Page 109 - Theoretical and Practical Interpretation of Investment Attractiveness

similar to the following terms: investment attractiveness, regional competitiveness,
investment risk, investment climate, level of regional stratification, investment activity.
At the moment, there is no widely used (or suitable for the conditions of Uzbekistan)
methodology for determining the investment potential of regions by experts. In most cases,
methods developed in Russian conditions are used.
In our opinion, the most famous and well-known specialists who have conducted
research on this topic in recent years are scientists such as I. Grishin, A. Shakhnazarov, I.
Roizman, the survey system, the Harvard Business School method, Thain-Waters, Kotler-
Heisler, magazines “The Economist”, “Fortune”, “Euromoney” and others).
All the methods mentioned above can be divided into three large groups:
- Assessment according to expert opinion (point) ;
- econometric estimation of the sum of colored (ordered) places (often using different
weights or weighted scores for the importance of individual indicators);
- econometric assessment of statistical indicators.
All methods ultimately produce an integral indicator in the first rating that describes
the region (differentiating it by color ). All group methods have their drawbacks and are
criticized by the above-mentioned scientists . They have three main aspects (disadvantages) :
1) Most methodologies prefer to use scoring, often expert assessment, that is, an
assessment of each factor under consideration. However, practice shows that expert
assessment is subjective and usually smooths out or narrows the true spread of regional
descriptions (experts instinctively choose average-scale values and refuse to evaluate the
highest and lowest values);
2) the disadvantage of the methodology for combining individual indicators into
an integral indicator - the resulting integral rating only shows that one region is ahead or
behind another region in terms of a specific indicator (or their sum);
3) assessment , using numerical values of indicators on one scale or another, does
not fully reflect the level of stratification of statistical indicators by region, since the specified
scope of assessment is limited by the number of intervals or points. Especially when the
weighted score coefficients are established , it is clearly felt that the qualifications of the
experts are not enough. This method (like peer review methods) does not take into account
the actual distribution of relevant real, independent descriptions.
it is used based on the need for expert scoring on some unmeasurable characteristics
(for example, assessing the geographical location of a region that determines foreign trade).
Like any complex system, the assessment of the investment attractiveness of a region
is classified according to the following indicators:
1) a set of macroeconomic indicators (GDP, national income and industrial
production volumes; description and dynamics of distribution of national income; state of
legalization of investment activities; transition of the privatization process, development of
individual investment markets, including stock and money markets) methods used in the
assessment. The main indicators of the level of return on assets are : the ratio of the total
amount of assets to profit from goods and services; balance of profit in relation to total assets
i.
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