital, then as the basic coefficient of this direction of financial analysis in the economic literature and the practice is considered the specific weight of its own capital in the currency of the balance of enterprise (shareholders equity/total assets), or the coefficient of financial independence. Any rigid norms of the relationship of its own and drawn capital there does not exist, as, however, there does not exist rigid norms in the ratio of financial coefficients as a whole. Nevertheless among the analysts is extended the opinion that the portion of its own capital must be sufficiently great - not less than 50%. It is considered that into the enterprise with the high portion of personal capital the investors, and especially creditors, pack means more willingly, since it with the larger probability can extinguish the debts due to its own means. Furthermore, companies with the high share of the drawn means, as a rule, must produce significant payments on the percentages, and respectively the means, which are remained for guaranteeing the payments of dividends and creation of reserves, it will be less. The establishment of the critical level in size of 50% is the sum of the following reasonings: if at the specific moment creditors produce all debts to the penalty, then company will be able to sell half of its property, formed due to her own sources, even if the second-half of property proves to be for any reasons for nonliquid. However, the conditionality of any absolute standard for the coefficient of financial independence is obvious, since the highly remunerative enterprise or enterprise, which has the high turnover of circulating capital, can allow itself the relatively high level of drawn capital. To the presence of problems with the financial stability in the enterprise it can indicate the use by it of short term borrowed means as the sources of funds of long-term investments. The indices of the liquidity of enterprise (liquidity) characterize its ability to answer on the short term obligations before the creditors. For the investor these indices are important as the characteristic of the risk of possible bankruptcy of enterprise and, consequently, also forced sale of its active memberships as a result of satisfaction it is claim creditors. However, in the case of bankruptcy of enterprise the creditors have the preferred right before the shareholders to obtaining of means. Enterprise can extinguish its short term obligations through the payments from the bank calculations, and also urgent mobilization of cash resources by means of sale of reverse active memberships on the market. The absolute index of liquidity are the value of its own working capital (working capital), the calculated as difference between short term active memberships and short term obligations of enterprise. Great analytical value has an examination of rates of increase in personal reverse business capital against the background of the rates of inflation. The trends of development of Russian enterprises after are lately characterized by the scarcity of our own working capital. So, summary personal circulating capital of the enterprises, whose actions are included in list RTS, in 1997 grew less than to 3%, while the inflation composed 22%. The basic relative indices of the liquidity of enterprise, utilized by analysts, are calculated as the ratio of reverse active memberships to the short term obligations, but in different cases reverse active memberships (in the cost expression) be present in the numerator of coefficient either completely or only by readiest them partly. In the foreign economic literature and the practice three key liquidity ratios usually are used: Coefficient of the current liquidity - cover ratio (current ratio), calculated as the ratio of all reverse active memberships of enterprise (current assets) to the short term accounts payable (current liabili-ties). In the composition of reverse active memberships it is accepted to include cash resources (cash), short term financial investments (short term investments), debts (debtors), reserves of raw material, materials, goods and finished production (inventory). True, on questions of the calculation of various components in the composition of reverse active memberships with the calculation of liquidity ratios between the analysts the discussion is conducted, and many economists propose to exclude all nonliquid active memberships from the examination. Within the framework of this discussion and on the basis of the principle of conservatism we do not consider it expedient to consider in the composition of debts the hopeless timely debts (bad debts) and the been overdue debts (overdue debts). It is assumed that the greater the liquidity ratio, the more reliable the position of enterprise, since the considerable exceeding of the current active memberships above the short term debts most likely will help to satisfy the claim of creditors, if physical commodity reserves are realized on the forcedly organized sale of property, and the calculations of debtors are claimed quickly. From other side, too high a coefficient can be the sign of ineffective management of enterprise and can testify about the inoperative cash resources, redundancy of physical commodity reserves in comparison with the normative, excessive debts. Therefore they consider in practice that coefficient of 2: 1 it is close to the normal for the majority of the forms of activity, since this level ensures company the reliable coating of short term debts even in the case of abridging the value of the current active memberships to 50%. At the same time recently for the developed countries is characteristic the decrease of the value of cover ratio, after comprising, in particular, 1,33 for the enterprises of the processing industry OF THE USA in the beginning of 1990. This is partially connected with the fact that the contemporary corporations in comparison with their predecessors are more inclined to rely on the more risky short term financing. For the Russian industry in recent years is characteristic the average value of cover ratio approximately at level 1,0-1,2, moreover it is reduced from year to year. The coefficient of rapid liquidity (quick ratio) is calculated analogously with previous with the only difference that the into the composition of reverse active memberships in this case do not enter the reserves of raw material, materials, goods and finished production. Exception from the composition of circulating capital of reserves is connected with the fact that they can compose the substantial part of the reverse active memberships, but they can be inverted into the cash resources on the decreased cost, if generally they can be inverted. The satisfactory value of the coefficient of rapid liquidity is usually expressed by relation 1: 1. coefficient of absolute liquidity (cash ratio) is calculated as the ratio of cash resources and short term financial investments to the short term debts. Specifically, this index makes it possible to determine, there does have himself the enterprise resources, capable of satisfying the demands of creditors in the critical situation. Recommending lower boundary of index, given by Russian and foreign analysts, 0.2. The contemporary computerized methods of control of cash resources in the West involved the decrease of the need for the cash resources; therefore the quantitative values of the coefficient of absolute liquidity abroad have objective tendency toward a decrease. In addition to three key indices of the liquidity of enterprise important is also the exponent of coating percentages on borrowed capital profit from the realization to the payment of percentages (interest covera.ge). In practice the indirect indicators of the presence in the enterprise of problems with the liquidity can be the delays of the wage payment of colleagues, dividends to shareholders, nonpayments to other creditors of enterprise. According to the law № OF '-FZ RF of 8 January, 1998, about the insolvency (bankruptcy) legal person is considered incapable to satisfy the demands of creditors on the money obligations and (or) to carry out responsibility on the payment of required payments, if the corresponding obligations and (or) responsibility are not completed by it in the course of three months from the moment of the offensive of the date of their performance. The procedure of bankruptcy can be applied to this enterprise. The indices of the turnover of active memberships (assets turnover) and turnover of their own capital (equity turnover) characterize the level of the business activity of enterprise and are calculated as the ratio of annual gain from the realization productions (works, services) to the average annual cost respectively of active memberships and their own capital. It is especially important to compare the indices of business activity with the average branch, since their value can substantially vary depending on branch. For example, the turnover of active memberships can vary from one for the capital-intensive industries, such as metallurgical, heavy machine building, auto industry, to ten for the commercial enterprises. The practical use of an index of the turnover of active memberships is to a considerable degree vulnerable for the analytical purposes because in the balance of enterprise are contained the active memberships of different types on the frequently strongly being differed levels of the prices, which relate to different periods in the past. The bookkeeping cost of active memberships indicated in the financial reports frequently refers very small to the substantiated market cost at the present moment, the distortions growing with each change in the level of inflation and this connected with overestimation of active memberships. Since debts is the part of the active memberships of enterprise, then the coefficient of the turnover of debts also can be examined among the indices of the business activity of enterprise, but taking into account the special significance of the problem of nonpayments we decided to examine it in the division of the analysis of the debtor and accounts payable of company. The structure of gain from the realization of enterprise (share of cash resources, barter, drafts) is specific Russian index, since the naturalization of the economy - one of the basic manifestations of the uniqueness of Russian economic system. In 1998 the portion of barter transactions in the commodity turnover of Russian enterprises composed 52% (in 1997. - 42%). Enterprises with the high portion of cash resources in the gain - as a rule, this of companies, which realize production (works, services) predominantly to population, and also exporters - possess significant financial maneuverability and usually they do not have large debts on tax and other obligations. Furthermore, barter distorts the cost indices of the activity of enterprises, since in the case of barter calculations prices for the goods usually are overstated two or three times. The cost analysis of enterprise implies, first of all, a study of their structure on the economic elements, and also the relationship of conditionally variable and conditionally constant expenditures. Enterprises with the high share of constant expenditures can fix essential worsening in the financial results even with the small decrease of the volumes of sales, and also significant increase in the profit even with the moderate volume gain of realization. Furthermore, in the Russian practice the expenditures of enterprise for purposes of analysis usually are subdivided into those achieved in the national currency - rubles and into those achieved in the foreign currency. This is connected with the fact that the enterprises, which have in essence ruble expenditures, are less subjected to currency risk, i.e., to the risk of the spasmodic depreciation of ruble, which occurred in August - September of 1998 and sharply worsened the profitability of the operations of enterprises, which have the large specific weight of the expenditures, achieved in the foreign currency (for example, the workers on the imported raw material). The collectability of payments (collection rate), i.e., the relation of gain from the realization on the production, paid and dispatched, and the analysis of debtor and accounts payable is especially important for investigating the enterprises of Russian fuel-energy complex, which are especially strongly struck by the crisis of nonpayments. The algorithm of a study of the debts of enterprise can be approximately following. During the first stage are explained the scales of nonpayments by means of the definition of the coefficient of the collectability of payments, turnover of debts (receivables turno- faiths), designed as the ratio of annual gain from the realization to the average in yr value of debts, and the turnover of accounts payable (s.reditors turnover), defined as the ratio of annual gain from the realization to the average in yr value of accounts payable. It is assumed that the greater the turnover of debts, the higher the possibility of enterprise for the payment of its obligations before the creditors. After calculating the index of the turnover of debts, it is possible to define also the period of the turnover of debts (average receivables collection period), defined as the ratio of 365 days to the turnover of debts. In the second stage is analyzed the dynamics of the accumulation of debtor and accounts payable, in particular the rates of increase in the nonpayments in enterprise in comparison with the average branch indices, and also in comparison with the rates of increase in the gain from the realization. If obligations grow by more rapid rates than the gain of enterprises, this indicates the specific increase in the internal debt, which must be extinguished due to the future gain, although the chances to this are very small under the Russian conditions. In the third stage the factors, which influence tendency and dynamics of the accumulation of debtor and accounts payable, are revealed. In the fourth stage the structure of debtor and accounts payable is investigated, the portion of been overdue accounts payable and doubtful debts in the general debts of enterprise in particular is explained. The qualitative characteristic of authenticity and validity of all indices of the financial position of enterprise for the investor is the presence in the enterprise of accounting on standards IAS or US GAAP and the presence of the auditorial conclusion of authoritative auditorial firm. It is necessary to establish that the very limited circle of Russian enterprises has accounting on standards IAS (US GAAP), analyzed by the acknowledged auditorial firm. Thus, among 74 regional power systems only three: Mosenergo - Moscow Regional Administration of Power System Management, Irkutskenergo and Kuzbassenergo declared financial results on the international standards, and Sverdlovenergo - Sverdlovsk Power System, although has results on IAS, audded Price Waterhou-se, until it refuses to promulgate them. We assume that despite the fact that the investors can be disappointed by the current results on standards IAS (US GAAP), very fact of their presence supports confidence of investors in company and her top managers. Without dwelling in detail on five remaining blocks of indices, let us note that the analysis of the investment attractiveness of enterprise it is logical to begin from a study of the general quantitative indices, which characterize the most essential aspects of the financial-economic activity of enterprise and which can be relatively simply designed for the base of the financial account of enterprise and data of branch statistics. Such indices, in our opinion, are: the profitability of sales on clean profit; the specific weight of personal business capital in the currency of balance; the coefficient of rapid liquidity; the turnover of active memberships; the turnover of the debtor and accounts payable of enterprise; the coefficient of wear of the fixed capital; the specific expenditures of raw material (fuel, energy) on the production of unit of output; the clearing ratio of power; productivity of labor. During the first stage of a study of the general indices of the enterprise through their comparison with the average branch the best enterprises in the field by means of the cutting off of companies, which have the worse indices, are revealed. In this case is used the method of groupings, when at first are intercepted the enterprises, all generalizing indices which it is worse than average branch, and then those enterprises, in which at least one of the general indices is substantially worse than the average branch. The measure of importance depends on the degree of deviation of indices from the average branch and is determined by the methods of mathematical statistics. In the second stage of a study of the general indices the best enterprises in the field are revealed, and preliminary conclusion about the investment attractiveness of the interesting enterprise by means of the ranking of enterprises in the field according to the degree of their investment attractiveness also is done. Conclusion about the investment attractiveness of enterprise on the basis of the results of the comparative analysis of the general quantitative indices bears preliminary nature. The more in-depth analysis of all blocks (divisions) of indices is necessary for the final conclusion about the investment attractiveness of enterprise and determination of its strong and weak sides, using methods of comparison and working it is series dynamics (for the quantitative indices) and the expert estimations (for the quality indicators). DETERMINATION OF THE TRUE VALUE OF ENTERPRISE FOR THE RESULTS OF THE PROMISING ANALYSIS The retrospective analysis of the investment attractiveness of enterprise is the necessary composite program library of fundamental analysis. However, for the majority of investors retrospective approach to the analysis of enterprise is insufficient, they should obtain also the forecasts of the general indices of enterprise to the intermediate-term prospect. Special importance forecasts of the profit of companies have. With the practical implementation of the forecasts of the financial indices of enterprise economic and statistical methods frequently are used, moreover the process of prognostication is subdivided into two stages. First stage - stage of analysis. These are the generalization of the results of observations of changes in the gain (profit) of enterprise during the specific period and the presence of the corresponding causal connections in the form of statistical models. Two problems are solved in this stage: the analysis of the massifs of initial information for the purpose of the selection of the most significant factors, which influence a change in the financial indices of enterprise; the establishment of the form of dependence between the selected factors and the value being investigated, the determination of the parameters of the equation of regression. In the second stage - the stage of synthesis - the obtained statistical dependences are used for determining the expected values of the forecasted value, i.e., is solved directly forecasting problem. The forecast indices of the activity of enterprise are used by investors and analysts for calculating different kind of the coefficients, which were in detail examined earlier. The conclusion about the prospect of enterprise in the future is done in accordance with the values of these coefficients. However, primary meaning the forecast discounted financial indices of enterprise have for calculating the true value of enterprise, which is compared with its capitalization for the level measurement of the potential profitableness of operations with the data by actions. The two additional classical methods of determining the true value of the enterprise are used together with the method of the discounting of future financial indices abroad: on the basis of the estimation of property and on the basis of the estimation of transactions with the analogous enterprises. However, the approach, connected with the discounting of future financial indices, is most common, since the determination of the cost of enterprise on the basis of the estimation of property is in no way connected with the results of the activity of enterprise, and the method of evaluating the transactions with the analogous companies we will not always use because of the problematical character of the comparability of companies and, often, the lack of development of market on sale of the large blocks of the shares of the enterprises (this especially urgent for Russia). The influence of environmental factors on the financial and economic indices of enterprise is studied on the basis of marketingovykh studies with the use of methods of economic and mathematical simulation. In particular, are investigated the volumes of assumed supply and demand, the dynamics of world and internal prices of the production of enterprise, the expected nature of competition, the potential market share of the production of enterprise is determined and so forth is examined the susceptibility of branch, in which function the enterprise, cyclic recurrences, are forecast the versions of a change in the taxation, and also the possibility of adopting the new normative reports, which influence the indices of enterprise. The results of marketingovykh studies and the analysis of the already designated trends in the development of enterprise make it possible to make the sufficiently substantiated forecast of sales of enterprise for the intermediate-term prospect. After carrying out a forecast of sales, to analyst it is sufficiently simple to forecast variable expenditures, current active memberships and current obligations, which, as the foreign experience of financial prognostication testifies, are directly proportional to gain. Constant flow rate further forecast: on the basis of the presence of the fixed capital and forecasts of capital investments they predict the value of depreciation allowances, on the basis of the plans of obtaining the long credits are designed the percentages for the credit and so forth the result of the forecast is a dynamic number of the financial indices of the enterprises to the intermediate-term prospect, which are basis for determining the true value of enterprise. The sum of the calculation of the sum of the discounted financial indices is the determination of the clean current cost of enterprise, which shows the economic benefit of investor taking into account the fact that it achieves investments today, and it will derive revenues in the future. The probability of error is sufficiently great with any forecast. Therefore three forms of the forecasts usually are used: with the pessimistic, the optimistic and most realistic scenarios. By optimistic scenario is understood the estimation of the financial indices of enterprise with its functioning under the favorable conditions, the worst conditions of the development of company are assumed with the pessimistic scenario, realistic scenario assumes the calculation of the most probable conditions. The weighted mean value of the forecasted indices of enterprise further is calculated. Regarding the duration of the period of prognostication the specialists do not have unity of opinion. Some consider period into ten years optimum, others - into five some assume that it is expedient to forecast financial results for three, maximum four years, for the following four years to make assumptions about the rates of increase in the financial results, and after eight years to assume the stable rate of increase in the financial results. But with any duration of forecast period the forthcoming period of the activity of enterprise is divided into two periods: forecast (when is comprised the detailed year-by-year forecast of financial results) and postprognoznyy (when the rates of increase in the financial results of enterprise they are constant). With the determination of the duration of the forecasted period is taken into consideration the cyclic recurrence of the functioning of enterprise and the degree of a variation in its financial indices in the past. The use of Gordon formula is the most common method of evaluating the true value of enterprise abroad: NPV = FPy/.r - g, where NPV - clean current cost of enterprise; FPY - financial index of the first forecast year; R - rate of discount for its own capital; g - expected constant rate of increase in the financial indices. The estimate of the cost of enterprise by the method of the discounting of the forecasted financial indices is produced through the discounting of clean profit and/or flow of money, and/or dividends. Although the theory of fundamental analysis the beret beginning from J. Williams's procedure regarding the true value of enterprise on the basis of the discounting of future dividends, in the past years the widest use obtained the approach, connected with the discounting of future flow of money. This is connected with the fact that the profit is to a considerable degree the calculating category, after which it does not cost the real motion of cash resources, and dividendnyy approach does not consider the effect of reinvestirovaniya of the profit, which did not go to the payment of dividends, which usually leads to an improvement in the future financial results of the activity of enterprise and an increase in the rates of increase in the future dividends. The flow of money is understood as the difference between two financial flows - going on the enterprise and emerging from it during the year. During the prognostication of the flow of money the inflows and the drainings of cash resources usually will be structured in three spheres of making the administrative decisions: the current activity, to investment and to financing. Schematically the procedure of the structure of the forecast of the flow of money is represented below. Structure of the forecast of the flow of money of enterprise current activity (operations) 1. + the gain from the realization of production (works, services), inclusively NDS (sales incl. VAT). 2. - excises (excises) and NDS (VAT). 3. = Byrucka from the realization of production (works, services) minus excises and NDS (net sales). 4. - P.epemennye expenditures (variable costs): 4.1. material expenditures (material costs): 4.1.1. purchase raw material, materials, which complete semifinished products (materials & components); 4.1.2. fuel- and energy for the technological needs (heat & energy); 4.1.3. transport expenditures (transportation expenses); 4.1.4. other material expenditures (misc. material costs). 4.2. labor costs of production personnel (salaries of industrial workers). 4.3. deductions from the fund of the remuneration of the labor of production workers (withholdings from salaries o.f industrial workers); 4.4. road and other taxes to the gain from the realization (road & other taxes on sales); 4.5. other variable expenditures (other variable costs); 5. = Byrucka from the realization of production (works, services) minus of excises and variable expenditures - marzhinal'nyy income. 6. + enterings from the extra-realization operations (non-operating results). 7. - relatively constant expenditures (fixed costs): 7.1. general economic expenditures (ge- neral & administrative expenses). 7.2. marketable expenditures (selling expen-ses). 7.3. research-and-development expenses (research & development). 7.4. labor costs of non-production personnel (salaries of non industrial personnel). 7.5. deductions from the fund of the remuneration of the labor of non-production workers (withhol-dings from salaries o.f non industrial personnel). 7.6. tax to the property and other taxes, otnosimye to the prime cost (property & other operations taxes). 7.7. expenditures for content and repair of equipment (equipment maintenance and repairs expenses). 7.8. other constant expenditures (other fixed costs): apendnye payments (rent payments), traveling expenses (travel expenses), expenditures for connection (telephone & fax expenses), etc. 8. = the state of cash resources from the operations to the payment of the percentages on the credits and the loans and of tax to the profit (operating to s.asyu flow before interest & income tax). 9. - percentages on the credits and the loans (interest payable). 10. - tax to the profit (income tax). 11. = the state of cash resources from the operations (net cash provided by operations). Investment activity (in -vesting activities) 1. - capital investments (capital investments). 2. - financial investments (invest-ments). 3. + enterings from sale of securities (receipts from securities sales). 4. = the state of cash resources from the investment activity (net cash provided by investing activities). Financial activity (financing activities) 1. + an increase in the short term debts (proceeds from short term borrowings). 2. - pay-off of short term debts (repayment of short term borrowings). 3. = a change in the short term debts (net change in short term debt). 4. + an increase in the long-term debts (proceeds from long term borro-wings). 5. - pay-off of long-term debts (repayment of long term borro-wings). 6. = a change in the long-term debts (net change in long term debt). 7. + dividends obtained (dividends received). 8. - dividends vyplachennye (divi-dends paid). 9. = the state of cash resources from the financial activity (net cash provided by financing activities). Result of moving the cash resources (cash flow result). Forecast future flow of money discount themselves (they are brought) to the equivalent current cost with the use of a rate of diskontirovaniya2. The considerable weakness of the estimate of the cost of enterprise on the basis of the method of predicting the future financial indices is the risk of inaccurate forecast because of the action of too many factors both external, and internal, that influence forecast. The method of the discounted flow of money can ensure the results of estimation suggesting confidence, if: situation is forecast; in the case of the limited forecastability the product lines of the evaluated enterprise are not too long-term; the risks of the product lines of enterprise are compared with the average level of the risks of business in the economy of the country; in the country are achieved the specific measure for financial stabilization, the ensuring stability of the bezriskovoy rate of income. On the basis of the special features of Russian practice and being based on the experience of prognostication available in investment institutes, it is possible to make a conclusion about the low degree of accuracy of the prognostication of the financial and economic indices of enterprises under the present conditions. Therefore, in our opinion, the estimate of the cost of enterprise by the method of the discounting of forecast financial indices and the subsequent comparison of calculated true value with the market capitalization they have secondary importance for the final conclusion about the investment attractiveness of securities of enterprise, and primary meaning have otsenennost' of the actions of enterprise for financial and production indices and conclusion about the investment attractiveness of enterprise for data of the retrospective analysis of economic indices for the number of years.