Інвестиційна привабливість транснаціональних корпорацій на глобальному фінансовому ринку

Исследована и идентифицирована сущность и критерии оценки инвестиционной привлекательности компании как сложной экономической категории. Усовершенствована методика анализа инвестиционной привлекательности ТНК на основе структурно-логической модели. Расширены процедуры и методический инструментарий экспресс-анализа и расширенного анализа инвестиционной привлекательности ТНК. С новых позиций представлен методический подход к дифференцированному формированию состава факторов показателей. Важное место в диссертации занимает разработка теоретических основ формирования и определения комплексного показателя инвестиционной привлекательности, в котором учитывается активное состояние совокупности факторов ее микро- и макросреды, и обоснование состава групп показателей внутренних функциональных сфер деятельности рассматриваемой структуры, а также привлекательности для инвесторов страны, региона и вида экономической деятельности.

При оценке внешних факторов были учтены новые факторы современной конкурентной среды международного нефтяного бизнеса, снижающие конкурентоспособность отраслевых компаний, в частности изменение геополитического климата, усиление фискальных режимов в сфере налогообложения нефтяных компаний в крупных нефтедобывающих странах, расширение международной инвестиционной активности национальных нефтяных компаний. На основе комплексной модели аргументирован выбор оптимальных инвестиционных альтернатив.

Ключевые слова: транснациональная корпорация, международная инвестиционная деятельность, глобальный финансовый рынок, инвестиционная привлекательность, инвестиционный анализ, нефтегазовые корпорации, инвестиционные альтернативы.

ANNOTATION

Suleimanova O.Y. TNCs investment attractiveness on a global financial market. - Manuscript.

The thesis for a science degree of Candidate in Economic Sciences, specialization code 08.00.02 - World Economy and International Economic Relations. SHEI “Kyiv National Economic University named after Vadym Hetman”, Kyiv, 2014.

The thesis covers theoretical and practical aspects of TNCs investment attractiveness on a global financial market.

The paper contains the analysis of the world investment trends. It shows that such factors as a geographical segmentation, continental and regional connection, investments rearrangement, and origin of investment sources reduce its importance. At the same time the political, financial, economic, and natural content factors as well as factors related to the process of a world global institutionalization increase its importance. Modern trends in the development of a world investment process should be structured along the following vectors: a quality improvement and a world economy institutionalization. The positions of transnational corporations on a global financial market have been clarified and TNCs role in investment processes has been defined concretely.

A nature and evaluation criteria of corporation's investment attractiveness have been studied and identified as a complex economic category as well as a relation between assessment of investment attractiveness and organizational legal form of business entities. It allowed defining the necessity of its application in oil TNCs, which financial and business activity largely depends on attracted investments. Companies' investment attractiveness have been analyzed from a perspective of merge and takeover, and the strategic motives of merge and takeover have been systematized and justified.

A methodology for TNCs investment attractiveness analysis has been improved on a basis of structural and logical model. The procedures and methodological instruments of express analysis and comprehensive analysis of TNCs investment attractiveness have been extended. Such differentiation will allow taking into account the goals of investment market players. Undoubtedly, the strategic investor needs more detailed information and, therefore, it justifies the extension of this methodology. The assessment of companies' investment attractiveness underlies the basis of such approach with due account for the demands of a global market as well as indexes of sectoral correction that allows to assess a degree of investment attractiveness and set investment priorities.

A methodological approach has been presented from a new perspective related to a differentiated formation of environmental factors and indexes combination characterizing it and depending on the entities and goals for assessment of transnational corporations' investment attractiveness. The thesis pays considerable attention to the development of theoretical basis of formation and evaluation of a complex index of investment attractiveness taking into account active conditions of various factor combination in its micro- and macroenvironment, and justification of index group composition of internal functional areas of analyzed structure activity as well as a country, region and type of economic activity attractiveness for the investors.

The limitations of oil sector investment attractiveness have been identified and structured along the following lines: strategic limitations (access to the supplies, development of new technologies, climate change, uncertainty of energy policy); operational restrictions (protection of labour, safety measures and environmental protection), financial limitations (prices instability, decline of a company financial conditions). The conclusion has been made, based on the results of assessment of sectoral influence on investment attractiveness, that oil sector TNCs currently have a sufficient production and economical potential for strengthening their investment attractiveness and can be of interest predominantly for the financial investments on the part of strategic investors. At the same time the results of investment environment assessment of oil and gas industry allow to assume the possible unfavorable influence from the side of investment environment.

In order to identify the industry trends of TNCs investment attractiveness assessment, the thesis contains an analysis of financial and economic indexes of major players on an oil and gas market - Royal Dutch Shell, BP plc and Lukoil. It has led to a conclusion that these TNCs are representative enough since they play a considerably importance role on a world market.

The influence of external and internal factors on an investment attractiveness of oil and gas TNCs has been assessed and adaptive measures for promotion and increase of TNCs investment attractiveness have been proposed in the context of Ukraine. The choice of optimal investment alternatives has been justified based on a complex model.

Key words: transnational corporation, international investment activity, global financial market, investment attractiveness, investment analysis, oil and gas corporations, investment alternatives.

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